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 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

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]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between CNY 112 million and CNY 127 million, representing an increase of CNY 32.3 million to CNY 47.3 million, or a growth rate of 40.52% to 59.34% compared to the previous year[3]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between CNY 85 million and CNY 100 million, an increase of CNY 39.5 million to CNY 54.5 million, reflecting a growth rate of 86.87% to 119.85% year-over-year[3]. - The expected net profit after excluding investment income from joint ventures and associates is forecasted to be between CNY 45 million and CNY 60 million, with a change of CNY -7.5 million to CNY 7.5 million, indicating a fluctuation range of -14.21% to 14.38% compared to the previous year[3]. - The net profit for the previous year (2023) attributable to shareholders was CNY 79.7 million, with a net profit of CNY 45.5 million after deducting non-recurring gains and losses[7]. Factors Influencing Profit - The main reasons for the profit increase include improved supply-demand dynamics in the polyester filament industry and enhanced profitability of chemical products from the company's investment in Zhejiang Petrochemical[8]. - The company received significant non-operating gains, including government subsidies, which had a substantial impact on net profit during the reporting period[8]. - The company emphasizes that the profit from Zhejiang Petrochemical is a major source of investment income from joint ventures and associates, and the related operating data is currently unaudited, posing a significant uncertainty for the accuracy of the profit forecast[10]. - The company notes that the accounting treatment did not have a significant impact on the profit increase for the reporting period[8]. Caution and Uncertainties - The company warns that the forecast data is preliminary and the final audited financial data will be disclosed in the 2024 annual report[11]. - Investors are advised to be cautious of investment risks related to the uncertainties in the operating data of Zhejiang Petrochemical[11].

回购注销原因：经桐昆集团股份有限公司（以下简称"公司" 或"桐昆股份"）第九届董事会第十四次会议、第九届监事会第十一 次会议和 2024 年第三次临时股东大会审议通过，鉴于公司 2023 年限 制性股票激励计划（以下简称"本激励计划"）激励对象中有 10 人 因个人原因主动离职、1 人因退休已离职不再符合激励对象条件，同 时第一个解除限售期公司层面业绩考核未达标、不满足当期限制性股 票解除限售条件，根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）及公司《2023 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）的有关规定，公司拟对上述激励对象已获 授但尚未解除限售的共计 6,339,720 股限制性股票进行回购注销。 本次注销股份的有关情况： 股票代码：601233 股票简称：桐昆股份 公告编号：2025-003 桐昆集团股份有限公司关于 2023年限制性股票激励计划部分限制性股票 回购注销实施公告 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。 重要内容提示： | 回购股份数量（股） | 注销股份数量（股 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所 关于桐昆集团股份有限公司 回购注销 2023 年限制性股票激励计划部分激励对象已获授但尚 未解除限售的限制性股票的法律意见书 致：桐昆集团股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受桐昆集团股份有限公司（以 下称"公司"或"桐昆股份"）的委托，根据《中华人民共和国公司法》（以下称"《公 司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上市公司 股权激励管理办法（2018 年修订）》（以下称"《管理办法》"）等有关法律、 法规和规范性文件及《桐昆集团股份有限公司章程》（以下称"《公司章程》"）、 《桐昆集团股份有限公司 2023 年限制性股票激励计划（草案）》（以下称"《激 励计划（草案）》"）的规定，就公司回购注销部分激励对象已获授但尚未解除 限售的限制性股票（以下称"本次回购注销部分限制性股票"）事宜出具本法律 意见书。 为出具本法律意见书之目的，本所律师对公司提供的、本所律 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-002 桐昆集团股份有限公司 关于 2024 年第六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。 2024 年 4 月 17 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 年第六期超短期 融资券（科创票据）（简称：24 桐昆 SCP006（科创票据）），发行 总额为 5 亿元人民币，期限 270 天，发行利率为 2.23%，到期一次还 本付息。募集资金已于 2024 年 4 月 18 日全额到账。 现本公司 2024 年第六期超短期融资券已于 2025 年 1 月 13 日到 期，本公司于 2025 年 1 月 13 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 508,247,945.21 元。 特此公告。 桐昆集团股份有限公司董事会 2025 年 1 月 14 日 ...