爱玛科技关于限制性股票回购注销及“爱玛转债”转股价格调整的详细解读

一、公告关键信息速览

• 停复牌安排：因限制性股票回购注销涉及“爱玛转债”转股价格调整，爱玛转债（代码：113666）于2026年3月16日全天停止转股，2026年3月17日恢复转股。
• 转股价格调整：转股价格由调整前的37.45元/股上调至37.49元/股，本次调整自2026年3月17日生效。
• 调整原因：系公司回购注销部分限制性股票，按照《募集说明书》及相关规定，调整“爱玛转债”转股价格。

二、详细背景及过程

爱玛科技集团股份有限公司（以下简称“公司”）于2023年2月23日公开发行2,000万张可转换公司债券（简称“爱玛转债”，代码“113666”），发行总额20亿元，债券于2023年3月20日在上交所上市，存续期6年，转股期从2023年9月1日至2029年2月22日。

“爱玛转债”自发行以来，因历年权益分派及限制性股票回购注销等事项，转股价格多次调整，从初始的61.29元/股，经历多次下调至2025年9月11日的37.45元/股。本次调整是由于限制性股票激励计划部分限制性股票回购注销，具体涉及2024年激励计划中离职或解除劳动关系人员合计1,235,000股限制性股票。

三、转股价格调整详细计算方法及依据

根据《爱玛科技集团股份有限公司公开发行可转换公司债券募集说明书》，公司发生增发新股、配股、现金分红、回购注销股份等情况时，需相应调整转股价格。公司董事会于2025年12月30日审议通过相关议案，回购价格由11.15元/股下调至10.52元/股，并完成回购注销手续。

本次转股价格调整计算公式为：
P1 = (P0 + A1×k1 + A2×k2) ÷ (1 + k1 + k2)
其中，P0=37.45元/股，A1=10.7928元/股，k1=-0.1365%，A2=10.52元/股，k2=-0.0056%。
得出调整后转股价格为37.49元/股，调整自2026年3月17日起生效。

四、对投资者和股东的影响及需关注事项

• 转债投资者：转股价格的微幅上调（0.04元/股），意味着未来转股时，需要略高的转股价格，可能对转债的吸引力略有影响，但幅度极小。
• 股东关注：本次转股价调整系公司回购注销未达激励条件限制性股票，反映公司不断进行激励计划优化及激励对象动态管理，有助于提升公司治理水平。
• 股本变化：因回购注销影响，限制性股票总量减少，对公司总股本边际影响较小。
• 潜在影响：本次调整属于常规性事项，未涉及大额资本运作或重大资产重组，对公司基本面影响有限，预计不会对二级市场股价产生重大波动。

五、重要时间节点

• 2026年3月16日：爱玛转债全天停止转股。
• 2026年3月17日：恢复转股，转股价格调整生效。

六、结论

本次“爱玛转债”转股价格调整属于公司常规性资本结构优化，虽对可转债投资者有边际影响，但调整幅度极小，不构成重大利好或利空。投资者应持续关注公司后续激励计划及股权结构变化，及时评估对公司长期价值的影响。

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。

English Version

Detailed Investor Analysis: Aima Technology’s Adjustment to Convertible Bond Conversion Price Due to Restricted Stock Buyback and Cancellation

1. Key Points at a Glance

• Trading Suspension & Resumption: Due to the adjustment of the “Aima Convertible Bond” (code: 113666) conversion price caused by the restricted stock buyback and cancellation, the bond will stop conversion for the whole day on March 16, 2026, and resume conversion on March 17, 2026.
• Conversion Price Adjustment: The conversion price will be raised from RMB 37.45/share to RMB 37.49/share, effective from March 17, 2026.
• Reason for Adjustment: The company is buying back and canceling a portion of restricted shares, necessitating an adjustment per the convertible bond prospectus and relevant regulations.

2. Background and Process

Aima Technology Group Co., Ltd. (the “Company”) issued 20 million convertible bonds (Aima Convertible Bond, code: 113666) on February 23, 2023, raising RMB 2 billion in total. The bonds were listed on the Shanghai Stock Exchange on March 20, 2023, with a 6-year term and convertible between September 1, 2023, and February 22, 2029.

Since issuance, due to multiple rounds of equity distributions and restricted stock buybacks/cancellations, the conversion price has been adjusted several times, dropping from the initial RMB 61.29/share to RMB 37.45/share as of September 11, 2025. This latest adjustment is due to the buyback and cancellation of 1,235,000 restricted shares related to the 2024 incentive plan for employees who have resigned or whose labor relationships have been terminated.

3. Detailed Calculation and Rationale

According to the prospectus, when the company carries out bonus issues, increases share capital, new share issues, distributions, or buybacks, the conversion price must be adjusted accordingly. On December 30, 2025, the board approved lowering the buyback price from RMB 11.15/share to RMB 10.52/share and completed the stock buyback and cancellation procedures.

The adjustment formula used:
P1 = (P0 + A1×k1 + A2×k2) ÷ (1 + k1 + k2)
Where P0=RMB 37.45/share, A1=RMB 10.7928/share, k1=-0.1365%, A2=RMB 10.52/share, k2=-0.0056%.
The resulting adjusted conversion price is RMB 37.49/share, effective March 17, 2026.

4. Impact and Issues for Investors & Shareholders

• Convertible Bond Investors: The marginal increase in the conversion price (by RMB 0.04/share) means that future conversion will require a slightly higher price, with a minimal impact on the bond’s attractiveness.
• For Shareholders: The adjustment reflects the company’s ongoing optimization of its incentive plans and dynamic management of incentive recipients, which can improve corporate governance.
• Share Capital Impact: The reduction of restricted stock is minor and has limited effect on total share capital.
• Market Sensitivity: The adjustment is a routine capital structure move and does not involve major asset restructuring or significant capital operations; it is not expected to cause significant share price volatility.

5. Key Dates

• March 16, 2026: Aima Convertible Bond conversion stops for the day.
• March 17, 2026: Conversion resumes, and the new conversion price becomes effective.

6. Conclusion

This adjustment to the Aima Convertible Bond conversion price is a routine capital structure measure. It has marginal impact on convertible bond holders and is not a major positive or negative. Investors should continue to monitor subsequent incentive plan developments and share structure changes for any long-term value implications.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors act at their own risk.

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