Core Viewpoint - Tongkun Group Co., Ltd. reported a total revenue of CNY 44.16 billion for the first half of 2025, reflecting a decrease of 8.41% compared to the previous year [1][5]. Financial Performance - Total assets increased to CNY 111.90 billion, up 7.20% from CNY 104.39 billion at the end of the previous year [1]. - The total profit amounted to CNY 1.17 billion, representing a growth of 3.65% compared to CNY 1.13 billion in the same period last year [1]. - The net profit attributable to shareholders was reported at CNY -300.28 million, a significant improvement from CNY -1.86 billion in the previous year, indicating an 83.87% reduction in losses [1]. - The net cash flow from operating activities was not specified in the provided data [1]. Shareholder Information - The total number of shareholders as of the reporting period was 70,582 [2]. - Tongkun Holdings Group Co., Ltd. is the controlling shareholder, holding 19.33% of the shares [2][3]. - Chen Shiliang is identified as the actual controller of the company, holding significant stakes in both Tongkun Holdings and Zhejiang Leixin Industrial Co., Ltd. [3]. Debt and Financial Ratios - The debt-to-asset ratio stood at 65.96%, an increase from 64.57% in the previous year [5]. - The EBITDA interest coverage ratio improved to 7.00 from 5.21 year-on-year [5]. Important Events - There were no significant changes in the company's operational situation or any major events that would impact future operations reported during the period [5].

Core Points - The company held its 19th meeting of the 9th Board of Directors on August 27, 2025, where all 11 directors were present and the meeting complied with relevant laws and regulations [1] - The Board approved the 2025 semi-annual report and its summary, which had been previously reviewed by the Audit and Risk Prevention Committee [1] - The Board also approved a proposal to use up to 2 billion yuan of idle funds to purchase financial products, with the approval effective from the date of the meeting [2] - A special report on the use of raised funds for the first half of 2025 was also approved, in accordance with regulatory requirements [3] - The Board agreed to continue using up to 350 million yuan of temporarily idle raised funds for cash management, with the authorization for the chairman to make investment decisions [3][4]

股票代码：601233 股票简称：桐昆股份 公告编号：2025-049 桐昆集团股份有限公司 第九届监事会第十五次会议决议公告 本公司监事会及全体监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"）第 九届监事会第十五次会议通知于 2025 年 8 月 17 日通过书面或电子邮 件、电话通知等方式发出。会议于 2025 年 8 月 27 日在公司总部会议 室通过现场和通讯相结合的方式召开。会议应到监事 5 人，实到监事 和《公司章程》的有关规定。经过有效表决，会议一致通过如下决议： 一、以 5 票赞成、0 票反对、0 票弃权，一致通过了《关于公司 监事会全体成员认真审阅了公司 2025 年半年度报告全文及摘 要，一致认为：公司 2025 年半年度报告的编制和审议程序符合法律、 法规、 《公司章程》和公司内部管理制度的各项规定，报告的内容和 格式符合中国证监会和上海证券交易所的各项规定，所包含的信息能 从各个方面真实反映公司 2025 年上半年度的经营管理状况和财务状 况，在 2025 年半年度报 ...

Core Viewpoint - Company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating resilience in profitability despite challenging market conditions [1][2] Financial Performance - In H1 2025, the company achieved operating revenue of 441.58 billion yuan, a year-on-year decrease of 8.41% [1] - The net profit attributable to shareholders was 10.97 billion yuan, a year-on-year increase of 2.93% [1] - The non-recurring net profit was 10.54 billion yuan, up 16.72% year-on-year [1] - Basic earnings per share (EPS) was 0.46 yuan, an increase of 2.22% year-on-year [1] - In Q2 2025, operating revenue was 247.38 billion yuan, down 8.73% year-on-year but up 27.38% quarter-on-quarter [1] Industry Dynamics - The international oil price showed a downward trend in H1 2025, with the average Brent price at 71 USD/barrel, down 15% year-on-year [2] - The average prices of key raw materials PX, MEG, and PTA changed by -18.92%, +0.71%, and -18.06% respectively [2] - The company’s main products POY, FDY, and DTY saw price declines of -9.99%, -15.90%, and -9.07% respectively, but the overall price drop was less than that of raw materials, improving profitability per ton [2] Supply and Demand Outlook - The supply side is expected to improve, with approximately 130,000 tons of new filament capacity expected in H2 2025, predominantly from industry leaders [3] - The demand side showed a moderate recovery, with a 2.1% year-on-year increase in per capita clothing consumption and a 3.1% increase in retail sales of clothing and textiles [3] - The textile industry’s operating rate is gradually expanding, with inventory levels decreasing, indicating a return of demand vitality [3] Strategic Developments - The company made a strategic breakthrough in the coal sector by acquiring a coal mine in Turpan with a reserve of 500 million tons, enhancing its resource base [4] - This coal resource will support the company’s internal consumption and facilitate the production of chemical raw materials, improving self-sufficiency in polyester production [4] - The company aims to integrate its oil, coal, and gas supply chains, further enhancing its industry chain completeness [4] Profit Forecast - The company forecasts net profits of 21.19 billion, 30.59 billion, and 34.97 billion yuan for 2025-2027, with year-on-year growth rates of 76.3%, 44.3%, and 14.3% respectively [4] - The projected EPS for the same period is 0.88, 1.27, and 1.45 yuan per share, with corresponding PE ratios of 16.36, 11.34, and 9.92 times [4]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company's performance in H1 2025 met expectations, with a net profit attributable to shareholders of 1.097 billion, a year-on-year increase of 2.93%. However, revenue decreased by 8.41% to 44.158 billion [1]. - The company has successfully positioned itself in the coal-based sector, establishing a comprehensive industrial chain from gas, coal to "one silk, one cloth" in Xinjiang, with significant coal reserves and ongoing projects [3]. - The polyester filament market is expected to see a recovery in demand as inventory levels are low and downstream production rates are improving, leading to price increases for polyester filament [4]. Financial Performance - In H1 2025, the company achieved sales volumes of 4.38 million tons for POY, 1.03 million tons for FDY, and 0.54 million tons for DTY, with respective year-on-year changes of -1%, +8%, and +7% [2]. - The average selling prices for POY, FDY, and DTY were 6,160, 6,465, and 7,688 CNY per ton, reflecting year-on-year decreases of 10%, 16%, and 9% respectively [2]. - The gross profit margin improved to 6.76% in H1 2025 from 6.19% in H1 2024, aided by a 19% decrease in PX procurement costs [2]. Profit Forecast and Valuation - The company maintains profit forecasts of 2.5 billion, 3.8 billion, and 4.5 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 9, and 8 based on the stock price as of August 29, 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 44.16 billion yuan for the first half of 2025, a year-on-year decrease of 8.4%, with a gross margin of 6.76%, an increase of 0.57 percentage points year-on-year. The net profit attributable to the parent company was 1.1 billion yuan, up 2.9% year-on-year [1]. - The company is implementing a comprehensive development strategy focusing on integration, scale, intensification, and differentiation, successfully entering the coal sector with a coal mine resource of 500 million tons in the Turpan region [3]. - The company is expected to benefit from the upcoming domestic unified market policy, which is anticipated to enhance industry concentration and improve pricing power for leading enterprises [3]. Financial Summary - The company’s revenue for 2023 is projected at 82.64 billion yuan, with a growth rate of 33.30%. The net profit attributable to the parent company is expected to reach 797 million yuan, reflecting a significant increase of 539.10% [5][14]. - The projected net profit for 2025-2027 is 1.982 billion yuan, 3.015 billion yuan, and 3.704 billion yuan, respectively, with corresponding price-to-earnings ratios of 18X, 12X, and 9X [4][14]. - The company’s gross margin is expected to improve from 4.6% in 2024 to 7.9% in 2027, indicating a positive trend in profitability [14].

Market Overview - The refining and trading sector increased by 0.33% on August 29, with Unification Co. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Unification Co. (600506) closed at 22.64, up 2.30% with a trading volume of 138,400 shares and a transaction value of 312 million [1] - Tongkun Co. (601233) closed at 14.67, up 1.73% with a trading volume of 500,300 shares [1] - China Petroleum (601857) closed at 8.72, up 0.93% with a trading volume of 1,895,100 shares and a transaction value of 1.658 billion [1] - Hengli Petrochemical (600346) closed at 17.61, down 0.17% with a trading volume of 276,600 shares [1] Capital Flow - The refining and trading sector experienced a net outflow of 514 million from institutional investors, while retail investors saw a net inflow of 232 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Hengli Petrochemical (600346) had a net inflow of 14.6955 million from institutional investors, but a net outflow of 20.035 million from retail investors [3] - Unification Co. (600506) saw a net inflow of 4.7803 million from institutional investors, with a net outflow of 16.8202 million from retail investors [3] - China Petroleum (601857) had a net inflow of 5.6757 million from institutional investors, but a net outflow of 13.642 million from retail investors [3]

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" [1] Core Views - The company's operating performance is steadily improving, with a focus on enhancing the advantages of industrial chain collaboration [1][3] - The supply-demand landscape is gradually improving, which may highlight the competitive advantages of leading companies in the industry [3][4] - The company has made strategic breakthroughs in the coal sector, enhancing the completeness of its industrial chain [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%. The net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [1] - The second quarter saw operating revenue of 24.738 billion yuan, a year-on-year decrease of 8.73%, but a quarter-on-quarter increase of 27.38% [2] - The average Brent crude oil price in the first half of 2025 was $71 per barrel, a year-on-year decrease of 15% [3] Profit Forecast and Investment Rating - The forecasted net profit attributable to shareholders for 2025-2027 is 2.119 billion, 3.059 billion, and 3.497 billion yuan, with year-on-year growth rates of 76.3%, 44.3%, and 14.3% respectively [6] - The diluted EPS for the same period is projected to be 0.88, 1.27, and 1.45 yuan per share [6] - The report maintains a "Buy" rating based on the expected improvement in the polyester filament industry and the company's enhanced industrial chain collaboration advantages [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][32]. Core Views - The company has shown a year-on-year increase in net profit for the first half of 2025, supported by its advantages in the industrial chain, which are expected to contribute to long-term development [1]. - The company is experiencing a recovery in downstream demand, which is expected to improve the supply-demand dynamics in the industry [5][28]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 44.158 billion yuan, a year-on-year decrease of 8.4%, while the net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.9% year-on-year [2][10]. - In Q2 2025, the company reported a revenue of 24.74 billion yuan, a year-on-year decrease of 8.7% but a quarter-on-quarter increase of 27.4% [2][10]. - The company's gross profit margin for Q2 2025 was 6.0%, showing a year-on-year improvement but a quarter-on-quarter decline due to cost pressures [10]. Product Performance Summary - The company has a polyester filament capacity of 13.5 million tons, holding over 28% of the domestic market share [3][13]. - In the first half of 2025, the revenue from polyester filament products (POY/FDY/DTY) was 26.98 billion, 6.66 billion, and 4.18 billion yuan respectively, with gross profits of 2.19 billion, 240 million, and 300 million yuan [3][4]. - The sales volume of polyester filament products in Q2 2025 increased significantly, with POY, FDY, and DTY sales rising by 42%, 29%, and 23% quarter-on-quarter respectively [3][13]. Cost and Pricing Summary - The average selling prices for POY, FDY, and DTY in the first half of 2025 were 6,160, 6,465, and 7,688 yuan per ton, reflecting year-on-year decreases of 10%, 16%, and 9% respectively [4][17]. - The procurement prices for key raw materials (PX/PTA/MEG) also saw significant year-on-year declines, which helped alleviate profit pressure [4][17]. Investment and Strategic Projects - The company holds a 20% stake in Zhejiang Petrochemical, with Q2 2025 investment income from this stake amounting to 174 million yuan, a year-on-year increase of 12% [5][18]. - The company is advancing strategic projects, including the Xinjiang gas project and an Indonesian project, aimed at enhancing its competitive position in the market [5][18].

Group 1 - The core viewpoint of the report is that Tongkun Co., Ltd. (601233.SH) is rated as a "buy" due to significant growth in filament sales in Q2 and improved PTA profitability [1] - The report highlights that the upcoming peak season in September and October is expected to enhance profitability, supported by an optimized supply structure that aids long-term profit recovery [1] Group 2 - The report notes that Tongkun's Q2 filament sales saw a substantial increase, indicating strong market demand [1] - It mentions that the profitability of PTA has shown improvement, which is a positive sign for the company's financial health [1]