First Material convertible bonds see modest conversion in Q3 2025

As of September 30, 2025, Hangzhou First Applied Material’s "First 22 Convertible Bonds" have seen a cumulative RMB 150,000 converted into 5,200 company shares, representing 0.00028% of the company's total shares before the conversion. In the third quarter of 2025, from July 1 to September 30, RMB 35,000 of "First 22 Convertible Bonds" were converted, adding 2,372 shares to the company's stock, equivalent to 0.000127% of the total shares before the conversion.

The company's total share capital increased by 2,372 shares to 2,608,739,124 shares, all of which are unrestricted tradable shares. The remaining unconverted "First 22 Convertible Bonds" amount to RMB 3,029,839,000, which is 99.9950% of the total bond issuance.

The initial conversion price of the "First 22 Convertible Bonds" was RMB 65.07 per share, effective from May 29, 2023. Due to equity distribution adjustments in 2022, 2023, and 2024, and a downward correction in 2025, the conversion price was adjusted multiple times. The latest adjustment, effective June 24, 2025, set the conversion price to RMB 14.74 per share.