Group 1: 富淼科技 - 富淼科技 is in the preliminary discussion stage of a three to five-year collaborative development plan, with no final plan formed yet [1] - The energy supply business is short-term affected by coal price fluctuations, but long-term impact is limited [1] - The company is cautiously deciding whether to lower the convertible bond conversion price, and the US tariff policy has little direct impact on the company [1] - A decline in revenue and gross margin in 2024 is mainly due to price transmission effects and intensified market competition, although operational conditions improved in the second quarter [1] - The construction of the Anqing Phase II and III projects will be delayed, focusing on ensuring the completion of Phase I [1] - The repayment cycle of loans related to the Anqing project matches the project's operation, posing no substantial pressure on daily operational cash flow [1] Group 2: 国投资本 - 国投资本 aims to enhance strategy trading capabilities and refined management in its fixed income investment, reducing liability costs and strengthening multi-asset and multi-strategy investments [2] - In equity investment, the company adheres to absolute return goals, focusing on medium to long-term stable investment strategies [2] - 国投证券 has completed a total of 15 companies' sponsorships for listing on the Beijing Stock Exchange, ranking fourth in the industry, with 8 companies under review, ranking second [2] - Future key business areas for 国投证券 include transformation in industrial investment banking, comprehensive services for entrepreneurs, "research-investment-advisory" wealth management transformation, and the establishment of the 国投产业研究院 [2] - 国投泰康信托 will enhance wealth management capabilities, improve asset allocation and standard product investment capabilities, and strengthen collaboration with 国投集团 [2] - The impact of fee reductions in the financial industry on 国投证券's income is limited, and the company is responding to shocks through diversified business layout and transformation upgrades [2]

Core Insights - The company has completed the first phase of the Anqing project, which has an annual production capacity of 70,000 tons of polymer chemicals, including 50,000 tons of polypropylene and 20,000 tons of CPA [1] - The project is expected to start trial production in the second quarter of 2025, with construction progress reaching approximately 90% for key installations [1][2] - The project aims to achieve full production capacity within five years, with projected revenues of 798.67 million yuan at full capacity [2] Project Development - The Anqing project has received significant funding, including 11.56 million yuan in government special funds and 225.39 million yuan in bank loans [1] - The project has successfully completed essential environmental and safety assessments, and the main structure has been capped [1] - The production preparation, personnel training, and trial production plans are being actively advanced to ensure a smooth transition to operational status [1] Market Potential - The company’s products, including APAM and CPAM, are expected to meet growing market demands in various sectors such as water treatment and oil extraction [2] - The market for water treatment chemicals is expanding due to increased environmental regulations and investments from downstream enterprises [2] - The company holds a significant market share in the high-end polymer sector, with a strong focus on R&D and product quality [3][5] R&D and Competitive Advantage - The company is a leader in the bio-method production of acrylic acid, achieving high conversion rates and product purity [3] - Continuous collaboration with universities and research institutions enhances the company’s production processes and technological standards [3] - The company’s high-end acrylic products have competitive pricing and performance compared to international counterparts, with purity levels reaching 98.9% [3]

| 证券代码：688350 | 证券简称：富淼科技 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118029 | 转债简称：富淼转债 | | 江苏富淼科技股份有限公司 关于 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、准确性和完整性依法承担法律责任。 江苏富淼科技股份有限公司（以下简称"公司"或"富淼科技"）于近日收 到上海证券交易所下发的《关于江苏富淼科技股份有限公司 2024 年年度报告的 信息披露监管问询函》(上证科创公函【2025】0071 号，以下简称"年报问询函"）。 根据年报问询函的要求，公司会同中汇会计师事务所(特殊普通合伙)（以下简称 "年审会计师"），对年报问询函所提及的事项进行了逐项落实，现将问询函所涉 及问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义与 《江苏富淼科技股份有限公司 2024 年年度报告》一致。 鉴于公司回复内容 ...

关于 江苏富淼科技股份有限公司 2024 年年度报告的信息披露监管问询函 有关问题回复的专项说明 年报显示:(1) 2024年公司实现营业收入 15.66亿元,同比下滑 4.54%,实 现归母净利润-0.05亿元,由盈转亏,上年同期为 0.27亿元,主要是受下游竞争 加剧与主要原料降价的影响导致化学品售价与收入的下降,以及因园区企业开工 不足,能源外供中的蒸汽销量下降。(2)分产品看,2024年能源外供业务收入为 1.63 亿元,同比下降 3.49%,毛利率为 31.56%,同比增加 5.13%;水处理膜及膜 应用业务收入 0.43 亿元,毛利率为-0.01%。(3)分销售模式、区域看,经销模 式收入同比增加 10.57%,毛利率为 2.74%,低于直销模式 14. 95%的毛利率;外销 收入同比增加 7. 40%,毛利率为 16. 48%,高于内销收入 12. 51%的毛利率。(4) 2024 年,公司各季度净利润分别为 0.14亿元、0.12亿元、-0.02亿元及-0.28亿元。 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floo ...

证券代码：688350 证券简称：富淼科技 公告编号：2025-044 转债代码：118029 转债简称：富淼转债 江苏富淼科技股份有限公司 关于不向下修正"富淼转债"转股价格的公告 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： ●截至 2025 年 5 月 14 日，江苏富淼科技股份有限公司（以下简称"公司"） 股价已触发"富淼转债"转股价格向下修正条款。 ●经公司第六届董事会第二次会议审议，公司董事会决定本次不向下修正 "富淼转债"转股价格，自 2025 年 5 月 15 日开始重新起算后，如再次触发"富 淼转债"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 "富淼转债"的转股价格向下修正权利。 一、 可转债基本情况 （一）可转债发行上市情况 根据中国证券监督管理委员会核发的《关于同意江苏富淼科技股份有限公司 向不特定对象发行可转债注册的批复》（证监许可[2022]2757 号），公司向不特 定对象发行可转债 450.00 万张，每张面值为人民币 100 元，本次发行募集资金 总额为 ...

Core Viewpoint - Jiangsu Fumiao Technology Co., Ltd. is issuing convertible bonds to unspecified objects, with a total fundraising amount of RMB 450 million, aimed at enhancing its financial position and supporting future projects [3][4][14]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission to issue 4.5 million convertible bonds, each with a face value of RMB 100, totaling RMB 45 million [3][4]. - The bonds will be listed on the Shanghai Stock Exchange starting January 9, 2023, under the name "Fumiao Convertible Bonds" with the code "118029" [4]. - The bonds have a maturity period of 6 years, with a structured interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [4][5]. Group 2: Key Terms of the Bonds - The initial conversion price for the bonds is set at RMB 20.26 per share, subject to adjustments based on various corporate actions [6][7]. - The bonds will pay interest annually, with the first payment occurring one year after issuance [5][6]. - Holders of the bonds have the right to convert them into shares during a specified period, which begins six months after issuance and ends at maturity [6][9]. Group 3: Credit Rating and Financial Outlook - The credit rating agency Dagong International has assigned a credit rating of "A" to both the company and the convertible bonds, with a stable outlook [14]. - The company faces challenges such as reduced profit margins due to rising production costs and declining demand, which may impact future revenue and profitability [14][15]. - The company reported a net loss for 2024, influenced by various factors including increased financial costs and lower sales prices [15][16].

| 证券代码：688350 | 证券简称：富淼科技 | | --- | --- | | 债券代码：118029 | 债券简称：富淼转债 | 江苏富淼科技股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 二〇二五年五月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《江苏 富淼科技股份有限公司（作为发行人）与华泰联合证券有限责任公司（作为受托 管理人）关于江苏富淼科技股份有限公司向不特定对象发行可转换公司债券之债 券受托管理协议》（以下简称"《受托管理协议》"）、《江苏富淼科技股份有限公司 向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）等 相关公开信息披露文件、第三方中介机构出具的专业意见等，由本次债券受托管 理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制。华泰联合 证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就 该等引述内容和信息的真实性、准确性和完整性做出任何保证或 ...

Core Viewpoint - The company, Fumiao Technology, reported a decline in revenue and a net loss for the first time since its IPO, attributed to intensified competition and falling raw material prices [2][3]. Financial Performance - In 2024, Fumiao Technology achieved revenue of 1.566 billion yuan, a decrease of 4.54% year-on-year [2]. - The company recorded a net loss of 4.6545 million yuan, marking its first loss since going public in 2021 [2]. - The decline in revenue was primarily due to increased competition in the chemical industry and a drop in prices for key raw materials [2]. Business Segments - Revenue from water-soluble polymers was 714 million yuan, down 6.84% year-on-year, influenced by a slight increase in sales volume but a decrease in selling prices [3]. - Revenue from functional monomers was 607 million yuan, a decrease of 4.94%, attributed to a slight decline in sales volume and pricing pressures [3]. - Revenue from water treatment membranes and applications increased by 7.18% to 42.6475 million yuan, driven by higher sales of membrane components and equipment [3]. - Revenue from energy supply decreased by 3.49% to 163 million yuan, due to lower sales volumes and prices resulting from reduced operational rates in the park [3]. Strategic Initiatives - The company plans to integrate membrane products, services, and chemicals to create a comprehensive market offering, aiming for greater market share through specialized services and refined management [4]. - Fumiao Technology is focusing on expanding its overseas business, which saw a 7.4% increase, while domestic sales declined by 7.11% [6]. - The company is optimistic about long-term returns from recent investments, despite short-term profit sacrifices [7]. Management Insights - The chairman highlighted the need for operational adjustments, including staff reductions and business focus, to enhance clarity in operations [7]. - The company is positioned to benefit from trends in energy conservation and emission reduction, with ongoing investments aimed at improving future profitability [7]. - The new controlling shareholder, Yongzhu Holdings, is expected to provide support and strategic direction for the company's growth, particularly in the water treatment sector for the steel industry [7].

重要内容提示： ●江苏富淼科技股份有限公司（以下简称"公司"）股票自 2025 年 4 月 21 日至 2025 年 5 月 7 日已有 10 个交易日的收盘价低于当期转股价的 85%（即 15.67 元/股），预计触发转股价格向下修正条件。若触发修正条件，公司将于触发条 件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。 证券代码：688350 证券简称：富淼科技 公告编号：2025-039 转债代码：118029 转债简称：富淼转债 江苏富淼科技股份有限公司 关于"富淼转债"预计满足转股价格修正条件的提示 性公告 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 根据《上海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》 的有关规定，公司可能触发可转换公司债券（以下简称"可转债"）转股价格向 下修正条件的相关情况公告如下： 一、 可转债基本情况 1 ● 证券代码：688350，证券简称：富淼科技 ● 转债代码：118029，转债简称：富淼转债 ● 转股价格：18.43 元/股 ● 转股期限：2 ...

证券代码：688350 证券简称：富淼科技 公告编号：2025-042 转债代码：118029 转债简称：富淼转债 江苏富淼科技股份有限公司 特此公告。 江苏富淼科技股份有限公司监事会 2025 年 5 月 8 日 1 关于选举第六届监事会职工代表监事的公告 本公司董事会及全体董事保证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。 江苏富淼科技股份有限公司（以下简称"公司"）第五届监事会任期即将届 满，根据《中华人民共和国公司法》（以下简称"《公司法》"）《江苏富淼科 技股份有限公司章程》（以下简称"《公司章程》"）等相关规定，公司于2025 年4月27日召开职工代表大会，审议通过了《关于选举公司第六届监事会职工代 表监事的议案》，同意选举浦忠先生为公司第六届监事会职工代表监事，简历详 见附件。 根据《公司章程》规定，公司监事会由三名监事组成，其中职工代表监事的 比例不低于三分之一。本次职工代表大会选举产生的职工代表监事将与公司2024 年年度股东大会选举产生的两名非职工代表监事共同组成公司第六届监事会，自 公司2024年年度股东大会审议通过之日起就 ...