Group 1 - The company issued 8 million convertible bonds with a total amount of 80 million yuan, approved by the China Securities Regulatory Commission on July 2, 2022 [1] - The bonds were listed on the Shanghai Stock Exchange on July 28, 2022, and the funds raised were verified by an accounting firm [1] - The company established a management system for the raised funds in compliance with relevant laws and regulations to protect investors' rights [2] Group 2 - The company signed tripartite and quadripartite supervision agreements with several banks to manage the raised funds [2] - As of December 4, 2025, the company completed the investment projects funded by the raised capital and decided to permanently supplement the remaining funds into working capital [3] - The total balance and interest of the special account amounted to 36,909,154.22 yuan, which has been transferred to the company's general account [3]

Core Viewpoint - The company is offering bondholders of "Bo 22 Convertible Bonds" the option to sell back part or all of their unconverted bonds during a specified period, with the buyback price set at 100.63 RMB per bond, including accrued interest [2][3][5]. Group 1: Buyback Details - Bondholders have the right to choose whether to execute the buyback, which is not mandatory [2][4]. - The buyback price is calculated as 100.63 RMB per bond, which includes accrued interest of 0.63 RMB based on a 1.5% coupon rate for 154 days [3][5]. - The buyback period is from December 2, 2025, to December 8, 2025, with funds to be disbursed on December 11, 2025 [5][7]. Group 2: Conditions and Procedures - The buyback is triggered by significant changes in the implementation of the fundraising projects compared to the commitments made in the bond issuance prospectus, as recognized by the China Securities Regulatory Commission [2]. - During the buyback period, the "Bo 22 Convertible Bonds" will continue to trade but will not be convertible into shares [7]. - Bondholders must submit their buyback requests through the Shanghai Stock Exchange trading system, and once confirmed, these requests cannot be revoked [4][7].

Core Viewpoint - Suobote announced that holders of the "Bo 22 Convertible Bonds" can choose to sell back part or all of their unconverted bonds, with the buyback not being mandatory [1] Group 1 - The buyback period allows bondholders to decide whether to exercise their right to sell back the bonds [1] - The buyback price is set at 100.63 CNY per bond, which is currently above the market price of the "Bo 22 Convertible Bonds" [1] - Investors opting for the buyback may incur losses, as the market price exceeds the buyback price [1]

证券代码：603916 证券简称：苏博特 公告编号：2025-061 转债代码：113650 转债简称：博22转债 江苏苏博特新材料股份有限公司 关于选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 根据《中华人民共和国公司法》、《江苏苏博特新材料股份有限公司章程》等有关规定，江苏苏博特新 材料股份有限公司（以下简称"公司"）工会于近日组织进行了职工董事的选举，经参加选举职工投票， 选举张勇先生（简历附后）为第七届董事会职工董事，任期自本次选举通过之日起至第七届董事会任期 届满之日止。 本次选举职工董事工作完成后，公司第七届董事会中兼任公司高级管理人员以及由职工代表担任的董事 人数总计未超过公司董事总数的二分之一。 特此公告。 江苏苏博特新材料股份有限公司董事会 2025年11月25日 张勇，中国国籍，无境外永久居留权，男，1974年5月出生，本科学历，研究员级高级工程师；1998年 10月至2002年2月任江苏省建筑科学研究院技术推广员，2002年3月至2005年2月任江苏博特新材料有限 公司技术推广 ...

Core Viewpoint - The company has decided not to adjust the conversion price of the "Bo 22 Convertible Bonds" despite triggering the downward adjustment clause, aiming to protect investor interests and maintain confidence in the company's long-term value [1][2][3] Summary of Convertible Bonds - Jiangsu Subote New Materials Co., Ltd. was approved to publicly issue convertible bonds totaling 800 million yuan, with a term of six years, starting from July 28, 2022 [1] - The bonds are referred to as "Bo 22 Convertible Bonds" with the code 113650 [1] Details on Non-Adjustment of Conversion Price - The board of directors held a meeting on April 16, 2025, and decided not to propose a downward adjustment of the conversion price for the "Bo 22 Convertible Bonds" for the next six months [2] - The adjustment clause was triggered as the stock price fell below 80% of the conversion price (18.52 yuan/share) for fifteen trading days from October 16 to November 5, 2025 [2] Board Decision and Rationale - The board convened on November 5, 2025, to review the situation and unanimously agreed (7 votes in favor) not to adjust the conversion price, considering various factors including market conditions and the company's long-term development [3] - The board will reassess the situation after May 5, 2026, if the adjustment clause is triggered again [3]

Core Points - Su Bote announced that as of November 5, 2025, the "Bo 22 Convertible Bond" has triggered the downward adjustment clause for the conversion price [2] - The company's board of directors decided not to adjust the conversion price downward this time [2] - If the downward adjustment clause is triggered again within the next six months (from the date of this announcement to May 4, 2026), the company will also not propose a downward adjustment plan [2]

Group 1 - The company has completed the repurchase and cancellation of 6.33 million restricted stock options due to unmet performance targets and departures of certain incentive recipients, resulting in a total share capital of 426,295,287 shares [1][2] - The adjustment of the conversion price for the "Bo 22 Convertible Bonds" has been implemented, with the pre-adjustment conversion price set at 22.90 CNY per share and the post-adjustment conversion price at 23.15 CNY per share [3][4] - The implementation date for the adjustment of the conversion price is August 26, 2025, with the bonds ceasing to convert on August 25, 2025, and resuming conversion on August 26, 2025 [4]

Key Points - The company announced an adjustment to the conversion price of its convertible bond "博 22 转债" from 22.90 CNY/share to 23.15 CNY/share, effective from August 26, 2025 [1][3] - The adjustment is due to the repurchase and cancellation of 6.33 million restricted stock options, which occurred because the company did not meet performance targets and some incentive recipients left the company [2][3] - The total share capital of the company after the cancellation of the restricted stocks is 426,295,287 shares [3] Conversion Price Adjustment Details - The conversion price adjustment formula used is: P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the new share price, and k is the ratio of new shares issued to total shares [2][3] - The adjustment was approved during the company's board meeting on April 28, 2025, and at the annual shareholders' meeting on May 20, 2025 [2][3] - The conversion price adjustment will result in a new conversion price of 23.15 CNY/share, reflecting the impact of the stock repurchase [3]

Core Viewpoint - The article discusses the challenges and considerations surrounding the development of hydropower in Tibet, emphasizing the high costs of long-distance electricity transmission and the current oversupply of electricity in China [1][2][4]. Group 1: Hydropower Development Challenges - Tibet has a significant hydropower generation capacity, sufficient to supply electricity for 100 million people, but the region cannot consume this energy [1]. - The cost of transmitting electricity over thousands of kilometers is prohibitively high, making it less economical than transporting coal [1][4]. - Current electricity prices have been significantly reduced, indicating that there is no immediate shortage of electricity in the country [2]. Group 2: Geopolitical and Strategic Considerations - Transmitting electricity to neighboring countries like India and Myanmar involves high costs and geopolitical risks [3]. - From a military perspective, the government may overlook costs for strategic infrastructure projects, such as roads and railways, to strengthen control over sensitive regions [5][7]. Group 3: Investment Opportunities and Market Dynamics - The article suggests that the current phase of investment could be a catalyst for a bull market, with companies like China Power Construction and China Energy Engineering being primary beneficiaries [6]. - The second phase of investment will likely expand to include supporting infrastructure and environmental restoration, given the ecological sensitivity of Tibet [6]. - The third phase will focus on companies that will benefit from local economic development and urban construction [6]. Group 4: Historical Context and Future Outlook - Historical projects like the Three Gorges Dam illustrate the challenges of meeting increasing electricity demand, as the original supply goals have become insufficient due to rapid urban growth [8]. - The article posits that while China currently does not face an electricity shortage, future demands, particularly from electric vehicles, could change this situation [7][13].

Group 1 - The China Convertible Bond Index opened up by 0.08% [1] - Tianlu Convertible Bond increased by 20% [1] - Bo22 Convertible Bond rose nearly 17% [1] - Feilu Convertible Bond gained 14.6% [1] - Yinxin Convertible Bond increased by 5.7% [1] Group 2 - Hongfeng Convertible Bond decreased by 7.8% [1] - Borui Convertible Bond fell by 3.3% [1] - Sairui Convertible Bond dropped by 2.2% [1]