Core Viewpoint - Fumiao Technology, established in December 2010 and listed on the Shanghai Stock Exchange in January 2021, is a leading company in the functional polymer materials sector in China, with a full industry chain advantage [1] Group 1: Business Performance - For Q3 2025, Fumiao Technology reported revenue of 1.091 billion yuan, ranking 33rd in the industry, significantly lower than the top competitor, Sinochem International, which had 35.716 billion yuan [2] - The company's net profit for the same period was 37.6192 million yuan, placing it 46th in the industry, again far below the leading competitors [2] - The revenue composition includes 327 million yuan from water-soluble polymers, accounting for 45.33%, and 278 million yuan from functional monomers, making up 38.57% [2] Group 2: Financial Ratios - As of Q3 2025, Fumiao Technology's debt-to-asset ratio was 45.01%, higher than the previous year's 39.73% and above the industry average of 34.74% [3] - The gross profit margin for the same period was 15.80%, an increase from 13.53% year-on-year, but still below the industry average of 19.93% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.02% to 4,681, while the average number of circulating A-shares held per shareholder decreased by 3.87% to 26,100 [5] Group 4: Leadership - The chairman of Fumiao Technology, Qian Xin, born in September 1981, has extensive experience in the financial sector and currently serves as the chairman and general manager of Shanghai Qianyu Equity Investment Fund Management Co., Ltd. [4]

Core Insights - The company reported a revenue of 1.091 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.94% [1] - The net profit attributable to shareholders was 35.58 million yuan, showing a year-on-year increase of 52.24% [1] - The basic earnings per share stood at 0.29 yuan [2] Financial Performance - The gross profit margin for the first three quarters was 15.80%, an increase of 2.27 percentage points year-on-year [2] - The net profit margin was 3.45%, up 1.93 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin reached 16.85%, a year-on-year increase of 4.99 percentage points [2] - The net profit margin for Q3 was 4.89%, reflecting a year-on-year increase of 5.86 percentage points [2] Cost Structure - Total operating expenses for the period were 140 million yuan, a decrease of 1.32 million yuan year-on-year [2] - The expense ratio was 12.79%, up 0.78 percentage points from the previous year [2] - Sales expenses decreased by 7.13%, management expenses decreased by 8.49%, and R&D expenses decreased by 1.23% [2] - Financial expenses increased significantly by 145.82% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 4,681, an increase of 181 from the end of the previous half-year, representing a growth of 4.02% [2] - The average market value per shareholder rose from 432,700 yuan to 590,000 yuan, an increase of 36.36% [2] Company Overview - Jiangsu Fumiao Technology Co., Ltd. was established on December 16, 2010, and went public on January 28, 2021 [3] - The company's main business includes the R&D, production, and sales of functional monomers, water-soluble polymers, water treatment membranes, and related applications [3] - The revenue composition is as follows: water-soluble polymers 45.33%, functional monomers 38.57%, energy supply 10.16%, water treatment membranes and applications 2.74%, and other products 3.20% [3]

证券代码：688350 证券简称：富淼科技 公告编号：2025-069 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 关于对外投资设立境外全资子公司的公告 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： 1 投资标的名称：富淼国际（新加坡）有限公司（暂定名，以最终当地相关 主管部门核准登记为准） 投资金额：不超过 200 万美元 风险提示：本次投资事项尚需获得国家相关管理部门审批、核准及备案后 方可实施，具有不确定性。本次对外投资符合公司战略布局和业务发展需 要，但仍可能受到宏观经济、行业政策、市场环境及经营管理等因素影响， 存在实际经营状况及盈利能力不及预期等风险。敬请广大投资者注意投资 风险。 本事项已经江苏富淼科技股份有限公司（以下简称"公司"）第六届董事会 第四次会议于 2025 年 10 月 29 日审议通过。根据相关规定，该事项未达 到股东大会审议标准，无需提交股东大会审议。 一、对外投资概述 （一）对外投资基本情况 根据公司战略规划与经营发展的需要，为进一步完善公司国际 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥370,104,433.59, a decrease of 9.10% compared to the same period last year[2] - The total profit for the year-to-date period reached ¥43,188,408.71, representing a significant increase of 121.43% year-on-year[2] - The net profit attributable to shareholders was ¥15,065,073.49 for Q3, with a year-to-date net profit of ¥35,580,345.68, up by 52.24% compared to the previous year[2] - Total operating revenue for the first three quarters of 2025 was CNY 1,091,174,507.59, a decrease of 6.93% compared to CNY 1,172,582,357.70 in the same period of 2024[20] - Net profit for the first three quarters of 2025 reached CNY 37,619,191.80, an increase of 111.57% compared to CNY 17,756,191.67 in 2024[21] - Total comprehensive income attributable to the parent company reached CNY 35,580,345.68, up from CNY 23,370,783.44 in the same period last year, reflecting a significant increase[22] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period was ¥138,301,402.23, an increase of 127.20% year-on-year[2] - Net cash flow from operating activities was CNY 138,301,402.23, compared to CNY 60,871,263.36 in the previous year, indicating a strong improvement[23] - The company's cash and cash equivalents as of September 30, 2025, amount to ¥333,813,137.88, down from ¥473,259,278.53 as of December 31, 2024[14] - The company's cash and cash equivalents at the end of the period were CNY 331,935,292.98, slightly up from CNY 317,334,790.26 in the previous year[23] - The cash flow from operating activities increased to CNY 222,384,105.63 in 2025 from CNY 75,964,754.54 in 2024, representing a significant improvement[32] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,748,656,827.16, an increase of 1.80% from the end of the previous year[3] - Total liabilities increased slightly to CNY 1,237,284,887.61 from CNY 1,225,875,968.24, representing a growth of 0.11%[16] - The company's total assets amounted to CNY 2,748,656,827.16, up from CNY 2,700,018,947.74 in the previous year, indicating a growth of 1.8%[17] - Total liabilities decreased to CNY 721,826,614.49 from CNY 747,832,804.45, indicating a reduction in financial obligations[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 4,681[10] - The largest shareholder, Yongzhuo Holdings Limited, holds 36,620,000 shares, representing 29.98% of total shares[10] - Jiangsu Feixiang Chemical Co., Ltd. is the second-largest shareholder with 22,818,310 shares, accounting for 18.68%[10] - The company has a total of 2,046,896 shares held by Beijing Ruishi Bang Fine Chemical Technology Co., Ltd., representing 1.68% of total shares[11] - The employee stock ownership plan holds 2,667,312 shares, which is 2.18% of total shares[10] Research and Development - Research and development expenses totaled ¥16,246,711.73 for Q3, accounting for 4.39% of operating revenue, a slight increase from 4.84% year-on-year[3] - Research and development expenses for the first three quarters of 2025 were CNY 52,806,652.82, slightly down from CNY 53,463,209.71 in 2024[20] - The company's research and development expenses for the first three quarters of 2025 were CNY 29,469,451.02, slightly up from CNY 28,116,914.78 in the same period of 2024[28] Financial Expenses and Income - The company reported a significant increase in other income to CNY 18,774,609.94, compared to CNY 9,506,751.07 in the previous year, reflecting a growth of 97.66%[20] - The company’s financial expenses increased to CNY 9,936,126.37 from CNY 4,042,056.92, indicating a rise of 145.5%[20] - The company reported a financial expense of CNY 7,698,253.32 in 2025, significantly higher than CNY 2,807,369.44 in 2024, primarily due to increased interest expenses[28] Government Subsidies - The company received government subsidies amounting to ¥2,599,469.87 during the year-to-date period, contributing to the overall profit increase[5]

Core Viewpoint - Fumiao Technology (688350.SH) plans to invest up to $2 million to establish a wholly-owned subsidiary in Singapore to enhance its international presence and product supply capabilities in the global market [1] Group 1: Investment and Strategic Planning - The investment will utilize the company's own funds, indicating a commitment to self-financed growth [1] - The Singapore subsidiary will play a crucial role as an overseas platform, leveraging Singapore's status as an international financial and shipping hub [1] Group 2: Market Expansion and Competitiveness - The establishment of the subsidiary aims to promote multinational collaboration and expand the company's reach in the global market [1] - This move is expected to enhance the company's product advantages in international competition [1]

Core Points - The company announced the results of the "Fumeiao Convertible Bond" repurchase, indicating that no investors submitted repurchase applications during the designated period [2][4][5] - The repurchase period was from September 23 to September 29, 2025, with a repurchase price of 100.46 RMB per bond, including interest [3][4] - The company confirmed that the repurchase will not have a substantial impact on its cash flow, asset status, or share capital [5] Summary of Convertible Bond Repurchase - The repurchase announcement was made on September 16, 2025, with subsequent reminders issued on September 18, 25, and 27 [3] - The effective repurchase quantity was 0 bonds, resulting in a total repurchase amount of 0 RMB, concluding the repurchase process without further actions required [2][4] Impact of the Repurchase - The lack of repurchase applications means that the company's financial position remains stable, with no changes to cash flow or assets [5] Subsequent Matters - Unrepurchased "Fumeiao Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [6] Convertible Bond Conversion Results - As of September 30, 2025, a total of 7,000 RMB has been converted into company shares, resulting in 369 shares, which is 0.0003% of the total shares before conversion [10][15] - The remaining balance of unconverted convertible bonds is 449,993,000 RMB, accounting for 99.9984% of the total issuance [10][15] Issuance Overview - The company issued 4.5 million convertible bonds on December 15, 2022, with a total fundraising amount of 45 million RMB, and the bonds are set to mature on December 14, 2028 [11] - The initial conversion price was set at 20.26 RMB per share, which has been adjusted to 18.43 RMB per share [11][15]

| | | 江苏富淼科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于同意江苏富淼科技股份有限 1 因公司实施 2023 年度权益分派，公司以实施权益分派股权登记日登记的总 股本扣除回购专用证券账户中的股份为基数，向全体股东每 10 股派发现金红利 2 2.48 元（含税），不送红股，不进行资本公积金转增股本。因本次权益分派方案 涉及差异化分红情形，公司以总股本为基数摊薄计算的每股现金红利为 0.2413 元/股，2024 年 5 月 27 日起转股价格从 20.01 元/股调整为 19.77 元/股。具体 内容详见公司 2024 年 5 月 21 日在上海证券交易所网站（www.sse.com.cn）披露 的《江苏富淼科技股份有限公司 2023 年年度权益分派实施公告》（公告编号： 2024-048）《江苏富淼科技股份有限公司关于实施 2023 年度权益分派调整"富淼 转债"转股价格的公告》（公 ...

| 证券代码：688350 | 证券简称：富淼科技 | 公告编号：2025-068 | | --- | --- | --- | | 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"回售结果的公告 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。 ●回售金额：0 元 重要内容提示： ●回售期：2025 年 9 月 23 日至 2025 年 9 月 29 日 ●回售有效申报数量：0 张 ●本次回售申报期内无投资者进行回售申报，无需办理向投资者支付回售资 金等后续业务事项，本次回售已完成。 一、本次可转债回售的公告情况 2025 年 9 月 16 日，江苏富淼科技股份有限公司（以下简称"公司"）在上 海证券交易所网站披露了《关于"富淼转债"可选择回售的公告》（公告编号： 2025-062），并于 2025 年 9 月 18 日、2025 年 9 月 25 日、2025 年 9 月 27 日分 别披露了《关于"富淼转债"可选择回售的第一次提示性公告》（公告编号： 2025-064）《关 ...

Core Viewpoint - Jiangsu Fumei Technology Co., Ltd. has announced the third notice regarding the optional repurchase of its convertible bonds, indicating the repurchase price and the period during which bondholders can exercise their rights [2][3]. Summary by Sections Repurchase Details - Repurchase Price: 100.46 RMB per bond (including current interest) [2][11] - Repurchase Period: From September 23, 2025, to September 29, 2025 [10] - Repurchase Funds Payment Date: October 10, 2025 [4][12] - The repurchase is not mandatory for bondholders [4][7] Financial Information - The company issued 4.5 million convertible bonds at a face value of 100 RMB each, raising a total of 450 million RMB, with a net amount of 440.36 million RMB after deducting issuance costs [2][3]. - Remaining funds of 22.71 million RMB from the terminated project will be permanently added to working capital [3]. Interest Calculation - The interest for the third year is calculated at a rate of 0.60%, resulting in an interest amount of 0.46 RMB per bond, leading to the total repurchase price of 100.46 RMB [6]. Repurchase Procedure - Bondholders can choose to sell all or part of their unconverted bonds during the repurchase period through the Shanghai Stock Exchange trading system [8][9]. - If a bondholder does not exercise the repurchase right during the specified period, they forfeit the right to do so later [5]. Trading Information - The convertible bonds will continue to trade during the repurchase period but will stop converting into shares [14]. - If the total face value of the bonds in circulation falls below 30 million RMB due to the repurchase, trading will continue until the end of the repurchase period [14].

Group 1 - The core point of the article is that Fumiao Technology announced that convertible bondholders can choose to sell their "Fumiao Convertible Bonds" at a price of 100.46 RMB per bond, including the current interest [1] - As of the announcement date, the closing price of "Fumiao Convertible Bonds" is higher than the repurchase price, indicating that bondholders opting for the repurchase may incur economic losses [1]