Core Points - The stock price of Subote fell by 2.04% on November 12, trading at 10.10 CNY per share with a market capitalization of 4.306 billion CNY [1] - Year-to-date, Subote's stock price has increased by 37.23%, but it has seen a decline of 1.17% over the last 5 trading days, 6.74% over the last 20 days, and 9.98% over the last 60 days [2] - As of September 30, Subote reported a revenue of 2.577 billion CNY, a year-on-year increase of 4.10%, and a net profit of 94.119 million CNY, up 19.73% year-on-year [3] Company Overview - Subote, established on December 15, 2004, and listed on November 10, 2017, is based in Nanjing, Jiangsu Province, specializing in the research, production, and sales of concrete additives [2] - The company's main revenue sources include high-performance water reducers (51.83%), functional materials (20.74%), technical services (20.21%), and others [2] - As of September 30, 2025, Subote had 25,100 shareholders, an increase of 30.11% from the previous period, with an average of 16,761 circulating shares per shareholder, a decrease of 23.14% [3] Financial Performance - Subote has distributed a total of 740 million CNY in dividends since its A-share listing, with 234 million CNY distributed in the last three years [4] - The top ten circulating shareholders include a new entrant, the招商量化精选股票发起式A fund, holding 2.7122 million shares, while the 诺安先锋混合A fund has exited the top ten list [4]

Core Points - The shareholders of Sobor Protein, Jinan Caijin Fuxing Weishi Equity Investment Fund Partnership (Limited Partnership) and its concerted party Ningbo Meishan Bonded Port Area Fuxing Weiying Equity Investment Fund Partnership (Limited Partnership), hold a total of 26.9461 million shares, accounting for 14.074% of the company's total equity [1] - Jinan Fuxing and Ningbo Fuxing plan to reduce their holdings by no more than 5.7438 million shares, which is up to 3% of the total equity [1] - The reduction will occur through centralized bidding or block trading, with a period set from December 3, 2025, to March 2, 2026, and the selling price will be determined by market conditions [1] Summary by Category Shareholding Structure - Jinan Fuxing and Ningbo Fuxing collectively hold 26.9461 million shares, representing 14.074% of Sobor Protein's total equity [1] Reduction Plan - The planned reduction involves a maximum of 5.7438 million shares, equating to 3% of the total equity [1] - The reduction will be executed via centralized bidding (up to 1.9146 million shares) and block trading (up to 3.8292 million shares) [1] Timeline and Pricing - The reduction period is scheduled from December 3, 2025, to March 2, 2026 [1] - The selling price will be based on market prices at the time of the transaction [1]

江苏苏博特新材料股份有限公司 "博 22 转债"2025 年第一次债券持有人 会议资料 2025 年 11 月 1 | "博 | 22 | 转债"2025 | 年第一次债券持有人会议议程 3 | | --- | --- | --- | --- | | "博 | 22 | 转债"2025 | 年第一次债券持有人会议参会须知 4 | | | | | 关于终止部分募集资金投资项目的议案 5 | 2 江苏苏博特新材料股份有限公司 "博 22 转债"2025 年第一次债券持有人会议议程 现场会议时间：2025 年 11 月 24 日上午 10 点 30 分 会议地点：南京市江宁区醴泉路 118 号江苏苏博特新材料股份有限公司 会议召开及投票方式：本次会议采取现场方式召开，投票采取记名方式表决 会议主持人：毛良喜先生 出席对象： 1、截至 2025 年 11 月 17 日下午收市时在中国证券登记结算有限责任公司 上海分公司登记在册的"博 22 转债"的债券持有人。债券持有人可以以书面形 式委托代理人出席会议和参加表决，该代理人不必是公司债券持有人。 2、公司聘请的见证律师及其他相关人员。 3、董事会认为有必要出席的其他人 ...

江苏苏博特新材料股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 11 月 1 目 录 | 江苏苏博特新材料股份有限公司 2025 年第一次临时股东大会会议议程 3 | | --- | | 关于修改公司章程及注册资本的议案 4 | | 关于修改公司制度的议案 5 | | 关于终止部分募集资金投资项目的议案 51 | 2 江苏苏博特新材料股份有限公司 2025 年第一次临时股东大会会议议程 会议召开方式：现场会议和网络投票相结合 现场会议时间：2025 年 11 月 24 日上午 9 点 30 分 现场会议地点：南京市江宁区醴泉路 118 号江苏苏博特新材料股份有限公司 会议召集人：公司董事会 会议主持人：毛良喜先生 出席人员：公司股东、董事、监事、高级管理人员、公司聘请的律师及其他相 关人员 网络投票时间：2025 年 11 月 24 日采用上海证券交易所网络投票系统，通过 交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15- 9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当 日的 9:15-15:00。 现场会议开始前 ...

Investment Rating - The report suggests investment opportunities in the glass fiber and cement industries, with a focus on selecting stocks in the consumer building materials and early-cycle sectors [3][4]. Core Insights - The construction materials industry saw a narrowing revenue decline of 3.1% year-on-year in the first three quarters of 2025, with total revenue reaching 4,322.5 billion yuan. Net profit attributable to shareholders increased by 27.8% to 244.4 billion yuan, marking a shift from profit decline to growth [2][9]. - The cement industry demonstrated significant profit elasticity, with sample companies achieving a total revenue of 1,812.3 billion yuan, a year-on-year decline of 8.4%, but a net profit increase of 148.8% to 91.3 billion yuan [20][27]. - The glass fiber sector reported robust growth, with total revenue of 492.1 billion yuan, up 23.5% year-on-year, and net profit soaring by 121.4% to 48.7 billion yuan [4][35]. - The consumer building materials segment faced pressure, with a revenue decline of 0.9% to 1,107.5 billion yuan and a net profit decrease of 6.9% to 82.1 billion yuan, although some companies showed strong performance [4][5]. - The early-cycle sector remains under pressure, but leading companies like Subote have achieved revenue and profit growth through strategic project expansions [5][9]. Summary by Sections Cement Industry - The cement industry is experiencing a gradual recovery, with a total revenue of 1,812.3 billion yuan in the first three quarters of 2025, down 8.4% year-on-year, but net profit increased by 148.8% to 91.3 billion yuan. Major players like Huaxin Cement and Conch Cement continue to dominate profit contributions [20][27]. - The overall profit margin for the cement sector improved, with a gross margin of 22.4%, up 2.76 percentage points from the previous year [27][29]. Glass Fiber Industry - The glass fiber sector has shown strong performance, with total revenue of 492.1 billion yuan, a 23.5% increase year-on-year, and net profit rising by 121.4% to 48.7 billion yuan. The recovery in pricing and the growth of specialty fabrics are key drivers of this improvement [4][35]. Consumer Building Materials - The consumer building materials segment reported a revenue of 1,107.5 billion yuan, down 0.9% year-on-year, with net profit decreasing by 6.9% to 82.1 billion yuan. Companies like Keda Manufacturing and Sankeshu are leveraging unique channel advantages to drive growth [4][5]. Early-Cycle Sector - The early-cycle sector remains challenged, but companies like Subote have successfully increased both revenue and profit by focusing on major engineering projects in the western regions [5][9].

Core Viewpoint - The company has decided not to adjust the conversion price of the "Bo 22 Convertible Bonds" despite triggering the downward adjustment clause, aiming to protect investor interests and maintain confidence in the company's long-term value [1][2][3] Summary of Convertible Bonds - Jiangsu Subote New Materials Co., Ltd. was approved to publicly issue convertible bonds totaling 800 million yuan, with a term of six years, starting from July 28, 2022 [1] - The bonds are referred to as "Bo 22 Convertible Bonds" with the code 113650 [1] Details on Non-Adjustment of Conversion Price - The board of directors held a meeting on April 16, 2025, and decided not to propose a downward adjustment of the conversion price for the "Bo 22 Convertible Bonds" for the next six months [2] - The adjustment clause was triggered as the stock price fell below 80% of the conversion price (18.52 yuan/share) for fifteen trading days from October 16 to November 5, 2025 [2] Board Decision and Rationale - The board convened on November 5, 2025, to review the situation and unanimously agreed (7 votes in favor) not to adjust the conversion price, considering various factors including market conditions and the company's long-term development [3] - The board will reassess the situation after May 5, 2026, if the adjustment clause is triggered again [3]

Core Points - Su Bote announced that as of November 5, 2025, the "Bo 22 Convertible Bond" has triggered the downward adjustment clause for the conversion price [2] - The company's board of directors decided not to adjust the conversion price downward this time [2] - If the downward adjustment clause is triggered again within the next six months (from the date of this announcement to May 4, 2026), the company will also not propose a downward adjustment plan [2]

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 6 0 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 关于不向下修正"博 22 转债"转股价格的公告 自 2025 年 10 月 16 日至 2025 年 11 月 5 日，公司股票已有十五个交易日的 收盘价低于当期转股价格的 80%（即 18.52 元/股），已触发《募集说明书》中规 定的转股价格向下修正条款。 一、 可转换公司债券基本情况 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2022 年 5 月 23 日获中国证券监督管理委员会发行审核委员会审核通过，收到中国证券监督管理 委员会于 2022 年 6 月 2 日印发的《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），核准公司向社会 公开发行面值总额 80,000 万元可转换公司债券，期限 6 年。 经上海证券交易所自律监管决定书〔2022〕196 号文同意，公司可转债于 2022 年 7 月 28 日起在上海证券交易所挂牌交易，债券 ...

Core Viewpoint - Su Bote is a leading supplier of concrete additives in China, with strong R&D capabilities and a complete industry chain advantage, having been established in December 2004 and listed on the Shanghai Stock Exchange in November 2017 [1] Group 1: Business Performance - In Q3 2025, Su Bote reported revenue of 2.577 billion yuan, ranking 13th out of 79 in the industry, with the top competitor, Sinochem International, achieving 35.716 billion yuan [2] - The net profit for the same period was 142 million yuan, placing the company 17th in the industry, with the leading competitor, Hangyang Co., reporting 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Su Bote's debt-to-asset ratio was 44.24%, an increase from 39.76% year-on-year, which is higher than the industry average of 34.74% [3] - The gross profit margin for Q3 2025 was 33.14%, slightly up from 32.89% year-on-year, and significantly above the industry average of 19.93% [3] Group 3: Executive Compensation - The chairman, Mao Liangxi, received a salary of 1.0575 million yuan in 2024, an increase of 41,500 yuan from 2023 [4] - The current general manager, Hong Jinxiang, has a salary of 1.0785 million yuan for 2024, which is an increase of 74,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.11% to 25,100, with an average holding of 16,800 circulating A-shares, a decrease of 23.14% [5] - New significant shareholders include the "Zhaoshang Quantitative Selected Stock Fund" with 2.7122 million shares, while "Nu'an Pioneer Mixed A" exited the top ten circulating shareholders [5] Group 5: Analyst Ratings and Forecasts - Open Source Securities maintains a "Buy" rating for Su Bote, forecasting net profits of 153 million, 204 million, and 244 million yuan for 2025 to 2027 [5] - Huatai Securities also maintains a "Buy" rating, predicting net profits of 164 million, 206 million, and 241 million yuan for the same period, with a target price of 13.44 yuan based on a 28x PE valuation for 2026 [6]

Core Viewpoint - Su Bote's stock price has experienced fluctuations, with a year-to-date increase of 39.81% but a recent decline in the last five trading days by 4.01% [1] Company Overview - Jiangsu Subote New Materials Co., Ltd. was established on December 15, 2004, and went public on November 10, 2017. The company specializes in the research, production, and sales of concrete additives [2] - The main revenue composition includes high-performance water reducers (51.83%), functional materials (20.74%), technical services (20.21%), and others [2] - As of September 30, the number of shareholders increased by 30.11% to 25,100, with an average of 16,761 circulating shares per person, a decrease of 23.14% [2] Financial Performance - For the period from January to September 2025, Su Bote achieved a revenue of 2.577 billion yuan, representing a year-on-year growth of 4.10%. The net profit attributable to shareholders was 94.12 million yuan, up 19.73% year-on-year [2] - The company has distributed a total of 740 million yuan in dividends since its A-share listing, with 234 million yuan distributed in the last three years [3] Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders include a new entrant, the China Merchants Quantitative Selected Stock Fund (001917), holding 2.7122 million shares. The Nuoan Pioneer Mixed Fund (320003) has exited the top ten list [3]