天奈科技“天奈转债”可选择回售第三次提示性公告详解

公告要点

• 回售价格：100.28元人民币/张（含当期利息）
• 回售申报期：2026年3月25日至2026年3月31日
• 回售资金发放日：2026年4月3日
• 回售期内“天奈转债”停止转股
• 回售不具有强制性，持有人有权选择是否回售
• 风险提示：截至公告披露日，“天奈转债”收盘价高于回售价格，回售可能带来经济损失

事件背景与详细内容

江苏天奈科技股份有限公司（天奈科技，证券代码：688116）发布的本公告，明确了“天奈转债”（转债代码：118005，债券简称：天奈转债）进入可选择回售阶段的具体安排。由于公司股票自2026年1月27日至2026年3月17日连续30个交易日收盘价低于当期转股价格的70%，且“天奈转债”已进入最后两个计息年度，触发了《募集说明书》规定的有条件回售条款，持有人可选择将所持转债按票面价值加当期应计利息回售给公司。

对投资者和股东的影响

• 回售条款触发：天奈科技股价持续低迷，导致可转债回售条件生效。这反映了公司股价表现不佳，可能对公司估值和市场信心造成影响。
• 回售申报方式：持有人须在申报期内通过上海证券交易所交易系统申报回售，方向为“卖出”，申报一旦确认不可撤销。
• 回售价格与市场价格：公告明确指出，当前“天奈转债”收盘价高于回售价格，投资者若选择回售可能会产生经济损失。因此，投资者需谨慎决策，权衡回售与市场卖出。
• 回售期间停止转股：回售期内，转债将停止转股，影响转股套利策略。
• 回售后续影响：若回售导致“天奈转债”流通面值总额低于3,000万元人民币，回售期结束后公司将公告结果，并在公告后三个交易日内“天奈转债”将停止交易。这可能影响债券流动性及交易安排。
• 申报期与资金支付：回售申报期为2026年3月25日至2026年3月31日，资金发放日为2026年4月3日，投资者需关注资金到账时间。

回售利息计算

第五年票面利率为1.80%，计息天数57天（2026年1月27日至2026年3月24日），每张利息约0.28元。最终回售价格为100.28元/张（含利息）。

交易安排

回售期间“天奈转债”继续交易，但停止转股。若持有人同日发出卖出与回售指令，系统优先处理卖出指令。

风险提示

本次回售非强制，投资者需注意，选择回售相当于以100.28元/张（含利息）卖出转债，但目前市场价格高于回售价，若回售可能会亏损。建议投资者关注市场价格变化，谨慎决策。

联系方式

公司证券部：0519-81582868

总结与潜在影响

本公告反映天奈科技股价表现持续低迷，触发可转债回售条款，可能影响公司债务结构、市场信心及债券流动性。投资者需关注回售申报期、价格及后续交易安排。公告具有一定的价格敏感性，可能影响公司股价及转债价格。

免责声明

本报道仅供参考，不构成投资建议。投资者请根据自身风险偏好做出决策，天奈科技及相关方不对因本公告内容而引发的投资损失承担责任。

English Version

Detailed Analysis: Tiannai Technology “Tiannai Convertible Bonds” Optional Repurchase Announcement

Key Points

• Repurchase Price: RMB 100.28 per bond (including accrued interest)
• Repurchase Application Period: March 25, 2026 to March 31, 2026
• Repurchase Payment Date: April 3, 2026
• Convertible bonds will stop conversion during repurchase period
• Repurchase is not mandatory; holders can choose whether to repurchase
• Risk Warning: As of the announcement date, “Tiannai Convertible Bonds” closing price is higher than repurchase price, repurchase may result in economic loss

Background & Details

Jiangsu Tiannai Technology Co., Ltd. (Tiannai Technology, stock code: 688116) has issued this announcement, specifying arrangements for the optional repurchase phase of “Tiannai Convertible Bonds” (bond code: 118005). The company’s stock price from January 27, 2026 to March 17, 2026 closed below 70% of the current conversion price for 30 consecutive trading days, and the bonds are in their last two interest-bearing years, triggering the repurchase clause as stipulated in the prospectus. Bond holders can choose to sell their bonds back to the company at par value plus accrued interest.

Impact on Investors & Shareholders

• Repurchase clause triggered: Tiannai Technology’s share price weakness has triggered the repurchase condition. This signals poor stock performance, possibly affecting company valuation and market confidence.
• Repurchase procedure: Holders must apply for repurchase via Shanghai Stock Exchange trading system within the period; direction is “sell”, and once confirmed, cannot be cancelled.
• Repurchase vs market price: The announcement highlights that the market price is currently higher than the repurchase price, and repurchase could result in a loss. Investors should carefully weigh repurchase versus selling in the market.
• Conversion suspension: Convertible bonds will stop conversion during repurchase period, affecting conversion arbitrage strategies.
• Liquidity risk: If the repurchase causes the total circulating value of bonds to fall below RMB 30 million, the company will announce results and trading will stop three trading days after the announcement, affecting bond liquidity and trading arrangements.
• Application period & payment date: Repurchase application period is March 25–31, 2026, payment date is April 3, 2026. Investors should note when funds will be received.

Interest Calculation

Fifth-year coupon rate is 1.80%, for 57 days (Jan 27, 2026 to March 24, 2026), interest per bond is about RMB 0.28. Final repurchase price is RMB 100.28 per bond (including interest).

Trading Arrangement

During repurchase period, “Tiannai Convertible Bonds” will continue trading but will stop conversion. If holders issue both sell and repurchase orders on the same day, the system will prioritize sell orders.

Risk Warning

Repurchase is optional. Investors should note that repurchase is equivalent to selling at RMB 100.28 per bond (including interest), but the market price is currently higher. Repurchase may result in a loss. Investors are advised to monitor price changes and make careful decisions.

Contact Information

Company Securities Department: 0519-81582868

Summary & Potential Impact

The announcement reflects Tiannai Technology’s prolonged share price weakness, triggering the convertible bond repurchase clause, which may impact company’s debt structure, market confidence, and bond liquidity. Investors should pay attention to the application period, price, and subsequent trading arrangements. The announcement is price-sensitive and may affect both the stock and bond prices.

Disclaimer

This report is for reference only and does not constitute investment advice. Investors should make decisions based on their own risk preference. Tiannai Technology and related parties are not responsible for investment losses arising from this announcement.

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