股票代码：601233 股票简称：桐昆股份 公告编号：2025-078 桐昆集团股份有限公司 关于注销公司回购专用证券账户股份的公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）于 2025 年 12 月 29 日召开第九届董事会第二十二次会议，审议通过了 《关于注销公司回购专用证券账户股份的议案》，根据《公司法》《上 市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关规定，公司拟对回购专用证券账户中的 21,225,873 股股份予以注销。上述议案尚需提交股东会审议。现将 有关情况说明如下： 一、回购股份的审批及实施情况 2022 年 3 月 18 日，公司召开第八届董事会第十七次会议，审议 通过了《关于以集中竞价交易方式回购股份的回购报告书的议案》， 自董事会审议通过回购股份方案之日起 12 个月内，公司使用自有资 金以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 5 亿元，不超过人民币 10 亿元；回购价格为不超过人民币 25 ...

桐昆集团股份有限公司 章 程 二○二五年十二月 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 3 | | 第四章 | 股东和股东会 | 6 | | 第五章 | 董事和董事会 | 21 | | 第六章 | 高级管理人员 | 32 | | 第七章 | 财务会计制度、利润分配和审计 34 | | | 第八章 | 通知与公告 | 39 | | 第九章 | 合并、分立、增资、减资、解散和清算 40 | | | 第十章 | 修改章程 | 44 | | 第十一章 | 附则 | 44 | 桐昆集团股份有限公司 公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 桐昆集团股份有限公司（以下简称"公司"）系依照《公司法》和 其他有关规定成立的股份有限公司。 公司是由原浙江桐昆化纤集团有限责任公司按原账面净资产值折股并增加 部分现金投资而发起设立 ...

桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）于 2025 年 12 月 29 日召开第九届董事会第二十二次会议，审议通过了 《关于变更注册资本并修订<公司章程>的议案》。现将有关情况公告 如下： 股票代码：601233 股票简称：桐昆股份 公告编号：2025-079 桐昆集团股份有限公司 关于变更注册资本并修订《公司章程》的公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 二、《公司章程》修订情况 董事会提请公司股东会授权董事会及相关人员于股东会审议通 过后办理工商变更登记、章程备案等相关事宜，上述变更最终以工商 登记机关核准的内容为准。公司将于股东会审议通过后及时向工商登 记机关申请办理相关手续。 一、注册资本变更情况 2025 年 12 月 29 日，公司第九届董事会第二十二次会议审议通 过了《关于注销公司回购专用证券账户股份的议案》。 鉴于公司回购结果公告后未完成转让的股份三年期限即将届满， 结合公司实际情况，公司拟对回购专用证券账户剩余 21,225,873 股 股份予以注销，按照规定办理相关注销手续，并相应减 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-080 桐昆集团股份有限公司 关于召开2026年第一次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 1 月 15 日 14 点 00 分 召开地点：浙江省桐乡市凤凰湖大道 518 号桐昆集团股份有限公司总部会议 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会网络投票系统 网络投票起止时间：自2026 年 1 月 15 日 至2026 年 1 月 15 日 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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 (四) 现场会议召开的日期、时间和地点 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七) 涉及公开征集股 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-077 桐昆集团股份有限公司 第九届董事会第二十二次会议决议公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第 九届董事会第二十二次会议通知于 2025 年 12 月 19 日以书面或电子 邮件、电话等方式发出，会议于 2025 年 12 月 29 日在公司总部会议 室以现场表决和通讯表决相结合的方式召开，会议应到董事十一名, 实到董事十一名。会议由董事长陈蕾女士主持，本次会议的召开符合 《中华人民共和国公司法》《公司章程》及有关法律、法规的规定。 经过有效表决，会议一致通过如下决议： 一、审议并通过《关于注销公司回购专用证券账户股份的议案》。 根据《公司法》《上市公司股份回购规则》《上海证券交易所上 市公司自律监管指引第 7 号—回购股份》等相关规定，公司拟对回购 专用证券账户中的 21,225,873 股股份予以注销，并相应减少公司注 册资本。本议案尚需提交公司股东会审议。 表决结果：赞成 11 票，反对 ...

Investment Rating - The report provides a "C" investment rating for the petrochemical industry, indicating a cautious outlook for investment opportunities [2]. Core Insights - The PX supply-demand balance is expected to tighten in the first half of 2026, leading to a recovery in market conditions. The operating rate is projected to improve from 78% in 2023 to over 85% [3][11]. - The PTA industry has reached the end of its capital expenditure cycle, with no new capacity expected until mid-2027. The current industry is entering a phase of coordinated production cuts, which may reduce PX demand [11][12]. - The downstream polyester sector is gradually tightening, with expectations for improved market conditions. Recommended companies include Tongkun Co. and Wankai New Materials [16]. Summary by Sections PX Supply and Demand - PX supply-demand is expected to be tight in the first half of 2026, with a significant recovery in market conditions anticipated. The operating rate is projected to rise from 78% in 2023 to over 85% [3][11]. - There are no large-scale new capacity plans in the short term, and maintenance seasons for domestic refineries may create temporary supply gaps [3]. PTA Industry Overview - The PTA industry's capacity increased from 46.08 million tons in 2018 to 86.02 million tons in 2024, with an average annual growth rate of 11%. The current capacity accounts for about 75% of global PTA capacity [11]. - The PTA industry is expected to enter a phase of coordinated production cuts, which may weaken PX demand [11][12]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as large refining companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The upstream exploration and development sector remains highly prosperous, with expectations for continued high capital expenditure in offshore services, recommending companies like CNOOC Services and Haiyou Engineering [16].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, highlighting a recovery in PX supply-demand dynamics and PTA profitability restoration [3][5]. Core Insights - The PX market is expected to see a tightening supply-demand balance, with a recovery in operating rates from 78% in 2023 to over 85% as downstream PTA production ramps up in 2024-2025. This is anticipated to lead to a significant improvement in market conditions [5][6]. - PTA production capacity in China is projected to increase from 46.08 million tons in 2018 to 86.02 million tons by 2024, accounting for 75% of global capacity. The report indicates that there will be no new capacity additions post-2026, leading to a collaborative reduction phase in the industry [13][19]. - The upstream oil sector is experiencing rising oil prices, with Brent crude futures closing at $60.64 per barrel, reflecting a 0.28% increase week-on-week. This is expected to support the profitability of refining companies [5][26]. - The polyester sector is showing mixed performance, with PTA profitability increasing while polyester filament profits are declining. The report emphasizes the need to monitor demand changes closely [19]. Summary by Sections PX Market - PX supply-demand is tightening, with a forecasted increase in operating rates to over 85% due to no new capacity additions and seasonal maintenance in early 2026 [5][6]. - The report notes that the PX price has risen to $878.87 per ton, a week-on-week increase of 5.61% [19]. PTA Market - PTA production capacity is expected to reach 71.14 million tons in 2024, a 13% year-on-year increase. The report anticipates a collaborative reduction phase starting in 2026 due to no new capacity additions [13][19]. - PTA prices have shifted from a downward trend to an upward trend, with current prices in East China averaging 4,936 RMB per ton, reflecting a 6.94% increase week-on-week [19]. Upstream Oil Sector - Brent crude oil prices have increased, with a weekly average price of $61.91 per barrel, indicating a positive trend for upstream oil companies [5][26]. - The report highlights a decrease in the number of active drilling rigs in the U.S., with 545 rigs reported, a decrease of 44 year-on-year, suggesting a potential impact on future oil supply [41]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in profitability [19].

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The domestic key refining project price difference is 2557.23 CNY/ton, with a week-on-week change of +11.87 CNY/ton (+0.47%), while the international key refining project price difference is 1254.57 CNY/ton, with a week-on-week change of -43.45 CNY/ton (-3.35%) [2][3] - Brent crude oil's average price for the week ending December 26, 2025, is 61.73 USD/barrel, reflecting a week-on-week increase of +2.74% [2][3] - The refining sector is affected by geopolitical tensions, particularly regarding Venezuela and Russia, which have led to supply concerns and fluctuations in oil prices [2][15] - The chemical sector is experiencing weak demand, leading to a downward shift in chemical product prices [2][49] - Polyester production has seen a significant increase in sales volume, with downstream demand improving, which has positively impacted upstream prices [2][55] Summary by Sections Refining Sector - The report highlights the impact of geopolitical events on oil prices, with Brent and WTI crude prices at 60.64 and 56.74 USD/barrel respectively, showing slight increases [2][15] - Domestic refined oil prices have slightly decreased, with diesel, gasoline, and aviation kerosene averaging 6566.86, 7622.14, and 5716.07 CNY/ton respectively [2][15] Chemical Sector - The report notes a decline in demand for chemical products, with prices for polyethylene and EVA showing downward trends [2][55] - The average price for LDPE, LLDPE, and HDPE is reported as 9000.00, 6329.29, and 8000.00 CNY/ton respectively, with corresponding price differences from crude oil [2][55] Polyester & Nylon Sector - The polyester sector has seen a significant increase in production and sales, with a notable reduction in inventory levels and a slight increase in prices for polyester filament yarn [2][55] - The report indicates that the nylon filament prices remain stable, with slight improvements in price differences [2][55] Stock Performance - The report provides stock performance data for six major refining companies, with notable increases in stock prices for companies like Hengli Petrochemical (+11.01%) and Rongsheng Petrochemical (+12.12%) over the past week [2]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The report presents a weekly analysis of the large refining and chemical industry, covering data on key domestic and foreign refining projects, the polyester, refining, and chemical sectors, as well as performance and profit forecasts of relevant listed companies [2]. 3. Summary by Related Catalogs 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Performance**: The report tracks the stock price changes of six major private refining and chemical companies in the past week, month, three - month, and one - year periods. For example, from 2025/12/26, Rongsheng Petrochemical had a weekly increase of 12.1%, a monthly increase of 16.4%, a three - month increase of 16.9%, and a one - year increase of 21.6% [8]. - **Profit Forecast**: It provides profit forecasts for these six companies from 2024 to 2027, including归母净利润, PE, and PB. For instance, Hengli Petrochemical's 2024A归母净利润 was 7044 million yuan, and it is expected to reach 10657 million yuan in 2027E [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) showed an increase this week. The average price of Brent was 61.7 dollars/barrel, with a week - on - week increase of 2.7%. The average price of WTI was 57.7 dollars/barrel, with a week - on - week increase of 2.5%. The spread of domestic refining projects was 2640.2 yuan/ton, with a week - on - week decrease of 0.1%. The spread of foreign refining projects was 1254.1 yuan/ton, with a week - on - week decrease of 3.5% [8]. - **Polyester Sector**: - **Upstream Products**: The average price of PX was 903.0 dollars/ton, with a week - on - week increase of 64.4 dollars/ton. The average price of MEG was 3616.4 yuan/ton, with a week - on - week decrease of 19.3 yuan/ton. The average price of PTA was 4990.0 yuan/ton, with a week - on - week increase of 345.0 yuan/ton [10]. - **Polyester Filament**: The average prices of POY, FDY, and DTY increased, but their profits decreased. For example, the average price of POY was 6385.7 yuan/ton, with a week - on - week increase of 92.9 yuan/ton, but the profit per ton decreased by 130.9 yuan. The inventory of FDY decreased by 8.2 days, and the inventory of DTY decreased by 3.0 days [10]. - **Short Fiber and Bottle Chip**: The average price of polyester short fiber was 6404.3 yuan/ton, with a week - on - week increase of 137.1 yuan/ton, and the profit per ton decreased by 101.5 yuan. The average price of polyester bottle chip was 5900.0 yuan/ton, with a week - on - week increase of 224.3 yuan/ton, and the profit per ton decreased by 42.7 yuan [10]. - **Downstream Products**: The inventory of weaving enterprises increased by 0.2 days, and the operating rate decreased by 2.2 percentage points [10]. - **Refining Sector**: The prices of gasoline, diesel, and aviation kerosene in China and the US decreased this week, while in Europe, the prices of gasoline, diesel, and aviation kerosene showed a mixed trend, and in Singapore, the prices of gasoline, diesel, and aviation kerosene decreased [10]. - **Chemical Sector**: The prices and spreads of various chemical products changed. For example, the price of EVA photovoltaic material decreased by 339 yuan/ton, and the price of LLDPE decreased by 197 yuan/ton [10]. 3.2 Big Refining Weekly Report - **Big Refining Index and Project Spread Trends**: The report may analyze the trends of the big refining index and the spreads of key domestic and foreign refining projects, but specific analysis content is not provided [12]. - **Polyester Sector**: It includes the price, profit, inventory, and operating rate of various products in the polyester industry chain, as well as the relationship between polyester filament and downstream weaving operating rates [12]. - **Refining Sector**: It analyzes the price and spread changes of refined oil products in different regions such as China, the US, Europe, and Singapore [12]. - **Chemical Sector**: It presents the price and spread changes of various chemical products [12].

Core Viewpoint - Tongkun Co., Ltd. (601233) has seen its stock price rise by 8.08% to 16.85 CNY as of December 26, 2025, reaching a near one-year high of 17.32 CNY during the week [1] Company Performance - The stock price fluctuated with a weekly low of 15.47 CNY on December 22, 2025 [1] - The current total market capitalization of Tongkun Co., Ltd. is 40.521 billion CNY, ranking 6th out of 30 in the refining and trading sector and 458th out of 5,178 in the A-share market [1] Company Announcements - Tongkun Co., Ltd. fully repaid the principal and interest of the 2025 fifth phase of the technology innovation bonds, totaling 504,487,260.27 CNY [1] - The bonds had an issuance amount of 500 million CNY, a term of 183 days, and an interest rate of 1.79%, with a single repayment at maturity [1]