Core Viewpoint - The company, Zhejiang Jiayi Insulation Technology Co., Ltd., has announced that its stock price has been below 85% of the current conversion price of its convertible bonds for 10 consecutive trading days, indicating a potential trigger for the downward adjustment clause in the bond issuance prospectus [1] Group 1 - The stock price of the company has been below the conversion price of the "Jiayi Convertible Bonds" for 10 trading days from October 16 to October 29, 2025 [1] - There is a possibility of triggering the downward adjustment clause as stipulated in the bond issuance prospectus, which states that if the stock price is below 85% of the conversion price for at least 15 out of any 30 consecutive trading days, the conversion price may be adjusted [1] - If the downward adjustment clause is triggered, the company's board of directors has the authority to propose a downward adjustment plan for the conversion price, which will then be submitted for shareholder approval [1]

Group 1 - The company has repurchased a total of 1.6544 million shares, which accounts for 1.1374% of its current total share capital [1] - The highest transaction price for the repurchased shares was 65.53 yuan per share, while the lowest was 53.01 yuan per share [1] - The total amount spent on the repurchase was 99.0246 million yuan, excluding transaction fees [1] Group 2 - The share repurchase is in compliance with the company's repurchase plan and relevant laws and regulations [1]

浙江嘉益保温科技股份有限公司 关于回购公司股份比例达到 1%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。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第三届董事会第十四次会议，于 2025 年 5 月 6 日召开 2025 年第一次临时 股东大会，分别审议通过了《关于以集中竞价交易方式回购公司部分股份方案的 议案》等相关议案，公司拟使用不低于人民币 8,000 万元（含），不超过人民币 16,000 万元（含）以集中竞价交易方式回购公司已发行的无限售条件的人民币普 通股（A 股）股票，回购价格不超过人民币 139.86 元/股。回购股份的实施期限 为自股东大会审议通过回购股份方案之日起 12 个月内，具体回购股份的数量以 回购实施完成/回购期满时实际回购的股份数量为准。具体内容详见公司于 2025 年 4 月 16 日和 2025 年 5 月 6 日披露于巨潮资讯网（www.cninfo.com.cn）的《关 于以集中竞价交易方式回购公司部分股份方案的公告》（公告编号：2025-026） 和《回购报告书》 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 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 3、转股价格：79.76 元/股 4、转股期限：2025 年 5 月 13 日起至 2030 年 11 月 6 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、自 2025 年 10 月 16 日至 2025 年 10 月 29 日，浙江嘉益保温科技股份有 限公司（以下简称"公司"）股票已有 10 个交易日的收盘价低于"嘉益转债" 当期转股价格的 85%，存在触发《浙江嘉益保温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》"）中规定的转 股价格向下修正条款（即"在可转债存续期间，当公司股票在任意连续三十个交 易日中至少十五个交易日收盘价格低于当期转股价格的 85%"）的可能性。若在 未来触发转股价格向下修正条款，届时根据《募集说明书》中有关转股价格向下 修正的相关 ...

Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "buy" rating to Jiayi Co., Ltd. (301004.SZ) with a latest price of 57.9 yuan, based on their Q3 2025 report [1] - The company's gross margin and net profit margin have declined, indicating short-term pressure on profitability [1] - The production system at the Vietnam factory has been fully streamlined, steadily enhancing global delivery capabilities [1] Group 2 - The article mentions that the A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation [1] - It highlights that the technology sector is reshaping the market, leading to a new "slow bull" market pattern [1]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company reported a decline in performance for Q3 2025, with revenue of 1.83 billion yuan, down 7.85% year-on-year, and a net profit of 368 million yuan, down 30.79% year-on-year. In Q3 alone, revenue was 430 million yuan, down 47.68% year-on-year, and net profit was 63 million yuan, down 70.56% year-on-year. The decline is attributed to delays in order delivery due to the transition of some customer orders to Vietnam and a conservative market outlook from major clients leading to reduced new orders [3][4][5] - The company's gross margin for the first three quarters of 2025 was 31.86%, a decrease of 7.68 percentage points year-on-year, while the net profit margin was 20.09%, down 6.66 percentage points year-on-year. In Q3, the gross margin was 25.83%, down 13.51 percentage points year-on-year, and the net profit margin was 14.64%, down 11.38 percentage points year-on-year [4] - The production system at the Vietnam factory has been fully streamlined, enhancing global delivery capabilities. The company is focusing on automation upgrades and supply chain improvements while expanding its customer base and increasing R&D investments [5] - The demand for thermos cups remains strong, and the company's diverse product structure and capacity expansion are expected to support future revenue growth. Revenue projections for 2025-2027 are 2.663 billion, 3.231 billion, and 3.789 billion yuan, with corresponding net profits of 540 million, 762 million, and 921 million yuan [6][8] Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 31.86% and a net profit margin of 20.09%. The financial expenses increased primarily due to rising interest costs, while the net profit margin was affected by declining sales and rising period expenses [4][8] - The company’s revenue for 2024 is projected at 2.836 billion yuan, with a year-on-year growth of 59.8%. For 2025, revenue is expected to decline by 6.1% to 2.663 billion yuan, followed by a recovery with growth of 21.3% in 2026 and 17.3% in 2027 [8] - The earnings per share (EPS) are projected to be 7.20 yuan for 2024, decreasing to 3.71 yuan in 2025, and then increasing to 5.24 yuan in 2026 and 6.33 yuan in 2027 [8]

浙江嘉益保温科技股份有限公司（以下简称"公司"）于2025年10月29日发布公告称，因2025年半年度权 益分派实施完毕，公司对2022年第二期限制性股票激励计划的限制性股票回购价格进行调整，调整后回 购价格由3.50元/股降至2.50元/股。此次调整涉及此前因激励对象身故及绩效考核不达标拟回购注销的 3.36万股限制性股票。 调整背景：权益分派落地与回购注销需求 公告显示，公司于2025年9月15日召开第三届董事会第十七次会议、2025年10月9日召开2025年第三次临 时股东会，审议通过了《关于回购注销部分限制性股票的议案》。根据议案，1名首次授予激励对象因 身故不符合激励条件，3名首次授予激励对象因个人层面绩效考核不达标，上述人员已获授但尚未解除 限售的3.36万股限制性股票将由公司回购注销。 而回购价格调整的直接原因为公司2025年半年度权益分派的实施。据公告，公司2025年半年度权益分派 方案为：以总股本145,446,938股剔除已回购股份1,086,080股后的144,360,858股为基数，向全体股东每10 股派发现金红利10.00元（含税），合计派现144,360,858.00元（含税），该 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 第三届董事会第十八次会议决议公告 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。 经审议，董事会认为公司编制《2025 年第三季度报告》的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司 2025 年第三季度的经营管理情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》（公告编号：2025-078）。 董事会审计委员会审议通过了该议案。 表决结果：同意票 8 票，反对票 0 票，弃权票 0 票，议案获得通过。 （二）审议通过《关于调整 2022 年第二期限制性股票激励计划限制性股票 回购价格的议案》 因公司 2025 年半年度权益分派已于 2025 年 10 月 20 日实施完毕，根据《2022 年第二期限制性股 ...

嘉益股份公告，第三季度营收为4.3亿元，下降47.68%；净利润为6293.07万元，下降70.56%。前三季度 营收为18.29亿元，下降7.85%；净利润为3.68亿元，下降30.79%。 ...

| 证券代码：301004 | 证券简称：嘉益股份 公告编号：2025-079 | | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | 浙江嘉益保温科技股份有限公司 关于调整 2022 年第二期限制性股票激励计划 限制性股票回购价格的公告 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。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开第三届董事会第十七次会议、2025 年 10 月 9 日召开 2025 年第三次临时 股东会，审议通过了《关于回购注销部分限制性股票的议案》，鉴于 1 名首次授 予激励对象因其他原因身故，已不符合《公司 2022 年第二期限制性股票激励计 划》中有关激励对象的规定，3 名首次授予激励对象因个人层面绩效考核评定不 达标，导致其获授的限制性股票不能解除限售。上述人员已获授但尚未解除限售 的限制性股票 3.36 万股将由公司回购注销。 公司于 2025 年 10 月 28 日召开第三届董事会第十八次会议，审议通过了《关 于调整 2022 年第二期限制性股票激励计划限制 ...