Core Points - The company has announced the redemption of its convertible bonds, "Hengbang Convertible Bonds," due to the fulfillment of certain conditions [6][10] - The last trading day for "Hengbang Convertible Bonds" is set for November 24, 2025, after which trading will cease [2][5] - The last conversion date for the bonds is November 27, 2025, and any unconverted bonds will be forcibly redeemed [3][5] Redemption Details - The redemption price for "Hengbang Convertible Bonds" is set at 100.28 CNY per bond, including accrued interest at an annual rate of 0.6% [4][12] - The conditions for redemption were met on October 17, 2025, when the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [10] - The redemption process includes a series of key dates: trading stops on November 25, 2025, redemption registration on November 27, 2025, and redemption execution on November 28, 2025 [5][17] Bond Issuance and Trading - The company issued 31.6 million convertible bonds on June 12, 2023, raising a total of 316 million CNY, with a net amount of approximately 312.99 million CNY after expenses [7] - The bonds were listed for trading on the Shenzhen Stock Exchange starting July 7, 2023, under the code "127086" [7] - The conversion period for the bonds is from December 18, 2023, to June 11, 2029 [7] Conversion Price Adjustments - The conversion price has been adjusted twice: from 11.46 CNY to 11.33 CNY on June 12, 2024, and then to 11.19 CNY on June 12, 2025 [8][10] Additional Information - The company will provide daily announcements regarding the redemption process leading up to the redemption date [14] - Holders of the bonds must process conversion requests through their respective securities firms [18]

Core Viewpoint - The last trading day for Hengbang Convertible Bonds is November 24, and investors risk a potential loss of nearly 10% if they do not act promptly [5][8]. Group 1: Trading Information - As of November 21, Hengbang Convertible Bonds closed at 111.35 CNY per bond, with a strong redemption price set at 100.28 CNY per bond after November 27 [5][8]. - There is a remaining balance of 466 million CNY of Hengbang Convertible Bonds that has not been traded or converted, accounting for over 14% of the total [8]. Group 2: Redemption Mechanism - The strong redemption of convertible bonds occurs when the underlying stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [9]. - Investors have two options to avoid losses: sell the convertible bonds directly or convert them into shares, noting that converted shares will follow T+1 trading rules [9]. Group 3: Investor Alerts - A new regulation requires a "Z" designation on the last trading day of convertible bonds to alert investors of the associated risks [9]. - Investors must act before the last trading day to avoid being forced into a redemption at a price slightly above par value [9].

关于提前赎回恒邦转债实施暨即将停止交易的重要提示性公告 | 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-110 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、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.最后交易日：2025 年 11 月 24 日 2025 年 11 月 24 日是"恒邦转债"最后一个交易日，当日"恒邦转债"简称为 "Z 邦转债"；2025 年 11 月 24 日收市后"恒邦转债"将停止交易。 2.最后转股日：2025 年 11 月 27 日 2025 年 11 月 27 日是"恒邦转债"最后一个转股日，当日收市前，持有"恒邦 转债"的投资者仍可进行转股；2025 年 11 月 27 日收市后，未转股的"恒邦转债" 将停止转股。 3.截至 2025 年 11 月 21 日收市后，距离"恒邦转债"停止交易仅剩 1 个交易日， 距离"恒邦转债"停止转股并赎回仅剩 4 个交易日。山东恒邦冶炼股份有限公司（以 下简称" ...

Market Overview - The precious metals sector experienced a decline of 3.2% on November 21, with Hunan Silver leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Hunan Silver (002716) closed at 5.81, down 5.37% with a trading volume of 1.0461 million shares and a transaction value of 618 million yuan [1] - Hunan Gold (002155) closed at 21.35, down 5.03% with a trading volume of 484,000 shares [1] - Hengbang Shares (002237) closed at 12.48, down 4.73% with a trading volume of 353,700 shares [1] - Other notable declines include Sichuan Gold (001337) down 4.51% and Zhaojin Gold (000506) down 4.47% [1] Capital Flow Analysis - The precious metals sector saw a net outflow of 409 million yuan from main funds, while retail funds had a net inflow of 28.49 million yuan [1] - The table of capital flow indicates that Hengbang Shares had a main fund net inflow of 15.25 million yuan, while Hunan Silver experienced a significant outflow of 86.25 million yuan [2] - Retail investors showed a net inflow of 93.92 million yuan in Hunan Silver, despite the overall negative trend [2]

Core Viewpoint - The company is focused on enhancing its profitability through continuous optimization of its business structure, particularly in its core smelting operations which yield higher profit margins from by-products like rare metals [1] Group 1 - The smelting business is identified as the company's core profit-generating segment [1] - Rare metals, as by-products of complex gold concentrates, contribute to higher profit margins, increasing the company's profit elasticity [1] - The company is actively implementing measures to improve its gross profit margin [1]

Group 1 - The company primarily relies on external procurement for raw materials, with a small proportion sourced from its own mines [2] - The company has a dedicated raw materials department responsible for procurement, with extensive domestic and international sourcing channels [2] - The company plans to expand direct procurement from overseas mining enterprises to enhance control over raw material channels and further reduce procurement costs [2]

Core Viewpoint - The company has experienced a significant increase in sulfuric acid revenue, which rose by 383.80% in the first half of the year, driven by a price increase from over 400 yuan per ton at the beginning of the year to 700 yuan per ton recently [1] Group 1: Company Performance - The company has an annual production capacity of 1.3 million tons of sulfuric acid, primarily for external sales [1] - In the first half of 2025, the company produced 824,800 tons of sulfuric acid, generating revenue of 240 million yuan, reflecting a year-on-year increase of 383.80% [1] - The increase in sulfuric acid prices is expected to positively impact the company's financial performance, with future price fluctuations likely to influence overall results [1] Group 2: Market Dynamics - The company anticipates a self-use sulfuric acid volume of 150,900 tons for 2024, indicating a balance between self-consumption and external sales [1] - The recent price surge in sulfuric acid is a key factor contributing to the company's improved profitability [1]

Market Overview - The precious metals sector declined by 1.56% on November 20, with Hunan Silver leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Hunan Gold (002155) closed at 22.48, up 0.22% with a trading volume of 449,600 shares and a transaction value of 1.018 billion [1] - Sichuan Gold (001337) closed at 27.73, down 1.03% with a trading volume of 119,200 shares and a transaction value of 333 million [1] - Hunan Silver (002716) closed at 6.14, down 3.15% with a trading volume of 976,900 shares and a transaction value of 603 million [3] - The largest decline was seen in Hunan Silver, which experienced a net outflow of 84.86 million [4] Fund Flow Analysis - The precious metals sector saw a net outflow of 462 million from main funds, while retail investors contributed a net inflow of 435 million [3][4] - Major stocks like Hunan Silver and Hunan Gold experienced significant net outflows from main funds, indicating a shift in investor sentiment [4] ETF Information - The gold stock ETF (product code: 159562) tracking the CSI Hong Kong and Shanghai Gold Industry Index has seen a decline of 4.32% over the past five days [6] - The current price-to-earnings ratio for the ETF is 22.32, with a total of 1.24 billion shares outstanding [6]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于提前赎回恒邦转债实施暨即将停止交易的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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.最后交易日：2025 年 11 月 24 日 特别提示： 1."恒邦转债"赎回价格：100.28 元/张（含当期应计利息，当期年利率为 0.6%， 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。 2.赎回条件满足日：2025 年 10 月 17 日 3.停止交易日：2025 年 11 月 25 日 4.赎回登记日：2025 年 11 月 27 日 2025 年 11 月 24 日是"恒邦转债"最后一个交易日，当日"恒邦转债"简称为 "Z 邦转债"；2025 年 11 月 24 日收市后"恒邦转债"将停止交易。 2.最后转股日：2025 年 11 月 27 日 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002237 证券简称：恒邦股份 公告编号：2025-107 债券代码：127086 债券简称：恒邦转债 山东恒邦冶炼股份有限公司 关于提前赎回恒邦转债实施暨即将停止交易的 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、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.最后交易日：2025年11月24日 2025年11月24日是"恒邦转债"最后一个交易日，当日"恒邦转债"简称为"Z邦转债"；2025年11月24日收 市后"恒邦转债"将停止交易。 2.最后转股日：2025年11月27日 2.赎回条件满足日：2025年10月17日 3.停止交易日：2025年11月25日 4.赎回登记日：2025年11月27日 5.停止转股日：2025年11月28日 6.赎回日：2025年11月28日 2025年11月27日是"恒邦转债"最后一个转股日，当日收市前，持有"恒邦转债"的投资者仍可进行转股； 2025年11月27日收市后，未转股的"恒邦转债"将停止转股。 3.截至2025年11月19日收市后，距离"恒邦转债"停止交易仅剩3 ...