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： 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 16 日召开第七届董事会第八次会议，审议通过了《关于不向下修正"博 22 转债" 转股价格的议案》，决定在未来六个月内如触发转股价格向下修正条款，将不提 出向下修正方案。在此期间之后（自 2025 年 10 月 16 日起重新计算），若再次 触发转股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"博 22 转债"的转股价格向下修正权利。 股票代码：603916 股票简称：苏博特 债券代码：113650 债券简称：博 22 转债 转股价：23.15 元/股 转股时间：2023 年 1 月 7 日至 2028 年 6 月 30 日止 公司股票自 2025 年 10 月 16 日至 2025 年 10 月 29 日已有十个交易日的收 盘价低于当期转股价格的 80%（即 18.52 元/股），存在触发《江苏苏博特新材料 股份有限公司 2021 年公开发行可转换公司债券募集说明书》（ ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q3 revenue of 904 million RMB, a year-over-year decrease of 0.92% and a quarter-over-quarter decrease of 8.82%. The net profit attributable to the parent company was 30.87 million RMB, showing a year-over-year increase of 21.94% but a quarter-over-quarter decrease of 20.67%, slightly below previous expectations due to rigid expense performance and declining revenue [1][6] - For the first three quarters of 2025, the company achieved a cumulative revenue of 2.577 billion RMB, a year-over-year increase of 4.10%, and a net profit of 94.12 million RMB, a year-over-year increase of 19.73% [1] - The demand is supported by key infrastructure projects in the western region, such as the "Yaxia" hydropower station, and the price of water-reducing agents improved quarter-over-quarter in Q3 [1][2] Summary by Sections Revenue and Profitability - In the first nine months of 2025, the company’s high-performance water-reducing agents, efficient water-reducing agents, and functional materials achieved sales revenues of 1.316 billion, 31 million, and 566 million RMB, respectively, with year-over-year changes of +0.9%, -13.7%, and +22.2% [2] - The average selling prices for these products showed year-over-year declines of -1.73%, -10.18%, and -10.35%, but the prices for high-performance and efficient water-reducing agents improved quarter-over-quarter by +3.6% and +7.8% [2] - The gross profit margin for the first three quarters of 2025 was 33.14%, an increase of 0.25 percentage points year-over-year, while Q3 gross profit margin was 30.15%, with year-over-year and quarter-over-quarter changes of +0.65% and -5.35% respectively [2] Expenses and Cash Flow - The company’s operating expenses increased by 5.3% year-over-year to 682 million RMB, with a period expense ratio of 26.47%, up 0.3 percentage points year-over-year [3] - The net cash flow from operating activities for the first three quarters of 2025 was 179 million RMB, a year-over-year decrease of 16.54% [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 164 million, 206 million, and 241 million RMB, respectively, with a three-year compound growth rate of 35.94% [4] - The target price is set at 13.44 RMB, based on a 28x PE valuation for 2026, reflecting the expected improvement in demand for construction materials due to the recovery in real estate sales [4]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company has confirmed a bottom recovery with three consecutive quarters of profit growth, achieving a revenue of 2.58 billion yuan in the first three quarters, a year-on-year increase of 4.1%, and a net profit attributable to the parent company of 90 million yuan, a year-on-year increase of 19.7% [8] - Sales of functional materials have seen rapid growth, contributing significantly to revenue, with sales volumes for high-performance water reducers, efficient water reducers, and functional materials increasing by 9.8% and 38.6% respectively [8] - The company has strong technical capabilities and advantages in major engineering projects, having participated in significant national projects, which is expected to continue driving order growth and profit recovery [8] Financial Data and Profit Forecast - Total revenue is projected to be 3.69 billion yuan in 2025, with a year-on-year growth rate of 3.9% [6] - The net profit attributable to the parent company is expected to reach 185 million yuan in 2025, reflecting a significant year-on-year increase of 93.0% [6] - The report has adjusted profit forecasts downwards for 2025-2027, with expected net profits of 185 million, 253 million, and 295 million yuan respectively [8]

Core Insights - SuBot (603916.SH) reported its Q3 2025 results on October 29, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 28, 2025, four institutional investors disclosed holdings in SuBot A-shares, totaling 167 million shares, which represents 39.07% of SuBot's total equity [1] - The institutional holding percentage decreased by 1.78 percentage points compared to the previous quarter [1] Public Fund Activity - Two public funds increased their holdings compared to the previous period, including the China Bank Co., Ltd. - CMB Quantitative Selected Stock Fund and the CMB CSI 2000 Enhanced Strategy ETF, with an increase in holding percentage of 0.55% [1] - One new public fund disclosed its holdings this quarter, namely the Wanjiaguo Zheng 2000 Index Enhanced A [1] - A total of 112 public funds did not disclose their holdings this quarter, including notable funds such as Nuon An Pioneer Mixed A and Guotai CSI All Index Construction Materials ETF [1]

Core Viewpoint - The company, Jiangsu Subote New Materials Co., Ltd., is modifying its articles of association and registered capital in response to changes in its share structure due to convertible bonds and share buybacks [7][8][10]. Financial Data - The company reported that as of September 30, 2025, its total share capital is 426,295,330 shares, leading to a corresponding registered capital of 426,295,330 yuan [8]. Governance Changes - The company plans to abolish the supervisory board and transfer its responsibilities to the audit committee, aiming to enhance governance structure and operational standards [10]. - The proposed amendments to the articles of association will be submitted for approval at the shareholders' meeting [9]. Legal Compliance - The board of directors and senior management have confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for any misstatements or omissions [2].

Core Viewpoint - Jiangsu Sobute New Materials Co., Ltd. is set to hold a Q3 2025 earnings presentation on November 4, 2025, to discuss its operational results and financial status with investors [3][4][5]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 4, 2025, from 11:00 to 12:00 [3][5]. - Investors can submit questions from October 28 to November 3, 2025, through the Shanghai Stock Exchange Roadshow Center or via email [3][6]. - The presentation will be conducted in an interactive online format, allowing for real-time communication with investors [4][5]. Group 2: Q3 2025 Operational Data - The company reported a decline in average sales prices for its main products: high-performance water-reducing agents decreased by 1.73%, efficient water-reducing agents by 10.18%, and functional products by 10.35% compared to the same period last year [8][9]. - The average procurement prices for key raw materials also saw a decrease: ethylene oxide by 3.24% and formaldehyde by 2.01% year-on-year [9]. Group 3: Bondholder Meeting Notification - The company announced the first bondholder meeting for the "Bo 22 Convertible Bonds" on November 24, 2025, to discuss the termination of certain fundraising investment projects [10][11][28]. - The meeting will require a quorum of bondholders holding more than half of the total face value of the outstanding bonds for resolutions to be valid [10][18]. - Bondholders must register to attend the meeting by November 21, 2025, and can delegate representatives to vote on their behalf [14][15].

格隆汇10月28日丨苏博特(603916.SH)发布三季报，2025年前三季度实现营业总收入25.77亿元，同比增 长4.1%；归属母公司股东净利润9411.94万元，同比增长19.73%；基本每股收益为0.22元。 ...

Group 1 - Suobote (SH 603916) announced the convening of its 11th meeting of the 7th Board of Directors on October 28, 2025, to review the third quarter report for 2025 [1] - For the year 2024, Suobote's revenue composition is as follows: additives account for 72.64%, technical services account for 21.44%, other businesses account for 5.36%, and miscellaneous business accounts for 0.55% [1] - As of the report date, Suobote's market capitalization is 4.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Company Performance - Suobote reported a revenue of approximately 2.577 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.1% [1] - The net profit attributable to shareholders was approximately 94.12 million yuan, showing a year-on-year increase of 19.73% [1] - Basic earnings per share were 0.22 yuan, reflecting a year-on-year increase of 22.22% [1] Market Context - As of the report, Suobote's market capitalization stands at 4.6 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [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 5 2 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 关于修改公司章程及注册资本的公告 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。 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第七届董事会第十一次会议，审议通过《关于修改公司章程及注册资本的 议案》，现将相关事项公告如下： 一、关于修改公司章程及注册资本 根据《公司法》《上市公司章程指引》等法律法规，公司拟全面修订《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。根据中国证券登记 结算有限责任公司上海分公司提供的数据，截止 2025 年 9 月 30 日，公司总股本 为 426,295,330 股。公司拟将注册资本相应修改为 426,295,330 元。 基于上述因素，公司拟修改《公司章程》及注册资本，并提请股东大会授权 董事会办 ...