江苏联瑞新材料股份有限公司 使用募集资金置换预先投入募投项目及 已支付发行费用的自筹资金的鉴证报告 华兴专字[2026] 25007510122 号 华兴会计师事务所（特殊普通合伙） 江苏联瑞新材料股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的鉴证报告 华兴专字 [2026]25007510122 号 江苏联瑞新材料股份有限公司： 我们接受委托，对后附的江苏联瑞新材料股份有限公司（以下简称"贵 公司"）管理层编制的截至 2026 年 1 月 14 日止的《关于使用募集资金置换 预先投入募投项目及支付发行费用的自筹资金的专项说明》（以下简称"专 项说明"）进行鉴证。 一、管理层的责任 w 贵公司管理层的责任是提供真实、合法、完整的实物证据、原始书面材 料、副本材料以及我们认为必要的其他证据，按照《上市公司募集资金监管 规则》(证监会公告(2025)10 号)、《上海证券交易所科创板上市公司自律监 管指引第 1 号—规范运作（2025 年 5 月修订）》（上证发〔2025〕69 号） 等相关规定要求编制《专项说明》，并保证其真实、准确和完整，不存在虚 假记录、误导性陈述或重大遗漏。 ...

1 国泰海通证券股份有限公司关于江苏联瑞新材料股份有限公司 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 江苏联瑞新材料股份有限公司（以下简称"联瑞新材"或"公司"）向不特定对 象发行可转换公司债券保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券交 易所科创板上市公司自律监管指引第1号——规范运作》等有关规定，对公司使 用募集资金置换预先投入募投项目及已支付发行费用的自筹资金事项进行了核 查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意江苏联瑞新材料股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2577号）， 江苏联瑞新材料股份有限公司向不特定对象发行695,000,000.00元的可转换公司 债券，期限6年，每张面值人民币100元，发行数量6,950,000张（695,000手）。本 次发行的募集资金总额为人民币695,000,000.00元，扣除发行费用总额人民币 6,34 ...

江苏联瑞新材料股份有限公司（以下简称"公司"）本次使用募集资金置 换预先投入募投项目的自筹资金共计人民币 53,809,181.48 元，使用募集资金置 换 已支 付发 行费 用的 自筹 资金共 计人 民币 571,462.26 元 ，合 计人 民 币 54,380,643.74 元。本次募集资金置换的时间距募集资金到账时间未超过 6 个月， 符合相关法律法规的规定。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意江苏联瑞新材料股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2577 号）， 江苏联瑞新材料股份有限公司向不特定对象发行 695,000,000.00 元的可转换公 司债券，期限 6 年，每张面值人民币 100 元，发行数量 6,950,000 张（695,000 手）。本次发行的募集资金总额为人民币 695,000,000.00 元，扣除发行费用总 额 人 民 币 6,345,047.16 元 （ 不 含 税 ） 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 688,654,952.84 元。 | 证券代码：688300 | 证券简称：联 ...

Company Project Advancement - The company approved an investment of 240 million yuan in its wholly-owned subsidiary, Lianrui New Materials (Lianyungang) Co., Ltd., to implement the "High Thermal Conductivity High Purity Spherical Powder Material Project" [2] - Following the capital increase, the subsidiary's registered capital will rise from 350 million yuan to 590 million yuan [2] - The raised funds were received on January 14, 2026, and a special supervision agreement has been signed [2] Financial Status - The company has approved the use of up to 600 million yuan of idle raised funds for cash management, specifically to purchase high-security, high-liquidity bank financial products with a term not exceeding 12 months [3] - This decision has received consent from the sponsoring institution [3] Stock Recent Trends - On February 2, 2026, the company's stock price experienced fluctuations, with a financing balance of 367 million yuan, representing a high proportion of the circulating market value [4] - Fund holding data indicates that products from Huaxia Fund and Galaxy Fund have significant positions in this stock [4]

Core Viewpoint - The company has established deep collaborations with mainstream manufacturers in the industry for its ball silicon products used in M9-level high-performance electronic circuit substrates, leading to small batch sales [1] Group 1 - The company's Lowα ball aluminum, a key filler for advanced packaging, is experiencing rapid sales growth and has become one of the few manufacturers capable of mass production of this material [1]

Group 1 - The core viewpoint of the report emphasizes that the newly issued Lianrui Convertible Bond (118064.SH) is a high-quality bond with strong debt protection and reasonable option pricing, suitable for institutional investors focusing on new bond subscriptions and short to medium-term allocations [1][12]. - The bond has a small issuance size of 6.95 billion yuan and a market capitalization of the underlying stock at 157.20 billion yuan, indicating a low dilution rate for the underlying stock and ample room for adjustment [1][12]. - The bond's terms include a down adjustment clause at 85% and a redemption clause at 130%, aligning with current market trends for convertible bonds [1][12]. Group 2 - The two major fundraising projects associated with the Lianrui Convertible Bond target high-performance ultra-pure spherical powder materials for high-speed substrates and high thermal conductivity pure spherical powder materials, which are in high demand in AI high-frequency substrates and HBM/electric vehicle thermal management [2][12]. - Upon full production, the high-performance ultra-pure spherical powder project is expected to generate annual sales revenue of 658.973 million yuan and an average annual profit of 179.6157 million yuan, while the high thermal conductivity project is projected to achieve annual sales of 310.4957 million yuan and an average annual profit of 63.5255 million yuan [2][12]. Group 3 - The company operates in the basic chemical industry, with comparable convertible bonds such as Anji Convertible Bond and Dinglong Convertible Bond showing premium rates ranging from 30% to 70% [3][16]. - The underlying stock of Lianrui New Materials is currently in a growth phase characterized by high-end electronic materials and accelerated growth driven by AI computing power, with revenue and net profit expected to show a "V-shaped" fluctuation from 2020 to 2024 [4][17]. - By 2024, the company anticipates revenue of 960 million yuan, a year-on-year increase of 34.94%, and a net profit of 251 million yuan, a year-on-year increase of 44.47%, indicating strong growth potential in the high-end industrial powder materials sector [4][17]. Group 4 - The investment strategy for the Lianrui Convertible Bond suggests a focus on new bond subscriptions and short to medium-term trading opportunities, with a cautious approach to high premiums and strong redemption expectations in the short term [5][18]. - The report recommends that institutional investors actively participate in the new bond subscription, while in the secondary market, they should prioritize locking in profits and controlling positions when pricing exceeds benchmarks [5][18]. - The overall investment theme for 2026 is expected to revolve around changes in capital expenditure in the downstream semiconductor industry and the company's capacity expansion pace [5][18].

Core Viewpoint - The company has established deep collaborations with mainstream manufacturers in the industry for its ball silicon products used in M9-level high-performance electronic circuit substrates, and has initiated small batch sales [1] Group 1 - The company's Low α ball aluminum, a key filler for advanced packaging, is experiencing rapid sales growth and has become one of the few manufacturers capable of mass production of this material [1]

Investment Rating - The report does not explicitly provide an investment rating for the chemical industry. Core Insights - The report highlights that during the period from January 19 to February 1, 2026, the CSI 300 index experienced a decline of 0.54%, while the CITIC Basic Chemical Index increased by 3.19%, outperforming the CSI 300 by 3.73 percentage points. The CITIC Petroleum and Petrochemical Index rose by 15.22%, outperforming the CSI 300 by 15.76 percentage points [3][18]. - Among the 39 sub-sectors in the CITIC Basic Chemical and Petroleum and Petrochemical sectors, 26 sectors saw an increase, while 11 sectors declined. Notable gainers included Dyeing Chemicals (25.13%), Oil Extraction III (17.37%), Other Petrochemicals (15.09%), Chlor-alkali (14.35%), and Compound Fertilizers (13.40%). Conversely, Carbon Fiber (-6.34%), Lithium Battery Chemicals (-6.17%), Electronic Chemicals (-5.68%), Chemical Preparations (-4.24%), and Modified Plastics (-2.99%) were among the largest decliners [4][20]. Summary by Sections 1. Key Chemical Product Price Tracking - The report indicates significant price increases for products such as Nitro-chlorobenzene (27.91%), Acetonitrile (13.58%), TMP (12.15%), and Brent crude oil (10.38%) during the week of January 26 to February 1, 2026. In contrast, prices for Hydrogen Peroxide (-7.66%), Formaldehyde (-5.60%), Acetic Anhydride (-3.88%), and Hydrochloric Acid (-3.70%) saw notable declines [14]. 2. Convertible Bond Market Review - As of February 1, 2026, among 60 publicly traded convertible bonds in the chemical industry, 6 bonds increased in value while 54 bonds decreased. The top five gainers were Baichuan Convertible Bond 2 (12.75%), Jinj Chicken Convertible Bond (4.72%), Saiter Convertible Bond (4.16%), Blue Sky Convertible Bond 02 (0.96%), and Shenghong Convertible Bond (0.27%). The top five losers included Huicheng Convertible Bond (-15.82%), Julong Convertible Bond (-12.54%), Anji Convertible Bond (-10.28%), Dinglong Convertible Bond (-8.10%), and Youcai Convertible Bond (-7.03%) [5][22]. 3. Recent Key Bond Tracking and Issuance Progress - The report notes that the "Lianrui Convertible Bond" was listed on January 28, 2026, and the "Xingfa Convertible Bond" was redeemed early. Additionally, several companies are in the process of issuing convertible bonds, with details on their issuance scale and progress provided [6][29]. 4. Company Announcements and Industry News Tracking - Key announcements include Fulei New Materials adjusting its fundraising project to increase production lines for environmentally friendly high-precision display materials and the completion of a project by Youcai Resources for recycling old textiles. Additionally, the report discusses significant industry news, such as the closure of chemical plants in Europe and the strategic decisions of major companies like ExxonMobil and Tronox [33][34].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The sustainability of polarized valuations depends on the direction of the equity market. The report presents three scenarios for the equity market and corresponding convertible bond strategies: 1) If the spring rally continues, the Shanghai Composite Index breaks through 4,200, and the market style shifts from small - cap to large - cap, it is recommended to select convertible bonds related to the battery, automotive/robot/intelligent driving, edge - side AI, and innovative drug/CDMO sectors in the growth technology sector; 2) If the broad - based index continues the January oscillation and the small - cap style remains dominant, focus on core targets in popular tracks such as commercial space, AIDC - related gas turbines/liquid cooling, semiconductor equipment and materials, power semiconductors, and chemical industries; 3) If the equity market turns down, it is recommended to reduce positions first and then focus on defensive sectors like banks, power, and pig farming [2][20]. Summary According to Relevant Catalogs Market Focus from January 26 - January 30, 2026 - **Stock Market**: Daily trading volume remained high with rapid sector rotation. The precious metals sector led the gains but had a significant decline on Friday. The A - share oil and gas sector performed well due to the potential conflict risk between the US and Iran. Some previously popular sectors such as commercial space and space photovoltaics had significant pullbacks. Different sectors rose and fell on different days. In terms of industries, most Shenwan primary industries declined, with petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery leading the gains, while national defense and military industry, power equipment, automotive, and computer sectors performing poorly [8][9]. - **Bond Market**: The central bank's open - market operations were mainly net injections, and the money market shifted from tight to loose. Bond market sentiment was generally strong. The 10 - year Treasury bond yield closed at 1.81% on Friday, down 1.86bp from the previous week [9]. - **Convertible Bond Market**: Most convertible bond issues declined. The CSI Convertible Bond Index fell 2.61% for the week, the median price dropped 2.22%, the arithmetic average parity fell 3.70%, and the overall market conversion premium rate increased 1.12% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in different parity ranges changed, and they were at high percentile values since 2023 [9]. Viewpoints and Strategies from February 2 - February 6, 2026 - After the convertible bond market adjusted with the equity market last week, the sustainability of polarized valuations depends on the equity market's direction. Three scenarios and corresponding strategies are proposed as mentioned in the core viewpoints [2][20]. Valuation Overview - As of January 30, 2026, the average conversion premium rates of equity - biased convertible bonds in different parity ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was at a low percentile value. The average implied volatility of all convertible bonds and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks were at high percentile values [21]. Primary Market Tracking - **Last Week (January 26 - January 30, 2026)**: No convertible bonds were announced for issuance. Lianrui Convertible Bond and Naipu Convertible Bond 02 were listed. Lianrui Convertible Bond has a scale of 695 million yuan, and Naipu Convertible Bond 02 has a scale of 450 million yuan [28][29]. - **Future Outlook**: No convertible bonds are announced for issuance or listing in the next week (February 2 - February 6, 2026). As of now, there are 100 convertible bonds waiting to be issued, with a total scale of 155.9 billion yuan, of which 8 have been approved for registration, with a total scale of 6.16 billion yuan [30][31].

| 证券代码：688300 | 证券简称：联瑞新材 | 公告编号：2026-012 | | --- | --- | --- | | 转债代码：118064 | 转债简称：联瑞转债 | | 江苏联瑞新材料股份有限公司 关于"联瑞转债"交易异常波动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 江苏联瑞新材料股份有限公司（以下简称"公司"）可转换公司债券（以 下简称"联瑞转债"）连续三个交易日（2026 年 1 月 28 日、2026 年 1 月 29 日、 2026 年 1 月 30 日）内日收盘价格涨幅偏离值累计超过 30%。根据《上海证券交 易所可转换公司债券交易实施细则》的有关规定，属于可转换公司债券交易异常 波动情形。 二、可转换公司债券交易异常波动的具体情况 公司可转换公司债券连续三个交易日（2026 年 1 月 28 日、2026 年 1 月 29 日、2026 年 1 月 30 日）内日收盘价格涨幅偏离值累计超过 30%。根据《上海证 券交易所可转换公司债券交易实施细则》的有关规定，属于 ...