Core Viewpoint - On January 19, a total of 17 listed companies had their restricted shares unlocked, with a total market value of approximately 8.181 billion yuan [1]. Summary by Category Restricted Share Unlocking - The following companies had restricted shares unlocked: - Vanadium Titanium Co., Ltd. (Stock Code: 000629) - 4.0126 million shares from equity incentive [1] - Guodian NARI Technology Co., Ltd. (Stock Code: 600406) - 11.883 million shares from equity incentive [1] - Huayi Group Co., Ltd. (Stock Code: 600623) - 356,100 shares from equity incentive [1] - Western Securities Co., Ltd. (Stock Code: 002673) - 360 million shares from A-share issuance to original shareholders [1] - Chang Aluminum Co., Ltd. (Stock Code: 002160) - 237 million shares from A-share issuance to legal persons [1] - Hikvision Digital Technology Co., Ltd. (Stock Code: 002415) - 29.2208 million shares from equity incentive [1] - Jieshun Technology Co., Ltd. (Stock Code: 002609) - 258,100 shares from equity incentive [1] - Yaoji Technology Co., Ltd. (Stock Code: 002605) - 975,000 shares from equity incentive [1] - Subote Co., Ltd. (Stock Code: 603916) - 629,000 shares from equity incentive [1] - Yipin Hong Co., Ltd. (Stock Code: 300723) - 150,000 shares from equity incentive [1] - Shandong Fiberglass Group Co., Ltd. (Stock Code: 605006) - 112,200 shares from equity incentive [1] - Keta Bio-Pharmaceutical Co., Ltd. (Stock Code: 300858) - 2.0053 million shares from A-share issuance to legal persons [1] - Xinlei Co., Ltd. (Stock Code: 301317) - 112 million shares from pre-issuance restrictions [1] - Zhiwei Intelligent Co., Ltd. (Stock Code: 001339) - 293,500 shares from equity incentive [1] - Demingli Co., Ltd. (Stock Code: 001309) - 247,500 shares from equity incentive [1] - Jiuzhou Yigui Co., Ltd. (Stock Code: 688485) - 600,000 shares [1] - Yingfang Software Co., Ltd. (Stock Code: 688435) - 36.3174 million shares [1]

Group 1 - The core point of the article is that as of December 31, 2025, the number of shareholders for the company Sobo Protein is projected to be 16,042 [2]

2025 年第四季度可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于核准江苏苏博特新材料股份有限公 司公开发行可转换公司债券的批复》（证监许可[2022]1141号）核准，公司于2022 年7月1日公开发行了800万张可转换公司债券，每张面值100元，发行总额8.00 亿元。 （二）经上海证券交易所自律监管决定书[2022]196号文同意，公司 累计转股情况：截至 2025 年 12 月 31 日，累计已有 386,000 元博 22 转 债转换为公司股份，累计转股股数为 16,575 股，占博 22 转债转股前公 司已发行股份总额的 0.003944%。 未转股可转债情况：截至 2025 年 12 月 31 日，博 22 转债尚未转股金额 为 799,614,000 元，占可转债发行总量的 99.952%。 本季度转股情况：博 22 转债自 2025 年 9 月 30 日至 2025 年 12 月 31 日 期间， ...

Core Viewpoint - The Suzhou Museum is hosting a special exhibition titled "The True Meaning in Porcelain - Suzhou Museum's Collection of Porcelain and Literati Life," showcasing 160 pieces of exquisite porcelain and paintings, with nearly 140 porcelain items on display, spanning from the Song and Yuan dynasties to modern times [2][3]. Group 1: Exhibition Details - The exhibition is divided into three main sections: "Porcelain with Paint," "Elegance in Porcelain," and "Porcelain Observing the World," comprising seven units that explore the beauty of porcelain glazes, decorative themes, and the spiritual essence of literati life [2]. - The exhibition aims to illustrate how the decorative forms of porcelain embody the literati's sentiments towards nature, ancient ideals, and the pursuit of a refined lifestyle [2]. Group 2: Featured Artifacts - Notable artifacts include a Yuan Dynasty Longquan kiln blue-glazed jar with intricate floral carvings, showcasing a rich glaze and a solid body, decorated with a continuous floral pattern [2]. - Another highlight is a Ming Dynasty blue-glazed pot featuring a qilin motif, with a stable and dark blue glaze, demonstrating high artistic skill in its natural brushwork [3]. - The exhibition also features a Qing Dynasty blue-and-white plate with a sea dragon motif, characterized by a fine white body and a dynamic design, emphasizing the grandeur of the dragon amidst clouds [3]. Group 3: Exhibition Duration - The exhibition is set to run until February 24, 2026, allowing ample time for visitors to engage with the collection [3].

Summary of Conference Call Notes Company Overview - **Company**: 苏博特 (Subote) - **Industry**: Construction materials, specifically functional materials for infrastructure projects Key Points Industry and Market Trends - **Infrastructure Demand**: The demand for functional materials in the infrastructure sector remains robust, with products like accelerators, crack-resistant agents, and cement-based materials achieving approximately 20% growth in the first three quarters. The growth rate in Q4 is expected to remain consistent with Q3 due to positive infrastructure growth [2][5] - **Real Estate Market Outlook**: The outlook for real estate demand is pessimistic, with new construction and land acquisition indicators showing a double-digit decline. Without new policies to stimulate the market, uncertainty in the real estate sector is expected to persist into next year [2][10] - **Infrastructure Investment**: Overall infrastructure investment is not expected to see significant improvement next year, but major projects like the Yunnan-Tibet Railway are anticipated to provide substantial growth opportunities for the company [2][11] Financial Performance - **Gross Margin**: The gross margin decreased in Q3 due to a decline in sales influenced by the real estate market, fixed cost dilution, and tight profit margins for civilian customers. Future gross margins are expected to recover if pricing and costs remain stable and collections improve [2][6][7] - **Operating Cash Flow**: The company expects to maintain positive operating cash flow for the year, potentially slightly better than last year, benefiting from improved cash flow from state-owned enterprises. However, the final outcome will depend on year-end collection performance [2][8] - **Credit Impairment**: Credit impairment is expected to be better than last year due to the peak accumulation of accounts receivable having passed, with an increase in large infrastructure projects leading to better collection situations [2][9] Product and Project Insights - **Functional Materials Growth**: The growth in functional materials is primarily driven by accelerators, crack-resistant agents, and cement-based materials, which are essential for infrastructure projects [2][5] - **Major Projects**: The company is involved in significant projects like the Yunnan-Tibet Railway, which is expected to contribute to revenue growth. Other projects such as the Lalin and Qinghai-Tibet Railways are also anticipated to provide incremental revenue [2][11][12] - **New Projects**: Potential projects for 2026 include large-scale transportation infrastructure in Tibet and Xinjiang, with significant investments expected in energy and transportation sectors [2][13] International Expansion - **Overseas Business Growth**: The company anticipates a 25%-30% growth in overseas business, focusing on markets in the Middle East and Southeast Asia, with Southeast Asia being the largest market. The company is actively expanding into Singapore, the Philippines, and Saudi Arabia [2][3][15] - **Challenges in Overseas Investment**: While there are plans for overseas expansion, strict approval processes for foreign investments pose challenges. However, the company remains optimistic about its international market prospects [2][15][16] Research and Development - **PEKK Patent**: The company has applied for a PEKK patent, currently in the public notice stage, with plans to explore market applications in sectors like healthcare, robotics, and drones [2][17] - **PEEK Material Development**: The decision to develop PEEK materials is based on the chemical similarity to existing products, with cautious investment planned to avoid excess capacity [2][18] - **Aerated Cement Project**: The company is collaborating on an aerated cement project, which shows promise in modern green building applications, although market launch will depend on demand recovery [2][19][20] Financial Instruments and Borrowing - **Convertible Bonds**: The company has announced that it will not revise the terms of its convertible bonds in the near term, with sufficient funds available for repayment if necessary [2][21] - **Increased Borrowing**: The increase in borrowing is attributed to proactive lending from banks and the utilization of low-interest loans for investment purposes [2][22]

Group 1 - The company has completed the registration of changes in its business license following the approval of amendments to its articles of association and registered capital at the first extraordinary general meeting of 2025 held on November 24, 2025 [1] - The registered capital of the company has been updated to 426,295,330 yuan, reflecting changes due to convertible bond conversions and share buybacks [1] - The company has obtained a new business license from the Nanjing Market Supervision Administration, with updated registration information including its unified social credit code and legal representative [1] Group 2 - The company specializes in the research, production, and sales of construction new materials and metal materials, as well as providing technical services and consulting [1]

Core Points - The company Su Bote announced the convening of its first extraordinary general meeting of shareholders on November 24, 2025, to review the proposal for amending the company's articles of association and registered capital [1] - The company has fully revised its articles of association to align with relevant legal requirements due to changes in registered capital resulting from convertible bonds and share buybacks [1] - As of September 30, 2025, the total share capital of the company was 426,295,330 shares, leading to a corresponding modification of the registered capital to 426,295,330 yuan [1] - The shareholders' meeting authorized the board of directors to handle all business registration procedures related to the share changes, and the company has completed the necessary business registration changes and obtained a new business license from the Nanjing Market Supervision Administration [1]

关于完成工商变更登记的公告 江苏苏博特新材料股份有限公司 证 券 代 码 ： 6 0 3 9 1 6 证 券 简 称 ： 苏 博 特 公 告 编 号 ： 2 0 2 5 - 0 7 1 转债代码：113650 转债简称：博 22 转债 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。 注册资本：42629.533 万元整 成立日期：2004 年 12 月 15 日 经营范围：建筑新材料的研究、生产、销售，金属材料的研究、销售，技术 服务、技术咨询，自营和代理各类商品和技术的进出口业务，研发、生产、销售 及代理土木工程设备与检测仪器。（依法须经批准的项目，经相关部门批准后方 可开展经营活动）。 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日 召开了 2025 年第一次临时股东大会，审议通过了《关于修改公司章程及注册资 本的议案》。根据《公司法》《上市公司章程指引》等法律法规，公司全面修订了 《公司章程》，使内容匹配相关规定的要求。因公司可转债转股、股份回购，公 司注册资本发生变化，根据中 ...

Fundraising Overview - The company issued 8 million convertible bonds with a total amount of 80 million yuan, approved by the China Securities Regulatory Commission on July 2, 2022 [1] - The bonds were listed on the Shanghai Stock Exchange on July 28, 2022, and the funds raised have been verified by an accounting firm [1] Fund Management and Usage - The company established a fundraising management system in accordance with relevant laws and regulations to protect investor rights [2] - A tripartite and quadripartite supervision agreement for the management of the raised funds was signed with several banks and the sponsor [2] Fund Account Closure - The company has completed the closure of the fundraising special account and transferred a total of 36,909,154.22 yuan, including interest, to its ordinary account [3] - The relevant supervision agreements with the sponsor and banks have been terminated following the account closure [3]

Group 1 - The company issued 8 million convertible bonds with a total amount of 80 million yuan, approved by the China Securities Regulatory Commission on July 2, 2022 [1] - The bonds were listed on the Shanghai Stock Exchange on July 28, 2022, and the funds raised were verified by an accounting firm [1] - The company established a management system for the raised funds in compliance with relevant laws and regulations to protect investors' rights [2] Group 2 - The company signed tripartite and quadripartite supervision agreements with several banks to manage the raised funds [2] - As of December 4, 2025, the company completed the investment projects funded by the raised capital and decided to permanently supplement the remaining funds into working capital [3] - The total balance and interest of the special account amounted to 36,909,154.22 yuan, which has been transferred to the company's general account [3]