股票代码：601233 股票简称：桐昆股份 公告编号：2025-011 桐昆集团股份有限公司 关于召开2025年第一次临时股东大会的提示性公告 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 ●现场会议召开时间：2025年4月8日 14：00 ●网络投票时间： 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 4 月 8 日 至 2025 年 4 月 8 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票时间为股东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东大会召开当日的 9:15-15:00。 ●股权登记日：2025年4月2日 桐昆集团股份有限公司（以下简称："本公司"）已于2025年3月22日在指定信 息披露媒体及上海证券交易所网站（www.sse.com.cn）上发布了《桐昆集团股份有 限公司关于召开2025年第一次临时股东大会的通知》（公告编号：2025-010） 本次 ...

2024 年 7 月 1 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"本公司"）在全国银行间市场发行了 2024 年第八期超短期 融资券（科创票据）（简称：24 桐昆 SCP008（科创票据）），发行 总额为 5 亿元人民币，期限 262 天，发行利率为 2.06%，到期一次还 本付息。募集资金已于 2024 年 7 月 2 日全额到账。 现本公司 2024 年第八期超短期融资券已于 2025 年 3 月 21 日到 期，本公司于 2025 年 3 月 21 日兑付完成该期超短期融资券本息，本 息兑付总额为人民币 507,393,424.66 元。 股票代码：601233 股票简称：桐昆股份 公告编号：2025-007 桐昆集团股份有限公司 关于 2024 年第八期超短期融资券到期兑付的公告 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。 桐昆集团股份有限公司董事会 2025 年 3 月 22 日 特此公告。 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-009 桐昆集团股份有限公司及其下属子公司 与桐乡市经济开发区基础设施建设投资有限公司 签订房产土地回收框架协议的公告 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"）及子公司桐昆 集团浙江恒盛化纤有限公司（以下简称"浙江恒盛"）、桐乡市恒昌纸塑有限公 司（以下简称"恒昌纸塑"）、桐乡恒益纸塑有限公司（以下简称"恒益纸塑"） 于2025年3月21日与桐乡市经济开发区基础设施建设投资有限公司签订了《桐乡 市经济开发区基础设施建设投资有限公司与桐昆集团股份有限公司及其下属子 公司房产土地回收框架协议》，现将有关情况公告如下： 一、交易概述 桐乡市委市政府对推动制造业高质量发展，实现制造业提质扩量增效的工作 十分重视，先后制定了《桐乡市制造业高质量发展"十四五"规划》《桐乡市经 济开发区光明区域园区提升项目实施意见》等政策性及指导性文件。根据上述文 件精神，受桐乡市经济开发区管理委员会委托，桐乡市经济开发区基础设施建设 投 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-010 桐昆集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 8 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大会网络投票系统 网络投票起止时间：自 2025 年 4 月 8 日 至 2025 年 4 月 8 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票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期：2025年4月8日 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 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-008 桐昆集团股份有限公司 第九届董事会第十五次会议决议公告 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 九届董事会第十五次会议通知于 2025 年 3 月 11 日以书面或电子邮 件、电话等方式发出，会议于 2025 年 3 月 21 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《关于签订房产土地回收框架协议的议案》。 桐乡市委市政府对推动制造业高质量发展，实现制造业提质扩量 增效的工作十分重视，先后制定了《桐乡市制造业高质量发展"十四 五"规划》《桐乡市经济开发区光明区域园区提升项目实施意见》等 政策性及指导性文件。根据上述文件精神，受桐乡市经济开发区管理 委员会委托，桐乡市经济开发区基础设施建 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-006 桐昆集团股份有限公司 关于中期票据注册申请获准的公告 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董事会 桐昆集团股份有限公司（以下简称"桐昆股份""公司"）拟发 行总额不超过60亿元人民币的中期票据事项，已于2023年4月20日经 公司第八届董事会第二十六次会议审议通过，并经2023年5月31日召 开的公司2022年年度股东大会审议批准。相关董事会决议公告、股东 大会决议公告刊登在2023年4月22日、2023年6月1日的《上海证券报》 《中国证券报》《证券时报》《证券日报》上，并同时在上海证券交 易所网站（www.sse.com.cn）上披露。 2025 年 3 月 21 日 近日，公司收到中国银行间市场交易商协会于2025年3月18日出 具的《接受注册通知书》（中市协注［2025］MTN267号），通知书称： 中国银行间市场交易商协会决定接受公司中期票据注册。公司中期票 据注册金额为50亿元，注册额度自通知书发出之日起2年内有效，由 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with specific recommendations for high dividend yield companies such as China National Petroleum and CNOOC [4][17]. Core Insights - OPEC's cautious production increase is expected to have a limited impact on output, while EIA maintains its oil price forecast for 2025 at an average of $74 per barrel [4][5]. - Global oil demand is projected to increase by 1 million barrels per day in 2025, with Asia contributing 60% of this growth [6][48]. - EIA forecasts a global oil supply surplus of approximately 40,000 barrels per day this year, with a slight downward adjustment in non-OPEC+ production forecasts [14][48]. Summary by Sections Upstream Sector - As of March 14, 2025, Brent crude futures closed at $70.58 per barrel, reflecting a week-on-week increase of 0.31% [22]. - The U.S. commercial crude oil inventory rose by 1.45 million barrels to 435 million barrels, which is 5% lower than the five-year average [26]. Refining Sector - The Singapore refining margin for major products decreased to $11.64 per barrel, while the U.S. gasoline RBOB-WTI spread increased to $23.07 per barrel [4]. - The report indicates that refining profitability has improved due to oil price corrections, despite some fluctuations in product spreads [4]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance in the polyester supply chain [4]. - The report suggests that the polyester industry may see gradual improvement as new capacities are expected to taper off in the coming years [4]. Investment Recommendations - The report recommends high dividend yield stocks such as China National Petroleum and CNOOC, and highlights the potential for increased earnings in offshore oil service companies like CNOOC Services and Offshore Engineering [17]. - It also emphasizes the positive outlook for ethylene projects in China, recommending companies like Satellite Chemical, and suggests monitoring polyester companies like Tongkun Co. and Wan Kai New Materials for potential price increases [17].

股票代码：601233 股票简称：桐昆股份 公告编号：2025-005 桐昆集团股份有限公司 关于公司注册资本变更完成工商变更登记的公告 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。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）在 2024年12月11日召开的2024年第三次临时股东大会上审议通过了《关 于调整2023年限制性股票激励计划回购价格并回购注销部分限制性 股票的议案》《关于变更注册资本并修订<公司章程>的议案》等议案。 鉴于公司已完成对公司2023年限制性股票激励计划激励对象已获授 但尚未解除限售的共计6,339,720股限制性股票的回购注销，公司注 册资本由人民币2,411,119,493元变更为人民币2,404,779,773元。 根据《公司章程》规定，经公司向浙江省市场监督管理局申请， 现已完成公司注册资本变更及《公司章程》修订备案登记手续，并于 近日取得浙江省市场监督管理局核发的营业执照，登记内容如下： 名称：桐昆集团股份有限公司； 类型：其他股份有限公司（上市）； 住所：浙江省桐乡市洲泉镇德胜 ...

Summary of Conference Call Company and Industry - The conference call discusses the performance and outlook of a company in the textile and apparel industry, particularly focusing on its financial results and market dynamics for 2024 and 2025 [1][2][3]. Key Points and Arguments 1. **2024 Financial Expectations**: The company anticipates a profit margin of 11.21% for 2024, with a significant improvement compared to the previous year, projecting a profit of approximately 3 billion in Q4, with core business profits around 700 million after excluding certain contributions [1][2]. 2. **Q4 Performance**: In Q4, the company reported a loss of over 200 million in the PGS segment, while other segments like Changsi and MEC achieved positive operational results [2][3]. 3. **2025 Outlook**: The company started 2025 positively, exceeding internal expectations in production and sales rates despite a week-long sales halt during the Chinese New Year [2][3]. 4. **Industry Demand Trends**: The demand in the textile industry is expected to maintain a low single-digit growth rate annually, driven by stable consumer needs in the livelihood sector [4][5]. 5. **Impact of Tariffs**: The introduction of a 10% tariff on all products from China by the U.S. is acknowledged, but the company believes the overall demand will remain stable, with potential shifts in supply chains to other regions [4][6]. 6. **Export Growth**: The company noted a resurgence in export growth starting from Q4 2020, with expectations for significant growth in 2025 compared to 2024, despite a high base effect from 2023 [7][8]. 7. **Inventory Management**: Concerns were raised about high inventory levels in the domestic fabric and apparel sectors, which could impact pricing strategies and acceptance of price increases [8][9]. 8. **Production Capacity and Utilization**: The company plans to manage production capacity carefully, with expectations that the overall industry will not see significant growth in production rates in 2024, but will maintain a high utilization rate [10][11]. 9. **Collaborative Pricing Strategies**: The company is exploring a unified pricing strategy to enhance market stability, although past attempts faced challenges due to rapid changes in downstream demand and inventory devaluation [12][13]. 10. **Long-term Industry Dynamics**: The industry is perceived to be at a low growth phase, with larger companies gaining more competitive advantages as the market matures [15][16]. Other Important but Overlooked Content - The company is cautious about future capital expenditures, indicating a low investment phase unless significant projects materialize [28][29]. - The management emphasized the importance of maintaining a balance between production and inventory levels to avoid market disruptions [9][10]. - The company is committed to meeting dividend expectations based on operational performance, with potential increases if profitability improves significantly [29]. This summary encapsulates the key insights and discussions from the conference call, highlighting the company's financial outlook, industry trends, and strategic considerations moving forward.

Investment Rating - The report assigns a "Buy" rating for Tongkun Co., Ltd. (601233.SH) [1] Core Views - The report highlights that the supply-demand inflection point has been reached, with inventory at a bottom level, indicating potential for profit elasticity in the upcoming peak seasons [4][6] - The long-term supply-demand landscape is expected to improve, with a significant slowdown in the growth rate of supply capacity, leading to increased industry concentration [6][51] - Tongkun maintains its leading position in the polyester filament market, with plans for extensive growth in refining operations [5][90] Summary by Sections 1. Steady Expansion in Core Business - Tongkun has evolved from a local chemical fiber factory established in 1981 to a leading global player in the chemical fiber industry, achieving significant growth in production capacity and revenue [14][15] - The company has expanded its polyester filament capacity from 4 million tons in 2015 to 13.5 million tons in 2023, with a CAGR of 16.4% [6][27] 2. Inventory at Bottom Level, Positive Long-term Supply-Demand Outlook - As of January 17, 2024, the inventory levels for POY, DTY, and FDY are at 5.8, 17.3, and 12.6 days respectively, indicating a significant reduction and positioning at historical low levels [6][38] - The supply growth rate for polyester filament is projected to decline from 7.1% (2017-2023) to 1.5% (2024-2026), enhancing the industry's long-term profitability [6][51] - Demand for polyester filament is expected to benefit from both domestic consumption and strong export performance, with a projected supply-demand gap of 230,000 tons in 2024 [6][89] 3. Leading Market Share in Polyester Filament, Broad Growth in Refining Layout - Tongkun holds the largest market share in polyester filament production in China, with a focus on upstream refining to secure core raw material supply [90][92] - The company has invested in Zhejiang Petrochemical, holding a 20% stake, which has contributed significantly to its cash flow and investment returns [90][92] - The Indonesian refining project is expected to enhance Tongkun's overall economic benefits and market competitiveness, with projected annual revenues of $7.402 billion upon completion [92][93] 4. Profit Forecast and Valuation - The report forecasts net profits for Tongkun to be 1.215 billion, 1.805 billion, and 2.421 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 52.5%, 48.5%, and 34.2% [107] - The estimated EPS for the same period is projected to be 0.51, 0.75, and 1.01 yuan [107] - The report indicates that Tongkun is undervalued compared to its peers, with a lower PE ratio forecasted for the coming years [107][109]