Group 1 - The core viewpoint is that the wind turbine gearbox is a critical component in wind power generation, with high value and profitability, and is expected to release incremental elasticity due to the continuous growth of offshore wind power, the increasing share of doubly-fed and semi-direct drive models, and market share improvements [1] - The global demand for wind turbine gearboxes is rapidly increasing, with a projected demand of 26,000 units by 2026, corresponding to a market space of 41.5 billion yuan, representing a year-on-year growth of 22% [1] - The price of gearboxes is expected to rise significantly with increased power output, as seen in the example of a 5.XMW model priced at 1.5 million yuan per unit, where each 1MW increase in power output raises the price by 100,000 to 200,000 yuan [1] Group 2 - The wind turbine gearbox industry has high technical barriers and is relatively concentrated, with the top four companies accounting for over 70% of the global market share in 2024 [2] - The major players in the global market include South High Gear, Weichai Power, Delijia, and ZF, with South High Gear holding a dominant position in the domestic market [2] - The profitability of the industry is strong, with Delijia's gross margin estimated to be between 22% and 25% [2]

Core Viewpoint - Zhangjiagang Wide Special Materials Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for a specified period, leading to the decision to redeem all outstanding convertible bonds [1][2]. Group 1: Redemption Conditions and Process - The company's stock price has been above 130% of the conversion price (27.040 CNY/share) for 9 trading days from June 12, 2025, to July 1, 2025, and has met the requirement of being above this threshold for at least 15 out of 30 trading days [1]. - The board of directors approved the early redemption of all outstanding "Wide Convertible Bonds" on July 14, 2025, and the announcement was made on July 15, 2025 [1][2]. Group 2: Redemption Details - The redemption price for the convertible bonds is set at 100.8658 CNY per bond, which includes accrued interest calculated based on a 1.00% annual interest rate over 316 days [2][3]. - A total of 4,464,000 CNY (44,640 bonds) will be redeemed, with a total payout amounting to 4,502,650.88 CNY, including accrued interest, scheduled for distribution on August 25, 2025 [4][6]. Group 3: Impact on Company - Following the redemption, the company's total share capital will increase to 280,489,356 shares, resulting in a dilution of earnings per share in the short term [6]. - The redemption amount represents 0.29% of the total issuance, indicating that it will not have a significant impact on the company's financial status, operating results, or cash flow [6]. Group 4: Shareholding Changes - The redemption will lead to a dilution in the shareholding percentages of major shareholders, including Zhangjiagang Wide Investment Holding Group, which will see its ownership decrease from 16.3531% to 15.9721% [6].

证券代码：688186 证券简称：广大特材 公告编号：2025-106 张家港广大特材股份有限公司 关于"广大转债"赎回结果暨股份变动的公告 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法律责任。 重要内容提示： 一、本次可转债赎回的公告情况 （一）赎回条件的满足情况 张家港广大特材股份有限公司（以下简称"公司"）股票自 2025 年 6 月 12 日至 2025 年 7 月 1 日已有 9 个交易日的收盘价不低于当期转股价格的 130%（即 27.092 元/股），自 2025 年 7 月 2 日至 2025 年 7 月 14 日已有 6 个交易日的收盘 价不低于当期转股价格的 130%（即 27.040 元/股），自 2025 年 6 月 12 日至 2025 年 7 月 14 日期间，公司股票已满足连续三十个交易日中至少有十五个交易日的 收盘价不低于"广大转债"当期转股价格的 130%，根据《张家港广大特材股份 有限公司向不特定对象发行可转债公司债券募集说明书》（以下简称"《募集说明 书》"）的约定，已触发"广大转债"有条件赎回 ...

Core Points - The company has announced the early redemption of its convertible bonds, "广大的转债," with a redemption price of 100.8658 CNY per bond [1][6] - The redemption registration date is set for August 22, 2025, with the last trading day being August 19, 2025 [1][7] - The bonds will cease trading from August 20, 2025, and will be delisted from the Shanghai Stock Exchange on August 25, 2025 [1][8] Redemption Conditions - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for a specified period [2][5] - The conversion price is set at 20.80 CNY per share, and the stock price must meet certain criteria for the redemption to occur [2][4] - The company will redeem all outstanding "广大的转债" if the conditions are met [2][5] Redemption Process - The accrued interest for the bonds is calculated based on a formula, resulting in an interest of approximately 0.8658 CNY per bond [6][8] - The total redemption amount includes the face value plus accrued interest, leading to a total of 100.8658 CNY per bond [6][8] - Investors must ensure they either convert or sell their bonds before the last trading day to avoid forced redemption [2][10] Tax Implications - Individual investors are subject to a 20% tax on the interest income from the bonds, affecting the net amount received upon redemption [8][9] - The actual amount received by individual investors after tax will be approximately 100.6926 CNY per bond [8][9]

Core Points - The company has announced the redemption of its convertible bonds, "Guangda Convertible Bonds," with a redemption price of 100.8658 CNY per bond [1][6][10] - The redemption registration date is set for August 22, 2025, and the last trading day for the bonds will be August 19, 2025 [1][7] - The bonds will be delisted from the Shanghai Stock Exchange on August 25, 2025, following the completion of the redemption [1][8] Redemption Conditions - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for a specified period [2][5] - The conversion price is set at 20.80 CNY per share, and the stock price must meet certain criteria for the redemption to occur [2][5] - The bonds will be forcibly redeemed if not converted or sold by the specified dates, potentially leading to significant investment losses for holders [2][10] Financial Details - The accrued interest for the bonds is calculated to be approximately 0.8658 CNY per bond, leading to a total redemption price of 100.8658 CNY [6][9] - The interest rate for the bonds is 1.00%, and the calculation period for the interest is from October 13, 2024, to August 25, 2025 [6][9] Investor Instructions - Investors are advised to convert or sell their bonds before the last trading day to avoid forced redemption [2][10] - The company will notify bondholders of the redemption process and related matters before the redemption period ends [6][7]

| 证券代码：688186 | 证券简称：广大特材 公告编号：2025-105 | | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | 本次提前赎回完成后，"广大转债"将自 2025 年 8 月 25 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 20.80 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价值加当期应计利息 （即 100.8658 元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 特提醒"广大转债"持有人注意在期限内转股或卖出，以避免可能出现的 投资损失。 公司股票自 2025 年 6 月 12 日至 2025 年 7 月 1 日已有 9 个交易日的收盘价 不低于当期转股价格的 130%（即 27.092 元/股），自 2025 年 7 月 2 日至 2025 年 张家港广大特材股份有限公司 关于实施"广大转债"赎回暨摘牌的最后一次提示 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： 自 202 ...

张家港广大特材股份有限公司 | 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-104 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 关于实施"广大转债"赎回暨摘牌的第二十一次提 示公告 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： 自 2025 年 8 月 20 日起，"广大转债"停止交易。 最后转股日：2025 年 8 月 22 日 截至 2025 年 8 月 20 日收市后，距离 2025 年 8 月 22 日（"广大转债"最后 转股日）仅剩 2 个交易日，2025 年 8 月 22 日为"广大转债"最后一个转股日。 本次提前赎回完成后，"广大转债"将自 2025 年 8 月 25 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 20.80 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价值加当期应计利息 （即 100.8658 元/张）被强制赎回。若被强制赎回，可能面 ...

Core Viewpoint - Zhangjiagang Wide Special Materials Co., Ltd. announced the redemption and delisting of "Wide Convertible Bonds" due to the stock price meeting the conditional redemption criteria [1] Summary by Sections Redemption Announcement - The company triggered the conditional redemption clause as the stock price closed at or above 130% of the conversion price for at least 15 out of the last 30 trading days [1] - The redemption registration date is set for August 22, 2025, with a redemption price of 100.8658 CNY per bond [1] - The redemption payment will be issued on August 25, 2025 [1] Trading and Conversion Details - The last trading day for "Wide Convertible Bonds" is August 19, 2025 [1] - The last conversion date is August 22, 2025, after which the bonds will be delisted starting August 25, 2025 [1]

| 证券代码：688186 | 证券简称：广大特材 | 公告编号：2025-103 | | --- | --- | --- | | 转债代码：118023 | 转债简称：广大转债 | | 张家港广大特材股份有限公司 关于实施"广大转债"赎回暨摘牌的第二十次提示 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： 截至 2025 年 8 月 19 日收市后，距离 2025 年 8 月 22 日（"广大转债"最后 转股日）仅剩 3 个交易日，2025 年 8 月 22 日为"广大转债"最后一个转股日。 本次提前赎回完成后，"广大转债"将自 2025 年 8 月 25 日起在上海证券 交易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 20.80 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价值加当期应计利息 （即 100.8658 元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 特提醒"广大转债"持有人注意在期限内转股或卖出，以避免可能出现的 投资损失。 公司股票自 ...

Core Points - The company will redeem all outstanding "Guangda Convertible Bonds" on August 25, 2025, following the completion of the early redemption process [1][2][7] - The redemption price is set at 100.8658 CNY per bond, which includes accrued interest [6][9] - The last trading day for the bonds is August 19, 2025, and the last conversion day is August 22, 2025 [1][8] Redemption Details - The redemption registration date is August 22, 2025, and the redemption payment date is August 25, 2025 [1][7] - Investors can either trade the bonds in the secondary market or convert them at a conversion price of 20.80 CNY per share before the deadlines [2][10] - The company has triggered the conditional redemption clause due to the stock price exceeding 130% of the conversion price for a specified period [2][5] Financial Implications - The accrued interest calculation for the bonds is based on a 1.00% annual coupon rate, resulting in approximately 0.8658 CNY per bond [6][9] - After tax, the actual redemption amount for individual investors will be 100.6926 CNY per bond due to a 20% tax on interest income [8][9] Market Impact - The bonds will be delisted from the Shanghai Stock Exchange on August 25, 2025, following the redemption [2][7] - As of August 18, 2025, the market price of the bonds was 126.400 CNY, indicating a significant difference from the redemption price, which may lead to potential losses for investors who do not act in time [10]