| 证券代码：600075 | 证券简称：新疆天业 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 新疆天业股份有限公司（以下简称"公司"）于2025年8月16日在《上海证券报》 《证券日报》《证券时报》和上海证券交易所网站（www.sse.com.cn）上刊登了《新疆 天业股份有限公司关于召开2025年第二次临时股东大会的通知》，定于2025年9月1日以 现场投票和网络投票相结合的方式召开2025年第二次临时股东大会。 现将本次会议的有关事项提示如下： 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第二次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 关于召开2025年第二次临时股东大会通知的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

Core Viewpoint - The coal-to-ethylene glycol (EG) industry in China is experiencing continuous expansion and fluctuating growth, driven by the country's abundant coal resources and increasing market demand, with production expected to rise significantly by 2024 [1][12]. Overview - The coal-to-EG process utilizes coal as a primary raw material to produce ethylene glycol, which is widely used in various applications such as polyester fibers and antifreeze [2][4]. Development Background - China's energy structure, characterized by abundant coal but limited oil and gas, has led the government to promote coal-to-EG to reduce reliance on imported oil and ensure energy security, while also facing stricter environmental regulations under the "dual carbon" strategy [4]. Industry Chain 1. Industry Chain Structure - The coal-to-EG industry includes upstream suppliers of coal, oxygen, water, catalysts, and production equipment, with the downstream market primarily consisting of ethylene glycol applications [6]. 2. Upstream - Coal is the main raw material for coal-to-EG production, with China's coal output projected to reach 4.759 billion tons in 2024, a year-on-year increase of 2.17%, ensuring a stable supply for the industry [8]. 3. Downstream - Polyester is the largest consumer market for coal-to-EG, accounting for over 80% of consumption, with an annual growth rate of 7.09% in production capacity from 2016 to 2024 [10]. Current Development Status - The production of coal-to-EG in China is expected to increase from 1 million tons in 2016 to 3.988 million tons in 2024, with market size growing from 4.367 billion yuan to 15.365 billion yuan during the same period [12]. Competitive Landscape 1. Overall Landscape - The coal-to-EG enterprises are primarily located in resource-rich regions such as Inner Mongolia, Shanxi, Shaanxi, and Xinjiang, with 17 companies accounting for 66.4% of the total production capacity in 2024 [14]. 2. Representative Enterprises Analysis - **Shanxi Coal Group Yulin Chemical Co., Ltd.**: Established in December 2017, it operates a significant coal-to-EG project with a capacity of 1.8 million tons per year [16]. - **Xinjiang Tianye Co., Ltd.**: Focuses on a diversified green economy, with projected revenues of 11.16 billion yuan and a gross profit of 1.256 billion yuan in 2024 [18]. Development Trends - Future coal-to-EG enterprises are expected to increase investment in technology R&D, improve catalyst performance, and adopt advanced environmental technologies to achieve green transformation and comply with stricter regulations [20].

Group 1 - The core revenue composition of Xinjiang Tianye for the year 2024 is as follows: Industrial accounts for 93.96%, Commercial for 3.34%, Other businesses for 1.78%, and Transportation for 0.92% [1] Group 2 - Xinjiang Tianye announced that its ninth board meeting will be held on August 15, 2025, in a hybrid format of in-person and video conference [3]

限公司 债券代码：110087 债券简称：天业转债 新疆天业股份有限公司 九届十三次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 新疆天业股份有 程》的议案。(该项议案同意票 9 票，反对票 0 票，弃权票 0 票) 经中国证券监督管理委员会《关于核准新疆天业股份有限公司公开发行可转换公司 债券的批复》（证监许可[2022]785 号）的核准，公司于 2022 年 6 月 23 日公开发行了 号文同意，于 2022 年 7 月 19 日起在上海证券交易所挂牌交易，债券简称"天业转 债"，债券代码"110087"。根据《上海证券交易所股票上市规则》等有关规定及《新 疆天业股份有限公司公开发行可转换公司债券募集说明书》的约定，"天业转债"转股 期起止日期为 2022 年 12 月 29 日至 2028 年 6 月 22 日。 新疆天业股份有 限公司 自 2023 年 10 月 31 日至 2025 年 6 月 30 日，"天业转债"累计因转股形成的股份数 量 882 股，公司股份总数由 ...

Group 1 - The company held its ninth supervisory board meeting on August 15, 2025, with all five supervisors present, and the meeting was chaired by Wang Wei [2] - The supervisory board approved the proposal to dissolve the supervisory board and its working rules, transferring its powers to the audit committee of the board of directors, pending approval from the shareholders' meeting [2][3] - The decision to dissolve the supervisory board is in line with recent legal and regulatory updates, aiming to enhance the company's operational standards [2][4] Group 2 - The company is considering a project by its controlling shareholder, Tianye Group, to build a low-carbon transformation upgrade demonstration project in the Tenhu Tan New Materials Industrial Park, which may lead to potential business competition [3][4] - The project has a total investment of approximately 14 billion yuan, representing 68.21% of the company's latest audited total assets, indicating significant investment risk [4] - The supervisory board agreed to partially exempt Tianye Group from its commitment to avoid competition, believing that this decision aligns with legal regulations and will not adversely affect the company's operations or minority shareholders' interests [4][6] Group 3 - The company plans to sign a "Cultivation Agreement" with Tianye Group, allowing the latter to undertake the investment and construction of the demonstration project, with the company not bearing any costs [6][7] - The supervisory board confirmed that the decision-making process for this related party transaction complies with relevant laws and regulations, ensuring it does not harm the company's operational situation or minority shareholders' interests [6][7]

重要内容提示： 债券代码：110087 债券简称：天业转债 新疆天业股份有限公司 关于召开2025年第二次临时股东大会的通知 ? 股东大会召开日期：2025年9月1日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 （一）股东大会类型和届次 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 证券代码：600075 证券简称：新疆天业 公告编号：2025-063 无 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 1 日 12 点 30 分 召开地点：新疆石河子经济技术开发区北三东路 36 号公司办公楼 10 楼会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 1 日 至2025 年 9 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

具体修订内容详见：《新疆天业股份有限公司股东会议事规则》修订对照表。 特此公告。 关于修订《股东大会议事规则》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新疆天业股份有限公司（以下简称"公司"） 于 2025 年 8 月 15 日召开九届十三 次董事会，审议通过关于修订《新疆天业股份有限公司股东大会议事规则》的议案。 为了规范公司行为，保证股东会依法行使职权，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》《新疆天业股份有限公司章程》的规定， 结合公司实际情况，拟对《新疆天业股份有限公司股东大会议事规则》制度名称及相关 条款进行修订。 关于修订《新疆天业股份有限公司股东大会议事规则》的议案，尚需提交公司股东 大会审议。 新疆天业股份有限公司 | 证券代码：600075 | 股票简称：新疆天业 | 公告编号：临 2025-059 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 新疆天业股份有限公司董事会 2025 ...

新疆天业股份有限公司 《新疆天业股份有限公司股东会议事规则》修订对照表 | | 删除线代表删减；黑色加粗代表新增 | | | --- | --- | --- | | 修订前 | 修订后 | 修订依据 | | 第一条 为了规范新疆天业股份有限公 | 第一条 为了规范新疆天业股份有限 | | | 司（以下简称"公司"）行为，保证股东大会 | 公司（以下简称"公司"）行为，保证股东 | / | | 依法行使职权，根据《公司法》、《证券法》、《上市公 | 会依法行使职权，根据《中华人民共和国 | | | 司股东大会规则》、《新疆天业股份有限公司章程》 | 公司法》（以下简称《公司法》）、《中华人 | | | （以下简称公司章程）的规定，制定本规则。 | 民共和国证券法》（以下简称《证券法》）、 | | | | 《上市公司股东会规则》《新疆天业股份有 | | | | 限公司章程》（以下简称公司章程）的规定， | | | | 制定本规则。 | | | | 第二条 公司股东会的召集、提案、 | 《上市公司股东会规则》第二条 | | 新增 | 通知、召开等事项适用本规则。 | 上市公司股东会的召集、提案、通知、 | | | ...

新疆天业股份有限公司（以下简称"公司"） 于 2025 年 8 月 15 日召开九届十三 次董事会，审议通过关于修订《新疆天业股份有限公司董事会议事规则》的议案。 为了进一步规范公司董事会的议事方式和决策程序，促使董事和董事会有效地履行 其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》和《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 以及《新疆天业股份有限公司章程》等有关规定，结合公司实际情况，拟对《新疆天业 股份有限公司董事会议事规则》中相关条款进行修订。 关于修订《新疆天业股份有限公司董事会议事规则》的议案，尚需提交公司股东大 会审议。 具体修订内容详见：《新疆天业股份有限公司董事会议事规则》修订对照表。 新疆天业股份有限公司 证券代码：600075 股票简称：新疆天业 公告编号：临 2025-060 债券代码：110087 债券简称：天业转债 新疆天业股份有限公司 关于修订《董事会议事规则》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ...