Group 1 - The company’s board approved the issuance of short-term financing bonds, with a total amount not exceeding 6 billion RMB [1] - The shareholders' meeting scheduled for May 21, 2024, will review and approve the bond issuance proposal [1] - The registration amount for the short-term financing bonds has been accepted by the trading association, totaling 6 billion RMB [1] Group 2 - The company plans to issue a total of 500 million RMB in technology innovation bonds, with the issuance date set for June 23, 2025 [1] - The issuance interest rate for the bonds is set at 1.79% [1] - The main underwriter for the bond issuance is CITIC Bank, with China Everbright Bank as a co-underwriter [1]

Core Viewpoint - The leading company in the polyester filament industry, Tongkun Co., Ltd. (601233.SH), is currently in a "broken net" state despite reporting significant revenue growth and profit increases in 2024, indicating underlying industry challenges and low profitability [2][3][26]. Financial Performance - In 2024, Tongkun Co. achieved a revenue of 101.3 billion yuan, a year-on-year increase of 23%, with a net profit of 1.2 billion yuan, up 51%, and a non-recurring net profit of 900 million yuan, up 105%, reflecting a low net profit margin of only 1.2% [3][4][26]. - For Q1 2025, the company reported a revenue of 19.4 billion yuan, a decrease of 8% year-on-year, while net profit increased by 5% to 600 million yuan, indicating seasonal demand fluctuations [19][20]. Industry Overview - The polyester filament industry is characterized by weak demand, with domestic textile and apparel retail growth under pressure due to high base effects from 2023, leading to inventory pressures [6][7][26]. - In 2024, the domestic per capita clothing consumption expenditure grew by 2.8%, while retail sales of clothing, shoes, and textiles saw a mere 0.3% increase, reflecting a slowdown in consumer spending [7][26]. Supply and Demand Dynamics - The polyester filament export volume decreased by 2.5% in 2024, primarily due to reduced exports to India following new BIS certification requirements [7][26]. - The industry is expected to eliminate 200-250 million tons of outdated capacity between 2024 and 2025, potentially leading to negative growth in effective capacity [9][12]. Competitive Landscape - Tongkun Co. has increased its production capacity from 4.6 million tons in 2017 to 13.5 million tons in 2023, holding a market share of 27%, while its competitor, Xinfengming, has also expanded significantly [11][12]. - The industry is nearing the end of its expansion phase, with new capacity primarily concentrated in leading companies like Tongkun and Xinfengming, limiting overall industry growth [11][12]. Financial Risks - The company's debt ratio reached 65.9% in Q1 2025, with a significant portion of short-term debt, raising concerns about liquidity risks in the coming months [24][25]. - The interest coverage ratio was only 0.6 times in 2024, indicating weak ability to cover interest expenses, while operating cash flow turned negative in Q1 2025, highlighting the impact of industry cyclicality on cash flow [24][25][26]. Future Outlook - The recovery of the industry’s profitability will depend on the pace of demand recovery and the effectiveness of capacity consolidation among leading firms [26].

股票代码：601233 股票简称：桐昆股份 公告编号：2025-044 桐昆集团股份有限公司关于 2025年度第五期科技创新债券发行结果的公告 本公司董事会及董事会全体成员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。 2024 年 4 月 25 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"公司"）第九届董事会第八次会议审议通过了《关于发行超 短期融资券的议案》，上述议案经 2024 年 5 月 21 日召开的公司 2023 年年度股东大会审议批准。股东大会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"）申请注册发行不超过 60 亿元（人 民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 2024 年 8 月 30 日，经交易商协会《接受注册通知书》（中市协 注［2024］SCP273 号）核准，交易商协会决定接受公司超短期融资 券注册，注册金额为人民币 60 亿元。注册额度自通知书发出之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券。 2025 年 6 月 20 日，公司在全国银行间市场发行了 2025 年 ...

Core Viewpoint - Company is enhancing its integrated layout by investing in upstream projects and acquisitions to secure raw material supply and extend its industrial chain [1][2][3] Group 1: Project Development - Company has officially launched the construction of the Changcao East Open-pit Coal Mine project in Xinjiang, with a total investment of approximately 6.144 billion yuan and an annual production capacity of 5 million tons [1][2] - The project is expected to generate an average annual output value of about 1.8 billion yuan and an average annual after-tax profit of 442 million yuan, with a tax internal rate of return of 9.37% and a payback period of 10.42 years [2] Group 2: Acquisition Strategy - Company plans to acquire 100% equity of Xinjiang Zhongcan Comprehensive Energy Co., Ltd. for 1.5427 million yuan, which is a wholly-owned subsidiary of Zhejiang Leixin Industrial Co., Ltd., a major shareholder [1][2] - This acquisition is part of the company's strategy to further extend its industrial chain and ensure stable fuel supply for local production facilities [2] Group 3: Industry Position and Capacity - Company is a leading player in the polyester filament industry, with a production capacity of 10 million tons of crude oil processing rights, 10.2 million tons of PTA, 13 million tons of polymerization, and 13.5 million tons of polyester filament by the end of 2024 [3] - Company has maintained the top sales position in China's polyester filament industry for 24 consecutive years from 2001 to 2024 [3] Group 4: Research and Development - Company has significantly increased its R&D spending, with total R&D expenses of 5.363 billion yuan from 2022 to 2024 [4] - The company has developed a comprehensive range of polyester filament products, including POY, FDY, DTY, and others, which are primarily used in apparel and home textile manufacturing [4] Group 5: Financial Performance - Company achieved a revenue of 101.3 billion yuan in 2024, marking a significant milestone, although it experienced a slight revenue decline of 8.01% in Q1 2025 due to weak market demand [5] - Despite the revenue adjustment, the company's profitability remains strong, with net profits increasing from 125 million yuan in 2022 to 1.202 billion yuan in 2024, and a 5.36% increase in Q1 2025 net profit to 611 million yuan [5]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with a price forecast of $66 per barrel for 2025 [3][5]. Core Insights - The report indicates a trend towards a looser supply-demand balance for crude oil in 2025, with the EIA projecting a global oil supply surplus of approximately 820,000 barrels per day this year [4][19]. - The report highlights that the upstream sector is showing signs of recovery, with drilling day rates expected to increase as global capital expenditures rise [4][21]. - The refining sector is experiencing improved profitability due to rising product price spreads, although current levels remain low [4][21]. - The polyester sector is underperforming, with PTA and polyester filament profits declining, but a gradual improvement is anticipated as new capacities come online [4][21]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $77.01 per barrel, a 3.75% increase week-on-week, while WTI futures rose by 1.18% to $73.84 per barrel [4][25]. - U.S. commercial crude oil inventories decreased to 421 million barrels, down 11.47 million barrels from the previous week, marking a 10% decline compared to the same period last year [4][27]. Refining Sector - The Singapore refining margin for major products increased to $11.58 per barrel, up $6.18 from the previous week [4]. - The report notes that while refining product spreads have improved, they remain at low levels, with expectations for gradual enhancement as economic recovery progresses [4][21]. Polyester Sector - The report states that PTA prices have turned from decline to increase, with the average price in East China reaching 5,084 RMB per ton, a 4.69% increase week-on-week [4]. - The overall performance of the polyester industry is described as average, with a need to monitor demand changes closely [4][21]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream service companies like CNOOC Services and Haiyou Engineering [4][21][22]. - It also suggests that the polyester sector may see long-term improvements, advocating for investments in leading companies like Tongkun Co. and Wankai New Materials [4][21][22].

Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

Core Viewpoint - The company, Tongkun Co., Ltd., is investing over 6.1 billion yuan to build an open-pit coal mine in Xinjiang to extend its upstream industrial chain and ensure stable fuel supply for its polyester fiber production [1][2]. Group 1: Project Details - The coal mine project in the Qiketa area of Shanshan County, Xinjiang, has a total investment of approximately 6.144 billion yuan and an annual production capacity of 5 million tons [1]. - The project will be implemented by Xinjiang Zhongcan Comprehensive Energy Co., Ltd., with funding sourced from self-raised capital and bank loans [1]. - The planned conventional capacity is 3.5 million tons per year, with a reserve capacity of 1.5 million tons per year, covering an area of 29.8988 square kilometers [1]. Group 2: Strategic Importance - The project aims to enhance the supply of raw materials for the polyester fiber business and ensure stable fuel supply for local production facilities in Xinjiang [1]. - By 2025, the company expects to consume 500,000 tons of coal for its combined heat and power projects in Xinjiang [1]. Group 3: Future Investments - Xinjiang Zhongkun New Materials Co., Ltd. plans to invest around 1 billion yuan to upgrade its existing natural gas-based ethylene glycol project, utilizing coal as a raw material to meet the gas demand for an annual production of 600,000 tons of ethylene glycol [1]. - The implementation of this project will facilitate local conversion of coal resources and diversify the raw material sources for ethylene glycol production, enhancing self-sufficiency in the polyester fiber supply chain [1]. Group 4: Economic Impact - Once fully operational, the project is expected to generate an average annual output value of approximately 1.8 billion yuan and an average annual after-tax profit of about 442.2172 million yuan [2]. - The project is anticipated to directly create around 500 jobs and indirectly stimulate employment for approximately 4,000 people [2]. Group 5: Company Background - Tongkun Co., Ltd. was established in 1981 and went public in 2011, focusing on the research, production, and sales of civil polyester filament [2]. - The company has total assets exceeding 100 billion yuan and employs nearly 40,000 people, achieving a full industrial chain layout from oil and gas to textiles [2].

经董事会审议，同意公司以支付现金方式，收购浙江磊鑫实业股份 有限公司全资子公司新疆中灿综合能源有限公司100%股权。具体详见公 司于2025年6月21日在上海证券交易所网站（www.sse.com.cn）上发布 股票代码：601233 股票简称：桐昆股份 公告编号：2025-040 桐昆集团股份有限公司 第九届董事会第十八次会议决议公告 本公司及董事会全体成员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、准确和完整承担个别及连带责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第九 届董事会第十八次会议通知于2025年6月10日以书面或邮件、电话等方 式发出，会议于2025年6月20日在桐昆股份总部会议室以现场表决结合 通讯表决的方式召开。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、审议通过《关于收购新疆中灿综合能源有限公司股权暨关联交 易的议案》。 本议案已经公司第九届董事会独立董事专门会议第五次会议审议通 过，并同意提交公 ...

新疆鄯善县七克台矿区长草东露天矿可行性研究报告 总论 总论 第一节 项目背景 1．项目名称：新疆鄯善县七克台矿区长草东露天矿。 2．隶属关系：本项目由新疆中灿综合能源有限公司投资开发建设。 3．所在位置：露天煤矿位于新疆鄯善县县城北东约 50°方向的 312 国道南侧，西距 新疆鄯善县县城直线距离 50km，北距 312 国道 15km，西与鄯善县红湖煤矿矿区相邻， 行政区划分隶属于新疆鄯善县七克台镇管辖。 4．项目单位概况： 新疆中灿综合能源有限公司成立于 2022 年 1 月 29 日，注册地为吐鲁番市鄯善县， 注册资本金 1 亿元整，法定代表人李胜海，公司性质为有限责任公司，股东为桐昆集团 股份有限公司。主要经营范围：许可项目：煤炭开采；地质灾害治理工程设计；地质灾 害治理工程监理；建设工程施工；公共铁路运输；道路货物运输（不含危险货物）；发 电业务、输电业务、供(配)电业务。（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目:煤炭洗选； 煤炭及制品销售；炼焦；矿山机械销售；普通机械设备安装服务；装卸搬运；租赁服务 (不含许可类租赁服务)；矿 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-043 2、实施风险 桐昆集团股份有限公司 关于启动新疆鄯善县七克台矿区长草东露天煤矿 项目建设的公告 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、完整性承担个别及连带责任。 重要内容提示： ● 项目名称：新疆鄯善县七克台矿区长草东露天煤矿 ● 项目实施单位：新疆中灿综合能源有限公司 ● 项目投资金额：项目工程建设总资金614,420.44万元，其中 项目建设投资（露天矿+选煤厂）232,694.44万元，建设期利息 20,335.72万元，探矿权成交价381,726.00万元，铺底流动资金 6,400.55万元。（最终以项目建设实际投资开支为准）。资金来源为 自筹与申请银行贷款相结合。 ● 特别风险提示： 1、审批风险 目前该项目还没有获得政府相关有权部门正式批准，项目申报过 程中有可能存在审批流程较长等相关风险。为应对上述风险，公司会 积极和相关部门进行沟通，提前准备好各种应对方案和措施，尽快落 实审批相关事宜。 本项目中的建设内容、投资金额、经济效益等数值均为计划数或 预计数，并不 ...