Group 1 - The report highlights a selection of convertible bonds for August, including leading companies in various sectors such as intelligent manufacturing, automotive semiconductors, natural gas, and pharmaceuticals [1][2][3] - The convertible bond market is experiencing a rise in valuations, with the median price of convertible bonds showing an upward trend, reaching historical highs [1][2][3] - The report suggests that investor risk appetite has increased, with a focus on sectors like coal, steel, and chemicals, indicating a potential for valuation recovery in these industries [2][3] Group 2 - The report emphasizes the importance of AI and robotics in driving the growth of high-end manufacturing, recommending attention to convertible bonds from companies like Lingyi and Wentai [3][4] - There is a noted increase in overseas demand for computing power, which may accelerate the industrialization of AI, with a focus on convertible bonds from companies like Huanxu and Shenshu [3][4] - The second half of the year is expected to see a recovery in the new energy and automotive parts sectors, with recommendations to monitor convertible bonds from Huayou and Mikirin [3][4] Group 3 - Lingyi Technology is recognized as a global leader in intelligent manufacturing, providing comprehensive AI terminal hardware solutions and maintaining a leading market share in precision components [8][9] - Shenshu focuses on enterprise-level network security and cloud computing, offering a range of products and services aimed at facilitating digital transformation for various industries [10][11] - Wentai Technology is a leading player in the automotive semiconductor sector, with a strong emphasis on high-quality, automotive-grade products that meet stringent industry standards [33][34] Group 4 - Huayou Cobalt is involved in the development and manufacturing of new energy lithium battery materials, with a vertically integrated supply chain from resource extraction to material production [39][40] - Mikirin has established a global production layout in the tire industry, enhancing its competitiveness through strategic investments in smart manufacturing facilities [48][49] - Dacelin is a prominent retail chain in the pharmaceutical sector, focusing on providing quality health products through a well-established supply and logistics system [29][30]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2025年7月18日召开了 第四届董事会第五次会议，审议通过了《关于注销2022年股票期权激励计划部分 股票期权的议案》。因公司2022年股票期权激励计划（以下简称"本次激励计 划"）首次授予第二个行权期部分激励对象未行权；第三个行权期公司业绩考核 目标部分未达成；部分激励对象离职等不再符合激励条件事项；部分激励对象个 人绩效考核目标未达成等原因，同意公司对本次激励计划首次授予已获授尚未行 权的股票期权合计3,621,570份予以注销。具体内容详见公司于2025年7月19日在 巨潮资讯网（www.cninfo.com.cn）上披露的《关于注销2022年股票期权激励计划 部分股票期权的公告》（公告编号：2025-035）。 公司已向中国证券登记结算有限责任公司深圳分公司（以下简称"中登深圳 分公司"）提交注销上述股票期权的申请。截至本公告披露日，经中登深圳分公 司审核确认，公司已完成上述股票期权的注销事宜。 证券代码：002984 证券简称：森麒麟 公告编号：2025 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于2022年股票期权激励计划部分股票期权注销完成的公告 公司已向中国证券登记结算有限责任公司深圳分公司（以下简称"中登深圳 分公司"）提交注销上述股票期权的申请。截至本公告披露日，经中登深圳分公 司审核确认，公司已完成上述股票期权的注销事宜。 本次部分股票期权注销事宜，符合《上市公司股权激励管理办法》以及公司 《2022年股票期权激励计划实施考核管理办法》《2022年股票期权激励计划（草 案）》等相关规定，注销原因及数量合法、有效。注销事宜不会影响公司2022年 股票期权激励计划的继续实施，不会对公司的财务状况和经营成果产生实质性影 响，亦不会影响公司管理团队的勤勉尽职。公司管理团队将继续认真履行工作职 责，以创造最大价值回报股东。 特此公告。 青岛森麒麟轮胎股份有限公司董事会 2025年7月24日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

Group 1 - The company held its fourth board meeting on July 18, 2025, with all nine directors participating in the vote [1] - The board approved the proposal to cancel 3,621,570 stock options from the 2022 stock option incentive plan due to various reasons, leaving 887,905 stock options remaining [2] - The board also approved the adjustment of the exercise price for the stock options from 16.76 yuan to 16.47 yuan due to the company's 2024 equity distribution [3] Group 2 - The board confirmed that the conditions for the third exercise period of the stock option incentive plan had been met, allowing 265 eligible participants to exercise a total of 887,905 stock options [5] - The board approved the establishment of a special account for managing raised funds, aimed at temporarily supplementing working capital with idle raised funds [6]

Core Viewpoint - The legal opinion from Deheng Shanghai Law Firm outlines the adjustments to the stock option incentive plan of Qingdao Senqilin Tire Co., Ltd, including changes in exercise price, the granting of the third exercise period, and the cancellation of certain stock options due to unmet performance conditions [1][2][5]. Summary by Sections Approval and Authorization - The company has completed necessary approvals and authorizations for the stock option incentive plan as of the date of the legal opinion, including board meetings and shareholder approvals [6][8][12]. Cancellation of Stock Options - A total of 3,621,570 stock options are to be canceled due to various reasons, including unmet performance targets and the departure of certain incentive targets [15][16][24]. Adjustment of Exercise Price - The exercise price has been adjusted from 16.97 CNY to 16.76 CNY due to the company's profit distribution plan, with the final adjusted exercise price set at 16.47 CNY per share [10][17][25]. Conditions for Exercise - The conditions for exercising the stock options have been partially met, with 265 eligible participants able to exercise a total of 887,905 options at the adjusted price of 16.47 CNY [24][21][25]. Performance Metrics - The performance metrics for the stock options include a requirement for the company's revenue growth rate to be at least 100% compared to 2021, and a net profit margin of at least 15% for the year 2024 [21][14][19].

Core Viewpoint - The company has reviewed and approved several key aspects of its 2022 stock option incentive plan, including the cancellation of certain stock options, adjustment of exercise prices, and the achievement of performance conditions for the third exercise period [1][2]. Group 1: Cancellation of Stock Options - The company has decided to cancel certain stock options under the 2022 stock option incentive plan, ensuring that the process is legal and does not harm the interests of shareholders, particularly minority shareholders [1]. - The review process for the cancellation of stock options was conducted thoroughly, and the committee has no objections to the cancellation [1]. Group 2: Adjustment of Exercise Price - The company has adjusted the exercise price of the stock options in accordance with the relevant regulations due to the equity distribution for the year 2024, ensuring that the adjustment process is compliant and does not negatively impact shareholders [2]. - The adjustment of the exercise price has been approved by the committee [2]. Group 3: Achievement of Performance Conditions - The company has confirmed that certain performance conditions for the third exercise period of the stock option incentive plan have been met, allowing eligible participants to exercise their options [2]. - The arrangements for the exercise of options are in compliance with legal regulations and will not have a significant impact on the company's operations [2].

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于2022年股票期权激励计划首次授予股票期权 第三个行权期部分行权条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 4、本次行权事宜需在中国证券登记结算有限责任公司深圳分公司的手续办理 结束后方可行权，届时将另行公告，敬请广大投资者注意投资风险。 公司于2025年7月18日召开了第四届董事会第五次会议，审议通过了《关于 2022年股票期权激励计划首次授予股票期权第三个行权期部分行权条件成就的议 案》。现将相关事项公告如下： 一、本次激励计划已履行的相关审批程序 （一）2022 年 3 月 16 日，公司召开第三届董事会第四次会议，审议通过了 《关于公司<2022 年股票期权激励计划（草案）>及其摘要的议案》《关于公司 <2022 年股票期权激励计划实施考核管理办法>的议案》以及《关于提请股东大会 授权董事会办理股票期权激励计划相关事宜 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于调整 2022 年股票期权激励计划行权价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日召开了 第四届董事会第五次会议，审议通过了《关于调整 2022 年股票期权激励计划行权价格 的议案》。根据《上市公司股权激励管理办法》及公司《2022 年股票期权激励计划（草 案）》的相关条款，因 2024 年度权益分派事项，公司 2022 年股票期权激励计划（以 下简称"本次激励计划"）行权价格由 16.76 元/份调整为 16.47 元/份。 现将相关事项公告如下： 一、本次激励计划已履行的相关审批程序 （一）2022 年 3 月 16 日，公司召开第三届董事会第四次会议，审议通过了《关于 公司<2022 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<202 ...

根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《青岛森麒麟轮胎股份有限公司章程》（以下简称"《公司章程》"）及 《青岛森麒麟轮胎股份有限公司董事会薪酬与考核委员会工作细则》等相关规定， 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 7 月 18 日以通讯 方式召开第四届董事会薪酬与考核委员会第二次会议。本次会议的召集、召开和 表决程序符合有关法律、行政法规、部门规章、规范性文件及《公司章程》的规 定。公司董事会薪酬与考核委员会在认真审阅相关议题后，形成审查意见如下： 一、关于注销 2022 年股票期权激励计划部分股票期权的议案 公司根据《2022 年股票期权激励计划实施考核管理办法》《2022 年股票期 权激励计划（草案）》的相关规定，在公司股东大会的授权范围内对 2022 年股 票期权激励计划（以下简称"本次激励计划"）需要注销的股票期权进行注销， 相关审议程序合法合规，不存在损害公司及全体股东特别是中小股东利益的情形， 不会对公司的经营业绩和财务状况产生重大影响。董事会薪酬与考核委员会对此 次涉及注销股票期权的数量及名单进行了核实，董事会薪酬与考核委员会对 ...