股票代码：300839 股票简称：博汇股份 债券代码：123156 债券简称：博汇转债 宁波博汇化工科技股份有限公司 二〇二五年度 向特定对象发行 A 股股票 方案论证分析报告 （修订稿） 二〇二五年七月 2-2-1 宁波博汇化工科技股份有限公司 2025 年度向特定对象发行 A 股股票方案论证分析报告 二十届三中全会通过的《中共中央关于进一步全面深化改革 推进中国式 现代化的决定》科学谋划了健全推动经济高质量发展体制机制建设，更加着眼 于科技创新和产业创新深度融合，发展以高技术、高效能、高质量为特征的生 产力。工信部、发改委等六部门联合印发的《关于"十四五"推动石化化工行 业高质量发展的指导意见》提出行业高质量发展，进一步加快行业结构调整和 转型升级，产业发展模式从以规模扩张为主的产能建设转向以"精耕细作"为 主的精细化、专用化、系列化细分市场拓展渗透。公司致力于化工新材料细分 领域的技术研发及创新，聚焦提质增效，实现"减油增化"。公司以市场需求为 导向，持续提升技术研发、创新能力，强化关键核心技术攻关，进一步开发产 品应用场景，拓展多元化应用市场，实现产品系列的升级，提高产品附加值， 拓展高端市场领域，不 ...

股票代码：300839 股票简称：博汇股份 公告编号：2025-090 债券代码：123156 债券简称：博汇转债 监事会关于公司 2025 年度向特定对象发行 A 股股票的 书面审核意见 本公司及监事会全体成员保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证 券发行注册管理办法》等有关法律、法规、规范性文件及《宁波博汇化工科技 股份有限公司章程》（以下简称"《公司章程》"）的规定，宁波博汇化工科技 股份有限公司（以下简称"公司"）监事会在全面了解和审核公司 2025 年度向特 定对象发行 A 股股票（以下简称"本次发行"）的相关文件后，发表书面审核意 见如下： 一、关于《关于公司 2025 年度向特定对象发行 A 股股票预案（修订稿） 的议案》的审查意见 经审核，我们一致同意关于公司 2025 年度向特定对象发行 A 股股票预案 （修订稿）的事项。公司本次向特定对象发行股票预案符合相关法律、法规、 规范性文件及《公司章程》的规定，本次发行具备必要性与可行性，符合公司 及全体股东的利益，不存在损害公司及全体股东 ...

| 证券代码：300839 | 证券简称：博汇股份 公告编号：2025-088 | | --- | --- | | 债券代码：123156 | 债券简称：博汇转债 | 宁波博汇化工科技股份有限公司 第四届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 2025 年 7 月 4 日，宁波博汇化工科技股份有限公司（以下简称"公司"）第 四届董事会第二十四次会议以现场及通讯方式在公司会议室召开，公司已于 2025 年 6 月 30 日通过电子通讯方式通知了全体董事。本次会议应到董事 7 名， 实到董事 7 名，会议由董事长金碧华先生召集主持。金碧华先生就本次董事会 紧急通知的原因在本次会议上作出了说明。本次会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 经董事会审议和表决，形成决议如下： （一）审议通过《关于公司 2025 年度向特定对象发行 A 股股票预案（修订 稿）的议案》 根据《公司法》《证券法》等有关法律法规及规范性文件的要求，结合公司 实际情况并 ...

Group 1: Company Performance and Strategy - In 2024, the company's performance faced pressure, but Q1 2025 showed significant improvement in profit, both year-on-year and quarter-on-quarter [2] - The company is actively adjusting its product structure, focusing on special oils and new chemical materials, enhancing product quality and value [2] - The introduction of transformer oil aims to expand its application to energy storage battery cooling and large computing center immersion cooling [2] Group 2: Cost Management and Efficiency - The company is accelerating global sourcing and improving procurement efficiency through an information system [2] - It has optimized its processing trade model to explore international markets, becoming the only private refinery operating bonded high-sulfur fuel oil [3] - The company is implementing cost reduction strategies across three dimensions: people, goods, and venues, to stabilize operations [3] Group 3: Product Performance - Overall product performance is balanced, with fuel oil series having a significant market share and export ratio [3] - The company is closely monitoring raw material prices and utilizing hedging strategies to mitigate profit impacts from market fluctuations [3] Group 4: Competitive Advantages - The company benefits from its location in a key chemical park, providing low logistics costs and proximity to major markets [4] - It has established a strong R&D foundation, including partnerships with leading institutions and a provincial engineering technology center [4] - The company has made significant investments in safety and environmental standards, achieving national-level green factory recognition [4] Group 5: Future Developments - The change in controlling shareholder to a state-owned platform is expected to enhance capital strength and reduce debt ratios [4] - The company has been recognized for its digital transformation, with multiple awards for its smart manufacturing initiatives [4] - The establishment of Wuxi Extreme Liquid Cooling Technology Co., Ltd. aims to capitalize on the growing demand for computing power cooling solutions [5]

Group 1 - The company has issued convertible bonds totaling 397 million yuan, with a face value of 100 yuan per bond, approved by the China Securities Regulatory Commission [2][3] - The convertible bonds, named "博汇转债," were listed on the Shenzhen Stock Exchange on September 2, 2022 [2][3] - The conversion period for the bonds is from February 22, 2023, to August 15, 2028 [3] Group 2 - The conversion price for the bonds has been adjusted from 15.05 yuan per share to 10.69 yuan per share, effective from May 19, 2023 [3][4] - The company has a conditional redemption clause for the bonds, which can be triggered if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [5][6] - As of June 4, 2025, the company's stock price has met the condition for potential redemption, with 10 trading days closing above 10.40 yuan [5][6]

Summary of BoHui Co., Ltd. Conference Call Company Overview - BoHui Co., Ltd. is located in Ningbo Zhenhai, with its production base in the Ningbo Chemical Park, a national first-class chemical park. The company specializes in deep processing of fuel oil and specialty oils, including transformer oil, lubricating base oil, heat transfer oil, and furnace fuel oil. The company operates in various sectors such as rubber processing, asphalt processing, and photovoltaic new materials. It is listed on the Shenzhen Stock Exchange [2][3]. Key Points and Arguments Profit Improvement in Q1 2025 - The profit improvement in Q1 2025 is attributed to several factors: - Shift in business model from domestic sales to international trade, leveraging the export advantages of the Zhoushan Free Trade Zone [2][3]. - Product structure optimization, including the development of transformer oil and positioning for the cooling needs of computing servers [2][3]. - Technical upgrades to enhance raw material stability and product added value, leading to improved capacity utilization [2][4]. - Internal management cost optimization, including reduced management costs and streamlined processes [2][4]. Product Performance - High-sulfur fuel oil and fuel oils numbered 5-7 performed well, with an increasing export ratio. White oil and base oil remained stable, while asphalt production may be paused due to poor initial demonstration performance, with flexibility to adjust production based on market demand [2][5]. Raw Material Price Volatility Management - BoHui Co., Ltd. manages raw material price volatility through inventory adjustments and hedging strategies. If import prices are too high, the company may reduce purchase volumes. A dedicated team is established for futures trading to mitigate price risks during the procurement to sales cycle [2][6][7]. Competitive Advantages - The company has several competitive advantages: - Advanced technology using the Dutch jump process, leading to high technical content and a shorter establishment time for the second plant [2][8]. - Significant investment in safety and environmental protection, reducing regulatory risks [2][8]. - International presence with branches in Singapore and a trading company in Beijing, enhancing procurement and market intelligence [2][8]. - Strong product R&D and quality control capabilities, ensuring stable product performance [2][8]. - A cash-on-delivery sales model that accelerates cash flow [2][9]. Impact of State-Owned Shareholder Change - The change of the controlling shareholder to a state-owned platform is expected to enhance the company's stability, increase funding availability, deepen business channels, improve employee welfare, and adjust strategic layouts for quality and scale enhancement [2][9][10]. Digital Transformation - BoHui Co., Ltd. has made significant investments in digitalization, achieving recognition as a future factory in Zhejiang Province and a national-level intelligent manufacturing demonstration factory. However, due to poor performance in 2025, future digital investment plans remain uncertain [2][18]. Market and Tax Policy Impacts - The change in the consumption tax policy for refined oil from amount-based to production-based has impacted the company's overall capacity [2][13]. The company plans to adjust production structures in response to the underperformance of asphalt products and aims to enhance the yield of high-value white oil products through technical upgrades [2][14][15]. Future Plans - Currently, BoHui Co., Ltd. does not have plans to expand into overseas markets but aims to establish more international cooperation for raw material procurement, focusing on direct sourcing from suppliers in the Middle East and Singapore [2][20][21]. Other Important Information - The BoYue New Materials project was closed due to funding constraints and potential policy adjustments, with the government refunding the land costs [2][11]. The company is focusing on stabilizing existing business segments before expanding [2][11]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic adjustments, product performance, competitive advantages, and future outlook.

| 证券代码：300839 | 证券简称：博汇股份 公告编号：2025-087 | | --- | --- | | 债券代码：123156 | 债券简称：博汇转债 | 宁波博汇化工科技股份有限公司 关于博汇转债可能满足赎回条件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 自 2025 年 6 月 4 日至 2025 年 7 月 2 日，宁波博汇化工科技股份有限公司（以 下简称"公司"）股票已有 10 个交易日的收盘价不低于"博汇转债"当期转股价格（8.00 元/股）的 130%（含 130%）。若在未来触发"博汇转债"的有条件赎回条款（即"在 本次可转债转股期内，如果公司股票连续三十个交易日中至少有十五个交易日的收 盘价格不低于当期转股价格的 130%（含 130%）"），届时根据《宁波博汇化工科 技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》"）中有条件赎回条款的相关约定，公司董事会（或由董事会授权的人 士）有权按照本次可转债面值加当期应计利息的价格赎回全部或部分未转股的本次 可转债。 敬请广 ...

关于 2025 年第二季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： | 证券代码：300839 | 证券简称：博汇股份 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：123156 | 债券简称：博汇转债 | | 宁波博汇化工科技股份有限公司 1、股票代码：300839 股票简称：博汇股份 2、债券代码：123156 债券简称：博汇转债 3、转股价格：8.00 元/股 4、转股期限：2023 年 2 月 22 日起至 2028 年 8 月 15 日（如遇法定节假日或休 息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）。 5、转股股份来源：新增股份 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所可转换公司债 券业务实施细则》等有关规定，宁波博汇化工科技股份有限公司（以下简称"公司"） 现将 2025 年第二季度可转换公司债券博汇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 （一）可转换公司债券发行情况 1、本次发行的可转债初始转股价格 ...

Core Viewpoint - The credit rating agency maintains the credit rating of Ningbo Bohui Chemical Technology Co., Ltd. at "A" due to significant losses in 2024 and the first quarter of 2025, alongside declining profitability and debt repayment indicators, while the company is actively pursuing business transformation and restructuring [3][5][6]. Financial Performance - The company reported a total asset value of 20.61 billion in 2024, down from 21.35 billion in 2023 and 21.11 billion in 2022 [4]. - The net profit for 2024 was -3.10 million, a significant decline from 1.52 million in 2023 [4]. - The operating cash flow turned negative at -1.12 million in 2024, compared to 4.29 million in 2023 [4]. - The debt-to-equity ratio reached 79.41% by the end of March 2025, indicating high leverage [6][7]. Business Transformation - The company is focusing on transforming its product structure and business model, having obtained fuel oil processing trade qualifications by the end of 2024 [5][6]. - The introduction of local state-owned investors is expected to provide financial support and positively impact business operations and financing [5][6]. Industry Context - The fuel oil deep processing industry is characterized by specialized divisions and geographical constraints, primarily located in coastal regions such as North China and the Yangtze River Delta [12][13]. - The industry faces challenges related to production technology and the need for high-quality raw materials, which are critical for meeting the stringent quality requirements of downstream customers [12][13]. Production and Capacity - The company has two main production facilities with a design capacity of 40 million tons each for aromatic extraction and environmental aromatic oil production [19][20]. - The production capacity utilization rate for the aromatic extraction facility was 69.15% in 2023, while the environmental aromatic oil facility was at 74.26% [21]. Future Outlook - The company plans to invest 0.50 billion in a project to adapt raw materials for the environmental aromatic oil facility, which is expected to commence in the second half of 2025 [21][22]. - The company is exploring a fuel oil processing trade model, which is anticipated to significantly influence its future profitability [22].

信用评级报告声明 宁波博汇化工科技股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【697】号 01 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。 本评级报告版权归本评级机构所有，未经 ...