江苏神马电力调整回购股份价格上限至95元，保障回购方案顺利实施

江苏神马电力股份有限公司上调回购股份价格上限，或影响股价

江苏神马电力股份有限公司公告大幅上调回购股份价格上限，回购方案关键调整或影响股价

要点摘要

回购股份价格上限由38元/股提升至95元/股，新上限约为原定上限的2.5倍，且不高于董事会决议前30个交易日均价的150%。
除价格上限调整外，回购方案其他内容保持不变。
调整事项已获董事会通过，无需提交股东大会审议。
若股票价格持续高于新上限，回购方案可能无法顺利实施。

详细内容

江苏神马电力股份有限公司（以下简称“公司”）于2026年4月7日发布公告，宣布对原有回购股份方案中的回购价格上限进行重大调整。

回购方案背景及进展

公司原于2025年7月29日通过董事会，决议以自有或自筹资金（含专项贷款）于上交所通过集中竞价方式回购股份，回购资金总额不低于3亿元人民币、不高于4亿元人民币，回购价格不超过38元/股，期限为12个月。
回购股份用于公司股权激励及/或员工持股计划。
截至公告日，已累计回购7,977,424股，占公司总股本的1.8480%，成交价区间为28.36元/股至31.98元/股，已支付资金2.37亿元人民币（不含印花税及交易费用）。

关键调整内容：回购价格上限大幅提升

近期公司股价已超过原定回购上限（38元/股），为顺利实施回购，董事会决定将回购上限调整至95元/股（含）。
新上限不超过董事会决议前30个交易日公司股票交易均价的150%。
本次调整仅涉及回购股份的价格上限，其他方案内容不变。

对公司的影响及投资者须知

本次上调回购价格上限，反映公司对自身价值的信心，也有利于吸引市场关注，有望对二级市场股价形成支撑。
调整不会对公司经营、财务、研发及未来发展造成重大不利影响，也不会损害债务履行能力和持续经营能力。
不会损害公司及中小股东利益，不影响公司控制权及上市地位。
若后续公司股价持续高于新回购上限，回购方案仍有可能面临无法顺利实施的风险。

决策程序与合规性

本次调整已于2026年4月6日经公司第五届董事会第三十六次会议审议通过，无需提交股东大会审议。
公司承诺将严格依照相关法律法规及监管指引，在回购期限内根据实际市场情况择机实施回购，并及时履行信息披露义务。

投资者关注点（价格敏感信息）

本次回购价格上限的调整幅度较大，可能提升市场对公司股票的价值预期，具备潜在的市场影响力。
如公司能按新上限顺利回购，或将提振股价，增强投资者信心。
若公司股价持续走高，回购仍存不确定性，投资者需关注公司后续公告及市场表现。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者应深入了解相关公告及公司实际情况，注意投资风险。公司实际回购情况、市场表现及相关风险以后续公告为准。

English Version

Jiangsu Shenma Electric Co., Ltd. Significantly Raises the Share Buyback Price Cap, Potentially Impacting Stock Price

Key Points

Share buyback price cap raised from RMB 38/share to RMB 95/share, which is approximately 2.5 times the original cap and does not exceed 150% of the average trading price over the 30 trading days prior to the board resolution.
Other aspects of the buyback plan remain unchanged.
The adjustment has been approved by the board of directors and does not require shareholder meeting approval.
If the share price remains above the new cap, the buyback plan may not be successfully implemented.

Details

Jiangsu Shenma Electric Co., Ltd. (“the Company”) announced on April 7, 2026, a significant adjustment to the maximum price for its ongoing share buyback plan.

Background and Progress of the Buyback Plan

On July 29, 2025, the company’s board approved a buyback plan to purchase shares via the Shanghai Stock Exchange using internal or self-raised funds (including special loans for buybacks), with a total buyback amount not less than RMB 300 million and not more than RMB 400 million, at a price not exceeding RMB 38/share, within 12 months.
Repurchased shares are to be used for equity incentive and/or employee stock ownership plans.
As of the announcement date, the company has repurchased 7,977,424 shares, accounting for 1.8480% of total share capital, at prices ranging from RMB 28.36 to RMB 31.98 per share, with total funds paid at RMB 236.67 million (excluding stamp duty and transaction fees).

Key Adjustment: Substantial Increase in Price Cap

Given that the company’s share price has recently exceeded the previous cap (RMB 38/share), the board has raised the buyback cap to RMB 95/share (inclusive).
The new cap does not exceed 150% of the average trading price for the 30 trading days before the board resolution.
This adjustment only affects the buyback price cap; all other aspects remain unchanged.

Impact on the Company and Investor Information

This adjustment demonstrates the company’s confidence in its own value and may draw increased market attention, potentially supporting the share price in the secondary market.
The adjustment will not have a significant adverse impact on operations, financial condition, R&D, or future development, nor will it harm the company’s debt service capability or going concern.
It does not harm the interests of the company or minority shareholders, nor does it affect company control or listing status.
However, if the share price remains consistently above the new cap, the buyback plan may still not be implemented as intended.

Decision-Making Process and Compliance

This adjustment was approved at the 36th meeting of the fifth board on April 6, 2026, and does not require approval at the shareholders’ meeting.
The company commits to strictly follow relevant laws, regulations, and regulatory guidelines, making buyback decisions based on market conditions during the buyback period and timely disclosing related information.

Investor Focus (Price-Sensitive Information)

This substantial increase in the buyback price cap may enhance market valuation expectations for the company’s shares and could have a significant market impact.
If the company can execute the buyback at the new cap, it may boost the share price and investor confidence.
However, there remains uncertainty if the share price stays above the cap; investors should monitor follow-up announcements and market performance closely.

Disclaimer

The content of this article is for reference only and does not constitute investment advice. Investors should review official announcements and company circumstances thoroughly and pay attention to investment risks. Actual buyback performance and market conditions are subject to future disclosures.