特此公告。 本公司董事会及全体董事保证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、准确和完整承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"本公司"） 第九届董事会第十七次会议通知于 2025 年 4 月 18 日以书面或电子邮 件、电话等方式发出，会议于 2025 年 4 月 28 日在桐昆股份总部会议 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、以 11 票赞成、0 票反对、0 票弃权，一致通过《关于 2025 年第一季度报告的议案》。 本议案已经公司第九届董事会审计与风险防范委员会第十次会 议审议通过，并同意提交公司董事会审议。具体内容详见上交所网站 （www.sse.com.cn）《桐昆集团股份有限公司 2025 年第一季度报告》。 桐昆集团股份有限公司董事会 股票代码：601233 股票简称：桐昆股份 公告编号：2025-031 桐昆集团股份有限公司 第九届董事会第十七次会议决 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 19.42 billion, a decrease of 8.01% compared to CNY 21.11 billion in the same period last year[5] - Net profit attributable to shareholders increased by 5.36% to CNY 610.99 million from CNY 579.92 million year-on-year[5] - The basic earnings per share rose by 8.33% to CNY 0.26, compared to CNY 0.24 in the previous year[6] - Net profit for Q1 2025 reached CNY 613.40 million, an increase of 4.66% from CNY 584.55 million in Q1 2024[18] - Earnings per share for Q1 2025 were CNY 0.26, compared to CNY 0.24 in Q1 2024[19] - The company reported a total comprehensive income of CNY 614.08 million for Q1 2025, compared to CNY 585.05 million in Q1 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were CNY 110.19 billion, reflecting a 5.56% increase from CNY 104.39 billion at the end of the previous year[6] - As of March 31, 2025, total assets reached RMB 110.19 billion, an increase from RMB 104.39 billion as of December 31, 2024, reflecting a growth of approximately 5.3%[12] - Current assets totaled RMB 32.59 billion, up from RMB 26.65 billion, indicating a growth of about 22.5%[12] - Total liabilities amounted to RMB 72.59 billion, up from RMB 67.40 billion, which is an increase of about 7.5%[14] - The total equity decreased slightly to RMB 37.60 billion from RMB 37.98 billion, reflecting a decline of about 1.0%[14] Cash Flow - The net cash flow from operating activities was negative at CNY -5.39 billion, slightly worse than CNY -5.32 billion in the same period last year, indicating a decline of 1.31%[5] - Cash inflow from operating activities in Q1 2025 was CNY 20.17 billion, a decrease of 11.73% from CNY 22.86 billion in Q1 2024[21] - Cash outflow for purchasing goods and services in Q1 2025 was CNY 24.01 billion, down from CNY 26.80 billion in Q1 2024[21] - The net cash flow from operating activities was -5,391,042,928.19, slightly improved from -5,321,198,126.01 in the previous period[22] - The total cash and cash equivalents at the end of the period were 6,299,866,374.08, down from 7,310,560,673.00[22] - The company experienced a net decrease in cash and cash equivalents of -2,029,972,504.19, contrasting with an increase of 1,620,471,853.06 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 70,735[9] - The largest shareholder, Tongkun Holding Group Co., Ltd., held 19.33% of the shares, amounting to 464,908,884 shares[9] - The company did not report any participation in margin financing or securities lending activities by the top shareholders[11] Investments and Expenses - Research and development expenses for Q1 2025 were CNY 381.72 million, a decrease of 12.03% from CNY 433.83 million in Q1 2024[17] - The company's long-term investments stood at RMB 19.40 billion, slightly up from RMB 19.15 billion, showing a growth of approximately 1.3%[13] - The cash outflow for investing activities was 4,593,188,492.55, compared to 3,859,313,044.67 previously, indicating increased investment spending[22] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company will not apply new accounting standards starting from 2025[23]

智通财经4月29日电，桐昆股份(601233.SH)公告称，2025年第一季度营业收入194.2亿元，同比下降 8.01%；归属于上市公司股东的净利润6.11亿元，同比增长5.36%。 桐昆股份：一季度净利润6.11亿元 同比增长5.36% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved significant year-on-year performance improvement, with revenue for 2024 reaching 101.31 billion yuan, a 22.59% increase, and net profit attributable to shareholders at 1.202 billion yuan, a 50.8% increase [7] - The polyester filament production and sales have improved year-on-year, although the overall market conditions have shown signs of decline due to increased supply and weak demand [7] - The PTA market is experiencing a recovery, but it remains in a state of bottom oscillation due to excess supply [7] - The profitability of Zhejiang Petrochemical has improved, and it is expected to continue to enhance in 2025 [7] - Future earnings forecasts have been adjusted downwards due to the impact of tariffs and oil price fluctuations, with net profits for 2025 and 2026 revised to 1.987 billion yuan and 3.084 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 82.64 billion yuan in 2023, 101.31 billion yuan in 2024, 103.08 billion yuan in 2025, 108.27 billion yuan in 2026, and 109.98 billion yuan in 2027 [6][9] - Net profit attributable to shareholders is projected to grow from 797 million yuan in 2023 to 1.987 billion yuan in 2025, and further to 4.198 billion yuan by 2027 [6][9] - The company's earnings per share are expected to increase from 0.34 yuan in 2023 to 0.83 yuan in 2025, reaching 1.75 yuan in 2027 [6][9] - The company's return on equity (ROE) is projected to improve from 2.2% in 2023 to 5.2% in 2025, and further to 9.2% in 2027 [6][9]

自本次增持计划开始至本公告披露日，磊鑫实业通过上海证券交 易所交易系统以集中竞价交易方式累计增持公司 A 股股份 1,457,400 股，占公司当前总股本的 0.06%，合计增持金额 1,549.26 万元，磊 鑫实业仍将视情况继续增持。 本次增持计划不触及要约收购，不会导致公司控股股东及实际 控制人发生变化。 重要内容提示： 本次增持计划可能存在因资本市场情况发生变化或目前尚无 法预判的其他风险因素导致增持计划的实施无法达到预期的风险，敬 请广大投资者注意投资风险。 增持计划基本情况： 2025 年 4 月 24 日，桐昆集团股份有限公司（以下简称"公司"） 持股 5%以上的股东浙江磊鑫实业股份有限公司（以下简称"磊鑫实 业"）披露增持股份计划，自 2025 年 4 月 24 日起 1 年内，磊鑫实业 拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股 股份，增持总金额不低于人民币 2.5 亿元，不超过人民币 5 亿元（以 下简称"本次增持计划"）。 增持计划实施进展： 股票代码：601233 股票简称：桐昆股份 公告编号：2025-030 桐昆集团股份有限公司 关于持股5%以上的股东以专项贷款 ...

Group 1 - The textile industry is undergoing a significant reshuffle, with a 2.8% increase in clothing consumption expenditure among urban and rural residents, yet a reduction of 647 clothing enterprises, indicating accelerated industry consolidation [1][3] - RCEP member countries account for 30.9% of total foreign trade, becoming a new growth point, while orders from the European and American markets during the Christmas season have not recovered as expected, leading to a 15-day increase in inventory turnover days for fabric merchants [1][3] - The price of polyester filament has fallen below the cost line, making survival difficult for small manufacturers, while the production of lyocell fiber has surged by 138.3% due to support from environmental policies, highlighting a severe polarization in the industry [1][3] Group 2 - The challenges faced by the textile industry are not due to technology or funding issues, but rather the inability to keep pace with market changes, necessitating a focus on policy benefits, RCEP Southeast Asia channel development, and advancements in recycled fiber technology [4] - Companies are advised to stockpile raw materials in the short term to avoid price fluctuations, collaborate with upstream and downstream partners to reduce costs and increase efficiency in the medium term, and invest in environmental technology in the long term [4] - It is recommended that companies avoid taking orders with payment terms exceeding 90 days, even if it means accepting fewer orders [4]

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 12.45 [8][9]. Core Views - The company reported a total revenue of RMB 101.3 billion for 2024, a year-on-year increase of 23%, and a net profit attributable to shareholders of RMB 1.2 billion, representing a 51% increase year-on-year [1][5]. - The polyester industry is expected to recover due to domestic demand recovery and improved textile and apparel exports, alongside a slowdown in production capacity growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 101.3 billion, with a net profit of RMB 1.2 billion (RMB 930 million after deducting non-recurring items), marking a 51% increase year-on-year [1]. - The fourth quarter of 2024 saw a revenue of RMB 25.3 billion, with a net profit of RMB 200 million, reflecting a significant increase of 283% year-on-year [1][2]. Sales and Margins - The sales volume for POY, FDY, and DTY in 2024 was 9.68 million tons, 2.14 million tons, and 1.12 million tons, respectively, with year-on-year changes of +23%, +46%, and +13% [2]. - The average selling prices for POY, FDY, and DTY decreased by 2%, 3%, and remained flat, respectively, leading to a slight decline in overall gross margin to 4.6% [2]. Industry Outlook - The polyester industry is anticipated to see a recovery driven by domestic demand and improved export conditions, with a favorable supply-demand balance expected as production capacity growth slows [3][4]. - The average market prices for POY, FDY, and DTY have decreased since the beginning of 2025, indicating a challenging pricing environment [3]. Capacity and Projects - The company currently has a polyester polymerization capacity of 13 million tons per year and a polyester filament capacity of 13.5 million tons per year, holding an 18% market share in the domestic polyester filament market [4]. - Ongoing projects are progressing as planned, with significant milestones achieved in the Fujian and Anhui projects, expected to be completed in Q2 and Q3 of 2025, respectively [4]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 1.99 billion, RMB 2.38 billion, and RMB 2.83 billion, respectively, reflecting a downward revision due to a slow recovery in the polyester industry [5]. - The estimated EPS for 2025, 2026, and 2027 is RMB 0.83, RMB 0.99, and RMB 1.18, respectively, with a target price based on a 15x PE ratio for 2025 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.202 billion in 2024, representing a year-on-year increase of 50.8% [1] - The company's revenue for 2024 is projected to be 101.307 billion, an increase of 22.59% year-on-year [1] - The improvement in investment income is a significant contributor to the company's performance [1] - The company is expanding its industry reach with new projects in dyeing and short fiber production [3] - The industry is experiencing a shift towards increased concentration, with the top six companies in the direct spinning capacity accounting for approximately 80% of the market [4] - The long silk industry is entering a low growth period, with new capacity expected to be 122,000 tons in 2024 and 182,000 tons in 2025 [4] Financial Performance Summary - In 2024, the company achieved sales volumes of 9.68 million tons for POY, 2.14 million tons for FDY, and 1.12 million tons for DTY, with year-on-year increases of 23%, 46%, and 13% respectively [2] - The average selling prices for POY, FDY, and DTY decreased by 2%, 3%, and 0.2% respectively [2] - The average purchase price for PX in 2024 was 7,006 per ton, down 6% year-on-year, while MEG averaged 4,049 per ton, up 12% year-on-year [2] - The company's EBITDA for 2024 is projected to be 8.499 billion, with a net profit of 1.201 billion [5] - The company's earnings per share (EPS) is expected to be 0.50 in 2024, with a price-to-earnings (P/E) ratio of 21.15 [5] Industry Insights - The company is making significant progress on key projects, including the Fujian Henghai project and the Anhui Youshun project, which are in critical stages of development [3] - The industry is expected to see more orderly expansion, with the current capacity expansion rate being significantly lower than that of 2020-2023 [4] - The company is well-positioned to maintain its competitive advantage and resilience in the long term despite short-term uncertainties in exports [4]

Company Overview - Tongkun Co., Ltd. announced a 2024 dividend plan proposing a cash distribution of 1 yuan per 10 shares (including tax), totaling approximately 238 million yuan, which represents 19.83% of the company's net profit [2][3] - The company reported a revenue of 101.31 billion yuan for the year, marking a year-on-year increase of 22.59%, and a net profit of 1.20 billion yuan, reflecting a 50.80% year-on-year growth [2] Dividend History - This marks the 13th cumulative cash distribution since the company's listing, with the following historical dividend payouts: - 2024: 1 yuan per 10 shares, total cash of 238 million yuan, dividend yield of 0.75% - 2023: 0.43 yuan per 10 shares, total cash of 103 million yuan, dividend yield of 0.30% - 2021: 3.3 yuan per 10 shares, total cash of 785 million yuan, dividend yield of 1.40% - 2020: 1.3 yuan per 10 shares, total cash of 297 million yuan, dividend yield of 0.81% - 2019: 2.35 yuan per 10 shares, total cash of 434 million yuan, dividend yield of 1.75% [2] Industry Context - In the petroleum and petrochemical sector, 27 companies have announced their 2024 dividend plans, with China National Petroleum Corporation leading with a cash distribution of 45.76 billion yuan, followed by China National Offshore Oil Corporation and Sinopec with distributions of 28.95 billion yuan and 16.98 billion yuan, respectively [3][4] - Tongkun Co., Ltd. ranks among these companies with a cash distribution of 238.36 million yuan, placing it in the context of the broader industry dividend landscape [4]