江山欧派门业股份有限公司（603208）调整“江山转债”转股来源深度解读

一、公告关键点概述

• 转股来源调整：公司拟将“江山转债”转股来源由“优先使用回购专用证券账户中的库存股，不足部分使用新增发股份”调整为“新增股份”。
• 回购股份用途变更：原拟用于可转债转股的回购股份将全部用于注销以减少注册资本。
• 新增股份转股生效日期：2026年3月23日。
• 当前转股价格：19.84元/股。
• 江山转债转股期：2021年12月20日至2027年6月10日。

二、公告详细解读

1. 转股来源调整的背景与过程

江山欧派于2026年3月4日及3月20日分别召开董事会和临时股东会，审议通过将回购股份用途由“用于可转债转股”变更为“用于注销减少注册资本”，并同步调整“江山转债”转股来源为“新增股份”。这意味着未来投资者申请转股时，公司将直接发行新股而不使用回购股份。

2. 回购股份方案与实施情况

• 回购计划：2022年6月，公司董事会通过回购不低于0.5亿元、不超过1亿元、价格不超过60元/股的股份，原计划用于可转债转股。
• 回购结果：至2023年5月，公司共回购1,293,831股，占总股本0.95%，存放于回购专用账户。
• 用途变更：此次公告明确，前述回购股份将全部用于注销、减少注册资本，不再用于可转债转股。

3. 江山转债发行与历次转股价格调整

• 发行规模：2021年6月公开发行5.83亿元可转换公司债券，债券简称“江山转债”，代码113625，期限6年。
• 转股期：自2021年12月20日至2027年6月10日。
• 转股价格历次调整：
  1. 2021.9.17调整为96.33元/股（2021年中期分红）
  2. 2022.7.6调整为73.53元/股（2021年年度分红）
  3. 2023.6.21调整为55.04元/股（2022年年度分红）
  4. 2024.6.19调整为53.27元/股（2023年年度分红）
  5. 2024.11.11向下修正为20.03元/股（经董事会、股东大会审议通过）
  6. 2025.6.13调整为19.84元/股（2024年年度分红）

4. 当前转股及股份变动情况

• 截至2026年3月19日，“江山转债”已累计有465,000元转换为公司股份，累计新增股份5,014股（其中4,711股为新增股份，303股为回购库存股），占转股前总股本的0.0048%。

三、对投资者和股东的重要提示

• 股份注销影响：本次回购股份全部用于注销减少注册资本，将直接减少公司总股本，理论上对每股收益（EPS）等指标有一定提升作用，对二级市场股价有正面支撑。
• 转股稀释效应：未来转股将全部由新增股份产生，如果转股量较大，对现有股东具有一定稀释作用。
• 资本结构变化风险：回购股份注销及未来可转债转股均会影响公司资本结构，投资者需关注公司资本管理政策及未来动向。
• 转股价格动态：转股价格已大幅下修，对可转债持有人转股意愿有较大激励，未来转股量有可能增加，需密切关注后续公告。
• 信息披露合规：公司承诺如有相关事项调整，将依法及时披露，投资者应持续关注公司公告。

四、总结

本公告涉及公司将库存股回购股份全部用于注销而非可转债转股，同时转股来源明确为新增股份。这一调整对公司资本结构以及转股稀释效应有直接影响，属于对股东及可转债持有人高度相关且具有价格敏感性的重大事项。

免责声明：本文仅为根据公开信息整理的投资参考，不构成任何投资建议。请投资者理性判断、注意投资风险，并以公司在证券交易所指定媒体发布的公告为准。

English Version (for reference):

In-depth Analysis: Jiangshan Oupai (603208) Adjusts “Jiangshan Convertible Bond” Share Conversion Source

Key Announcement Points

• Adjustment to Conversion Source: The company will change the share conversion source for its convertible bonds from “priority use of treasury shares, supplement with newly issued shares” to “newly issued shares” only.
• Change in Purpose of Repurchased Shares: Originally intended for convertible bond conversion, all repurchased shares will be used for cancellation and reduction of registered capital.
• Effective Date for New Conversion Source: March 23, 2026.
• Current Conversion Price: RMB 19.84 per share.
• Convertible Bond Conversion Period: December 20, 2021 to June 10, 2027.

Detailed Analysis

1. Background and Process of Conversion Source Adjustment

Jiangshan Oupai convened board and shareholders meetings on March 4 and March 20, 2026, respectively, approving the use of repurchased shares for cancellation (capital reduction) instead of convertible bond conversion, and adjusting the conversion source for convertible bonds to “newly issued shares”. This means future conversions will be satisfied by new share issuance only.

2. Share Repurchase Plan and Implementation

• Repurchase Plan: In June 2022, the company approved a buyback plan for RMB 50-100 million at a price not exceeding RMB 60/share, originally for convertible bond conversion.
• Implementation: By May 2023, 1,293,831 shares (0.95% of total share capital) were repurchased and held in a special account.
• Purpose Change: All repurchased shares will now be cancelled, reducing capital, and will not be used for convertible bond conversion.

3. Convertible Bond Issuance and Conversion Price Adjustments

• Issue Size: RMB 583 million convertible bonds issued in June 2021, code 113625, term 6 years.
• Conversion Period: December 20, 2021 to June 10, 2027.
• Conversion Price History:
  1. 2021.9.17: adjusted to RMB 96.33 (mid-2021 dividend)
  2. 2022.7.6: adjusted to RMB 73.53 (2021 annual dividend)
  3. 2023.6.21: adjusted to RMB 55.04 (2022 annual dividend)
  4. 2024.6.19: adjusted to RMB 53.27 (2023 annual dividend)
  5. 2024.11.11: lowered to RMB 20.03 (board and EGM approved)
  6. 2025.6.13: adjusted to RMB 19.84 (2024 annual dividend)

4. Current Conversion and Share Change Status

• As of March 19, 2026, a total of RMB 465,000 convertible bonds have been converted into 5,014 shares (4,711 new shares, 303 treasury shares), accounting for 0.0048% of pre-conversion share capital.

Key Points for Investors and Shareholders

• Impact of Share Cancellation: All repurchased shares will be cancelled, reducing total share capital, which may increase EPS and support the share price.
• Dilution Effect: Future conversions will be satisfied by new shares, which may dilute existing shareholders if conversion volume increases.
• Capital Structure Risks: Both share cancellation and future conversions will impact capital structure. Investors should monitor future developments.
• Dynamic Conversion Price: The conversion price has been significantly lowered, which could encourage more conversions. Investors should monitor for further announcements.
• Disclosure: The company will make timely disclosures as required by law.

Conclusion

The announcement involves the cancellation of all repurchased shares, rather than their use for convertible bond conversion, with future conversions to be satisfied by new shares. This materially affects capital structure and potential dilution, and is highly price-sensitive for both shareholders and bondholders.

Disclaimer: This article is for reference only and does not constitute investment advice. Please make investment decisions prudently and refer to official company disclosures.

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