Group 1 - The core opinion of the article is that Minsheng Securities has conducted a review regarding Zhejiang Titan Co., Ltd.'s decision not to redeem the "Titan Convertible Bonds" in advance, ensuring compliance with relevant regulations and protecting investor interests [1][7][8] - The "Titan Convertible Bonds" were issued with a total amount of 295.5 million yuan and have a term of 6 years, starting from November 15, 2023 [1][2] - The initial conversion price of the "Titan Convertible Bonds" was set at 13.81 yuan per share, which has been adjusted to 13.27 yuan per share due to corporate actions [2][3] Group 2 - The conditional redemption clause allows the company to redeem the bonds if the closing price exceeds 130% of the conversion price for at least 15 trading days [4][6] - The redemption condition was triggered as the stock price was above 17.25 yuan per share for the required period [6][7] - The company’s board decided not to exercise the redemption right for the next six months to protect investor interests, with a review planned after February 8, 2026 [7][8] Group 3 - There were no transactions involving the "Titan Convertible Bonds" by major shareholders or executives in the six months leading up to the redemption condition [8] - The review by the sponsor institution confirmed that the decision not to redeem the bonds was approved by the company's board and complied with all relevant regulations [8]

Core Viewpoint - Titan Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Titan Convertible Bonds," despite triggering the conditional redemption clause due to stock prices exceeding 130% of the conversion price for 15 trading days [1][5][6]. Group 1: Convertible Bond Basic Information - The total amount of "Titan Convertible Bonds" issued is 295.5 million yuan, with a term of 6 years from the issuance date [1][2]. - The initial conversion price was set at 13.81 yuan per share, which has been adjusted to 13.27 yuan per share due to equity distribution plans [2][3]. Group 2: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for 15 trading days [5][6]. - The stock price reached 17.25 yuan per share, triggering the redemption clause from July 21, 2025, to August 8, 2025 [5][6]. Group 3: Decision on Early Redemption - The board of directors decided to not exercise the early redemption rights for the next 6 months, from August 9, 2025, to February 8, 2026, to protect investor interests [6][7]. - Future decisions regarding the redemption will be made if the bonds trigger the redemption clause again after February 8, 2026 [6][7]. Group 4: Shareholder Transactions - There have been no transactions of "Titan Convertible Bonds" by major shareholders, including the actual controller and board members, in the 6 months leading up to the redemption condition [6][7].

| 证券代码：003036 | 证券简称：泰坦股份 公告编号：2025-047 | | --- | --- | | 债券代码：127096 | 债券简称：泰坦转债 | 浙江泰坦股份有限公司 关于不提前赎回"泰坦转债"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。 特别提示： 1、自 2025 年 7 月 21 日至 2025 年 8 月 8 日，浙江泰坦股份有限公司（以下 简称"公司"或"泰坦股份"）股票已有 15 个交易日的收盘价格不低于"泰坦 转债"当期转股价格 13.27 元/股的 130%（即 17.25 元/股），已触发"泰坦转债" 的有条件赎回条款。 2、公司于 2025 年 8 月 8 日召开第十届董事会第十二次会议，审议通过《关 于不提前赎回"泰坦转债"的议案》，并自本次董事会审议通过后 6 个月内（2025 年 8 月 9 日至 2026 年 2 月 8 日）均不行使提前赎回权利。以 2026 年 2 月 8 日后 首个交易日起重新计算，若"泰坦转债"再次触发有条件赎回条款，届时公司将 另行召开董事会审议决定是否行使"泰坦转债"的提前 ...

民生证券股份有限公司 关于浙江泰坦股份有限公司 不提前赎回"泰坦转债"的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为浙江泰坦 股份有限公司（以下简称"泰坦股份"、"公司"或"上市公司"）向不特定对象发行 可转换公司债券项目的保荐机构，根据《深圳证券交易所股票上市规则》《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》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》《可转换公司债券管理 办法》《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》 等相关法律法规和规范性文件的要求，对泰坦股份不提前赎回"泰坦转债"有关 事项进行了核查，具体情况如下： 一、可转换公司债券基本情况 （一）"泰坦转债"发行上市情况 经中国证券监督管理委员会证监许可〔2022〕2866 号核准，公司于 2023 年 10 月 25 日向不特定对象发行 295.50 万张可转换公司债券，每张面值 100 元，发 行总额为 29,550.00 万元。期限为发行之日起 6 年。 经深圳证券交易所同意，公司可转债于 2023 年 11 月 15 日起在深圳证券交 ...

| 证券代码：003036 | 证券简称：泰坦股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：127096 | 债券简称：泰坦转债 | | 浙江泰坦股份有限公司 第十届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 浙江泰坦股份有限公司（以下简称"公司"）第十届董事会第十二次会议于 2025 年 8 月 8 日在公司会议室现场召开。公司全体董事一致同意豁免本次董事 会的通知期限，会议通知于现场发出。本次会议由董事长陈宥融先生主持，应出 席会议董事 9 人，实际出席会议董事 9 人，全体高级管理人员列席会议。本次会 议的召集、召开和表决程序符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真讨论，本次会议审议并通过以下议案： （一）以 9 票同意，0 票反对，0 票弃权的结果审议通过《关于豁免公司第 十届董事会第十二次会议通知期限的议案》 公司全体董事一致同意豁免公司第十届董事会第十二次会议的通知期限，并 于 2025 年 8 月 8 ...

Group 1 - The company Titan Holdings announced that its 12th meeting of the 10th board of directors was held on August 8, 2025 [1] - The meeting reviewed the proposal regarding the exemption of the notification period for the 12th board meeting [1]

Summary of Key Points Core Viewpoint - Titan Co., Ltd. experienced a significant drop in stock price, reaching the daily limit down, with a trading volume of 1.58 billion yuan and a turnover rate of 3.55% [2] Trading Activity - The stock's daily decline was attributed to a deviation of -9.95%, leading to its listing on the Shenzhen Stock Exchange's watch list [2] - Institutional investors net bought 7.41 million yuan, while brokerage seats collectively net sold 15.44 million yuan [2] - The top five trading departments accounted for a total transaction volume of 626.26 million yuan, with buying amounting to 272.99 million yuan and selling amounting to 353.28 million yuan, resulting in a net sell of 8.03 million yuan [2] Institutional Participation - Among the trading departments, three institutional special seats were involved, with a total buying amount of 14.07 million yuan and selling amount of 6.67 million yuan, leading to a net buy of 7.41 million yuan [2] - The main capital outflow for the stock was 35.31 million yuan, with large orders contributing to a net outflow of 33.01 million yuan and a net outflow of 2.30 million yuan from larger funds [2] - Over the past five days, the main capital outflow totaled 34.53 million yuan [2] Detailed Trading Data - The top buying and selling departments included: - Buy One: Guojin Securities, 8.35 million yuan bought, 0.09 million yuan sold - Buy Two: Institutional Special, 5.33 million yuan bought, 1.48 million yuan sold - Sell One: China Merchants Securities, 0.15 million yuan bought, 82.93 million yuan sold [2]

Group 1: Industry Overview - The textile industry is one of the oldest industries in global economic history and has become a leading force in modern economic development due to the rise of mechanized production [1][7] - The global textile machinery market is experiencing stable growth, with an estimated market size of approximately $37.92 billion in 2024, an increase of $2.07 billion from 2023, and is expected to reach $40 billion by 2025 [1][7] - The global spinning machine market is projected to reach $9.118 billion in 2024, an increase of $0.497 billion from 2023, with expectations to reach $9.6 billion by 2025 [1][7] Group 2: Spinning Machine Industry - Spinning machines are critical equipment in the textile industry, used to process fiber materials into yarn, directly affecting yarn quality and production efficiency [4][7] - The spinning machine industry can be categorized based on process type, fiber material, production flow, and spinning process stages [4] Group 3: Current Status of the Spinning Machine Industry - The Chinese textile machinery manufacturing industry has made significant progress, with a complete range of products and excellent performance, making China the largest textile machinery manufacturing base globally [9] - In 2024, China's textile machinery enterprises are expected to achieve operating revenue of 102.683 billion yuan, an increase of 7.465 billion yuan from 2023, with total assets of 124.131 billion yuan, an increase of 4.337 billion yuan, and total profits of 8.066 billion yuan, an increase of 0.69 billion yuan [9] Group 4: Patent Development - From 2016 to 2024, China accumulated a total of 3,259 patents related to spinning machines, with some high-end spinning machine technologies reaching international advanced levels [11] Group 5: Industry Chain - The spinning machine industry chain includes upstream raw materials such as steel, aluminum alloys, engineering plastics, and electronic components, midstream spinning machine R&D and production, and downstream textile applications [13] Group 6: Competitive Landscape - The spinning machine industry in China features competition between international giants and domestic companies, with international firms like Rieter, Murata, and Trützschler dominating the high-end market, while domestic leaders like Jingwei Textile Machinery and Titan Co., Ltd. are expanding their market share in niche segments [16][20] - Titan Co., Ltd. is a well-known textile machinery manufacturer in China, focusing on high-end textile equipment and achieving significant market share with its products [20]

Group 1 - Zhejiang Huanrun New Materials Co., Ltd. has been established with Chen Yourong as the legal representative [1] - The company's business scope includes manufacturing and sales of new membrane materials, new material technology research and development, battery manufacturing, and battery sales [1] - The company is jointly held by Titan Holdings (stock code: 003036) and others [1]

Company Overview - Zhejiang Titan Co., Ltd. is a national high-tech enterprise and a vice president unit of the China Textile Machinery and Equipment Industry Association [2] - The company has received multiple honors, including being recognized as an advanced collective in the national textile industry and a model enterprise in Zhejiang Province [2] - Titan has been listed among the top 500 competitive companies in the Chinese textile and apparel industry for nine consecutive years [2] Financial Performance - For the first quarter of 2025, Titan reported revenue of 299.4 million yuan, a year-on-year decline of 19.1% [2] - The net profit attributable to shareholders was 18.98 million yuan, down 7.53% year-on-year [2] - The net profit after deducting non-recurring items was 11.21 million yuan, a decrease of 37.19% compared to the previous year [2] Shareholder Structure - As of March 2025, the concentration of shareholding is very high, with the top ten shareholders holding a combined 78.63% of the shares [2] - The number of shareholders is 9,961, with an average of 21,690 shares held per person and an average holding amount of 266,900 yuan [2] Convertible Bond Information - Titan's convertible bond rose by 2.03% to 151.1 yuan per bond, with a trading volume of 69.05 million yuan and a conversion premium of 0.67% [1] - The bond has a credit rating of "A" and a maturity of six years, with a coupon rate that increases over time, starting at 0.50% in the first year and reaching 3.00% in the sixth year [1] - The conversion price for the bond is set at 13.27 yuan, with the conversion period starting on May 6, 2024 [1]