南通星球石墨股份有限公司 | 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-022 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 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 经中国证监会"证监许可〔2023〕1229 号"文同意注册，公司于 2023 年 7 月 31 日向不特定对象发行了 620.00 万张可转换公司债券，每张面值 100 元，发 行总额 62,000.00 万元。本次发行的可转债的期限为自发行之日起六年，即自 2023 年 7 月 31 日至 2029 年 7 月 30 日。 经上海证券交易所自律监管决定书（〔2023〕192 号）文同意，公司 62,000.00 万元可转换公司债券于 2023 年 8 月 22 日起在上海证券交易所挂牌交易，债券简 本季度转股情况："星球转债"自 2024 年 2 月 5 日起开始进入转股期， 自 2025 年 ...

Group 1 - The company's previous credit rating was "A+" for both the company and the convertible bond, with a stable outlook [1][2] - The current credit rating remains "A+" for the company and the convertible bond, with a stable outlook, as determined by the credit rating agency, United Ratings [2] - The rating was based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The previous rating was conducted by United Ratings on June 26, 2024 [2] - The current rating report was issued on June 28, 2025, and is available on the Shanghai Stock Exchange website [2]

Core Viewpoint - Nantong Planet Graphite Co., Ltd. maintains a stable credit rating of A+ for both the company and its convertible bonds, indicating strong financial health and operational stability despite a decline in revenue due to weak downstream market demand [1][5][6]. Company Overview - The company, originally established in 2001, transitioned to a joint-stock company in 2019 and was listed on the Shanghai Stock Exchange in 2021 [11]. - As of March 2025, the company has a total equity of 1.45 billion shares, with major shareholders being Zhang Yi and Qian Shujuan, holding 53.53% and 12.44% of shares respectively [11][12]. Financial Performance - In 2024, the company reported total revenue of 6.33 billion yuan, a decrease of 17.92% year-on-year, primarily due to reduced sales volume in the graphite equipment sector [6][21]. - The gross profit margin improved due to a higher proportion of revenue from high-margin products like synthetic furnaces [6][21]. - As of the end of 2024, cash assets amounted to 1.343 billion yuan, representing 45.76% of total assets, with a significant increase in net cash inflow from operating activities [6][8]. Debt and Credit Rating - The company has issued convertible bonds totaling 620 million yuan, with a low probability of default due to favorable terms that encourage bondholders to convert to equity [6][10]. - The company's debt burden is light, with strong debt repayment indicators, and it has maintained a stable credit outlook [6][7]. Industry Analysis - The graphite equipment industry is characterized by cyclical demand, with significant reliance on raw material prices, which can impact profitability [8][17]. - The market for graphite equipment is expected to grow, driven by increasing environmental regulations and the need for energy-efficient production processes [16][19]. - The company holds a competitive edge in technology and R&D, being recognized as a national champion in manufacturing and a key player in the graphite equipment sector [6][20]. Operational Insights - The company has a robust order backlog of 1.011 billion yuan as of March 2025, providing a solid foundation for future revenue [8][21]. - The production and sales of graphite equipment are influenced by customized orders, leading to variability in production capacity and sales volume [21][26]. - The company has implemented a strategy to manage raw material costs effectively, with a focus on in-house production of graphite materials to mitigate price fluctuations [22][23].

南通星球石墨股份有限公司 重要内容提示： 根据《上市公司证券发行注册管理办法》、《上海证券交易所科创板股票上 市规则》等有关规定，南通星球石墨股份有限公司（以下简称"公司"）委托联 合资信评估股份有限公司（以下简称"联合资信"）对公司主体及公司 2023 年 向不特定对象发行的可转换公司债券（转债简称：星球转债；转债代码：118041） 进行了跟踪信用评级。 一、前次评级情况 公司前次主体信用等级为"A ＋"、"星球转债"信用等级为"A ＋"、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 26 日。 | 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-021 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 关于"星球转债"跟踪信用评级结果的公告 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。 前次评级结果：公司主体信用等级为"A ＋"，"星球转债"信用等级为 "A ＋"，评级展望为"稳定"。 本次评级结果：公司主体 ...

| | | www.lhratings.com 1 联合〔2025〕4976 号 联合资信评估股份有限公司通过对南通星球石墨股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持南通 星球石墨股份有限公司主体长期信用等级为 A+，维持"星球转债" 信用等级为 A+，评级展望为稳定。 特此公告 南通星球石墨股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十七日 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南通星球石墨股份有限公司（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 ...

证券代码：688633 证券简称：星球石墨 债券代码：118041 债券简称：星球转债 南通星球石墨股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 2 | 目录 | 3 | | --- | --- | | 第一节 本次债券情况 | 4 | | 一、核准文件及核准规模 | 4 | | 二、本次债券的主要条款 | 4 | | 第二节 债券受托管理人履行职责情况 | 21 | | 第三节 发行人年度经营情况和财务情况 | 22 | | 一、发行人基本情况 | 22 | | 二、发行人 2024 年度经营情况及财务状况 | 22 | | 第四节 发行人募集资金使用情况 | 24 | | 一、向不特定对象发行可转换公司债券募集资金基本情况 | 24 | | 二、募集资金的管理与存放情况 | 24 | | 三、募集资金的使用与结余情况 | 25 | | 第五节 本次债券担保人情况 | 28 | | 第六节 债券持有人会议召开情况 | 29 | | 第七节 本次债券付息情况 | 30 | | 第八节 本次债券的跟踪评级情况 | 31 | | 第九节 债券持有人权益有重大影响的其他事项 | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4]. Core Insights - The company is positioned to benefit from the accelerated release of chlor-alkali production capacity, with expected revenue growth driven by increased capital expenditures from upstream graphite equipment manufacturers [1][2]. - The domestic replacement cycle for synthetic furnaces is approaching, with significant demand for high by-product steam graphite synthetic furnaces, which are expected to replace traditional models [2]. - The company is actively expanding into overseas markets, with ongoing projects expected to contribute significantly to revenue in the coming years [3]. - The launch of a new graphite materials project enhances the company's integrated layout of "materials, equipment, systems, and services," improving cost efficiency and profitability [4]. Summary by Sections Company Overview - The company is a leading manufacturer of high-efficiency and energy-saving graphite equipment, with a diverse product range covering various applications in the chemical industry [20]. - The company has a stable and concentrated shareholding structure, with the controlling shareholders holding approximately 66% of the shares [26]. Market Dynamics - The chlor-alkali industry is the core downstream application for the company's products, accounting for 65% of its revenue, with a growing market for graphite equipment driven by environmental policies and industry upgrades [48][44]. - The global chlor-alkali production capacity is expected to continue growing, with significant projects planned in Asia, the Middle East, and North America [3]. Financial Projections - Revenue forecasts for the company are projected at 938 million, 1.16 billion, and 1.36 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 243 million, 308 million, and 332 million yuan in the same years [4][5]. - The company anticipates a recovery in profitability due to the confirmation of overseas orders and the optimization of costs from new projects [29]. Competitive Position - The company maintains a leading market share in the high by-product steam graphite synthetic furnace segment, positioning it well to capitalize on the upcoming replacement cycle [2]. - The company is focused on technological innovation and has a strong R&D investment, which supports its competitive advantage in the industry [38][4].

Core Viewpoint - The company announced the repurchase and cancellation of 1,245,580 shares of restricted stock due to unmet performance targets in the 2022 incentive plan, with a repurchase price of 12.01 yuan per share [1][3][5]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase and cancellation of restricted stock is based on the failure to meet performance targets for the third lock-up period of the initial grant and the second lock-up period of the reserved grant in the 2022 incentive plan [1][3]. Details of the Repurchase - The decision for the repurchase was approved in the board meetings held on April 24, 2025, and involves 92 incentive recipients, with 90 from the initial grant and 2 from the reserved grant [1][3][5]. - The total number of shares to be repurchased is 1,245,580, with 936,880 shares from the initial grant and 308,700 shares from the reserved grant [3][5]. Share Structure Changes - After the repurchase, the company will have zero restricted shares remaining, while the total number of unrestricted shares will remain at 143,763,290 [6]. Compliance and Commitments - The company confirms that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive recipients or creditors [6][7].

| 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-019 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 1,245,580股 | 1,245,580股 | 2025年6月23日 | 一、本次限制性股票回购注销的决策与信息披露 公司于 2025 年 4 月 24 日召开了第二届董事会第二十四次会议、第二届监事 会第十九次会议，审议通过了《关于回购注销及作废 2022 年限制性股票激励计 划部分限制性股票的议案》，同意对本激励计划首次及预留授予激励对象对应考 核年度（即 2024 年度）已获授但尚未解除限售的 1,245,580 股第一类限制性股 票全部回购注销，回购价格为 12.01 元/股。具体内容详见公司于 2025 年 4 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《关于回购注销及作废 2022 年限制性股票激励计划部分限制性股票的公告》（公告编号：2025-012）。 回购注销原因：2022 年限 ...

北京中伦（杭州）律师事务所 关于南通星球石墨股份有限公司 2022 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 2025 年 6 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京中伦（杭州）律师事务所 关于南通星球石墨股份有限公司 2022 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 致：南通星球石墨股份有限公司 北京中伦（杭州）律师事务所（以下简称"本所"）接受南通星球石墨股份有 限公司（以下简称"星球石墨"或"公司"）委托，就公司 2022 ...