凌钢股份“凌钢转债”到期兑付暨摘牌公告详细解读

一、公告核心要点

• “凌钢转债”即将到期，面值兑付本息金额为112元/张（含税），到期兑付日为2026年4月13日。
• 最后交易日为2026年4月7日，2026年4月8日起停牌，2026年4月13日正式摘牌。
• 2026年4月8日至4月10日，持有人仍可按约定条件将可转债转换为公司股票，当前转股价格为1.97元/股。
• 个人投资者（含证券投资基金）债券利息部分需缴纳20%个人所得税，税后实际兑付金额为109.6元/张。
• QFII、RQFII等境外机构2026-2027年期间持有的债券利息收入暂免企业所得税和增值税。
• 公司已按约定履行公告义务，所有兑付资金通过中登上海分公司划拨至投资者账户。

二、对股东和市场可能的影响

• “凌钢转债”到期兑付涉及大规模资金流出，公司现金流压力或将短期增加。
• 可转债最后转股机会，若大量转股或将稀释股本，对公司每股收益产生影响。
• 若投资者选择兑付而非转股，反映市场对公司后续增长信心有限，可能成为市场关注点。
• 税务处理细节明确，投资者需关注实际到手金额可能少于面值兑付金额，尤其是个人投资者。
• 境外机构投资者（QFII、RQFII）享有免税政策，或吸引境外资金布局公司债券产品。

三、详细条款与日程表

• 2020年4月13日发行，总额44亿元人民币，期限6年。
• 2026年4月7日（含）为“凌钢转债”最后一个交易日；4月8日至10日停牌但可转股；4月10日为可转债到期日及登记日。
• 兑付对象为2026年4月10日收市后登记在册的所有“凌钢转债”持有人。
• 兑付资金将于2026年4月13日划拨至投资者资金账户。
• 摘牌日为2026年4月13日。
• 当前转股价格1.97元/股，投资者应关注转股风险与机会。
• 个人所得税由兑付机构代扣代缴，税率20%，投资者可按规定申请退税或减免。
• 居民企业自行缴纳债券利息所得税，实际兑付不扣税。
• 境外机构依据新政策享受税收优惠，非居民企业如设立境内机构、场所需按实际联系缴纳所得税。

四、投资者关注事项及潜在价格敏感点

• 资金兑付将释放大额现金流，关注公司资金调度和后续财务表现。
• 转股窗口临近关闭，投资者需要评估转股或兑付的收益与风险，可能影响公司股价波动。
• 税务政策变化对不同类型投资者实际收益有显著影响。
• 摘牌后“凌钢转债”不再流通，相关投资人应及时处理自身持仓。
• 公告明确所有流程和时间点，投资者需严格遵守，避免因疏忽造成损失。

五、联系方式

联系人：田雪源
电话：0421-6838259
传真：0421－6831910

免责声明

本文仅为根据公司公告整理的详细解读，不构成任何投资建议。投资有风险，决策前请咨询专业人士并仔细阅读公司原始公告及相关文件。

ENGLISH VERSION

Detailed Analysis of Lingyuan Iron & Steel Co., Ltd. Convertible Bond (“Linggang Convertible Bond”) Redemption and Delisting Announcement

1. Key Highlights of the Announcement

• The “Linggang Convertible Bond” will mature soon, with a redemption principal and interest of RMB 112 per bond (pre-tax). Redemption payment date is April 13, 2026.
• Last trading day is April 7, 2026. Trading suspension starts April 8, 2026. Delisting date is April 13, 2026.
• From April 8 to April 10, 2026, bondholders can still convert the bonds to company shares at the current conversion price of RMB 1.97/share.
• Individual investors (including securities investment funds) need to pay 20% personal income tax on the interest part. Net redemption amount is RMB 109.6/bond after tax.
• QFII and RQFII as qualified foreign institutional investors are exempted from enterprise income tax and VAT on bond interest income from 2026 to 2027.
• The company will process all redemption payments via the China Securities Depository and Clearing Shanghai Branch to investors’ accounts.

2. Potential Impact on Shareholders and Market

• Significant redemption outflow may temporarily increase company’s cash flow pressure.
• Final conversion window could lead to share capital dilution, potentially affecting future EPS.
• Redemption preference over conversion may reflect limited market confidence in company’s growth prospects, which may draw market attention.
• Tax details may affect the actual income of individual investors, with after-tax redemption below face value.
• Tax exemption for foreign institutional investors may attract more overseas capital to the company’s bonds.

3. Detailed Terms and Timeline

• Issued on April 13, 2020, with total principal of RMB 4.4 billion, term of 6 years.
• Last trading day: April 7, 2026; suspension but convertible: April 8-10, 2026; maturity and registration date: April 10, 2026.
• Redemption applies to all holders registered after market close on April 10, 2026.
• Redemption funds will be credited to investors’ accounts on April 13, 2026.
• Delisting date: April 13, 2026.
• Current conversion price: RMB 1.97/share. Investors should assess conversion risks and opportunities.
• Personal income tax withheld at 20% by payment agents; investors may apply for tax refund or reduction per local regulations.
• Resident enterprises pay their own interest income tax, so no withholding.
• Foreign institutions enjoy tax exemptions per new policy; non-resident enterprises with onshore establishments pay tax on related interest.

4. Investor Focus and Price Sensitive Points

• Large-scale redemption will affect company liquidity—monitor subsequent financial performance closely.
• Imminent end of conversion window—investors’ conversion or redemption choices could drive share price volatility.
• Tax policy changes have a significant impact on net returns for different investor types.
• Post-delisting, the bond will cease trading—investors must manage their positions timely.
• All processes and deadlines are clearly defined. Investors must comply to avoid losses.

5. Contact Information

Contact: Tian Xueyuan
Tel: 0421-6838259
Fax: 0421－6831910

Disclaimer

This article is a detailed interpretation based on the company’s announcement and does not constitute investment advice. Investment involves risks. Please consult professionals and review the original company announcements and related documents before making decisions.

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