江山欧派门业股份有限公司“江山转债”第五次可选择回售公告——投资者解读
公告要点
- 回售价格：102.31元/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
- 回售期间“江山欧派”可转债停止转股
- 回售权非强制，持有人可自主选择是否回售
- 风险提示：截至公告日，“江山转债”收盘价格高于回售价格，回售可能导致经济损失
详细内容及潜在影响
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”可选择回售的第五次提示公告。该公告对于公司可转债投资者而言具有重要意义，尤其是在当前市场环境下，可能对公司股价及债券价格产生影响。
回售触发条件与背景
该公告指出，公司股票自2026年3月20日至2026年5月6日连续30个交易日收盘价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。因此，根据募集说明书的约定，“江山转债”有条件回售条款生效，投资者可按债券面值加当期应计利息价格回售部分或全部债券给公司。
回售价格及利息计算
第五年票面利率为2.5%，计息天数为337天（2025年6月11日至2026年5月14日），利息为2.31元/张，回售价格为102.31元/张（含税）。具体公式为：
IA=B×i×t/365，其中IA为当期应计利息，B为持有债券总金额，i为票面利率，t为计息天数。
回售申报程序与相关事项
- 回售申报期为2026年5月14日至2026年5月20日。
- 持有人需通过上海证券交易所系统申报，方向为“卖出”，申报后不可撤销。
- 回售资金将在2026年5月25日通过中国证券登记结算上海分公司发放。
- 回售期内“江山转债”停止转股，但仍可交易，卖出指令优先于回售指令。
- 如回售后流通面值不足3000万元，回售期结束后将公告并停止交易。
风险提示及投资者需关注事项
- 回售价格（102.31元/张）低于当前市场价格，若选择回售，可能产生经济损失。
- 本公告可能影响可转债价格及公司股价，尤其是大规模回售可能降低公司现金流，甚至影响公司资本结构。
- 回售期结束后公司将公告回售结果及对公司影响，投资者需密切关注后续公告。
联系方式
如有疑问可联系董秘办，电话：0570-4729200
总结与投资者建议
本次公告涉及“江山转债”回售权的触发与申报流程、回售价格及相关风险，投资者需重点关注回售申报期及回售价格与当前市场价格的差异。大规模回售可能对公司现金流和资本结构产生影响，进而影响公司股价。建议投资者结合自身债券持仓与市场行情，谨慎决策，密切关注后续公告。
免责声明
本文章仅作为投资者信息参考，不构成任何投资建议。投资者应根据自身风险承受能力和市场情况作出独立判断，江山欧派门业股份有限公司及本文作者不承担因投资决策产生的任何法律责任。
English Version:
Jiangshan Oupai Convertible Bond (“Jiangshan Convertible”) Fifth Optional Put Announcement—Investor Analysis
Key Points of the Announcement
- Put Price: RMB 102.31 per bond (including accrued interest, tax included)
- Put Period: May 14, 2026 to May 20, 2026
- Payment Date: May 25, 2026
- Convertible bond conversion suspended during put period
- Put right is optional, holders can choose whether to put
- Risk warning: As of the announcement date, “Jiangshan Convertible” closing price is higher than put price; choosing put may cause financial loss
Detailed Content and Potential Impact
Jiangshan Oupai Door Industry Co., Ltd. (“Company”) has issued the fifth reminder announcement regarding the optional put right of “Jiangshan Convertible.” This announcement is significant for convertible bond investors and may impact both the bond price and company stock price in the current market environment.
Put Trigger Conditions and Background
The announcement states that the company’s stock price closed below 70% of the current conversion price for 30 consecutive trading days (March 20, 2026 to May 6, 2026) and “Jiangshan Convertible” is in its last two interest-bearing years. According to the prospectus, the conditional put option is activated, and investors may put all or part of their bonds at par plus accrued interest to the company.
Put Price and Interest Calculation
The fifth-year coupon rate is 2.5%, interest accrual period is 337 days (June 11, 2025 to May 14, 2026), interest is RMB 2.31 per bond; the put price is RMB 102.31 per bond (tax included). Formula:
IA=B×i×t/365, where IA is accrued interest, B is total bond held, i is coupon rate, t is days.
Put Application Procedure and Related Matters
- Put application period: May 14, 2026 to May 20, 2026.
- Bond holders must apply via Shanghai Stock Exchange system as a “sell” order; once confirmed, cannot be revoked.
- Payment will be made on May 25, 2026 through China Securities Depository and Clearing Shanghai branch.
- Bond conversion is suspended during put period but trading continues; sell orders take precedence over put orders.
- If after put the circulating par value is below RMB 30 million, trading will be suspended after announcement.
Risk Warning and Investor Notes
- The put price (RMB 102.31 per bond) is lower than current market price; choosing to put may cause financial loss.
- This announcement may affect bond price and company stock price; large put volume could impact company cash flow and capital structure.
- After put period, company will announce results and impact; investors should monitor follow-up announcements closely.
Contact Information
For inquiries, contact Board Secretary Office, tel: 0570-4729200
Summary & Investor Recommendations
This announcement involves the activation and procedure of the put option for “Jiangshan Convertible,” the put price and relevant risks. Investors should pay special attention to the put period and the price gap between put price and market price. Large-scale puts may impact company cash flow and capital structure, potentially affecting stock price. Investors are advised to make careful decisions based on their bond holdings and market situation, and closely monitor subsequent announcements.
Disclaimer
This article is for investor information only and does not constitute investment advice. Investors should make independent decisions based on their own risk tolerance and market conditions. Jiangshan Oupai Door Industry Co., Ltd. and the author do not assume any legal liability for investment decisions made based on this article.
