耐普矿机 20260119 摘要 耐普矿机专注于金属矿山选矿耐磨备件，主打橡胶与金属复合技术，该 技术是全球矿业的新趋势，相较于传统金属铸造备件，具有更高的市场 渗透潜力。 2025 年前三季度，耐普矿机订单增长超 30%，海外订单增长超 50%， 国内订单扭转下降趋势，主要得益于全球首创的锻造复合衬板产品，其 性能领先美卓约 50%。 剔除 EPC 业务影响，耐普矿机主业收入从 2020 年的 3 亿多元增长到 2024 年的 9 亿多元，四年内实现两倍增长，年复合增速超过 30%。 耐普矿机未来五年战略规划包括出海 2.0（全球生产基地布局）、产品 2.0（推出突破性产品）和第二次创业，旨在不断开拓国内外市场。 双轮驱动战略包括资源与选矿耐磨备件耗材双轮驱动发展，例如参股哥 伦比亚铜金银矿项目，该项目铜储量 40 万吨、黄金储量 20 吨、白银储 量 200 吨，总价值约 600 亿至 700 亿元人民币。 高合金锻造复合衬板寿命是铸造金属衬板的两倍以上，每小时矿石处理 量可提升 3%-5%，电耗可节约 3%-7%，运行稳定性提高 10 倍以上， 拆装便利。 2025 年锻造复合衬板订单约 1 亿元，主要 ...

证券代码：300818 证券简称：耐普矿机 公告编号：2026-009 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 中签号码公告 保荐人（主承销商）：国金证券股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示 江西耐普矿机股份有限公司（以下简称"耐普矿机"、"发行人"或"公 司"）和国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销 商）"）根据《中华人民共和国证券法》《证券发行与承销管理办法》（证监 会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《深圳证券交易所上市公司证券发行与承销业务实施细则（2025 年修 订）》（深证上〔2025〕268 号）、《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（2025 年修订）》（深证上〔2025〕223 号）和《深 圳证券交易所创业板上市公司自律监管指南第 1号——业务办理（2025年修订）》 （深证上〔2025〕398 号）等相关规定组织实施本次向不特定对象发行可转换公 司债券（以下简称"可转换公司债券"、"可 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market first rose and then declined. The daily trading volume of the whole market reached a record high of 3.99 trillion yuan on Wednesday. After the exchange adjusted the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The bond market yield declined, and the 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][8][9]. - In the convertible bond market, most individual convertible bonds rose last week. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week [2][9]. - Although the current market price and the valuation of convertible bonds in each parity range are close to the 100% quantile position in history, the equity market is in a clear upward trend. Institutions are more worried about missing out on the upward trend than about market declines, which strongly supports the valuation of convertible bonds. Currently, it is the stage with the strongest certainty of upward market momentum [3][19]. - For relative returns, it is recommended to focus on lithium - battery, semiconductor equipment and materials, chemical industry, and securities brokerage sectors. For absolute - return funds, attention should be paid to the undervalued leading companies in the still - stagnant industries [4][20]. 3. Summary According to Relevant Catalogs Market Focus (January 12 - January 16, 2026) Stock Market - The A - share market first rose and then declined. The daily trading volume reached a record high on Wednesday. After the adjustment of the margin ratio for margin trading, market sentiment cooled down. The commercial aerospace sector retreated from its high, and the market focus shifted to AI applications, semiconductors, etc. The dividend - paying sector still underperformed. Most Shenwan primary industries declined, with computer, electronics, non - ferrous metals, media, and machinery leading the gains, and national defense and military industry, real estate, agriculture, forestry, animal husbandry, and coal performing poorly [1][8][9]. Bond Market - Although the equity market continued to rise at the beginning of the week, the impact on the bond market weakened significantly. Due to the increasing expectation of an equity market adjustment after a rapid rise, the bond market yield declined. After the central bank cut the interest rate of structural monetary policy tools on Thursday, the yield fluctuated and remained stable overall. The 10 - year Treasury bond rate closed at 1.84% on Friday, down 3.58bp from the previous week [1][9]. Convertible Bond Market - Most individual convertible bonds rose. The CSI Convertible Bond Index increased by 1.08% for the whole week, the median price increased by 0.63%, and the arithmetic average parity increased by 1.39%. The conversion premium rate of the whole market decreased by 0.64% compared with the previous week. Most industries in the convertible bond market rose, with computer, electronics, media, and machinery leading the gains, and national defense and military industry, building materials, coal, and transportation performing poorly. The top - rising individual bonds were related to semiconductors and AI applications, while the top - falling ones were mainly from the commercial aerospace sector [2][9][13]. Views and Strategies (January 19 - January 23, 2026) - The consensus on the upward trend supports the valuation of convertible bonds. The equity market first rose and then declined last week, and the theme shifted from aerospace to AI applications and semiconductor equipment. The relevant convertible bonds performed well, the average parity increased further, and the median market price rose to 139 yuan. The premium rate of equity - biased convertible bonds in the high - parity range increased significantly, and the convertible bond ETF still showed a significant net inflow trend. Newly - listed bonds were still strong [3][19]. - For relative returns, focus on high - probability equity - biased sectors such as lithium - battery (price increases are gradually implemented, and domestic and overseas demand is booming), semiconductor equipment and materials (expansion of Changxin and Changcun, and increasing localization rate), chemical industry (anti - involution in the polyester industry chain), and securities brokerage (benefiting from the booming stock market trading volume and previous underperformance). For absolute - return funds, pay attention to the undervalued leading companies in the still - stagnant industries, including two - wheeled vehicles, beauty and personal care, architectural design, and pig farming [4][20]. Valuation Overview - As of January 16, 2026, for equity - biased convertible bonds, the average conversion premium rates in different parity ranges are at high quantile positions in history. For debt - biased convertible bonds, the average YTM of bonds with a parity below 70 yuan is in the lower quantile position. The average implied volatility of all convertible bonds and the difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks are also at high quantile positions [21]. Primary Market Tracking - Last week (January 12 - January 16, 2026), Shangtai Convertible Bond and Naipu Convertible Bond 02 announced their issuance, and Aohong, Shuangle, and Jin 05 Convertible Bonds were listed. In the future week (January 19 - January 23, 2026), there are no announcements of convertible bond issuance and listing. Last week, 4 companies got the exchange's approval for registration, 1 company's application was accepted by the exchange, 2 companies' plans passed the shareholders' meeting, and 4 companies released board proposals. Currently, there are 99 convertible bonds to be issued, with a total scale of 155.14 billion yuan [28][34].

网上发行中签率及优先配售结果公告 保荐人（主承销商）：国金证券股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 证券代码：300818 证券简称：耐普矿机 公告编号：2026-008 江西耐普矿机股份有限公司 向不特定对象发行可转换公司债券 1、网上投资者申购可转债中签后，应根据《江西耐普矿机股份有限公司向 不特定对象发行可转换公司债券中签号码公告》履行资金交收义务，确保其资 金账户在 2026 年 1 月 20 日（T+2 日）日终有足额的认购资金，投资者款项划付 需遵守投资者所在证券公司的相关规定。投资者认购资金不足的，不足部分视 为放弃认购，由此产生的后果及相关法律责任，由投资者自行承担。根据中国 结算深圳分公司的相关规定，放弃认购的最小单位为 1 张。网上投资者放弃认 购的部分由保荐人（主承销商）包销。 2、当原股东优先认购的可转债数量和网上投资者申购的可转债数量合计不 足本次发行数量的 70%时；或当原股东优先认购的可转债数量和网上投资者缴 款认购的可转债数量合计不足本次发行数量的 70%时，发行人和保荐人（主承 销商）将协商是否采取中止发 ...

Core Viewpoint - The company Nepco Mining announced the issuance of 450 million yuan in convertible bonds, named "Nepco Convertible Bond 02," with preferential allocation for existing shareholders and public subscription ending on January 16, 2026 [1] Group 1: Bond Issuance Details - The total amount of the convertible bonds issued is 450 million yuan [1] - Existing shareholders were allocated 392,297,500 yuan, accounting for 87.18% of the total issuance [1] - The controlling shareholder, Zheng Hao, received approximately 46.48% of the preferential allocation [1] Group 2: Public Subscription - The public subscription for social investors amounted to 57,702,000 yuan, representing 12.82% of the total issuance [1] - The online subscription success rate was 0.0006092601% [1] Group 3: Upcoming Events - The issuer and the lead underwriter will organize a lottery draw on January 19, with results to be announced on January 20 [1] - The listing date for the bonds will be announced separately [1]

本次募投项目的建设,也是耐普矿机海外生产基地布局的关键一步。据耐普矿机方面介绍，秘鲁背靠安 第斯山，是拉美市场继智利之后位居第二的矿业大国，当前矿山机械市场正迎来快速发展期，公司通过 在秘鲁利马大区卡涅特省自建厂房，打造覆盖公司全品类新材料选矿耐磨备件的生产基地，在深度开拓 秘鲁本土市场同时，可辐射智利、墨西哥、哥伦比亚等矿产资源丰富的拉美国家。 经过持续多年的海外市场开拓，耐普矿机产品远销蒙古国、智利、墨西哥、厄瓜多尔等多个国家,同时 在蒙古国、赞比亚、智利等地建厂，并在十余个国家和地区设立子公司或办事处,品牌在全球市场具有 一定影响力和知名度。2022年、2023年及2024年,耐普矿机境外收入分别为4.21亿元、5.19亿元、7.58亿 元，占同期公司营业收入比例分别为56.24%、55.35%、67.61%。伴随着"秘鲁年产1.2万吨新材料选矿耐 磨备件制造项目"的实施，耐普矿机境外业务规模与收入占比预计将进一步提升。(厉平) 募投项目"秘鲁年产1.2万吨新材料选矿耐磨备件制造项目"系耐普矿机现有业务的海外产能建设，项目 建设完成后，耐普矿机相较2024年末整体产能将提升61.07%,其中拉美地区将提 ...

Core Viewpoint - The company Nepean Mining announced a total fundraising amount of 450 million yuan through convertible bonds, with a significant portion allocated for a new manufacturing project in Peru [1] Group 1: Fundraising Details - The total amount raised from the convertible bonds is 450 million yuan [1] - After deducting issuance costs, 325 million yuan will be used for the construction of a new materials mining wear parts manufacturing project in Peru [1] Group 2: Project Specifications - The new manufacturing project in Peru is expected to have an annual production capacity of 12,000 tons [1] - The estimated construction period for the project is 2.5 years, with completion anticipated around August 2027 [1]

Group 1: Investor Relations Activity - The online roadshow for the issuance of convertible bonds was held on January 15, 2026, from 15:30 to 17:00 [2] - Participants included the Vice Chairman and General Manager, Mr. Cheng Sheng, and other key executives [2] Group 2: Convertible Bond Issuance Details - The total amount raised from the convertible bond issuance is CNY 450 million, with CNY 325 million allocated for a new materials mining wear parts manufacturing project in Peru and CNY 125 million for working capital [3][4] - The construction period for the Peru project is estimated to be 2.5 years, expected to be completed around August 2027 [3] Group 3: Shareholder Participation and Rights - Original shareholders can participate in the priority allocation of convertible bonds at a rate of CNY 2.6663 per share, translating to 0.026663 bonds per share [3][4] - The initial conversion price for the bonds is set at CNY 38.44 per share, with an expected dilution effect of approximately 6.94% on existing shareholders after full conversion [4][5] Group 4: Market Position and Investment Advantages - The company has over 20 years of experience in the metal mining wear parts sector and is recognized as a "little giant" enterprise in the specialized field [3] - The current market conditions are favorable, with significant price increases in metals like copper and gold, enhancing the company's product demand [4] Group 5: Financial Health and Future Plans - The company reports a good financial status, with no plans for major shareholder reductions since its listing [5] - The funds raised will be utilized efficiently based on the main business development needs [5]

证券代码：300818 证券简称：耐普矿机 公告编号：2026-007 江西耐普矿机股份有限公司 江西耐普矿机股份有限公司（以下简称"耐普矿机"、"发行人"或"公 司"）和国金证券股份有限公司（以下简称"国金证券"或"保荐人（主承销 商）"）根据《中华人民共和国证券法》《证券发行与承销管理办法》（证监 会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《深圳证券交易所上市公司证券发行与承销业务实施细则（2025 年修 订）》（深证上〔2025〕268 号）、《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（2025 年修订）》（深证上〔2025〕223 号）和《深 圳证券交易所创业板上市公司自律监管指南第 1号——业务办理（2025年修订）》 （深证上〔2025〕398 号）等相关规定组织实施本次向不特定对象发行可转换公 司债券（以下简称"可转换公司债券"、"可转债"或"耐普转 02"）。 本次发行的可转债将向发行人在股权登记日（2026 年 1 月 15 日，T-1 日） 收市后中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳 分公司" ...

Core Viewpoint - Nep Mining Machine's stock price has shown a positive trend, with a year-to-date increase of 3.01% and significant gains over various time frames, indicating strong market interest despite a decline in revenue and profit [1][2]. Financial Performance - For the period from January to September 2025, Nep Mining Machine reported operating revenue of 714 million yuan, a year-on-year decrease of 22.46%, and a net profit attributable to shareholders of 62.5 million yuan, down 48.07% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 93.5 million yuan, with 74.6 million yuan distributed over the past three years [3]. Stock Market Activity - As of January 14, 2025, Nep Mining Machine's stock price was 39.01 yuan per share, with a market capitalization of 6.584 billion yuan. The stock experienced a trading volume of 1.23 billion yuan and a turnover rate of 2.90% [1]. - The stock has seen a net inflow of main funds amounting to 3.8869 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Information - As of January 9, 2025, the number of shareholders for Nep Mining Machine was 8,641, a decrease of 3.38% from the previous period, while the average number of circulating shares per person increased by 3.49% to 12,670 shares [2]. - Notable institutional holdings include Fu Guo Long-term Growth Mixed A as the fifth-largest shareholder with 1.6719 million shares, and Hua Bao Multi-strategy Growth A as the sixth-largest with an increase of 110,000 shares [3].