Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Sait New Materials, which has seen a decline in its market price and a notable conversion premium rate [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 18.9 yuan, with the conversion period beginning on March 15, 2024 [1] Group 2 - Sait New Materials is a national high-tech enterprise established in 2007, specializing in vacuum insulation energy-saving solutions and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in February 2020 [2] - The company has invested in five subsidiaries and its main products include vacuum insulation panels, ultra-fine glass wool core materials, vacuum insulation glass, barrier films, adsorbents, and vacuum packaging product performance testing [2] - For the first half of 2025, Sait New Materials reported a revenue of 468.9 million yuan, a year-on-year increase of 3.7%, while net profit attributable to shareholders fell by 77.66% to 12.1 million yuan [2] - As of June 2025, the concentration of shareholding in Sait New Materials is high, with the top ten shareholders holding a combined 59.08% of shares [2]

Core Viewpoint - The management of Sait New Materials has voluntarily decided to forgo or reduce their salaries for the year 2025 to demonstrate confidence in the company's future and to optimize cost structure, aiming to enhance competitiveness and operational efficiency [3][5]. Group 1: Management Salary Adjustments - The chairman, Wang Kunming, will forgo his basic salary from April to December 2025, while other senior management members will reduce their salaries by 20% during the same period [3][5]. - The total annual salaries for key executives in the previous year were reported as follows: Wang Kunming (721,400 CNY), Yan Langji (771,300 CNY), Qiu Jue (837,100 CNY), Shi Fanglu (476,600 CNY), and Xiao Yuanbin (547,100 CNY) [3][4]. Group 2: Company Performance - Sait New Materials reported a total revenue of 934 million CNY for 2024, reflecting an increase of 11.16% year-on-year, while the net profit attributable to shareholders decreased by 27.27% to 77.16 million CNY [5][6]. - The company's performance has been declining, with the net profit and non-recurring net profit for Q1 2025 showing a significant drop of over 65% compared to the previous year [7]. - The overall gross margin has decreased due to lower sales prices and increased raw material costs, alongside rising operational expenses from its wholly-owned subsidiary, Wei Ai Ji [7]. Group 3: Market Position and Future Plans - Sait New Materials specializes in vacuum insulation solutions and has been expanding its applications beyond the refrigerator manufacturing industry into cold chain and construction sectors [5]. - The company plans to enhance operational efficiency and market competitiveness through continuous cost control, market development, product research, and automation improvements [3][5].