Core Viewpoint - Honglu Steel Structure announced the option for investors to sell back their convertible bonds, providing flexibility for bondholders in response to market conditions [2] Group 1: Company Announcement - Honglu Steel Structure issued a notice on November 21, stating that holders of "Honglu Convertible Bonds" can choose to sell back part or all of their unconverted bonds [2] - The bondholders have the right to decide whether to execute the sell-back, which is not mandatory [2] - If the bonds are subject to judicial freezing or deduction before the sell-back fund issuance date, the sell-back application will be invalidated [2] Group 2: Trading Conditions - During the sell-back period, "Honglu Convertible Bonds" will continue to be traded but will be suspended from conversion [2] - If bondholders submit multiple applications (trading, transfer, custody, or sell-back) on the same trading day, the applications will be processed in the following order: trading or transfer, sell-back, custody [2]

特别提示： 5、自 2025 年 11 月 10 日起至 2025 年 11 月 21 日，公司股票已有 10 个交易日的 收盘价格低于当期转股价格的 85%。若后续公司股票收盘价格继续低于当期转股 价格的 85%，预计将有可能触发转股价格向下修正条件。 一、可转换公司债券发行上市概况 | 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于预计触发"鸿路转债"转股价格向下修正条件的 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。 1、可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2020]1983 号"文核准，安徽鸿路 钢结构（集团）股份有限公司（以下简称"公司"）于 2020 年 10 月 9 日公开发 行了 1,880 万张可转换公司债券，每张面值为人民币 100 元，发行总额 18.80 亿元，期限六年。 2、可转换公司债券上市情况 经深圳证券交易所"深证上 ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售的第二次提示性公告 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。 特别提示： 1、投资者回售选择权：根据《安徽鸿路钢结构（集团）股份有限公司公开 发行可转换公司债券募集说明书》（以下简称《募集说明书》）的约定，"鸿路 转债"持有人可回售部分或者全部未转股的"鸿路转债"。"鸿路转债"持有人 有权选择是否进行回售，本次回售不具有强制性。 2、回售价格：100.312 元/张（含息税） 3、回售条件触发日：2025 年 11 月 19 日 4、回售申报期：2025 年 12 月 5 日至 2025 年 12 月 11 日 5、发行人资金到账日：2025 年 12 月 16 日 （一）回售条款 公司在《募集说明书》中约定的有条件回售条款具体如下： 本次发行的可转换公司债券最后两个计息年度，如果公司股票在任何连续 30 个交易日 ...

Core Viewpoint - Honglu Steel Structure announced that its stock price has been below 70% of the conversion price of its convertible bonds for 30 consecutive trading days, triggering the conditional redemption clause for the bonds [2] Summary by Sections Company Announcement - Honglu Steel Structure's stock price has been below the conversion price of 32.08 yuan per share for 30 consecutive trading days from October 9, 2025, to November 19, 2025 [2] - The conditional redemption clause for the "Honglu Convertible Bonds" has been activated due to the stock price situation and the bonds being in the last two interest payment years [2] - Bondholders have the option to redeem part or all of their unconverted "Honglu Convertible Bonds" based on the terms outlined in the prospectus [2]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码:128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售的第一次提示性公告 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。 特别提示： 1、投资者回售选择权：根据《安徽鸿路钢结构（集团）股份有限公司公开 发行可转换公司债券募集说明书》（以下简称《募集说明书》）的约定，"鸿路 转债"持有人可回售部分或者全部未转股的"鸿路转债"。"鸿路转债"持有人 有权选择是否进行回售，本次回售不具有强制性。 8、在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"或"本公司"） 的股票自 2025 年 10 月 9 日至 2025 年 11 月 19 日连续三十个交易日的收盘价低 于当期"鸿路转债"转股价格（32.08 元/股）的 70%，且"鸿路转债"处于最后 两个计息年度，根据《募集说明书》 ...

Core Points - The company announced the conditional redemption of its convertible bonds, "Honglu Convertible Bonds," allowing bondholders to sell back part or all of their unconverted bonds [2][3][12] - The redemption price is set at 100.312 CNY per bond, including interest and tax [3][8] - The redemption conditions were triggered due to the company's stock price being below 70% of the conversion price for 30 consecutive trading days [3][18] Redemption Details - Redemption Price: 100.312 CNY per bond, which includes accrued interest calculated at a rate of 2.0% for the current interest period [7][8] - Redemption Period: Bondholders can submit their redemption requests from December 5, 2025, to December 11, 2025 [5][10] - Payment Dates: Funds will be credited to the company on December 16, 2025, with payments to bondholders on December 18, 2025 [5][11] Trading and Conversion Suspension - The company will suspend the conversion of "Honglu Convertible Bonds" during the redemption period from December 5, 2025, to December 11, 2025, but trading will continue [19][17] - Conversion will resume on December 12, 2025, after the redemption period ends [19][17] Legal and Regulatory Compliance - The company has ensured compliance with relevant regulations and will publish announcements regarding the redemption process in specified financial newspapers and platforms [9][12]

Core Points - Honglu Steel Structure announced the suspension of the conversion of its convertible bonds, "Honglu Convertible Bonds," starting from December 5, 2025, for a period of five trading days until December 11, 2025 [2] - The conversion will resume on December 12, 2025, the trading day following the end of the repurchase application period [2] - During the suspension period, the company's convertible bonds will continue to trade normally, and bondholders are advised to pay attention [2]

Group 1 - The core point of the article is that Honglu Steel Structure announced the right for holders of its convertible bonds to sell back part or all of their unconverted bonds, providing flexibility for investors [2] - The buyback period for the convertible bonds, referred to as "Honglu Convertible Bonds," is set from December 5, 2025, to December 11, 2025 [2] - The buyback option is not mandatory, allowing bondholders to choose whether to exercise this right [2]

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售的公告 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。 特别提示： 1、投资者回售选择权：根据《安徽鸿路钢结构（集团）股份有限公司公开 发行可转换公司债券募集说明书》（以下简称《募集说明书》）的约定，"鸿路 转债"持有人可回售部分或者全部未转股的"鸿路转债"。"鸿路转债"持有人 有权选择是否进行回售，本次回售不具有强制性。 2、回售价格：100.312 元/张（含息税） 3、回售条件触发日：2025 年 11 月 19 日 4、回售申报期：2025 年 12 月 5 日至 2025 年 12 月 11 日 5、发行人资金到账日：2025 年 12 月 16 日 6、回售款划拨日：2025 年 12 月 17 日 若在前述 30 个交易日内发生过转股价格因发生送股票股利、转增股本、增 发新股（不包括因本次发行的可转换公司债 ...