| 证券代码：300041 | 证券简称：回天新材 公告编号：2025-45 | | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | 湖北回天新材料股份有限公司 关于不向下修正"回天转债"转股价格的公告 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 6 月 21 日至 2025 年 7 月 11 日，湖北回天新材料股份有限公 司（以下简称为"公司"）股票已有十五个交易日的收盘价低于当期转股价格的 85%的情形，触发"回天转债"转股价格向下修正条件。 2、公司于 2025 年 7 月 11 日召开第十届董事会第三次会议，审议通过了《关 于不向下修正"回天转债"转股价格的议案》，公司董事会决定本次不向下修正 "回天转债"转股价格，同时自本次董事会审议通过次一交易日起至 2026 年 1 月 11 日，如再次触发"回天转债"转股价格向下修正条件，亦不提出向下修正 方案。在此期间之后（从 2026 年 1 月 12 日重新起算），若再次触发"回天转债" 转股价格向下修正条件，届时公司董事会将再次召开会 ...

| 证券代码：300041 | 证券简称：回天新材 公告编号：2025-44 | | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | 湖北回天新材料股份有限公司 第十届董事会第三次会议决议公告 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。 审议通过了《关于不向下修正"回天转债"转股价格的议案》 经审议，董事会认为：公司股票自 2025 年 6 月 21 日至 2025 年 7 月 11 日已 有十五个交易日的收盘价格低于当期转股价格的 85%，已经触发"回天转债"转 股价格向下修正的条件。 鉴于"回天转债"距离 6 年存续期届满尚有一定期限，综合考虑公司的基本 情况、市场环境、股价走势等诸多因素，以及对公司长期稳健发展与内在价值的 信心，公司董事会决定本次不向下修正"回天转债"转股价格，同时自本次董事 会审议通过次一交易日起至 2026 年 1 月 11 日，如再次触发"回天转债"转股价 格向下修正条件，亦不提出向下修正方案。在此期间之后（从 2026 年 1 月 12 日 重新起算），若再次触发"回天转债"转股价格向下修正条 ...

| 证券代码：300041 | 证券简称：回天新材 公告编号：2025-43 | | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | 湖北回天新材料股份有限公司 关于第三期员工持股计划第三个锁定期届满的提示性公告 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。 湖北回天新材料股份有限公司（以下简称"公司"）于 2022 年 4 月 22 日召 开第九届董事会第二次会议和第九届监事会第二次会议，于 2022 年 5 月 13 日召 开 2021 年年度股东大会，审议通过了《关于<公司第三期员工持股计划（草案）> 及其摘要的议案》、《关于<公司第三期员工持股计划管理办法>的议案》以及《关 于提请股东大会授权董事会办理公司第三期员工持股计划相关事宜的议案》，同 意公司实施第三期员工持股计划（以下简称"本员工持股计划"），具体内容详 见公司于 2022 年 4 月 22 日、2022 年 5 月 13 日在巨潮资讯网上披露的相关公 告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 2 号— ...

Group 1 - The company issued 8,500,000 convertible bonds with a total value of approximately 844.18 million RMB, which were fully received on November 2, 2022 [1] - The convertible bonds are listed on the Shenzhen Stock Exchange under the name "回天转债" and code "123165" since November 15, 2022 [2] - The conversion period for the bonds is from May 2, 2023, to October 26, 2028 [2] Group 2 - The conversion price of the bonds was adjusted from 20.21 RMB per share to 15.45 RMB per share on May 22, 2023, due to a dividend distribution [2] - Further adjustments to the conversion price occurred on May 23, 2024, changing it to 15.35 RMB per share, and on May 30, 2025, it will be adjusted to 15.20 RMB per share [2] Group 3 - The company has a clause allowing for the downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3] - The expected trigger period for this adjustment is from June 21, 2025, to July 4, 2025, during which the stock price has already been below the threshold for 10 trading days [4][5]

| 证券代码：300041 | 证券简称：回天新材 公告编号：2025-42 | | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | 湖北回天新材料股份有限公司 关于为子公司提供担保的进展公告 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、担保情况概述 （一）已经审批的年度担保额度 湖北回天新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开的第十届董事会第二次会议及 2025 年 5 月 19 日召开的 2024 年年度股东大会 审议通过了《关于 2025 年度公司（含子公司）融资规模和为子公司担保额度的 议案》，为了满足公司及子公司经营发展的需要，同意公司及纳入公司合并报表 范围的子公司 2025 年拟向银行等金融机构申请不超过人民币 25 亿元（含 25 亿 元）融资额度，公司为部分全资/控股子公司及前述子公司之间向银行等金融机 构申请贷款、保函、银行承兑汇票、商业承兑汇票、信用证等融资事项提供不超 过人民币 20 亿元（含 20 亿元）的担保。上述融资及担保额度授权的有效期自 2024 年 ...

| 证券代码：300041 | 证券简称：回天新材 公告编号：2025-41 | | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | 关于预计触发可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、债券代码：123165 债券简称：回天转债 2、转股价格：人民币 15.20 元/股 3、转股起止日期：2023 年 5 月 2 日至 2028 年 10 月 26 日 4、根据《湖北回天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"《募集说明书》"中相关约定："在本次可转债存续期间， 当公司股票在任意连续三十个交易日中至少有十五个交易日的收盘价低于当期 转股价格的 85%时，公司董事会有权提出转股价格向下修正方案并提交公司股东 大会审议表决。" 本次触发转股价格修正条件的期间从 2025 年 6 月 21 日起算，截至 2025 年 7 月 4 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 ...

Core Viewpoint - The recent judicial auction announcement by Huitian New Materials has raised market concerns, particularly regarding the significant reduction in the shareholding of its controlling shareholder, Zhang Feng, from 7.49% to 4.99%, which is below the critical threshold for major shareholder rights changes [1] Group 1: Company Background and Management Changes - Huitian New Materials was once a leading enterprise in the domestic adhesive industry, with its founder Zhang Feng at the helm for decades, promoting a "technology-based enterprise" philosophy [1] - Zhang Feng was investigated for legal violations in 2022, leading to his resignation as chairman and general manager, with his son taking over [1] - In March 2023, Zhang Feng was criminally detained for alleged manipulation of securities and futures markets [1] Group 2: Financial Performance and Challenges - The company faced severe profitability challenges in 2024, with revenue of 3.989 billion yuan, a slight increase of 2.23% year-on-year, but a net profit of only 102 million yuan, down 65.91% [1][2] - The non-recurring net profit further declined to 52.57 million yuan, a drop of 79.38% year-on-year [1][2] - The decline in profitability is attributed to cost pressures and asset impairment losses, with the overall gross margin falling from 22.82% in 2023 to 18.45% in 2024 [2] Group 3: Sector-Specific Issues - The renewable energy sector has been a significant drag on performance, with revenue from this segment declining by 21.49% in 2024, particularly in the solar backsheet business, which saw production and sales drop by 57.99% and 58.34%, respectively [2] - The China Photovoltaic Industry Association has announced plans for more substantial production cuts in the third quarter, expecting a reduction in operating rates by 10%-15% [2] Group 4: Financial Health and Market Position - As of Q1 2025, the company's accounts receivable reached 1.303 billion yuan, accounting for 19.79% of total assets, with a typical payment cycle for photovoltaic business extending from 6 to 12 months [2] - The asset-liability ratio increased to 56.16% in 2024, with short-term loans rising by 39.62% and financial expenses growing by 64.86% to 49 million yuan [3] - Since 2022, the proportion of fund holdings in the company has decreased significantly from 12.29% to 0.15% by 2024 [3] - The company's price-to-earnings ratio (TTM) reached 51.41, significantly higher than comparable companies, with a market capitalization of 5.348 billion yuan [3]

| 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-40 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 湖北回天新材料股份有限公司 关于 2025 年第二季度可转债转股结果暨股份变动公告 1、可转债转股情况：截至 2025 年 6 月 30 日，累计共有面值总额为 24.33 万元的"回天转债"转换成公司普通股股票，累计转股股数为 15,543 股，占回 天转债转股前公司已发行普通股股份总额的 0.0036%。 2、未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"回天转债" 面值总额为 84,975.67 万元，占"回天转债"发行总量的比例为 99.9714%。 根据《深圳证券交易所创业板股票上市规则》等有关规定，湖北回天新材料 股份有限公司（以下简称"公司"）现将 2025 年第二季度可转换公司债券（以下 简称"可转债"）转股及公司股份变动情况公告如下： 一、可转换公司债券基本情况 根据中国证券监督管理委员会《关于同意湖北回天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[2022 ...

Core Viewpoint - The polyurethane sealant industry in China is facing significant challenges due to the high technical barriers and monopolization of the high-performance market by foreign companies, with over 90% of the high-end market dominated by international products. However, advancements in domestic technology and innovation are emerging, particularly from research institutions like Zhengzhou University, which have made breakthroughs in developing competitive products [1][7][8]. Group 1: Industry Definition and Characteristics - Polyurethane sealants are classified as high-grade elastic sealants, known for their excellent wear resistance, low-temperature flexibility, and good adhesion properties. They have a lifespan of 15-20 years and are suitable for dynamic joints, although they have limitations such as poor heat resistance and water resistance [2][7]. - Low-modulus polyurethane sealants are characterized by being single-component, non-flowing, solvent-free, and environmentally friendly, making them suitable for high-movement joints in construction applications [4][5]. Group 2: Current Industry Status - The demand for polyurethane sealants is increasing due to rapid urbanization and growth in the construction and automotive sectors. However, the technology for high-performance polyurethane sealants remains largely monopolized by foreign companies, limiting domestic development [7][8]. - From 2016 to 2024, China has filed a total of 589 patents related to polyurethane sealants, with a peak of 91 patents in 2019, indicating a shift from imitation to original innovation in the industry [8]. Group 3: Industry Chain - The polyurethane sealant industry chain includes upstream materials such as isocyanates and polyols, midstream production of sealants, and downstream applications in construction, transportation, and electronics [10]. - In the construction sector, polyurethane sealants are primarily used for waterproofing, sealing, insulation, and soundproofing, with increasing market demand driven by the industry's growth and environmental requirements [12]. Group 4: Competitive Landscape - Major companies in the polyurethane sealant industry include Chengdu Silica Technology Co., Ltd., Beijing Gaomeng New Materials Co., Ltd., and Hubei Huitian New Materials Co., Ltd., among others. These companies are focusing on research and development to enhance their product offerings and market presence [14][17]. - Beijing Gaomeng New Materials has a strong market position with a diverse product range and advanced production capabilities, including 37 production bases and a focus on high-performance adhesive materials [20][21]. Group 5: Industry Development Trends - The future of the polyurethane sealant industry in China is expected to focus on technological innovation, expansion of application scenarios, and environmentally friendly practices. The demand for high-precision sealing materials in electronics and aerospace is also anticipated to grow [24].

2024 年定期受托管理事务报告 证券简称：回天新材 股票代码：300041 债券简称：回天转债 债券代码：123165 湖北回天新材料股份有限公司 创业板向不特定对象发行可转换公司债券 发行人 湖北回天新材料股份有限公司 （湖北省襄阳市国家高新技术开发区关羽路 1 号） 债券受托管理人 （四川省成都市东城根上街 95 号） 2025 年 6 月 1 重要声明 根据《可转换公司债券管理办法》（以下简称"管理办法"）、《湖北回天新 材料股份有限公司向不特定对象发行可转债之受托管理协议》、《湖北回天新材 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》等相关规定和约 定，国金证券股份有限公司（以下简称"国金证券"）作为受托管理人，以公开信 息披露文件、发行人出具的相关说明文件以及第三方中介机构出具的专业意见等 为信息来源编制本定期受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国金证券所作的承诺 或声明。未经国金证券书面许可，不得将本报告用作其他任何用途。 在本报告中，除非文义另有所指，下列词语具有如下含义： | ...