聚合顺新材料“合顺转债”转股价格修正条件触发及风险提示公告

聚合顺新材料股份有限公司 “合顺转债”或触发转股价格向下修正条件提示公告

报告要点

聚合顺新材料股份有限公司（证券代码：605166，转债代码：111020）发布公告，称“合顺转债”近期可能满足转股价格向下修正条件。
“合顺转债”自2025年1月27日起可转换为公司股份，初始转股价格为10.73元/股，现最新转股价格为10.53元/股。
转股价格已因公司回购注销股份及2024、2025年度权益分派两次调整。
转股价格向下修正条款明确：若公司股票在连续30个交易日中至少15个交易日收盘价低于转股价格80%（即8.42元/股），董事会可提出转股价格向下修正方案，并需股东会通过。
截至2026年7月23日，已有10个交易日公司股价低于8.42元/股，若未来19个交易日再有5个交易日低于该价，将触发修正条件。
一旦修正条件触发，公司须召开董事会审议是否修正转股价格，并在次一交易日开市前披露相关公告。
修正后的转股价格不得低于公司最近一期经审计的每股净资产和股票面值，并需遵循相关法律法规及募集说明书约定。

投资者需注意的重点与潜在影响

转股价格向下修正可能大幅影响公司股价及转债价值：一旦触发修正，转债持有人可按更低价格转股，可能导致公司股本增加、稀释现有股东权益，对股价带来压力。
转债投资者将受益于向下修正：转债转股价值提升，转债价格或提升，投资者需密切关注公司后续公告。
股东会表决权：转债持有人需回避相关表决，剩余股东需以三分之二以上表决权通过修正方案。
公司公告和信息披露义务：公司需在触发条件后及时公告修正决定和后续股东会决议，未履行相关程序视为不修正转股价格。
风险提示：转股价格如被修正，现有股东权益面临稀释风险，投资者需关注公司公告和未来股价表现。

详细信息

“合顺转债”发行规模33,800万元，期限6年，票面利率随年限递增（首年0.2%，第六年2.5%）。
2025年1月27日起可转股，转股价格先后因回购注销及权益分派调整至10.53元/股。
触发修正条件需30个交易日内15个交易日股价低于转股价80%。当前已达10日，未来19日内需再有5日低于8.42元/股。
修正后的转股价格需满足多个限制条件，不得低于净资产或股票面值。
公司将根据《上海证券交易所上市公司自律监管指引第12号》和《募集说明书》履行后续审议与信息披露义务。

结论

本公告对于聚合顺新材料股份有限公司的股价和转债价格都可能产生重大影响。转股价格向下修正若被触发并通过，将提升转债转股吸引力，可能导致公司股本扩张、股价承压，对转债投资者有利，对现有股东构成稀释风险。投资者应密切关注公司后续公告，合理评估投资风险。

免责声明

本文仅基于公司公告内容整理，相关信息以公司官方公告为准。投资者需结合个人情况谨慎决策，本文不构成投资建议。

Juheshun New Materials Co., Ltd.: Announcement on Potential Downward Revision of ‘Heshun Convertible Bonds’ Conversion Price

Key Points

Juheshun New Materials (stock code: 605166, convertible bond code: 111020) announced that its ‘Heshun Convertible Bonds’ may soon meet the condition for downward revision of conversion price.
‘Heshun Convertible Bonds’ can be converted to shares from January 27, 2025, with an initial conversion price of RMB 10.73/share; the latest conversion price is RMB 10.53/share.
The conversion price has been adjusted twice due to share repurchase cancellation and 2024/2025 equity distribution.
The downward revision clause: If the company’s share price closes below 80% of the conversion price (RMB 8.42/share) for at least 15 out of any consecutive 30 trading days, the board may propose a downward revision plan for shareholder approval.
As of July 23, 2026, there have been 10 trading days below RMB 8.42/share; if another 5 days occur below this price in the next 19 days, the condition will be triggered.
Once triggered, the board must decide whether to revise the conversion price and announce the decision before the next trading day’s market open.
The revised conversion price must not be lower than the latest audited net asset per share and share par value, and must comply with relevant laws and prospectus provisions.

Key Points for Investors and Potential Price Sensitivity

Downward revision of conversion price may significantly impact share price and bond value: If triggered, bondholders can convert at a lower price, potentially increasing the share base and diluting existing shareholders, exerting pressure on the share price.
Convertible bond investors benefit from downward revision: The conversion value increases, potentially boosting bond prices. Investors should closely monitor subsequent announcements.
Shareholder voting rights: Convertible bond holders must abstain from voting, and the plan requires two-thirds approval from remaining shareholders.
Disclosure obligations: The company must promptly disclose decisions and shareholder resolutions after the condition is triggered. Failure to follow procedures means no revision.
Risk warning: If revised, existing shareholders face dilution risk. Investors should monitor company announcements and future stock performance.

Details

‘Heshun Convertible Bonds’ issued at RMB 33,800,000, with a 6-year term and increasing coupon rates (0.2% in the first year, 2.5% in the sixth).
Convertible from January 27, 2025; price adjusted to RMB 10.53/share after repurchase cancellation and equity distribution.
Trigger condition: 15 out of 30 days’ closing price below 80% of conversion price; current progress: 10 days, 5 more needed in next 19 days.
Revised conversion price must not be below net asset per share or share par value.
The company will follow Shanghai Stock Exchange and prospectus requirements for review and disclosure.

Conclusion

This announcement may have a significant impact on Juheshun’s share price and convertible bond value. If the downward revision is triggered and approved, it will increase the attractiveness of conversion for bondholders, potentially expanding share capital and pressuring the stock price, benefiting bond investors but diluting current shareholders. Investors should closely monitor subsequent company announcements and assess investment risks accordingly.

Disclaimer

This article is based on official disclosures. Please refer to the company’s official announcements for accurate information. This does not constitute investment advice, and investors should make decisions cautiously according to their own circumstances.