2、赎回条件满足日：2025年7月28日 3、停止交易日：2025年8月18日 4、赎回登记日：2025年8月20日 5、赎回日：2025年8月21日 6、停止转股日：2025年8月21日 7、赎回资金到账日（到达中登公司账户）：2025年8月26日 8、投资者赎回款到账日：2025年8月28日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z耐转债 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002225 证券简称：濮耐股份 公告编号：2025-059 债券代码：127035 债券简称：濮耐转债 濮阳濮耐高温材料（集团）股份有限公司关于提前赎回"濮耐转债"的第十次提示性公告 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： 1、"濮耐转债"赎回价格：100.906元/张（含当期应计利息，当期年利率为3.80%，且当期利息含税）， 扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中登公司"）核准的价格为 准。 11、根据安排，截至2025年8月20日收市后仍未转股的"濮耐转债"将被强制赎回。本次赎回完成后 ...

（文章来源：每日经济新闻） 中钢洛耐（SH 688119，收盘价：4.42元）8月11日晚间发布公告称，因临近退休，王战民先生申请辞去 公司副总经理职务。公司审议通过了《关于聘任公司副总经理的议案》，经公司董事会提名委员会资格 审查通过，董事会同意聘任李杰先生为公司副总经理。 2024年1至12月份，中钢洛耐的营业收入构成为：耐火材料占比97.62%，其他业务占比2.38%。 ...

Group 1 - The company, Luyang Energy-saving (002088.SZ), primarily engages in the production and sales of ceramic fiber products, industrial filtration products, and automotive padding products [1] - The company does not involve in the research and development of PEEK materials [1]

Group 1 - The western region of China has shown strong momentum in foreign trade, with a total import and export value of 2.12 trillion yuan in the first half of the year, marking a year-on-year growth of 10.4% and setting a historical record for the same period [1] - Key provinces such as Sichuan, Xinjiang, and Shaanxi reported significant growth in their import and export values, with Xinjiang achieving a remarkable year-on-year increase of 28% [1][3] - The export of green low-carbon industries is expected to continue leading, particularly in regions like Sichuan, Guangxi, and Chongqing, due to their mature industrial clusters and technological advantages [1][2] Group 2 - The company Green Energy Huichong has successfully entered the Southeast Asian market, marking a significant milestone in its overseas expansion, with a focus on electric vehicle charging solutions [2] - The export of high-value products such as photovoltaic products and lithium batteries from Sichuan has seen extraordinary growth, with increases of 284.9% and 1306.4% respectively [3] - The number of foreign trade enterprises in the western region has significantly increased, with a notable rise in private enterprises, indicating an improved business environment [3] Group 3 - The western region is implementing a series of policy measures to promote high-quality foreign trade development, including initiatives to enhance the competitiveness of key products and support small and micro enterprises [5] - Companies are optimistic about their export prospects, with expectations of significant growth in the second half of the year, driven by successful market strategies and product innovation [5] - The diversification of trade partners is increasing, with regions like Sichuan expanding their foreign trade relationships to 229 partners, enhancing the resilience of the western region's foreign trade [3] Group 4 - Despite the positive trends, challenges remain for the western region's foreign trade, including fluctuating international market demand and rising logistics costs [6] - Recommendations for overcoming these challenges include optimizing trade structures, enhancing industry competitiveness, and expanding diverse trade partnerships [6]

Core Viewpoint - The legal opinion letter confirms that Puyang Puna High-Temperature Materials (Group) Co., Ltd. has met the conditions for early redemption of its convertible bonds, in accordance with relevant laws and regulations [3][11]. Group 1: Redemption Conditions - The company has issued a total of 6,263,903 convertible bonds with a face value of 100 RMB each, amounting to a total issuance of 626.39 million RMB, which are set to mature on May 25, 2026 [6]. - The redemption conditions are based on the bond's market performance, specifically that the closing price must not be lower than 130% of the conversion price for at least 15 trading days [7][10]. - The initial conversion price was set at 4.43 RMB per share, which has been adjusted multiple times due to equity distribution plans, with the latest adjustment bringing it to 4.20 RMB per share [8][9]. Group 2: Internal Approval and Disclosure - The company’s board of directors approved the issuance of the convertible bonds on April 17, 2020, and the necessary resolutions were passed at the annual general meeting on April 15, 2021 [4][5]. - The company has fulfilled its internal approval procedures and has provided necessary disclosures regarding the potential redemption of the bonds [11][12]. - The company is required to disclose its decision to redeem or not redeem the bonds on the trading day following the board meeting where the decision is made [10][11]. Group 3: Legal Compliance - The legal opinion asserts that the company has complied with the relevant provisions of the Securities Law, the Management Measures for Convertible Bonds, and the Self-Regulatory Guidelines for Listed Companies [3][11]. - The law firm has verified that the company has provided all necessary documents and information required for the issuance of this legal opinion [2][3].

Summary of Key Points Core Viewpoint The company, Puyang Pona High-Temperature Materials (Group) Co., Ltd., is set to redeem its convertible bonds ahead of schedule, following the fulfillment of specific conditions outlined in the bond's terms and regulations [1][9]. Group 1: Convertible Bond Issuance and Terms - The company issued 6,263,903 convertible bonds on May 26, 2021, with a total value of 62.63903 million yuan, each with a face value of 100 yuan [1][2]. - The bond's conversion period is from December 1, 2021, to May 25, 2026, with an initial conversion price of 4.43 yuan per share, which has been adjusted multiple times [2][3]. - The current conversion price is set at 4.20 yuan per share, effective from July 11, 2025 [3]. Group 2: Redemption Conditions - The bond has conditional redemption clauses, allowing the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [4]. - The company has triggered the redemption clause as the stock price met the required conditions from July 8 to July 28, 2025 [4][5]. Group 3: Redemption Implementation - The redemption price is set at 100.906 yuan per bond, which includes accrued interest calculated based on the bond's face value and interest rate [5]. - The redemption will be executed for all bondholders registered by the close of trading on August 20, 2025, with the bonds being delisted from the Shenzhen Stock Exchange thereafter [6][8]. Group 4: Shareholder Transactions - The company conducted an internal review and found that major shareholders, including the actual controller and board members, did not trade the bonds in the six months leading up to the redemption conditions being met [7][8]. Group 5: Other Considerations - Bondholders must process conversion requests through their respective securities firms, with a minimum conversion unit of one bond [8]. - The company’s board approved the early redemption of the bonds during a meeting held on July 28, 2025, ensuring compliance with relevant regulations [8][9].

Summary of Conference Call Records Company Overview - **Company**: Beijing Lier - **Industry**: Refractory materials and steel industry Key Points Steel Industry Performance - In the first half of 2025, crude steel production decreased by approximately 3% year-on-year, but is expected to exceed 1 billion tons for the full year, supported by state-owned enterprises fulfilling social responsibilities and increased exports [2][6] - Steel exports grew by 20%-30% year-on-year in the first half of 2025, compensating for the decline in domestic demand [2][8] - The steel industry is undergoing structural adjustments, with increased demand for specialty steel and stainless steel, which offsets some profit declines in ordinary products [2][7] Refractory Materials Market - The refractory materials market is shifting towards refining processes, with higher value-added products related to specialty steel and stainless steel production [7][8] - Small refractory material companies are losing orders due to supply issues, leading to a shift towards larger companies [9] - Steel mills have been excessively lowering refractory material prices, creating safety risks; however, some mills are beginning to adjust their strategies [11][12] Beijing Lier's Business Strategy - Beijing Lier is actively expanding its overseas market, with a focus on contracting in Southeast Asia and direct sales in Europe and the Middle East [19][20] - The company plans to deepen cooperation with Lianchuang Lithium Energy in the silicon-carbon anode materials sector and is considering taking a controlling stake [24][27] - The company is optimistic about the AI application sector and aims to enhance production efficiency through AI technologies [5][29] Financial Outlook - The company expects a recovery in the refractory materials business in the second half of 2025, driven by rising steel mill profits and improved payment terms from state-owned enterprises [12][18] - New business areas, particularly in AI applications and solid-state battery materials, are anticipated to contribute significantly to overall growth [26][33] Challenges and Risks - The refractory materials industry faces intense competition, and currently, no company has significant bargaining power [16] - The market for refractory materials is sensitive to price fluctuations, but the cost of refractory materials constitutes less than 1% of steel production costs, making it less sensitive to price changes [3][10] Future Goals - Beijing Lier aims to double its overseas revenue by 2030, targeting an increase from 500-600 million to 1-1.2 billion [22] - The company is focused on establishing a production base in Vietnam and setting up offices in the Middle East and Turkey to further expand its international presence [19][20] Conclusion - Overall, Beijing Lier is positioned to benefit from the recovery in the steel industry and is strategically investing in new business areas, particularly in AI and advanced materials, while navigating challenges in the competitive refractory materials market [5][35]

Summary of Puyang Refractories Conference Call Company and Industry Overview - **Company**: Puyang Refractories (濮耐股份) - **Industry**: Refractory materials and magnesium oxide production Key Points and Arguments 1. **Strategic Partnership with Greenme**: Puyang Refractories has entered a strategic cooperation with Greenme to lock in the price of active magnesium oxide for the next three years, with annual discussions to adjust prices based on market conditions [2][6][11] 2. **Cost Reduction**: Greenme's adoption of Puyang's magnesium oxide route has led to a cost reduction of 10% to 15%, translating to a decrease of approximately 7,000 to 10,000 RMB per ton of nickel metal [2][10] 3. **Production Capacity**: The theoretical supply limit for active magnesium oxide is 450,000 tons. Current production capacity in Qinghai and Tibet is 110,000 tons, with plans to increase to 170,000 tons by the end of 2025 and 300,000 tons by mid-2026 [2][8][17] 4. **Mining Reserves**: Puyang has confirmed mining reserves of 48 million tons, with potential future reserves exceeding 100 million tons. The company plans to negotiate with local governments to expand its mining licenses [16][32] 5. **Production Efficiency**: The efficiency of Puyang's active magnesium oxide is over 20 times higher than that of liquid alkali, with a 30% overall production efficiency improvement, significantly enhancing metal recovery rates [2][10] 6. **Logistics Optimization**: Adjustments in transportation methods from Tibet to Yibin or Wuhan ports are expected to save 200 to 500 RMB per ton in shipping costs compared to previous methods from Qinghai [3][21] 7. **Market Conditions**: The refractory materials industry is currently facing low profitability, with many companies experiencing revenue growth without profit. However, potential price recovery is anticipated in the latter half of 2025 and into 2026 [5][24][25] 8. **U.S. Operations**: The U.S. factory achieved profitability in Q2 2025, with expectations for significant contributions to overall company profits as order volumes increase [5][34] 9. **Future Pricing Strategy**: The pricing mechanism with Greenme is designed to remain stable for three years, with potential adjustments based on market conditions and the introduction of new customers [6][11][23] 10. **Competitive Advantages**: Puyang's core competitive advantages include unique mining resources, long-term expansion capabilities, and the potential for price increases as new customers are onboarded [32][35] Additional Important Insights - **Impact of Large Orders**: Large orders from clients like Greenme are expected to lower production costs through economies of scale and fixed cost dilution [18][19] - **Challenges in Africa**: Puyang has faced challenges in the African market due to logistics and political instability, prompting a reassessment of strategies in that region [28][29] - **Long-term Outlook**: The long-term outlook for Puyang Refractories is positive, with expectations for recovery in the refractory materials sector and continued growth in the active magnesium oxide business [35]

Core Viewpoint - The company has signed a supplementary agreement with Greenme to purchase 500,000 tons of low-cost core precipitant products for nickel ore smelting by December 31, 2028, which is expected to significantly enhance its operational efficiency and profitability in the nickel resource sector [3]. Group 1: Strategic Cooperation - The company has established a strategic cooperation framework with Greenme, which includes a commitment to supply active magnesium oxide, with projected annual supplies of 5,000 tons in 2025, 15,000 tons in 2026, and 15,000 tons in both 2027 and 2028 [4]. - The active magnesium oxide product is expected to reduce the smelting costs of Greenme's nickel resource projects by 10%-15%, thereby improving profitability and global competitiveness [5]. Group 2: Industry Context - The steel industry is undergoing a "de-involution" process, as emphasized by the Central Financial Committee, which aims to eliminate low-price competition and promote the orderly exit of backward production capacity [7]. - As a result of this industry shift, the company's refractory materials business is anticipated to gradually recover alongside the improvement in profitability of its steel customers [6].

Group 1 - The report highlights that the real estate index has shown a zigzag pattern of excess returns over the past year, characterized by short cycles, high volatility, and strong policy correlation. The average excess return during the last six upward waves reached 13%, lasting an average of 18 days [2][28][29] - It is suggested that if the upcoming political bureau meeting or related policies signal more aggressive real estate stimulus, the real estate index may initiate a new round of upward movement. However, the long-term outlook remains dependent on the stabilization of the fundamental market conditions [2][28][29] - Key themes identified include the push for orderly exit of backward production capacity to achieve high-quality development, significant investment in the Yarlung Zangbo River downstream hydropower project, and the high demand in the AIDC sector driven by policy [2][28][29] Group 2 - The report indicates that the domestic fiscal situation showed a slight decline in June, but land transaction recovery has led to an increase in government fund income. The overall fiscal revenue remained flat year-on-year, while tax revenue showed a positive trend [4][32] - Internationally, ongoing ceasefire negotiations in the Russia-Ukraine conflict and the Middle East are being monitored, with significant political figures expressing their views on interest rate policies [4][32] - The report emphasizes the importance of maintaining a cautious approach in the current market environment, as the market may experience overheating and increased volatility following recent highs [4][32] Group 3 - The report on the bond market suggests that the current "triple concerns" may be alleviating, with marginal improvements in the fundamentals and policy expectations boosting market sentiment. The bond market is expected to stabilize as the central bank's supportive stance continues [10][12] - It is noted that the bond market's rapid adjustment phase may be nearing its end, with the long-end interest rates expected to fluctuate between 1.65% and 1.8%, indicating potential value in allocations above 1.75% [10][12] - The report also highlights the need for ongoing observation of policy outcomes from the upcoming political bureau meeting and changes in funding and deposit pricing [10][12] Group 4 - The report on the construction materials sector indicates that signs of stabilization in the real estate chain are emerging, with non-traditional building materials showing higher demand. The focus is on structural optimization and growth opportunities [21][22] - Recommendations include investing in cement companies benefiting from policy-driven capacity recovery, consumer building materials with strong growth potential, and fiberglass companies anticipating significant demand increases [21][22] - The report also mentions the potential for explosive growth in the civil explosives market driven by coal mining activities in Xinjiang [21][22]