江苏苏博特新材料股份有限公司2025 年半年度报告 公司代码：603916 公司简称：苏博特 江苏苏博特新材料股份有限公司 2025 年半年度报告 1 / 292 江苏苏博特新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 三、 本半年度报告未经审计。 四、 公司负责人毛良喜、主管会计工作负责人顾凌及会计机构负责人（会计主管人员）顾凌声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成本公司对投资者的实质承诺，敬请投资 者注意投资风险。 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 2 / ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Group 1 - The company has completed the repurchase and cancellation of 6.33 million restricted stock options due to unmet performance targets and departures of certain incentive recipients, resulting in a total share capital of 426,295,287 shares [1][2] - The adjustment of the conversion price for the "Bo 22 Convertible Bonds" has been implemented, with the pre-adjustment conversion price set at 22.90 CNY per share and the post-adjustment conversion price at 23.15 CNY per share [3][4] - The implementation date for the adjustment of the conversion price is August 26, 2025, with the bonds ceasing to convert on August 25, 2025, and resuming conversion on August 26, 2025 [4]

Company Overview - As of August 22, 2025, the stock price of Suobao Protein is 17.47 yuan, down 0.74% from the previous trading day, with a trading volume of 0.53 billion yuan [1] - The opening price for the day was 17.69 yuan, with a high of 17.69 yuan and a low of 17.34 yuan, resulting in a price fluctuation of 1.99% [1] - Suobao Protein's main business includes the research, production, and sales of soybean protein and related products, operating in industries such as agriculture, animal husbandry, and artificial meat [1] Market Activity - On August 22, a block trade occurred involving 1 million shares, amounting to 15.84 million yuan, which is a 9.33% discount compared to the closing price of the day [1] - This block trade accounted for 30.09% of the total trading volume on that day [1] - On the same day, there was a net inflow of 6.1969 million yuan from major funds, with a cumulative net inflow of 2.3684 million yuan over the past five trading days [1]

Key Points - The company announced an adjustment to the conversion price of its convertible bond "博 22 转债" from 22.90 CNY/share to 23.15 CNY/share, effective from August 26, 2025 [1][3] - The adjustment is due to the repurchase and cancellation of 6.33 million restricted stock options, which occurred because the company did not meet performance targets and some incentive recipients left the company [2][3] - The total share capital of the company after the cancellation of the restricted stocks is 426,295,287 shares [3] Conversion Price Adjustment Details - The conversion price adjustment formula used is: P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the new share price, and k is the ratio of new shares issued to total shares [2][3] - The adjustment was approved during the company's board meeting on April 28, 2025, and at the annual shareholders' meeting on May 20, 2025 [2][3] - The conversion price adjustment will result in a new conversion price of 23.15 CNY/share, reflecting the impact of the stock repurchase [3]

| 证券代码：603916 | 证券简称：苏博特 | | | 公告编号：2025-040 | | --- | --- | --- | --- | --- | | 转债代码：113650 | 转债简称：博 | 22 | 转债 | | 证券停复牌情况：适用 因股权激励限制性股票回购注销,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113650 | 博 转债 | 22 | 可转债转股停 | 2025/8/25 | 全天 | 2025/8/25 | 2025/8/26 | | | | | 牌 | | | | | 一、转股价格调整依据 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第七届董事会第九次会议，并于 2025 年 5 月 20 日召开 2024 年年度股东大会， 相关会议审议通过了《关于回购注销股权激励限制性股票的议案》，因公司未实现 业绩目标以及部分激励对象离职， ...

Core Viewpoint - Suobote (603916.SH) is advancing in the development of PEKK, a high-performance thermoplastic engineering plastic similar to PEEK, which has significant applications in various industries [1] Group 1: Product Characteristics - PEKK belongs to the polyether ketone family and exhibits excellent mechanical properties, wear resistance, corrosion resistance, self-lubrication, insulation stability, biocompatibility, and high-temperature usage [1] - The primary application areas for PEKK include lightweight alternatives to steel in industries such as automotive, robotics, low-altitude aircraft, aerospace materials, and high-end medical applications [1] Group 2: Development and Challenges - The synthesis of PEKK involves high technical difficulty, but the company has made progress in mastering the synthesis technology [1] - The next steps involve refining the related processes to achieve large-scale synthesis, although the cultivation of new products requires a certain period and faces various risks and uncertainties [1]

Core Viewpoint - The company is repurchasing and canceling restricted stock due to unmet performance targets and the departure of certain incentive recipients [2][3]. Group 1: Reasons for Repurchase - The repurchase of restricted stock is based on the company's failure to meet performance targets and the departure of some incentive recipients, which disqualifies them from the incentive program [3][4]. - The decision to repurchase was approved during the board meeting on April 28, 2025, and subsequently ratified at the annual shareholders' meeting on May 20, 2025 [2][3]. Group 2: Details of the Repurchase - The company plans to repurchase a total of 633,000 shares of restricted stock, which includes 597,000 shares from 199 incentive recipients and 36,000 shares from 8 departing recipients [4][5]. - The repurchased shares represent 50% of the restricted stock held by the relevant incentive recipients [4]. Group 3: Repurchase Process - The company has established a dedicated securities account for the repurchase and has applied for the cancellation of the 633,000 shares with the China Securities Depository and Clearing Corporation [7]. - The cancellation of the restricted stock is expected to be completed by August 21, 2025 [7]. Group 4: Compliance and Legal Opinions - The board confirms that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive recipients or creditors [8]. - A legal opinion has been obtained confirming that the repurchase and cancellation of restricted stock have received the necessary approvals and comply with applicable regulations [9].

北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 th 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 关 于 江苏苏博特新材料股份有限公司 股权激励计划回购注销部分限制性股票 法律意见书 国浩律师（北京）事务所 二〇二五年八月 关于江苏苏博特新材料股份有限公司股权激励计划 国浩律师（北京）事务 所 法律意见书 国浩律师（北京）事务所 法律意见书 释 义 在本法律意见书中，除非文义另有所指，下列词语具有下述含义： 苏博特、公司 指 江苏苏博特新材料股份有限公司 《江苏苏博特新材料股份有限公司2023年限制性股票激励计划（草 《激励计划》 指 案）》 本次股权激励计划、本 指 江苏苏博特新材料股份有限公司2023年限制性股票激励计划 次激励计划、本计划 按照本次激励计划规定获得限制性股票的公司董事、高级管理人员、 | 激励对象 | 指 | | --- | --- | | | 骨干员工以及公司董事会认为需要进行激励的其他核心人员 | | | 公司根据本次激励计划规定的条件，授予 ...

证券代码：603916 证券简称：苏博特 公告编号：2025-039 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 回购注销原因：因公司未实现业绩目标以及部分激励对象离职，公司回 购其已获授但尚未解除限售的限制性股票 ? 本次注销股份的有关情况 回购股份数量（股） 注销股份数量（股） 注销日期 一、本次限制性股票回购注销的决策与信息披露 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第七届董事会第九次会议，审议通过了《关于回购注销股权激励限制性股票的 议案》，因公司未实现业绩目标以及部分激励对象离职，公司拟回购相应限制性 股票，具体内容详见公司刊登于上海证券交易所（www.sse.com.cn）及指定披露 媒体上的《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票的公 告》，公告编号 2025-024。2025 年 5 月 20 日，公司召开 2024 年年度股东大会， ...