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]

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]