重要内容提示： 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份 5,310,675,080 股，持股比例为 75.45%，累计质押公司股份 1,865,577,500 股， 占其所持有公司股份的 35.13%，占公司总股本的 26.50%。 一、上市公司股份解除质押及再质押情况 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：2024-064 恒力石化股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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。 恒力石化股份有限公司 | | 是 | | 是 | 是 | | | | | 占股东 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 否 | | 否 | 否 | | | | 占其所 | 及其一 | 占公司 | | | | 为 | 本次质押股 | | | 质押 | | | | | | | | 东 | | | 为 | 补 ...

Financing Activities - The company has received approval to issue medium-term notes with a total registered amount of RMB 3 billion, valid for 2 years from the date of the notice, and can be issued in tranches within the validity period [1] - The company has previously issued short-term financing bills (Sci-Tech Innovation Bills) in July and August 2024, each with an issuance amount of RMB 1 billion and interest rates of 2.20% and 2.15% respectively, with a maturity of 365 days [1] - The company has been actively expanding its financing channels, including a failed attempt to list its subsidiary Kanghui New Materials through a backdoor listing with Dalian Thermal Power in 2022, and a subsequent restart of the plan in 2023, which was ultimately terminated in August 2024 due to market challenges [3] Financial Performance - The company's revenue has grown at a compound annual growth rate (CAGR) of 43% from 2016 to 2023, with revenue for the first three quarters of 2024 reaching RMB 177.764 billion, a year-on-year increase of 2.69% [2] - Net profit for the first three quarters of 2024 was RMB 5.105 billion, a year-on-year decrease of 10.45% [2] - The company's operating cash flow has remained positive, with a net cash flow from operating activities of RMB 20.117 billion in the first three quarters of 2024, and cash and cash equivalents of RMB 27.7 billion as of the end of September 2024 [2] - Since 2016, the company has paid a total of RMB 22.371 billion in cash dividends, accounting for 41% of the total net profit attributable to the parent company from 2016 to 2023 [2] Debt and Capital Structure - The company's rapid development has been largely driven by high-debt expansion, with a current overall asset-liability ratio of 77.5% and interest-bearing debt exceeding RMB 160 billion, including short-term borrowings of RMB 73.1 billion, indicating significant debt pressure [2] - The company's asset-liability ratio was 78.08% at the end of 2022 and 76.98% at the end of 2023, showing a slight decrease year-on-year [3] - The company has entered a new phase of capital expenditure since 2022, focusing on expanding downstream high-end chemical and polyester new material industries to enhance comprehensive competitiveness, with major projects expected to enter peak production in 2024, leading to a gradual reduction in capital expenditures and a further decrease in the asset-liability ratio [3] Business Overview - The company has evolved from a fiber weaving business to a large-scale refining and chemical platform enterprise over more than 30 years, with its main business covering the production, R&D, and sales of materials across various application fields, from refining and aromatics to olefins, basic chemicals, and fine chemicals [1]

公司将根据《接受注册通知书》的要求及公司实际情况，在注册有效期内择机 发行，并及时履行信息披露义务。 特此公告。 恒力石化股份有限公司董事会 证券代码：600346 证券简称：恒力石化 公告编号：2024-063 恒力石化股份有限公司 关于中期票据注册申请获准的公告 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。 恒力石化股份有限公司（以下简称"公司"）分别于 2024 年 8 月 22 日、2024 年 9 月 10 日召开了第九届董事会第二十一次会议、2024 年第一次临时股东大会，审议 并通过了《关于申请注册发行中期票据的议案》，同意公司向中国银行间市场交易商 协会（以下简称"交易商协会"）申请注册发行金额不超过人民币 30 亿元（含 30 亿 元）的中期票据。具体内容详见公司刊登在指定信息披露媒体及上海证券交易所网 站（www.sse.com.cn）上的相关公告。 2024年11月20日，公司收到交易商协会出具的《接受注册通知书》（中市协注 〔2024〕MTN1155号），通知书称：决定接受公司中期票据注册。公司中期票 ...

| 目 录 1 | | | | --- | --- | --- | | 第一章 | 总 则 3 | | | 第二章 经营宗旨和范围 4 | | | | 第三章 股 | | 份 4 | | 第四章 | | 股东和股东大会 7 | | 第一节 | | 股东 7 | | 第二节 | | 股东大会的一般规定 9 | | 第三节 股东大会的召集 11 | | | | 第四节 | | 股东大会的提案与通知 12 | | 第五节 | | 股东大会的召开 13 | | 第六节 股东大会的表决和决议 16 | | | | 第五章 董事会 20 | | | | 第一节 | | 董事 20 | | 第二节 | | 董事会 23 | | 第六章 总经理及其他高级管理人员 28 | | | | 第七章 监事会 29 | | | | 第一节 监事 29 | | | | 第二节 监事会 30 | | | | 第八章 财务会计制度、利润分配和审计 31 | | | | 第一节 财务会计制度 31 | | | | 第二节 | | 内部审计 35 | | 第三节 会计师事务所的聘任 35 | | | | 第九章 | | 通知和公告 36 | | ...

证券代码：600346 证券简称：恒力石化 公告编号：2024-062 一、 会议召开和出席情况 本次会议是否有否决议案：无 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 恒力石化股份有限公司 恒力石化股份有限公司 | 1、出席会议的股东和代理人人数 | 1,559 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,442,708,332 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.3211 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会提议召开，董事长范红卫女士主持会议，采取现 场投票和网络投票相结合的表决方式。会议的召集、召开及表决均符合《公司法》 (一) 股东大会召开的时间：2024 年 11 月 12 日 (二) 股东大会召开的地点：苏州市吴江区盛泽镇南麻工业区恒力路一号 (三) 出席会议的普通股股东和恢复 ...

关于恒力石化股份有限公司 召开 2024 年第二次临时股东大会的法律意见 京天股字（2024）第 597 号 致：恒力石化股份有限公司 恒力石化股份有限公司（以下简称"公司"）2024 年第二次临时股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场 会议于 2024 年 11 月 12 日在苏州市吴江区盛泽镇南麻工业区恒力路一号召开。北 京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次 股东大会现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大会 规则》"）以及《恒力石化股份有限公司章程》（以下简称"《公司章程》"）等 有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人 资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《恒力石化股份有限公司第九届董事会第 二十二次会议决议公告》、《恒力石化股份有限公司关于召开 2024 年第二次临时股 东大会的通知》（以下简称"《召开股东大会通知》"）以及本所律师认为必要 ...

关于控股股东部分股份解除质押及再质押的公告 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。 重要内容提示： 控股股东恒力集团有限公司及其一致行动人目前合计持有公司股份 5,310,675,080 股，持股比例为 75.45%，累计质押公司股份 1,946,477,500 股， 占其所持有公司股份的 36.65%，占公司总股本的 27.65%。 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：2024-061 恒力石化股份有限公司 10月31日，具体质押到期日以实际办理解除质押登记手续为准。 一、上市公司股份解除质押及再质押情况 恒力石化股份有限公司（以下简称"公司"）近日接到公司控股股东恒力集 团有限公司（以下简称"恒力集团"）通知，获悉恒力集团为其所持有的公司部 分股份办理了解除质押及再质押手续。具体事项如下： | 股东名称 | 恒力集团 | | --- | --- | | 本次解质股份（股） | 142,000,000 | | 本次解质股份占该股东所持股份比例 | 6.76% | | 本次解质股 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346 SH) [1] Core Views - Despite raw material price declines impacting performance, Hengli Petrochemical demonstrates strong profit resilience [1] - The company's 160 000 tons/year performance resin and new materials project is expected to be operational by the end of 2024, focusing on differentiated quality improvement of resin materials [5] - The Fenhu base's 12 functional film production lines have been gradually put into operation, while the Nantong base's 12 functional film projects and lithium battery separator project are expected to be completed and operational in the first half of 2025 [5] Financial Performance - Q3 2024 revenue reached 65 225 billion yuan, a year-on-year increase of 2 42% and a quarter-on-quarter increase of 20 46% [4] - Q3 2024 net profit attributable to the parent company was 1 087 billion yuan, a year-on-year decrease of 59 01% and a quarter-on-quarter decrease of 42 14% [4] - For the first three quarters of 2024, the company achieved revenue of 1 777 64 billion yuan, a year-on-year increase of 2 69%, with a gross profit margin of 10 36% and a net profit margin of 2 88% [4] Industry and Market Performance - Hengli Petrochemical's stock price performance over the past year shows a 1-month decline of 10 09%, a 3-month increase of 4 22%, and a 12-month decrease of 0 35% [2] - The refining and trading industry sector shows a 1-month decline of 5 33%, a 3-month increase of 3 52%, and a 12-month increase of 0 15% [2] Future Projections - Revenue is projected to reach 254 522 billion yuan in 2024, 269 530 billion yuan in 2025, and 285 476 billion yuan in 2026 [3] - Net profit attributable to the parent company is expected to be 8 186 billion yuan in 2024, 10 156 billion yuan in 2025, and 11 917 billion yuan in 2026 [3] - EPS is forecasted to be 1 16 yuan in 2024, 1 44 yuan in 2025, and 1 69 yuan in 2026 [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 14 58 in 2023 to 8 45 in 2026 [3] - P/B ratio is projected to decline from 1 68 in 2023 to 1 26 in 2026 [3] - The report suggests a target price range of 18 58-20 43 yuan based on 2 0-2 2 times PB for 2024 [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 2024 年第二次临时股东大会 会议材料 中国·苏州 2024 年 11 月 | 目 录 | 1 | | --- | --- | | 会议须知 | 2 | | 会议议程 | 4 | | 会议议案 | 5 | | 议案一：《关于增加经营范围并修订<公司章程>相关条款的议案》 | 5 | 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》"）、《上海证券交易所股票上市规则》、《上市公司股东大会规则》、《恒力石 化股份有限公司章程》（以下简称"《公司章程》"）及公司《股东大会议事规则》 的有关规定，特制定如下会议须知： 一、本次股东大会相关事宜由公司董事会办公室具体负责。 二、出席本次大会的对象为股权登记日在册的股东。 三、股东（包括股东代理人，下同）参加股东大会依法享有发言权、质询 权、表决权等权利。股东参加股东大会，应认真履行其法定权利和义务，不得 侵犯其他股东的权益，不得扰乱大会的正常秩序。 四、会议进行中只接受股东（或其 ...

Investment Rating - The report maintains a "Buy" rating for Hengli Petrochemical (600346) [1] Core Views - Hengli Petrochemical's Q3 2024 performance was impacted by weak macro demand and fluctuating crude oil prices, leading to a year-on-year decline in net profit [4][5] - The company's new materials projects are gradually being put into production, which is expected to drive future growth [7] - Hengli Petrochemical completed its 2023 cash dividend distribution, emphasizing shareholder returns [8] Financial Performance - In Q3 2024, Hengli Petrochemical reported revenue of RMB 65.23 billion, a year-on-year increase of 2.4%, but net profit attributable to shareholders decreased by 59.0% to RMB 1.09 billion [4] - The company's gross profit margin in Q3 2024 was 7.78%, down 5.78 percentage points year-on-year [4] - For the first three quarters of 2024, the company achieved revenue of RMB 177.86 billion, a year-on-year increase of 2.7%, but net profit attributable to shareholders decreased by 10.5% to RMB 5.10 billion [4] Product Performance - In Q3 2024, the refining products segment achieved revenue of RMB 33.3 billion, a year-on-year increase of 9%, with sales volume increasing by 10% to 5.85 million tons [3] - The PTA segment reported revenue of RMB 16.4 billion, a year-on-year decrease of 17%, with sales volume down 14% to 3.35 million tons [3] - The new materials segment achieved revenue of RMB 10.3 billion, a year-on-year increase of 14%, with sales volume up 17% to 1.26 million tons [3] Future Outlook - The 1.6 million tons/year high-performance resin and new materials project is expected to be fully operational in the second half of 2024, contributing to the company's growth [7] - The company's Suzhou Fenhu base has 12 functional film production lines in operation, with another 12 lines and a lithium battery separator project under construction, expected to be completed by the first half of 2025 [7] - The company is expected to achieve revenue of RMB 255.7 billion, RMB 267.7 billion, and RMB 274.9 billion in 2024, 2025, and 2026, respectively, with net profit attributable to shareholders of RMB 7.015 billion, RMB 9.048 billion, and RMB 10.623 billion [8][9] Valuation Metrics - The company's P/E ratio is projected to be 14x, 11x, and 9x for 2024, 2025, and 2026, respectively [9] - The P/B ratio is expected to be 1.53x, 1.43x, and 1.33x for 2024, 2025, and 2026, respectively [9] - The P/S ratio is forecasted to be 0.38x, 0.36x, and 0.35x for 2024, 2025, and 2026, respectively [9]