江山欧派门业股份有限公司关于不向下修正“江山转债”转股价格的重要公告解读
要点摘要
- 转股价格再触发下修条款但公司董事会决定不下调： 2026年5月11日至2026年5月22日期间，公司股票在连续20个交易日中至少有10个交易日收盘价低于当前转股价格（19.84元/股）的90%（即17.86元/股），已触发“江山转债”向下修正条款，但董事会决定本次不予下修。
- 六个月内再次触发亦不修正： 董事会明确表示，在2026年5月25日至2026年11月24日的六个月内，如再度触发下修条款，也不会提出转股价格向下修正方案。
- 后续安排： 自2026年11月25日首个交易日起，如再度触发下修条款，董事会将重新召开会议决定是否行使下修权利。
- 公司自信长远价值： 董事会认为当前股价未能反映公司内在价值，对公司基本面及未来发展有信心，综合市场环境及公司实际情况后作出上述决定。
- 转股期仍在进行： “江山转债”转股期为2021年12月20日至2027年6月10日，目前正处于转股期，投资者需关注投资风险。
详细内容解读
一、关于“江山转债”及转股价格历次调整
江山欧派门业股份有限公司于2021年6月公开发行了5.83亿元可转换公司债券（简称“江山转债”，代码113625），债券期限为6年，票面利率逐年递增。自2021年12月20日起，该可转债可转为公司股份。转股价格经历多次调整，主要因公司权益分派及一次主动向下修正导致。最近一次调整为2025年6月13日起转股价格为19.84元/股。
- 2021-09-17：权益分派，转股价调整为96.33元/股
- 2022-07-06：权益分派，转股价调整为73.53元/股
- 2023-06-21：权益分派，转股价调整为55.04元/股
- 2024-06-19：权益分派，转股价调整为53.27元/股
- 2024-11-11：公司主动下修，调整为20.03元/股
- 2025-06-13：权益分派，调整为19.84元/股
二、转股价格下修条款与本次触发情况
根据募集说明书，若公司股票于任意连续20个交易日中至少10个交易日收盘价低于当期转股价格的90%，董事会有权提出向下修正并需股东大会审议。2026年5月11日至5月22日已满足该条件，属于法定触发下修情形。
三、董事会为何决定不下修转股价格？
- 公司认为当前股价受行业及市场环境影响，未能真实反映公司长期价值。
- 董事会出于对公司基本面和发展前景的信心、以及维护全体投资者利益的考虑，决定不行使下修权利。
- 相关议案已于2026年5月22日董事会紧急会议审议通过，关联董事回避表决。
- 未来六个月内，即使再次触发下修条件，亦不提出下修方案。
- 2026年11月25日之后如再触发，届时再决定是否行使下修权利。
对股东及投资者的影响和关注点
- 转债持有人无法享受更低转股价： 本次不下修意味着可转债转股价值未提升，可能影响转债吸引力。
- 公司管理层释放对公司长期价值的信心： 董事会认为当前低股价不合理，不希望通过被动下修稀释股本。
- 短期股价或受情绪影响： 不下修决定或令部分套利型投资者失望，影响市场短期情绪。
- 六个月内无需担心转股价被下修： 2026年5月25日至11月24日期间，无论是否再次触发，公司均不会下修。
- 投资者需关注公司基本面及后续公告： 建议重点关注公司经营业绩、行业变化及2026年11月25日后的相关动态。
风险提示
本公告仅为公司董事会决定，不代表未来公司不会调整相关政策。投资者应密切关注公司后续公告，理性决策，注意投资风险。
免责声明
本文基于公司公告内容整理，仅供信息参考，不构成任何投资建议。投资者需独立判断并自行承担投资风险。
English Version
Jiangshan Oupai Door Industry Co., Ltd. – In-depth Analysis of the Decision Not to Lower the Convertible Bond Conversion Price
Key Highlights
- Conversion price downward adjustment triggered but not executed: From May 11, 2026 to May 22, 2026, the company’s stock price met the condition: in any 20 consecutive trading days, at least 10 days’ closing prices were below 90% of the current conversion price (19.84 RMB/share, i.e., 17.86 RMB/share), triggering the downward revision clause. The board has decided not to lower the conversion price.
- No adjustment within six months even if triggered again: From May 25, 2026 to November 24, 2026, even if the clause is triggered again, the company will not propose a downward adjustment.
- Future arrangements: Starting from the first trading day after November 25, 2026, if triggered again, the board will reconvene to decide whether to exercise the downward adjustment right.
- Management confident in long-term value: The board believes the current stock price does not reflect the company’s intrinsic value and remains confident in long-term fundamentals.
- Convertible bond conversion period ongoing: The conversion period is from December 20, 2021 to June 10, 2027. Investors should pay attention to the investment risks.
Detailed Analysis
1. About “Jiangshan Convertible Bond” and Conversion Price Adjustments
The company issued RMB 583 million in convertible bonds in June 2021 (code 113625), with a 6-year term and step-up coupon. The conversion price has been adjusted multiple times due to profit distributions and one active downward revision. The latest adjustment set the price at 19.84 RMB/share from June 13, 2025.
- 2021-09-17: Profit distribution, conversion price adjusted to 96.33 RMB/share
- 2022-07-06: Profit distribution, adjusted to 73.53 RMB/share
- 2023-06-21: Profit distribution, adjusted to 55.04 RMB/share
- 2024-06-19: Profit distribution, adjusted to 53.27 RMB/share
- 2024-11-11: Active downward revision, adjusted to 20.03 RMB/share
- 2025-06-13: Profit distribution, adjusted to 19.84 RMB/share
2. Downward Revision Clause & This Trigger Event
As stated in the prospectus, if in any 20 consecutive trading days, at least 10 days’ closing prices are below 90% of the current conversion price, the board can propose a downward adjustment, subject to a shareholder vote. This was triggered during May 11-22, 2026.
3. Why Did the Board Decide Not to Lower the Price?
- The board believes the share price is undervalued and does not reflect fundamentals due to sector and market factors.
- To protect all investors’ interests and out of confidence in the company’s outlook, the board chose not to lower the conversion price.
- The relevant motion was urgently passed on May 22, 2026, with related directors abstaining.
- For six months, even if the clause is triggered, no downward adjustment will be proposed.
- After November 25, 2026, if triggered again, the board will reconsider.
Impacts and Considerations for Shareholders and Investors
- Convertible bondholders will not benefit from a lower conversion price: The lack of downward adjustment keeps the current conversion value unchanged, which may impact bond attractiveness.
- Management signals confidence in long-term value: The board’s decision shows unwillingness to dilute equity at what they see as an unreasonably low share price.
- Short-term share price may react: Some arbitrage investors may react negatively, impacting short-term sentiment.
- No downward adjustment risk for the next six months: From May 25 to November 24, 2026, the company will not propose any downward revision.
- Investors should monitor fundamentals and future announcements: Watch for operational performance, sector changes, and updates post-November 2026.
Risk Warning
This announcement is a board decision and does not preclude future policy changes. Investors should pay close attention to subsequent disclosures and make prudent investment decisions.
Disclaimer
This article is based on the company’s public disclosures for informational purposes only and does not constitute investment advice. Investors should make their own judgments and bear investment risks independently.
