Core Viewpoint - Hengli Petrochemical announced the approval of a proposal for the absorption merger between its wholly-owned subsidiaries during the 30th meeting of the 9th Board of Directors [2] Group 1 - The announcement was made on the evening of August 15 [2] - The decision was made during a board meeting specifically focused on corporate restructuring [2]

Overview - Hengli Petrochemical Co., Ltd. announced the absorption merger of its wholly-owned subsidiaries, Hengli Petrochemical (Dalian) Refining Co., Ltd. and Hengli Petrochemical (Dalian) Chemical Co., Ltd. to optimize management structure and improve operational efficiency [1][2] Merger Details - The merger will see Hengli Refining absorb Hengli Chemical, with Hengli Chemical being legally dissolved post-merger [1][3] - The merger does not constitute a related party transaction or a major asset restructuring as per relevant regulations, and does not require shareholder approval [2] Financial Information - Hengli Refining has total assets of 113.47 billion RMB, total liabilities of 80.23 billion RMB, and net assets of 33.24 billion RMB as of December 31, 2024, with a revenue of 226.97 billion RMB and a net profit of 1.98 billion RMB for the same period [2][5] - Hengli Chemical has total assets of 70.58 billion RMB, total liabilities of 60.49 billion RMB, and net assets of 10.09 billion RMB as of December 31, 2024, with a revenue of 42.11 billion RMB and a net profit of 236.91 million RMB for the same period [5] Impact of the Merger - The merger is expected to enhance the company's management structure, improve operational efficiency, optimize resource allocation, and reduce management costs, thereby promoting quality and efficiency improvements [1][6]

恒力石化股份有限公司 证券代码：600346 恒力石化股份有限公司 2025 年第二次临时股东大会 会议材料 中国·苏州 2025 年 8 月 | | 1 | | --- | --- | | 1 | | | = | 1 | | 目 录 | | 1 | | --- | --- | --- | | 会议须知 | | 2 | | 会议议程 | | 4 | | 会议议案 | | 6 | | | 议案一：关于修订《公司章程》及其附件的议案 | 6 | | | 议案二：关于公司第十届董事会董事薪酬方案的议案 | 7 | | | 议案三：关于修订《独立董事工作制度》的议案 | 8 | | | 议案四：关于修订《关联交易管理制度》的议案 | 9 | | | 议案五：关于修订《对外担保管理制度》的议案 | 10 | | | 议案六：关于选举第十届董事会非独立董事候选人的议案 | 11 | | | 议案七：关于选举第十届董事会独立董事候选人的议案 | 13 | 恒力石化股份有限公司 会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司 法 ...

具体内容详见公司于同日在指定信息披露媒体及上海证券交易所网站 （www.sse.com.cn）上披露的《关于全资子公司之间吸收合并的公告》（公告编号： 2025-047）。 恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-046 恒力石化股份有限公司 第九届董事会第三十次会议决议公告 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。 恒力石化股份有限公司（以下简称"公司"）第九届董事会第三十次会议（以 下简称"本次会议"）于2025年8月10日以电子邮件、电话方式发出通知。会议于2025 年8月15日以通讯方式召开。本次会议应出席董事8名，实际出席董事8名。会议由董 事长范红卫女士主持，公司部分高级管理人员列席了会议。本次会议的召开和表决 程序符合《公司法》和《公司章程》等有关规定。 出席会议的董事认真审议并一致通过了以下议案： 一、《关于全资子公司之间吸收合并的议案》 为进一步优化公司管理架构，提高运营效率，优化资源配置，降低管理成本， 促进企业提质增效，同意公司全资子公司恒力石化（大连） ...

恒力石化（SH 600346，收盘价：15.17元）8月15日晚间发布公告称，公司第九届第三十次董事会会议 于2025年8月15日以通讯方式召开。会议审议了《关于全资子公司之间吸收合并的议案》等文件。 2024年1至12月份，恒力石化的营业收入构成为：石油化工行业占比92.23%，其他占比7.72%，其他业 务占比0.05%。 （文章来源：每日经济新闻） ...

恒力石化股份有限公司 本次吸收合并事项不构成关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。根据《上海证券交易所股票上市规则》《公司章程》 的相关规定，本次吸收合并事项无需提交公司股东大会审议。 二、吸收合并双方基本情况 （一）吸收方基本情况 公司名称：恒力石化（大连）炼化有限公司 类型：有限责任公司(外商投资企业法人独资) 统一社会信用代码：91210244089087324F 注册地址：辽宁省大连长兴岛经济区长松路 298 号 法定代表人：李晓明 注册资本：1,759,633 万元人民币 恒力石化股份有限公司 证券代码：600346 证券简称：恒力石化 公告编号：2025-047 恒力石化股份有限公司 关于全资子公司之间吸收合并的公告 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。 一、吸收合并情况概述 恒力石化股份有限公司（以下简称"公司"）于2025年8月15日召开第九届董 事会第三十次会议，审议通过了《关于全资子公司之间吸收合并的议案》，为进 一步优化公司管理架构，提高运营效率，优化资源配置， ...

恒力石化公告，全资子公司恒力石化（大连）炼化有限公司吸收合并恒力石化（大连）化工有限公司。 合并基准日为2025年7月31日，恒力炼化存续经营，恒力化工依法注销。合并完成后，恒力炼化将承继 恒力化工的全部资产、债权、债务等一切权利和义务。恒力炼化和恒力化工均为公司全资子公司，其财 务报表已纳入公司合并报表范围。本次吸收合并不构成关联交易，也不构成重大资产重组，不会对公司 正常经营、财务状况和经营成果产生重大影响。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The PTA industry is nearing the end of its expansion phase, with a projected new capacity of 8.7 million tons in 2025, while the demand for PTA products is expected to continue growing due to steady demand from downstream applications such as polyester fibers, bottle sheets, and films [6][31][32] Supply Side Summary - The domestic PTA industry's effective capacity increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with a compound annual growth rate (CAGR) of 12.5% [12][14] - As of August 2025, the industry concentration ratio (CR7) reached 76%, indicating a high level of market concentration and pricing power among leading companies [15][16] - The expansion of PTA capacity is expected to slow down, with 870,000 tons of new capacity planned for 2025, and an additional 800,000 tons planned for 2026 and beyond [19][20] Demand Side Summary - The primary demand for PTA comes from polyester fibers and films, with polyester fibers accounting for 71% of the demand and bottle sheets for 23% [26][28] - The apparent consumption of PTA in China increased from 42.36 million tons in 2019 to 65.58 million tons in 2024, with a CAGR of 9.13% [28][30] - Exports of PTA have been increasing, reaching 4.418 million tons in 2024, which is approximately 6.3% of the total domestic production [29][30] Profitability Forecast and Investment Recommendations - The report anticipates a gradual recovery in PTA product profitability as the supply-side dynamics improve and demand continues to rise [31] - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., Ltd. Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [32][33]

Core Viewpoint - The domestic dimethyl carbonate (DMC) market has experienced a price increase due to supply tightness and rising demand from lithium battery electrolyte, but many companies are still facing significant losses, indicating a need for industry consolidation [1][6]. Market Dynamics - Since July, the DMC market has seen prices rise from 3,800 yuan to 4,200 yuan per ton, an increase of approximately 11% [1]. - The DMC industry is characterized by a high level of competition, with 33 companies currently involved, leading to a crowded market [3]. - The compound annual growth rate of DMC production capacity in China over the past four years is 28%, with total capacity expected to reach 3.565 million tons by the end of 2024 [2]. Production and Capacity - The largest DMC production facility is operated by Hualu Hengsheng with an annual capacity of 600,000 tons, followed by Lihua Yiyuan at 320,000 tons and Hengli Petrochemical at 300,000 tons [4]. - Several companies are currently constructing new DMC facilities, with a total planned capacity of 650,000 tons expected to come online within the year [4][5]. Financial Performance - The DMC market has seen a significant decline in profitability, with average prices dropping from 13,000 yuan in November 2020 to an expected average of 3,780 yuan in 2024, a decrease of 54% over three years [6]. - The profit margins for various production methods have been severely impacted, with the PO ester exchange method experiencing a profit decline of 103% from 2021 to 2024, resulting in losses [6][7]. Future Outlook - The DMC market is expected to face continued oversupply and intensified price competition, leading to reduced operational capacity among many companies [7]. - The "anti-involution" policy may support the exit of outdated production capacities, potentially leading to a more balanced supply-demand structure in the future [7].

通过天眼查大数据分析，恒力石化股份有限公司共对外投资了13家企业，参与招投标项目75次，专利信 息119条，此外企业还拥有行政许可8个。 来源：金融界 资金流向方面，今日主力资金净流出4480.01万元，占比成交额15.29%。其中，超大单净流出2172.13万 元、占成交额7.42%，大单净流出2307.88万元、占成交额7.88%，中单净流出流入1938.97万元、占成交 额6.62%，小单净流入2541.04万元、占成交额8.67%。 恒力石化最新一期业绩显示，截至2025一季报，公司营业总收入570.46亿元、同比减少2.34%，归属净 利润20.51亿元，同比减少4.13%，扣非净利润12.39亿元，同比减少31.88%，流动比率0.603、速动比率 0.390、资产负债率76.55%。 天眼查商业履历信息显示，恒力石化股份有限公司，成立于1999年，位于大连市，是一家以从事专用设 备制造业为主的企业。企业注册资本703909.9786万人民币，实缴资本438404.9774万人民币。公司法定 代表人为范红卫。 金融界消息 截至2025年8月14日收盘，恒力石化（600346）报收于14.96元，下 ...