登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002237 证券简称：恒邦股份 公告编号：2025-117 债券代码：127086 债券简称：恒邦转债 山东恒邦冶炼股份有限公司 关于恒邦转债摘牌的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1."恒邦转债"赎回日：2025年11月28日 2."恒邦转债"摘牌日：2025年12月8日 3."恒邦转债"摘牌原因：存续期内可转债全部赎回 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意山东恒邦冶炼股份有限公司向不特定对象发行可转换公司债券注 册的批复》（证监许可〔2023〕1132号）核准，山东恒邦冶炼股份有限公司（以下简称"公司"）于2023 年6月12日公开发行了3,160万张可转债，每张面值100元，募集资金总额为316,000万元。扣除各项发行 费用合计人民币30,032,603.77元（不含增值税），公司实际募集资金净额为人民币3,129,967,396.23元。 上述资金到位情况已经和信会计师事务所（特殊普通合伙）验证，并出具了和信验字（20 ...

恒邦股份公告称，"恒邦转债"于2025年10月17日触发有条件赎回条款，公司决定行使提前赎回权利。截 至赎回登记日（2025年11月27日）收市，尚有48,473张未转股，公司全额赎回，支付赎回款486.09万元 （不含赎回手续费），占发行总额的0.15%，对财务无重大影响。自12月8日起，"恒邦转债"将在深交所 摘牌。因"恒邦转债"累计转股2.82亿股，公司总股本累计增加2.82亿股，短期内每股收益有所摊薄。此 外，公司持股5%以上股东及其一致行动人权益股份被动稀释。 ...

Group 1 - The company received an administrative regulatory measure decision from the Shandong Securities Regulatory Bureau due to the failure to complete the re-election of independent directors within the stipulated time frame, resulting in a violation of regulations [1][2] - The company has acknowledged the issues raised in the decision and is committed to improving compliance with relevant laws and regulations, including the Securities Law and the Management Measures for Independent Directors of Listed Companies [4][5] - The company held a board meeting on November 14, 2025, and approved the nomination of two candidates for independent directors, which were subsequently elected by the shareholders [3] Group 2 - The company announced the early redemption of its convertible bonds, "Hengbang Convertible Bonds," with the last conversion date set for November 27, 2025 [8][9] - The redemption price for the bonds is set at 100.28 yuan per bond, including accrued interest, with a current annual interest rate of 0.6% [9][18] - The company has triggered the conditional redemption clause due to the stock price meeting the required thresholds over a specified period, leading to the decision to redeem all unconverted bonds [15][16] Group 3 - The company will stop trading the "Hengbang Convertible Bonds" on November 25, 2025, and the redemption date is scheduled for November 28, 2025 [20][21] - The company will ensure that all bondholders are informed of the redemption process and timelines through regular announcements [20][21] - After the redemption is completed, the "Hengbang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [21]

证券日报网讯 11月24日晚间，恒邦股份发布公告称，根据安排，截至2025年11月27日收市后仍未转股 的"恒邦转债"将被强制赎回。本次赎回完成后，"恒邦转债"将在深圳证券交易所（以下简称"深交所"） 摘牌，特提醒"恒邦转债"债券持有人注意在限期内转股。债券持有人持有的"恒邦转债"如存在被质押或 被冻结的，建议在停止交易日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 （文章来源：证券日报） ...

Core Points - The company has announced the redemption of its convertible bonds, "Hengbang Convertible Bonds," due to the fulfillment of certain conditions [6][10] - The last trading day for "Hengbang Convertible Bonds" is set for November 24, 2025, after which trading will cease [2][5] - The last conversion date for the bonds is November 27, 2025, and any unconverted bonds will be forcibly redeemed [3][5] Redemption Details - The redemption price for "Hengbang Convertible Bonds" is set at 100.28 CNY per bond, including accrued interest at an annual rate of 0.6% [4][12] - The conditions for redemption were met on October 17, 2025, when the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [10] - The redemption process includes a series of key dates: trading stops on November 25, 2025, redemption registration on November 27, 2025, and redemption execution on November 28, 2025 [5][17] Bond Issuance and Trading - The company issued 31.6 million convertible bonds on June 12, 2023, raising a total of 316 million CNY, with a net amount of approximately 312.99 million CNY after expenses [7] - The bonds were listed for trading on the Shenzhen Stock Exchange starting July 7, 2023, under the code "127086" [7] - The conversion period for the bonds is from December 18, 2023, to June 11, 2029 [7] Conversion Price Adjustments - The conversion price has been adjusted twice: from 11.46 CNY to 11.33 CNY on June 12, 2024, and then to 11.19 CNY on June 12, 2025 [8][10] Additional Information - The company will provide daily announcements regarding the redemption process leading up to the redemption date [14] - Holders of the bonds must process conversion requests through their respective securities firms [18]

Core Viewpoint - The last trading day for Hengbang Convertible Bonds is November 24, and investors risk a potential loss of nearly 10% if they do not act promptly [5][8]. Group 1: Trading Information - As of November 21, Hengbang Convertible Bonds closed at 111.35 CNY per bond, with a strong redemption price set at 100.28 CNY per bond after November 27 [5][8]. - There is a remaining balance of 466 million CNY of Hengbang Convertible Bonds that has not been traded or converted, accounting for over 14% of the total [8]. Group 2: Redemption Mechanism - The strong redemption of convertible bonds occurs when the underlying stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [9]. - Investors have two options to avoid losses: sell the convertible bonds directly or convert them into shares, noting that converted shares will follow T+1 trading rules [9]. Group 3: Investor Alerts - A new regulation requires a "Z" designation on the last trading day of convertible bonds to alert investors of the associated risks [9]. - Investors must act before the last trading day to avoid being forced into a redemption at a price slightly above par value [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002237 证券简称：恒邦股份 公告编号：2025-107 债券代码：127086 债券简称：恒邦转债 山东恒邦冶炼股份有限公司 关于提前赎回恒邦转债实施暨即将停止交易的 重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.最后交易日：2025年11月24日 2025年11月24日是"恒邦转债"最后一个交易日，当日"恒邦转债"简称为"Z邦转债"；2025年11月24日收 市后"恒邦转债"将停止交易。 2.最后转股日：2025年11月27日 2.赎回条件满足日：2025年10月17日 3.停止交易日：2025年11月25日 4.赎回登记日：2025年11月27日 5.停止转股日：2025年11月28日 6.赎回日：2025年11月28日 2025年11月27日是"恒邦转债"最后一个转股日，当日收市前，持有"恒邦转债"的投资者仍可进行转股； 2025年11月27日收市后，未转股的"恒邦转债"将停止转股。 3.截至2025年11月19日收市后，距离"恒邦转债"停止交易仅剩3 ...

（文章来源：证券日报） 证券日报网讯 11月19日晚间，恒邦股份发布公告称，截至2025年11月18日收盘，公司"恒邦转债"累计 转股数量为231，409，617股，占"恒邦转债"开始转股前公司已发行股份总额1，148，014，400股的 20.16%。截至2025年11月18日收盘，公司尚有5，704，715张"恒邦转债"未转股，占公司可转换公司债 券发行总量3，160万张的18.05%。 ...

（文章来源：证券日报） 证券日报网讯 11月19日晚间，恒邦股份发布公告称，截至2025年11月19日收市后，距离"恒邦转债"停 止交易仅剩3个交易日，距离"恒邦转债"停止转股并赎回仅剩6个交易日。 ...