Core Viewpoint - Puyang Nayi Co., Ltd. announced that the "Puyang Convertible Bonds" will stop conversion and be redeemed after the market closes on August 20, which may lead to potential losses for investors holding unconverted bonds [1] Group 1 - The announcement was made on August 20, indicating that there is only half a trading day left for bondholders to convert their bonds [1] - After the market closes on August 20, unconverted "Puyang Convertible Bonds" will be forcibly redeemed at a price of 100.906 yuan per bond [1] - Investors who do not convert their bonds before the deadline may face financial losses due to the forced redemption [1]

濮阳濮耐高温材料（集团）股份有限公司 关于濮耐转债即将停止转股 暨赎回前最后半个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 截至本公告披露日，距离"濮耐转债"停止转股并赎回仅剩半个交易日（即 2025 年 8 月 20 日下午交易时段）。2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股，剩 余可转债将按照 100.906 元/张的价格被强制赎回。若被强制赎回，投资者可能面临损失。 2、如投资者未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容，关注相关 风险。 | 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司" ...

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于濮耐转债即将停止转股 暨赎回前最后一个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 因"濮耐转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 20 日是 "濮耐转债"最后一个转股日，当日收市前，持有"濮耐转债"的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股。 2、截至 2025 年 8 月 19 日收市后，距离"濮耐转债"停止转股并赎回仅剩 1 个交易日。 如投资者未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容，关注相关风险。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证 ...

Group 1 - The company, Puyang Refractories Co., Ltd. (002225.SZ), has announced its capability to produce high-purity magnesium oxide powder [1]

北京商报讯（记者 翟枫瑞）8月19日，装修建材板块午盘小幅增长，以14716.08点收盘，涨幅为 0.80%。在板块带动下，多只装修建材股午盘股价实现增长。康欣新材午盘以2.97元/股收盘，涨幅为 10.00%，领涨装修建材股。*ST松发午盘以56.46元/股收盘，涨幅为4.56%，涨幅位列装修建材股第二。 *ST四通午盘以6.65元/股收盘，涨幅为4.23%，涨幅位列装修建材股第三。除此之外，麒盛科技午盘以 14.37元/股收盘，跌幅为3.43%，领跌装修建材股。濮耐股份午盘以7.24元/股收盘，跌幅为2.69%，跌幅 位列装修建材股第二。好莱客午盘以11.31元/股收盘，跌幅为1.82%，跌幅位列装修建材股第三。 东吴证券发布建筑材料行业研报称，整体而言，地产链的斜率放缓但方向不变，地产链出清已近尾声， 供给格局大幅改善，25年需求平稳且企业增长预期较低，板块具备较高的胜率。以旧换新补贴推动下， 24年Q4家电消费加速，到25年3月家具消费明显加速，期待25年Q3家装也会迎来明显加速。 ...

Market Overview - The renovation and building materials sector experienced a slight decline of 0.15% on August 18, with Wanli Stone leading the drop [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Notable gainers in the renovation and building materials sector included: - Donghe New Materials (up 6.13% to 13.68) with a trading volume of 62,500 shares and a turnover of 84.89 million yuan - Keshine New Materials (up 5.32% to 14.86) with a trading volume of 59,000 shares and a turnover of 87.08 million yuan - Ruitai Technology (up 4.95% to 12.94) with a trading volume of 136,300 shares and a turnover of 177 million yuan [1] - Wanli Stone saw a significant decline of 3.94%, closing at 29.26 with a trading volume of 154,200 shares and a turnover of 451 million yuan [2] Capital Flow - The renovation and building materials sector experienced a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 60.79 million yuan [2] - Key stocks with notable capital flows included: - Puhua Co. (net inflow of 22.59 million yuan from institutional investors) [3] - North New Materials (net inflow of 21.72 million yuan from institutional investors) [3] - Three Trees (net inflow of 21.16 million yuan from institutional investors) [3]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回濮耐转债实施 暨即将停止转股的重要提示性公告 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 因"濮耐转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 20 日是 "濮耐转债"最后一个转股日，当日收市前，持有"濮耐转债"的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股。 2、截至 2025 年 8 月 18 日收市后，距离"濮耐转债"停止转股并赎回仅剩 2 个交易日。 如投资者未及时转股，可能 ...

Core Viewpoint - Puyang Puna High-Temperature Materials (Group) Co., Ltd. announced the early redemption of "Puna Convertible Bonds" and the upcoming cessation of conversion rights, urging investors to convert their bonds to avoid potential losses [1] Group 1 - The last conversion date for "Puna Convertible Bonds" is set for August 20, 2025, after which unconverted bonds will be forcibly redeemed on August 21, 2025 [1] - The redemption price is 100.906 yuan per bond, which includes the accrued interest, and the final price will be based on the approval from the China Securities Depository and Clearing Corporation after tax deductions [1] - The redemption clause was triggered as the company's stock price closed at no less than 130% of the current conversion price for 15 trading days from July 8 to July 28, 2025 [1] Group 2 - The company advises investors to convert their bonds in a timely manner to avoid potential financial losses due to the cessation of conversion rights [1]

Group 1 - The core viewpoint of the report is that Tianfeng Securities has given Puyang Nayi Co., Ltd. (002225.SZ) an "accumulate" rating due to various factors affecting its performance [1] - The domestic demand for refractory materials is weak, and intense competition has led to a further decline in the main business [1] - The refractory business continues to face pressure, compounded by credit impairment losses that have impacted current profitability [1] - There is an increasing expectation for a reversal in the main business, with the U.S. factory and wet process gradually releasing profit elasticity [1] Group 2 - The report highlights risks including a significant downturn in the steel industry, fluctuations in raw material prices and exchange rates, and the potential for the company's capacity expansion to fall short of expectations [1]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].