Core Viewpoint - The Shenzhen Stock Exchange's listing review committee approved Shuangle Pigment Co., Ltd.'s issuance of convertible bonds, indicating compliance with issuance, listing, and information disclosure requirements [1] Group 1: Issuance Details - Shuangle Pigment plans to raise up to RMB 80 million through the issuance of convertible bonds, which will be allocated to various projects and working capital [2] - The projects funded by the issuance include high-performance blue-green pigments, high-performance yellow-red pigments, a research center for high-performance functional pigments, and working capital [3] Group 2: Project Investment Breakdown - The total investment for the high-performance blue-green pigment project is RMB 18.5 million, with RMB 16.62 million from the raised funds [3] - The high-performance yellow-red pigment project has a total investment of RMB 46.35 million, with RMB 41.58 million allocated from the raised funds [3] - The research center for high-performance functional pigments requires a total investment of RMB 6 million, with RMB 3.80 million from the raised funds [3] - The working capital will utilize the full RMB 18 million from the raised funds [3] Group 3: Convertible Bond Terms - The convertible bonds will have a duration of six years, with the conversion period starting six months after issuance [3] - The initial conversion price will be determined based on the average stock price over the twenty trading days prior to the announcement of the fundraising plan [4] - The controlling shareholder, Yang Hanzhou, holds 35.23% of the company's shares directly and controls an additional 15.10% indirectly [4]

Core Viewpoint - Shuangle Co., Ltd. is a significant player in the domestic phthalocyanine and chromium pigment sectors, showcasing strong R&D capabilities and production scale advantages [1] Group 1: Business Performance - In Q3 2025, Shuangle achieved a revenue of 1.11 billion, ranking 5th among 16 companies in the industry, with the top competitor, Baihehua, generating 1.638 billion [2] - The revenue composition includes phthalocyanine pigments at 550 million (73.45%), chromium pigments at 122 million (16.25%), and other pigments contributing 4.91% and 2.93% respectively [2] - The net profit for the same period was 49.46 million, placing the company 7th in the industry, with the leading company, Meijiaxincai, reporting a net profit of 165 million [2] Group 2: Financial Ratios - As of Q3 2025, Shuangle's debt-to-asset ratio was 10.48%, slightly up from 10.42% year-on-year, significantly lower than the industry average of 36.42%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 14.11%, down from 16.82% year-on-year, and below the industry average of 23.67%, suggesting a need for improvement in profitability [3] Group 3: Executive Compensation - Chairman Yang Hanzhou's salary increased to 704,200 from 601,400, reflecting a rise of 102,800 [4] - General Manager Pan Xiangwu's salary rose to 504,100 from 401,400, marking an increase of 102,700 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.32% to 13,200, while the average number of circulating A-shares held per account increased by 18.10% to 5,344.38 [5]

证券代码：301036 证券简称：双乐股份 公告编号：2025-043 公司本次向不特定对象发行可转换公司债券尚需履行中国证券监督管理委员会(以 下简称"中国证监会")注册程序,最终中国证监会能否同意注册及其时间尚存在不确定 性。公司将在收到中国证监会作出的予以注册或不予注册的决定文件后另行公告,敬请 广大投资者注意投资风险。 特此公告。 双乐颜料股份有限公司 董事会 双乐颜料股份有限公司 关于向不特定对象发行可转换公司债券申请 获得深圳证券交易所上市审核委员会审核通过的公告 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。 2025 年 10 月 30 日,深圳证券交易所上市审核委员会召开 2025 年第 25 次上市审核 委员会审议会议,对双乐颜料股份有限公司（以下简称"公司"）向不特定对象发行可转 换公司债券的申请进行了审核。根据会议审议结果,公司本次向不特定对象发行可转换 公司债券的申请符合发行条件、上市条件和信息披露要求。 2025 年 10 月 30 日 1 ...

Group 1 - The core viewpoint of the article highlights the increasing revenue share from trade customers for Shuangle Co., which rose from 45.02% in 2022 to 51.94% in the first three quarters of 2025, surpassing production customers [1] - The company justifies its strategy of selling through trade customers due to the diverse downstream applications of pigments, including inks, coatings, and plastics, which require a broad customer base that the company's sales system cannot fully cover [1] - The model aligns with industry practices, as competitors like Baihehua and Shenlanhua have trade customer revenue shares exceeding 70% and 55%, respectively, indicating that Shuangle's current share is within a reasonable range [1] Group 2 - The gross margin for the company's purple pigment products is significantly lower than other categories, with figures of -6.41% in 2022 and 5.44% in the first three quarters of 2025, primarily due to the lack of coverage in the more profitable synthetic segment and low capacity utilization rates [2] - The company has taken measures to control asset impairment risks, with inventory already provisioned for price declines, and the recoverable amount of fixed assets assessed to be above the book value through 2024, indicating no need for impairment provisions [2]

Core Points - The Shenzhen Stock Exchange Listing Review Committee is scheduled to hold its 25th meeting on October 30, 2025, to review the issuance of convertible bonds by Shuangle Pigment Co., Ltd. to unspecified investors [1]

Group 1 - The company Shuangle Co., Ltd. has updated its application documents for issuing convertible bonds based on the Q3 2025 financial data and has disclosed these updates on the Giant Tide Information Network [1][2] - The issuance of convertible bonds is subject to approval from the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission, indicating uncertainty in the process [1][2] - Investors are encouraged to review the updated documents, including the prospectus for the convertible bond issuance, available on the Giant Tide Information Network [1]

Core Viewpoint - Shuangle Co., Ltd. plans to raise up to 800 million yuan through the issuance of convertible bonds to fund the construction of high-performance blue-green pigments, yellow-red pigments, and a research and development center [1] Group 1: Investment Project Overview - The fundraising project includes the addition of 3,000 tons of high-performance blue-green pigment capacity (1,800 tons from existing product expansion and 1,200 tons of new specialized products), 4,000 tons of high-performance yellow-red pigment capacity, and 1,000 tons of pre-dispersed pigments [2] - The company has maintained a capacity utilization rate of over 100% for phthalocyanine green products, reaching 111.86% in 2024 and 118.81% in the first nine months of 2025, indicating strong market demand [2] - As a leading domestic phthalocyanine pigment manufacturer, the company held over 30% market share from 2021 to 2023, and the expansion will help solidify its industry position [2] Group 2: Financial Projections - The blue-green pigment project is expected to generate sales revenue of 207 million yuan and a net profit of 19.76 million yuan in its first year of production, while the yellow-red pigment project is projected to achieve sales revenue of 433 million yuan and a net profit of 52.38 million yuan [3] - The gross profit margins for the two projects are estimated at 15.24% and 18.24%, respectively, which are in line with the company's 2024 phthalocyanine pigment margin of 17.08% but lower than competitors like Shenlanhua (20.55%) and Baihehua (20.31%), reflecting a cautious forecast [3] Group 3: Financing Necessity - The company estimates a funding gap of 886 million yuan over the next three years, with available cash of 55.01 million yuan and projected net cash flow from operating activities of 439 million yuan [3] - The company needs to cover a minimum cash reserve of 522 million yuan, cash dividends of 150 million yuan, and an investment of 708 million yuan for the fundraising projects [3] - Existing bank credit of 970 million yuan is primarily short-term loans, which are insufficient for long-term project funding needs; issuing convertible bonds will optimize the capital structure with a significantly lower financing cost compared to bank loans [3]

浙商证券股份有限公司 关于双乐颜料股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （浙江省杭州市上城区五星路201号） 二〇二五年十月 双乐颜料股份有限公司 向不特定对象发行可转换公司债券之上市保荐书 声明 浙商证券股份有限公司（以下简称"保荐机构"、"浙商证券"）接受双乐颜 料股份有限公司（以下简称"双乐股份"、"公司"或"发行人"）的委托，担任 其向不特定对象发行可转换公司债券的保荐机构。 本保荐机构及保荐代表人根据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上市保荐业务管理办 法（2025 修正）》（下称"《保荐管理办法》"）、《上市公司证券发行注册管理办法 （2025 修正）》（以下简称"《注册管理办法》"）、《可转换公司债券管理办法（2025 修正）》、《深圳证券交易所创业板股票上市规则（2025 年修订）》（下称"《上市 规则》"）等有关法律、行政法规和中国证券监督管理委员会（下称"中国证监会"）、 深圳证券交易所的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、 行业执业规范和道德准则出具本 ...

股票简称：双乐股份 股票代码：301036 双乐颜料股份有限公司 与浙商证券股份有限公司 关于《关于双乐颜料股份有限公司申请向不 特定对象发行可转换公司债券的审核问询 函》的回复 保荐机构（主承销商） （浙江省杭州市上城区五星路201号） 二〇二五年十月 深圳证券交易所： 说明： 一、如无特别说明，本回复中的简称或名词释义与《双乐颜料股份有限公司 向不特定对象发行可转换公司债券募集说明书》中的相同。 二、本回复中的字体代表以下含义： | 问询函所列问题 | 黑体（加粗） | | --- | --- | | 对问询函所列问题的回复 | 宋体（不加粗） | | 对募集说明书的修改、补充 | 楷体、加粗 | 三、本回复中若出现总计数尾数与所列值和不符的情况，均为四舍五入所致。 1-1 | | | 问题 1 贵所《关于双乐颜料股份有限公司申请向不特定对象发行可转换公司债券的 审核问询函》审核函〔2025〕020037 号（以下简称"审核问询函"）已收悉。根 据贵所要求，双乐颜料股份有限公司（以下简称"双乐股份"、"发行人"或"公 司"）会同浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）、广 发律师事务所（ ...

浙商证券股份有限公司 关于双乐颜料股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （住所：浙江省杭州市五星路 201 号） 二〇二五年十月 声明 作为双乐颜料股份有限公司（以下简称"双乐股份""发行人"或"公司"） 向不特定对象发行可转换公司债券的保荐机构，浙商证券股份有限公司（以下简 称"本保荐机构""保荐机构"或"浙商证券"）及其指定的保荐代表人已根据 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）《上市公司证券发行注册管理办法》（以下简 称"《注册管理办法》"）《＜上市公司证券发行注册管理办法＞第九条、第十 条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适用意 见——证券期货法律适用意见第 18 号》（以下简称"《证券期货法律适用意见 第 18 号》"）等有关法律、法规和中国证券监督管理委员会（以下简称"中国 证监会"）以及深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信， 勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行 保荐书，并保证所出具文件的真实性、准确性和 ...