江山欧派门业股份有限公司关于“江山转债”可选择回售的第二次提示性公告——投资者详细解读
要点概览
- 回售价格：102.31 元人民币/张（含当期应计利息，含税）
- 回售期：2026年5月14日至2026年5月20日
- 回售资金发放日：2026年5月25日
- 回售期内“江山欧派”可转债将暂停转股，但仍可交易
- 本次回售为可选择行为，非强制执行
- 重要风险提示：截至公告披露日，“江山转债”收盘价高于回售价，投资者如选择回售，可能会导致经济损失
详细解读
江山欧派门业股份有限公司（以下简称“公司”）发布关于“江山转债”可选择回售的第二次提示性公告，公告详细说明了回售条件、程序、价格及相关注意事项。本公告对可转债持有人的投资决策和公司股价均具有潜在影响，投资者需高度关注。
一、回售触发条件及背景
- 公司股票自2026年3月20日至2026年5月6日，连续30个交易日内收盘价格低于当期转股价格的70%，且“江山转债”已进入最后两个计息年度。
- 根据募集说明书规定，满足上述条件后，转债持有人可选择将全部或部分可转债按面值加当期利息回售给公司。
- 这是“有条件回售”条款的正式生效，投资者可行使一次回售权，未在回售期内申报视为放弃当年回售权。
二、回售价格及利息计算
- 第五年票面利率为2.5%，计息天数337天（2025年6月11日至2026年5月14日），每张应计利息约2.31元。
- 回售价格=100元（面值）+2.31元（利息）=102.31元/张（含税）。
三、回售流程及关键时间点
- 回售申报期：2026年5月14日至2026年5月20日。
- 申报方式：投资者通过上交所交易系统申报，方向为“卖出”，申报后不能撤销，未成功可次日继续申报（仅限回售期）。
- 回售资金发放日：2026年5月25日。
- 回售期内，“江山转债”停止转股，但可以交易。若回售后流通面值低于3,000万元，公司将公告并在3个交易日后停止交易。
四、对投资者及股价的潜在影响
- 回售价格高于面值但目前低于二级市场价格。选择回售等同于以102.31元/张卖出，若市场价高于此价格，回售将导致实际损失。
- 本次回售条款触发，反映公司股价阶段性低于转股价70%，显示公司当前市场表现承压，可能影响市场情绪。
- 可转债回售若规模较大，可能对公司现金流产生压力，并影响后续转股比例，值得投资者关注。
- 如大量回售导致流通面值大幅下降，相关公告及停牌安排亦可能对二级市场流动性与价格形成影响。
五、联系方式
有关回售及其他问题，可联系董秘办，电话：0570-4729200。
总结
本次“江山转债”回售权触发，投资者应根据自身情况审慎决策。若选择回售，需注意当前回售价与市场价的差距，避免不必要的经济损失。同时，关注公司后续公告及可转债流通规模变化，评估对公司股价与二级市场的潜在影响。
免责声明： 本文信息仅供投资参考，不构成任何投资建议。投资者应自行判断，审慎决策，由此产生的任何后果与作者及平台无关。
English Version
Detailed Investor Analysis: Jiangshan Oupai Convertible Bond Second Put Option Reminder Announcement
Key Points Overview
- Put Price: RMB 102.31 per bond (including current accrued interest, tax included)
- Put Period: May 14, 2026 to May 20, 2026
- Payment Date: May 25, 2026
- Convertible bonds stop conversion during the put period but remain tradable
- The put option is voluntary, not mandatory
- Important Risk: As of the announcement, secondary market price is higher than the put price; exercising the put may cause economic loss
In-depth Analysis
Jiangshan Oupai Door Industry Co., Ltd. (the “Company”) released the second reminder on the puttable option of its convertible bonds (“Jiangshan Bond”). The announcement details the conditions, process, price, and key reminders related to the put option. This is a potentially price-sensitive event, and investors should pay close attention.
1. Trigger Conditions and Context
- From Mar 20, 2026 to May 6, 2026, the Company’s stock closed below 70% of the current conversion price for 30 consecutive trading days, and the bond has entered the last two interest accrual years.
- According to the prospectus, under these conditions, bondholders may sell all or part of their bonds back to the Company at par plus accrued interest.
- This is the formal activation of the “conditional put” clause. Each bondholder may exercise the put right once per year upon first satisfaction of the condition, or forfeit it for the year if not declared within the put period.
2. Put Price and Interest Calculation
- Year five coupon rate: 2.5%; Accrual days: 337 days (June 11, 2025 to May 14, 2026), interest ≈ 2.31 yuan per bond.
- Put price = 100 yuan (par) + 2.31 yuan (interest) = 102.31 yuan/bond (tax included).
3. Put Process and Key Dates
- Declaration period: May 14–20, 2026
- How to declare: Investors apply via SSE system as “sell”; once confirmed, cannot be revoked; can reapply next day if unsuccessful (within put period)
- Payment date: May 25, 2026
- During put period, conversion is suspended but trading continues. If total face value after put falls below 30 million yuan, company will announce and halt trading after 3 working days.
4. Potential Impact on Investors and Stock Price
- Put price is above par but below current market price; exercising the put means selling at 102.31 yuan, which could cause actual loss versus market price.
- The triggering of the put clause reflects the company’s share price has been under pressure, possibly affecting market sentiment.
- Large-scale puts could impact the company’s cash flow and future conversion ratios.
- If outstanding face value drops sharply, follow-up announcements and possible suspension could affect trading liquidity and pricing.
5. Contact Details
For queries, contact Board Secretary Office: 0570-4729200.
Summary
The activation of the put option is a price-sensitive event. Investors should carefully weigh the put price against the secondary market price and monitor subsequent company announcements regarding put results and bond liquidity for potential impact on share price and convertible bond trading.
Disclaimer: The above content is for information purposes only and does not constitute investment advice. Investors should make their own decisions and bear any consequences independently.
