神马电力股份有限公司调整回购股份价格上限公告深度解读

要点概述

• 回购价格上限大幅上调： 江苏神马电力股份有限公司（简称“神马电力”）宣布，将回购股份的价格上限由每股不超过38元调整至每股不超过95元，涨幅高达150%。调整后的回购价格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%。
• 回购目的： 本次回购股份将全部用于公司股权激励和/或员工持股计划，资金来源为公司自有资金或自筹资金，回购总金额区间为人民币3亿元至4亿元。
• 决策流程简化： 本次调整已经公司董事会通过，无需提交股东大会审议，有助于提升决策效率，保障方案顺利推进。
• 回购进展： 截至公告日，公司已累计回购股份7,977,424股，占总股本的1.8480%，成交价格区间为28.36元至31.98元，累计已支付资金约2.37亿元（不含手续费和税费）。
• 价格敏感信息： 由于近期公司股价已高于原定回购上限，调整回购价格上限有助于回购计划的继续实施。
• 风险提示： 如果回购期内公司股价持续高于调整后的价格上限，回购方案仍可能无法顺利实施，公司将根据市场情况择机决策并及时披露进展。

对投资者的影响与需关注事项

• 股价敏感性： 回购价格上限的显著提高，通常被视为公司管理层对公司价值的高度认可，有望增强市场信心，可能对公司股价产生正面影响。
• 股份回购对财务及运营的影响： 公司强调本次调整不会对其经营活动、财务状况、研发和未来发展产生重大不利影响，不会损害公司债务履约和持续经营能力，也不会损害中小股东利益。
• 公司控制权及上市地位： 本次调整不会影响公司的控制权和股权分布，公司仍将满足上市条件，不影响其上市地位。
• 剩余回购安排： 回购股份的具体数量和最终占比，将以回购完成或回购期限届满时的实际情况为准。
• 持续信息披露： 公司承诺严格遵守相关法律法规，并将根据回购进展持续履行信息披露义务，提醒投资者注意投资风险。

事件详细背景

2025年7月29日，公司董事会审议通过回购方案，原定回购价格上限为38元/股，回购金额区间为3亿元至4亿元，回购期限为自董事会审议通过起12个月内。至今回购已实施，因股价上涨已突破原上限。2026年4月6日，公司董事会决定将价格上限上调至95元/股以适应市场变化，无需提交股东大会审批。

截至目前，公司通过集中竞价方式已回购近800万股，支付金额约2.37亿元，成交价格最高为31.98元/股。后续如股价再度超出新上限，回购计划仍有搁浅风险。公司董事会承诺将根据市场变化，适时做出回购决策并及时披露最新进展。

结语

本次回购价格上限的重大调整，反映出公司积极应对资本市场变化、维护投资者利益的决心。投资者应密切关注后续回购进展及公司公告，结合自身风险承受能力做出投资判断。

免责声明： 本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自担。请关注公司后续公告及市场变化，理性决策。

English Version

In-depth Analysis: Shenma Electric Power Co., Ltd. Adjusts Share Buyback Price Cap

Key Highlights

• Significant Buyback Price Cap Increase: Jiangsu Shenma Electric Power Co., Ltd. (“Shenma Power”) announced an adjustment to its share buyback price cap—from no more than RMB 38/share to no more than RMB 95/share, representing a 150% increase. The adjusted cap is no higher than 150% of the average share price over the 30 trading days prior to the board resolution.
• Purpose of Buyback: All repurchased shares will be used for equity incentives and/or employee stock ownership plans. The buyback will be funded by self-owned or self-raised capital, with a total buyback amount between RMB 300 million and RMB 400 million.
• Simplified Decision Process: The adjustment has been approved by the board of directors, without requiring a shareholder meeting, enhancing efficiency and ensuring smooth execution.
• Buyback Progress: As of the announcement date, the company had repurchased 7,977,424 shares, accounting for 1.8480% of total share capital, with prices ranging between RMB 28.36 and RMB 31.98 per share, and a cumulative payment of approximately RMB 237 million (excluding fees and taxes).
• Price Sensitive Information: Given that the share price recently exceeded the original buyback cap, the adjustment ensures the buyback plan can proceed.
• Risk Warning: If the share price remains above the new buyback cap during the buyback period, the plan may still not be executed as intended. The company will decide on buyback timing according to market conditions and will disclose progress in a timely manner.

Implications and Key Shareholder Concerns

• Share Price Sensitivity: A significant increase in the buyback price cap is often interpreted as a strong management endorsement of corporate value, likely to boost market confidence and potentially positively impact the share price.
• Impact on Company Operations and Finances: The company emphasized that this adjustment will not have a significant adverse effect on operations, financial condition, R&D, or future development, nor will it impact debt repayment ability or sustainable operations, or harm minority shareholder interests.
• Company Control and Listing Status: This adjustment will not affect company control or shareholding structure, and the company will continue to meet listing requirements.
• Ongoing Buyback Arrangements: The actual number of shares to be repurchased and final proportion will be determined upon completion or expiration of the buyback period.
• Ongoing Disclosure: The company will strictly comply with relevant regulations and continue to disclose information in a timely manner, reminding investors to pay attention to associated risks.

Background Details

On July 29, 2025, the board approved the original buyback plan, with a cap of RMB 38/share and a buyback amount between RMB 300 million and RMB 400 million, to be completed within 12 months. Given the share price rise, the board resolved on April 6, 2026, to raise the cap to RMB 95/share, requiring no shareholder meeting.

To date, nearly 8 million shares have been repurchased at a total cost of around RMB 237 million, with the highest price at RMB 31.98/share. Should the share price exceed the new cap, the buyback may still be halted. The board commits to decide and disclose buyback actions according to market circumstances.

Conclusion

This major adjustment to the buyback price cap demonstrates the company’s proactive approach to capital market changes and investor interests. Investors should closely follow future buyback progress and company announcements, and make investment decisions based on their own risk tolerance.

Disclaimer: The content above is for informational purposes only and does not constitute investment advice. Investors should make decisions at their own risk and pay attention to subsequent company disclosures and market changes.

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