本公司及全体董事保证本公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：002809 证券简称：红墙股份 公告编号：2025-037 广东红墙新材料股份有限公司 关于公司全资子公司惠州市红墙化学有限公司取得《安全生产许可 证》的公告 许可编号：粤惠危化生字〔2025〕0037 号 近日，广东红墙新材料股份有限公司（以下简称"红墙股份"）下属全资 子公司惠州市红墙化学有限公司（以下简称"红墙化学"）收到惠州市应急管 理局核发的《安全生产许可证》，现将有关情况公告如下： 一、《安全生产许可证》的基本信息 企业名称：惠州市红墙化学有限公司 主要负责人：张钊 经济类型：有限责任公司（自然人投资或控股的法人独资） 许可范围：危险化学品生产***；许可品种：丙烯酸羟丙酯（148）*** 有效期：2025 年 6 月 12 日至 2028 年 6 月 11 日 发证机关：惠州市应急管理局 发证日期：2025 年 6 月 12 日 二、对公司的影响及风险提示 单位地址：惠州大亚湾澳头石化区油城西路 3 号 《安全生产许可证》的取得标志着公司全资子公司惠州市红墙化学有限公 司年产 32 万吨环氧乙烷及 ...

Core Viewpoint - The announcement details the adjustment of the conversion price for the company's convertible bonds, "Hongqiang Convertible Bonds," due to the distribution of cash dividends to shareholders, resulting in a new conversion price of RMB 10.44 per share effective from June 19, 2025 [1][5][15]. Group 1: Convertible Bond Details - The initial conversion price was RMB 10.89 per share, which was adjusted to RMB 10.74 per share following a cash dividend distribution of RMB 0.15 per share [4][5]. - The final adjusted conversion price of RMB 10.44 per share reflects a further cash dividend distribution of RMB 0.30 per share, effective from June 19, 2025 [5][15]. - The total issuance of the convertible bonds amounted to RMB 31.6 million, with 3,160,000 bonds issued at a face value of RMB 100 each [1][2]. Group 2: Dividend Distribution - The company approved a cash dividend of RMB 3 per 10 shares, totaling RMB 63,479,169.90 (including tax) based on a total share capital of 211,597,233 shares [8][9]. - The dividend distribution will not include bonus shares or capital reserve transfers, and the record date for the dividend is June 18, 2025, with the ex-dividend date on June 19, 2025 [11][12]. - The company will ensure that any changes in total share capital due to the conversion of bonds or stock options will be accounted for in the dividend distribution [8][9].

| | | 广东红墙新材料股份有限公司 关于红墙转债转股价格调整的公告 本公司及全体董事保证本公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 一、关于可转换公司债券转股价格调整的相关规定 增发新股或配股：P1=（P0+A×k）/（1+k）； 根据中国证券监督管理委员会于2023年8月25日出具《关于同意广东红墙新 材料股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔 2023〕1973号），公司于2023年10月18日向不特定对象发行了3,160,000张可转 换公司债券，每张面值100元，发行总额31,600.00万元。公司可转换公司债券于 2023年11月8日起在深圳证券交易所挂牌交易，债券简称"红墙转债"，债券代 码"127094"。"红墙转债"转股时间为2024年4月24日至2029年10月17日，转 股的初始价格为10.89元/股。 根据《广东红墙新材料股份有限公司向不特定对象发行可转换公司债券募集 说明书》(以下简称《可转债募集说明书》)中关于转股价格的调整方式及计算公 式的规定如下： 在本次发行之后，当公司发生派送红股、转增股本、增发新股或配股以及 ...

证券代码：002809 证券简称：红墙股份 公告编号：2025-035 4、本次实施的分配方案距离公司 2024 年年度股东会审议通过的时间未超 过两个月。 二、本次实施的利润分派方案 本公司 2024 年年度权益分派方案为:以公司现有总股本 211,597,233 股为 基数，向全体股东每 10 股派 3.000000 元人民币现金(含税:扣税后，通过深股 通持有股份的香港市场投资者、境外机构(含 OFII、RQFII)以及持有首发前限 售股的个人和证券投资基金每 10 股派 2.700000 元；持有首发后限售股、股权 激励限售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂 不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】； 持有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利 税，对香港投资者持有基金份额部分按 10%征收，对内地投资者持有基金份额 部分实行差别化税率征收)。 广东红墙新材料股份有限公司 2024年度权益分派实施公告 本公司及全体董事保证本公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股东会审议通过的利润分配方案 ...

Core Insights - The ethane market is experiencing supply tightness, leading to increased production costs for downstream industries, which may accelerate industry reshuffling and provide opportunities for leading companies with integrated supply chains [1] Group 1: Industry Overview - Ethane is a key raw material in the production of ethylene, which is essential for plastics [2] - The supply-demand imbalance for ethylene oxide is expected to intensify from 2025 to 2029, concentrating profit distribution rights further upstream [2] - The current production of ethylene oxide in China primarily relies on naphtha cracking, while the ethane-mixed process faces shutdowns, allowing naphtha-based production to regain pricing power [4] Group 2: Company Strategies - Aoke Co., Ltd. (奥克股份) is the first listed company in the field of deep processing of ethylene oxide, holding a 40% market share in the domestic market for polyether monomers, and is expected to strengthen its leading position during price increases due to its 211 patented technologies and large-scale production advantages [2] - Hongqiang Co., Ltd. (红墙股份) is accelerating its national layout through a dual business model of "additives + fine chemicals," with a 150,000-ton/year polyether monomer project expected to commence production soon, enhancing cost control capabilities [2] - Hongqiang Co., Ltd. plans to start a 320,000-ton/year fine chemical project, which includes the production of various derivatives, thereby achieving industry chain integration and improving profitability and resilience against cyclical fluctuations [3] Group 3: Market Dynamics - The industry is expected to undergo a deep reshuffle by 2028, with smaller companies likely to exit due to cost pressures, leading to a further concentration of market share among leading firms [4] - Companies with low-cost procurement capabilities for ethylene oxide will have a competitive advantage in the upcoming industry reshuffle [4] - Strategic partnerships, such as Hongqiang Co., Ltd.'s collaboration with China National Offshore Oil Corporation (中海壳牌) for ethylene oxide procurement, are crucial for reducing transportation costs and securing lower purchase prices [4]

| 证券代码：002809 | 证券简称：红墙股份 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：127094 | 债券简称：红墙转债 | | 广东红墙新材料股份有限公司 关于实施权益分派期间红墙转债暂停转股的公告 本公司及全体董事保证本公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 2025 年 6 月 4 日 附件： 1、债券代码：127094 债券简称：红墙转债 2、转股期限：2024年4月24日至2029年10月17日 3、暂停转股日期：2025年6月6日至2024年度权益分派股权登记日 4、恢复转股时间：公司2024年度权益分派股权登记日后的第一个交易日 鉴于广东红墙新材料股份有限公司（以下简称"公司"）将于近日实施公 司2024年度权益分派，根据《广东红墙新材料股份有限公司向不特定对象发行 可转换公司债券募集说明书》中"转股价格的调整方式及计算公式"（详见附 件）条款的规定，自2025年6月6日起至本次权益分派股权登记日止，公司可转 换公司债券（债券简称：红墙转债；债券代码：127094）将暂停转股，本次权 益分派股权登记日 ...

Group 1 - The epoxy propylene sector experienced a decline of 1.90%, ranking among the top losers in the concept sector, with notable declines from companies such as Hongqiang Co., Kent Catalysis, and Hongbaoli [1] - The top gainers in the epoxy propylene sector included Bohai Chemical, Guoen Co., and Zhongchumai, with increases of 3.05%, 0.95%, and 0.69% respectively [1] - The overall market saw a net outflow of 347 million yuan from the epoxy propylene sector, with 17 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [1] Group 2 - Hongbaoli led the net outflow with 198 million yuan, followed by Hangjin Technology, Hongqiang Co., and Kent Catalysis, with net outflows of 44.63 million yuan, 39.58 million yuan, and 24.99 million yuan respectively [1] - The top net inflows in the sector were seen in Bohai Chemical, Sinochem International, and China Chemical, with net inflows of 25.68 million yuan, 9.25 million yuan, and 1.62 million yuan respectively [2] - The trading volume for Hongbaoli was 21.49%, while the trading volume for Bohai Chemical was 9.36% [2]

Core Viewpoint - The company, Guangdong Hongqiang New Materials Co., Ltd. (referred to as "Hongqiang"), maintains a stable credit rating despite a decline in profitability due to the deep adjustment in the real estate industry, with expectations of continued revenue and cash flow contributions from its competitive advantages in Guangdong and Guangxi provinces [2][5]. Financial Performance - The company's total assets increased from 20.06 billion in 2022 to 28.87 billion in 2025, while the equity attributable to shareholders rose from 15.16 billion to 16.71 billion during the same period [2]. - The company's operating income decreased from 7.61 billion in 2023 to 6.75 billion in 2024, with a net profit drop from 0.86 billion to 0.03 billion [3]. - The net cash flow from operating activities turned negative at -0.21 billion in 2024, compared to 1.76 billion in 2023 [3]. Industry Context - The concrete admixture market is under pressure due to a slowdown in construction and new project starts, directly impacting the demand for concrete admixtures [10][12]. - The overall demand for concrete admixtures is weak, with the industry facing intensified competition and declining prices, leading to a significant drop in revenue for companies like Hongqiang [10][14]. - The company holds a leading position in the concrete admixture market in Guangdong and Guangxi, with over 50% of its revenue coming from the South China market, maintaining a gross margin above 30% [2][5]. Credit Rating and Outlook - The credit rating agency has assigned a stable outlook for Hongqiang, reflecting its competitive advantages in key regions despite ongoing industry challenges [5]. - The company’s net debt at the end of 2024 was 0.63 billion, indicating manageable financial risk [5]. Investment Projects - The company has utilized the proceeds from its convertible bonds to expand into the chemical sector, with projects entering trial production by the end of 2024 [2][19]. - The new projects aim to enhance revenue sources and improve cost advantages through upstream integration in the supply chain [19][20]. Customer and Market Dynamics - The customer base primarily consists of regional concrete mixing stations, which are closely tied to the real estate sector, exposing the company to risks associated with the ongoing real estate downturn [18]. - The company has established long-term partnerships with major infrastructure construction firms, but the overall contribution from these clients remains low [18].

2023 年广东红墙新材料股份有限 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 中鹏信评【2025】跟踪第【69】号 02 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评 ...

证券代码：002809 证券简称：红墙股份 公告编号：2025-033 广东红墙新材料股份有限公司 关于向不特定对象发行可转换公司债券 2025 年跟踪评级结果的公告 本公司及全体董事保证本公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 根据《上市公司证券发行注册管理办法》、《公司债券发行与交易管理办 法》 及《深圳证券交易所上市公司自律监管指引第 15 号—可转换公司债券》 的相关 规定，广东红墙新材料股份有限公司（以下简称"公司"）委托中证鹏 元资信评估股份有限公司（以下简称"中证资信"）对公司 2023 年 10 月发行 的可转换公司债券进行了跟踪评级，跟踪评级结果为维持公司主体信用等级为 A+，维持"红墙转债"的信用等级为 A+，评级展望为稳定。中证资信出具的 《2023 年广东红墙新材料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》详见巨潮资讯网（http://www.cninfo.com.cn/）。 特此公告。 广东红墙新材料股份有限公司董事会 2025 年 5 月 28 日 ...