| | | 山东玻纤集团股份有限公司 2025 年第二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法律责任。 重要内容提示： 累计转股情况：截至 2025 年 6 月 30 日期间，累计已有人民币 106,000 元"山玻转债"转换为公司 A 股股份，累计转股数量为 9,302 股，累计转股数量 占"山玻转债"转股前已发行股份总额的 0.0016%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"山玻转债" 金额为人民币 599,894,000 元，占"山玻转债"发行总量的 99.9823%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，共有 0 元"山玻转债"转换为公司 A 股股份，转股数量为 0 股，转股数量占"山玻转债" 转股前已发行股份总额的 0%。 一、可转债发行上市概况 （一）基本情况 经中国证券监督管理委员会《关于核准山东玻纤集团股份有限公司公开发行 可转换公司债券的批复》（证监许可【2021】3144 号）核准，山东玻纤 ...

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with a total trading volume of 1.49 trillion [1] - The innovative drug sector saw a resurgence, with stocks like Angli康 and塞力医疗 hitting the daily limit [1] - Chip stocks continued their strong performance, with companies such as诚邦股份 and凯美特气 also reaching the daily limit [1] - Bank stocks rebounded, with建设银行 and浦发银行 reaching historical highs [1] - The military industry showed localized activity, with stocks like长城军工 and际华集团 hitting the daily limit [1] - Stablecoin concept stocks declined, with吉大正元 hitting the daily limit down [1] Key Highlights Pharmaceutical Sector - The pharmaceutical sector rebounded significantly, with昂立康 hitting the daily limit and reaching a historical high [3] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including increased support for R&D and inclusion in insurance directories [3][4] - Companies like阳普医疗, 塞力医疗, and山河药辅 also reached the daily limit [3] Chip Sector - The domestic chip sector remained strong, with stocks like诚邦股份, 凯美特气, and常青股份 hitting the daily limit [6] - Reports indicated that Texas Instruments is raising prices for various analog devices by 30%, with some data converters seeing price increases of 100% [6] - The semiconductor industry is entering a new growth cycle driven by AI innovations and electric vehicle developments, which is expected to boost demand for high-performance analog chips [6][8] Glass Fiber Sector - The glass fiber sector saw significant gains, with companies like宏和科技, 中材科技, and山东玻纤 hitting the daily limit [9] - Market rumors suggest that NVIDIA's upcoming Rubin cabinet may utilize quartz cloth with lower dielectric constants, enhancing its application prospects in AI servers [9][10] Military Sector - The military sector showed mixed performance, with some stocks experiencing gains while others remained stable [11] Other Sectors - The electric power, PCB, and brain science sectors showed localized activity, while solid-state batteries and blockchain concepts faced declines [11]

立信会计师事务所(特殊普通合伙) 关于山东玻纤集团股份有限公司 2024年年度报告的信息披露监管问询函的回复 2025 年 5 月 23 日收到贵所《关于山东玻纤集团股份有限公司 2024 年年度 报告的信息披露监管问询函》（上证公函【2025】0636 号），根据《问询函》 的相关要求,我们对有关问题进行了认真核查,并逐项予以落实和回复如下: 信会师函字[2025]第 ZA282 号 上海证券交易所: 立信会计师事务所(特殊普通合伙)(以下简称"我所"、"我们",或"年审 会计师"）接受山东玻纤集团股份有限公司（以下简称"山东玻纤"、"公司"、 "本公司"）委托,对公司 2024年 12 月 31 日合并及公司资产负债表,2024 年度 合并及公司利润表、合并及公司现金流量表、合并及公司所有者权益变动表以 及财务报表附注及其他相关财务资料进行审计。"山东玻纤"的责任是提供真实、 合法、有效、完整的相关资料,我们的责任是依据《中国注册会计师执业准则》 的相关规定进行审计,并已出具了相应的审计报告。 关于山东玻纤集团股份有限公司 2024 年年度报告的信息披露监管 问询函的回复 三、关于固定资产和在建工程。20 ...

Core Viewpoint - The company, Shandong Fiberglass Group Co., Ltd., reported a decline in revenue and a shift to net losses in 2024, primarily due to decreased sales prices and volumes in the fiberglass sector, amidst an oversupplied market [1][6][7]. Financial Performance - In 2024, the company achieved operating revenue of 2.006 billion yuan, a year-on-year decrease of 8.89% [1]. - The net profit attributable to shareholders was -99 million yuan, a significant decline from the previous year [1][7]. - The cash flow from operating activities was 162 million yuan, down 70.40% year-on-year, mainly due to increased cash payments for goods and services [1]. Customer and Supplier Information - The company disclosed its major customers and suppliers, indicating stable operations with normal payment terms [2][3]. - Key customers included Shanghai Songou New Materials Co., Ltd. and Guangzhou Bangju New Materials Co., Ltd., with sales revenues of 65.18 million yuan and 50.30 million yuan, respectively [2]. Industry Context - The fiberglass industry in China is experiencing overcapacity, with production capacity reaching 6.7 million tons and total output at 7.23 million tons by the end of 2023 [6]. - The average selling price of fiberglass yarn decreased by 225.64 yuan per ton in 2024, contributing to revenue loss [6][20]. - The market for fiberglass remains competitive, particularly in low-end products, while high-end applications like wind energy are expected to grow [6][18]. Cost Structure and Profitability - The cost structure for fiberglass yarn in 2024 showed direct materials accounting for 39.45% and energy costs for 23.60% [8]. - The decline in profitability was attributed to both lower sales prices and reduced sales volumes, with a total sales volume of 443,300 tons in 2024, down 8.09% from 2023 [20]. Future Outlook and Strategies - The company plans to enhance its product mix by focusing on high-end products such as wind energy yarn, which is expected to see increased demand [9][18]. - Strategies include optimizing operational costs, improving product margins, and expanding into international markets [9][10].

| 证券代码：605006 | 证券简称：山东玻纤 | 公告编号：2025-049 | | --- | --- | --- | | 转债代码：111001 | 转债简称：山玻转债 | | 山东玻纤集团股份有限公司 关于上海证券交易所《关于公司 2024 年年度报告 的信息披露监管问询函》的回复公告 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法律责任。 山东玻纤集团股份有限公司（以下简称本公司、公司、山东玻纤） 于近期收到上海证券交易所《关于山东玻纤集团股份有限公司 2024 年年 度报告的信息披露监管问询函》（上证公函【2025】0636 号）（以下简 称《监管问询函》），根据相关规定，现将《监管问询函》相关内容回 复如下： 一、关于经营业绩。公司主要从事玻璃纤维及其制品的研发、生产 与销售。2024 年，公司实现营业收入 20.06 亿元，同比下降 8.89%；实 现归母净利润-0.99 亿元，同比由盈转亏；扣非后归母净利润-1.61 亿 元，亏损同比扩大，玻纤产品毛利率同比减少 3.76 个百分点；经营活 动产生的现金流量净额 ...

Core Viewpoint - The demand for suspension insulators in China is increasing due to urbanization and the need for upgraded electrical infrastructure, particularly in high-voltage transmission lines and smart grid construction, despite a temporary decline in market size in 2023 [1][12]. Industry Overview - Suspension insulators are critical components used to support and insulate high-voltage power lines, made from materials like glass, ceramics, and composite materials [3][5]. - The industry has evolved from simple ceramic and glass designs to advanced materials like silicone rubber and composites, enhancing performance and durability [5]. Market Dynamics - The market size for suspension insulators in China saw a continuous increase from 2020 to 2022, but experienced a 25.85% decline in 2023 due to insufficient domestic demand and intensified competition [1][12]. - A recovery is expected in 2024, with the market size projected to reach 4.134 billion yuan, reflecting a year-on-year increase of 78.86% driven by increased investment in ultra-high voltage networks [1][12]. Investment Trends - China's investment in the power grid is projected to grow from 469.9 billion yuan in 2020 to 608.3 billion yuan in 2024, with a 14.60% increase in the first four months of 2025 [10]. - This investment surge is anticipated to boost the demand for suspension insulators significantly, as they are essential for the construction and maintenance of power transmission systems [10]. Competitive Landscape - The Chinese suspension insulator market is characterized by numerous domestic companies, including Dalian Electric Porcelain Group, Nanjing Electric Group, and Zhejiang Jinlihua Electric Equipment, each with strengths in various market segments [16][17]. - Competition is fierce in the mid-to-low-end product market, while a few companies dominate the high-end market, particularly in ultra-high voltage insulators [16]. Export and Import Dynamics - China primarily exports suspension insulators, benefiting from competitive pricing, quality, and delivery times, while imports focus on high-performance insulators for specific applications [14]. - In the first four months of 2025, China imported 0.09 million tons and exported 11.12 million tons of insulators, indicating a strong export orientation [14]. Future Development Trends - The industry is moving towards smart insulators integrated with sensors for real-time monitoring of operational conditions, enhancing reliability and maintenance efficiency [21]. - There is a growing emphasis on developing high-performance products to meet the demands of high and ultra-high voltage transmission lines, necessitating increased R&D investments [22][23]. - The Belt and Road Initiative is opening new markets for suspension insulator companies, encouraging local production and technological collaboration to meet regional demands [24].

Core Viewpoint - The glass fiber reinforced plastic (GFRP) fishing boats industry in China is poised for significant growth due to the aging of existing wooden and small steel fishing vessels, with government initiatives promoting the replacement and modernization of fishing equipment. The number of GFRP fishing boats is expected to increase to 12,000 by 2025, representing a 20% year-on-year growth [1][14]. Industry Overview - GFRP fishing boats account for only about 2% of the total fishing vessels in China, compared to 80-90% in developed fishing nations [1][14]. - The existing wooden and small steel fishing vessels are over 50% aged, necessitating urgent updates and replacements [1][14]. - The Liaoning province has initiated a plan to promote large-scale equipment updates in the fishing industry, focusing on phasing out old wooden boats and enhancing subsidies for new steel or composite material boats [1][14]. Economic Aspects - GFRP fishing boats exhibit excellent energy-saving capabilities, with insulation performance leading to ice-saving rates of 20% to 40% and fuel savings of 10% to 15% compared to steel boats [4][5]. - The lifespan of GFRP boats can reach up to 50 years, significantly longer than the 10-15 years typical for steel boats, which require regular maintenance [4][5]. Industry Development History - The development of GFRP fishing boats in China began in the 1970s, with the first boat constructed in 1974 [7][8]. - The industry faced challenges in the 2000s due to quality issues and incidents, but recent government support has led to significant advancements in construction capabilities [7][8]. Industry Chain - The upstream of the GFRP fishing boat industry includes raw materials such as liquid synthetic resins and glass fibers, which are crucial for the durability and safety of the boats [8]. - The midstream involves the production and manufacturing of GFRP boats, while the downstream encompasses their applications in freshwater and marine aquaculture, marine capture, and seedling production [8]. Competitive Landscape - The GFRP fishing boat market in China is primarily dominated by state-owned enterprises, followed by military and private enterprises, with the former holding the largest market share [16][17]. - Key players in the industry include Jianglong Shipbuilding, Weihai Zhongfu Xigang Shipbuilding, and Qinhuangdao Yaohua Equipment Group [16][17]. Future Trends - The demand for GFRP fishing boats is expected to grow continuously due to the booming marine economy and increasing consumer interest in marine tourism [21]. - The industry is moving towards automation and smart technology integration, enhancing production efficiency and product quality [22]. - There is a growing emphasis on green development, with a focus on using recyclable materials and renewable energy technologies to reduce environmental impact [23][24].

Core Viewpoint - The credit rating for Shandong Glass Fiber Group Co., Ltd. and its convertible bond "Shanbo Convertible Bond" remains unchanged at "AA-" with a stable outlook [2]. Group 1: Previous and Current Ratings - The previous credit rating for the company was "AA-" and for the "Shanbo Convertible Bond" was also "AA-", with a stable outlook [2]. - The current credit rating for the company and the bond remains "AA-" with a stable outlook, indicating no change from the previous rating [2]. Group 2: Rating Agency and Report - The credit rating was conducted by the credit rating agency United Credit Rating Co., Ltd. [2]. - The tracking credit rating report was issued on June 4, 2025, and is available on the Shanghai Stock Exchange website [3].

根据中国证券监督管理委员会《公司证券发行与交易管理办法》《上海证券 交易所股票上市规则》等相关规定，山东玻纤集团股份有限公司（以下简称公司） 委托信用评级机构联合资信评估股份有限公司（以下简称联合资信）对公司 2021 年 11 月 8 日发行的可转换公司债券（债券简称："山玻转债"）进行了跟踪信 用评级。 公司前次主体信用评级结果为"AA-","山玻转债"信用等级为"AA-"， 评级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 6 月 21 日。 联合资信在对公司经营状况、行业情况进行综合分析与评估的基础上，于 | 证券代码：605006 | 证券简称：山东玻纤 | 公告编号：2025-048 | | --- | --- | --- | | 转债代码：111001 | 转债简称：山玻转债 | | 山东玻纤集团股份有限公司 关于"山玻转债"2025 年跟踪评级结果公告 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法律责任。 重要内容提示： 前次债券评级：公司主体信用等级为"AA-"，"山玻转债"信用等级为 "AA-", ...

山东玻纤集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕3788 号 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受山东玻纤集团股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正的关联关系。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自 ...