Investment Rating - The investment rating for the company is "Buy" [2][9]. Core Insights - The company is investing a total of 6.144 billion in the construction of the Changcaodong open-pit coal mine in Xinjiang, which will have an annual coal production capacity of 5 million tons, enhancing its integrated layout in the region [9]. - The project is expected to generate an average annual output value of approximately 1.8 billion and an average annual after-tax profit of 442 million, with a payback period of 10.42 years [9]. - The company aims to improve the supply of raw materials for its polyester fiber business and ensure stable fuel supply for local production facilities in Xinjiang [9]. - The company has strategically positioned itself in the Xinjiang market, leveraging the region's abundant and low-cost raw material resources to enhance its polyester industry chain [9]. - Revenue forecasts for the company are projected to be 110.68 billion, 119.58 billion, and 131.51 billion for the years 2025, 2026, and 2027 respectively, with net profits expected to reach 2.095 billion, 3.606 billion, and 4.698 billion in the same years [7][9]. Financial Metrics Summary - The company’s revenue for 2023 is reported at 82.64 billion, with a projected increase to 101.31 billion in 2024 and 110.68 billion in 2025 [10]. - The earnings per share (EPS) are expected to grow from 0.33 in 2023 to 0.87 in 2025, and further to 1.95 by 2027 [7][10]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.07 in 2023 to 12.20 in 2025, indicating a potential increase in valuation attractiveness [7][10]. - The book value per share (BPS) is expected to rise from 14.75 in 2023 to 16.03 in 2025, reflecting a strengthening financial position [7][10].

1. Report Investment Rating Information - The report does not explicitly mention the investment rating for the industry [158] 2. Core Viewpoints - The report provides a comprehensive analysis of the large refining and chemical industry in the current week, covering various aspects such as project spreads, polyester, refining, and chemical sectors, and presents detailed data on prices, profits, inventories, and operating rates [2] 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing 3.1.1 Stock Price and Market Value - The report tracks the stock price changes of 6 major private refining companies in the past week, month, quarter, year, and from the beginning of 2025 to date, and provides profit forecasts and related financial indicators such as market value, net profit attributable to shareholders, and price - earnings ratios [8] 3.1.2 Oil Price and Refining Spreads - International crude oil prices (Brent and WTI) have declined, with Brent at $68.0/barrel (down $1.2, -1.8% week - on - week) and WTI at $66.0/barrel (down $0.5, -0.8% week - on - week) - The spread of domestic refining projects is 2,673 yuan/ton, unchanged week - on - week; the spread of foreign refining projects is 1,124 yuan/ton, down 117 yuan/ton (-9% week - on - week) [8] 3.1.3 Polyester Sector - **Product Prices and Profits**: POY, FDY, and DTY prices have decreased, with POY at 6,989 yuan/ton (down 186 yuan/ton), FDY at 7,250 yuan/ton (down 229 yuan/ton), and DTY at 8,268 yuan/ton (down 161 yuan/ton). POY and DTY profits have increased, while FDY profits have decreased - **Inventory and Operating Rates**: POY, FDY, and DTY inventories have increased, with POY at 21.7 days (up 4.5 days), FDY at 22.4 days (up 3.5 days), and DTY at 28.6 days (up 3.3 days). The filament operating rate is 90.9% (up 0.4 percentage points), the loom operating rate is 58.1% (down 0.9 percentage points), the raw material inventory of weaving enterprises is 10.4 days (down 1.1 days), and the finished product inventory is 28.0 days (up 0.8 days) [2][9] 3.1.4 Refining Sector - Domestic gasoline, diesel, and jet fuel prices have declined; in the US, gasoline prices have declined, while diesel and jet fuel prices have increased [2] 3.1.5 Chemical Sector - The average price of PX is $861.7/ton (down $13.4 week - on - week), the spread to crude oil is $365.2/ton (down $4.4 week - on - week), and the PX operating rate is 84.6% (down 1.8 percentage points) [2] 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report may analyze the trends of the big refining index and the spreads of domestic and foreign refining projects, but specific data and analysis are not detailed in the provided text [12] 3.2.2 Polyester Sector - Covers various aspects such as the prices and spreads of raw materials (crude oil, PX, MEG, PTA), the prices and profits of polyester products (filaments, short fibers, bottle chips), inventory levels, and operating rates [23] 3.2.3 Refining Sector - Analyzes the prices and spreads of domestic and foreign refined oil products (gasoline, diesel, jet fuel) and their relationships with crude oil prices [80] 3.2.4 Chemical Sector - Analyzes the prices and spreads of various chemical products (polyethylene, polypropylene, EVA, etc.) and their relationships with crude oil prices [136]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" rating for specific companies within the sector [4][5]. Core Insights - OPEC has announced an unexpected production increase of 548,000 barrels per day for August, but the actual impact of this increase remains to be observed [4][5]. - The upstream sector is experiencing a downward trend in oil prices, with Brent crude oil futures closing at $68.3 per barrel, reflecting a week-on-week increase of 0.78% [4][18]. - The refining sector is seeing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show varied trends [4][47]. - The polyester sector is facing profitability challenges, but there are expectations for recovery as supply and demand improve [4][13]. Summary by Sections Upstream Sector - OPEC's actual production increase has been lower than expected, with April's total production at approximately 31.1 million barrels per day, a decrease of 210,000 barrels from the previous month [4][8]. - The U.S. oil rig count decreased to 539, down 8 from the previous week and down 46 year-on-year [31][32]. - The report anticipates a widening supply-demand trend in crude oil, with potential downward pressure on prices, but expects prices to stabilize at mid-high levels due to OPEC's production cuts and shale oil cost support [4][18]. Refining Sector - The Singapore refining margin for major products was $14.01 per barrel, down $2.46 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread was $22.37 per barrel, up $0.53 from the previous week, with a historical average of $24.86 per barrel [56]. - The report suggests that refining profitability may improve as economic recovery progresses, despite current low levels [4][47]. Polyester Sector - The PTA price has seen a decline, with the average price in East China at 4,971.4 yuan per ton, down 3.26% week-on-week [4][13]. - The report highlights a potential recovery in the polyester industry, with expectations for improved profitability as supply-demand dynamics shift positively [4][13]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as top refining companies like Hengli Petrochemical and Sinopec [4][13]. - It also suggests that the upstream exploration and development sector remains robust, with high capital expenditure expected to continue, particularly for offshore oil service companies [4][13].

Core Points - The company plans to distribute a cash dividend of RMB 0.1 per share to all shareholders based on the total share capital as of the equity registration date [1][2] - The equity registration date is set for July 9, 2025, with the last trading day and the ex-dividend date both on July 10, 2025 [1][2] - The total number of shares participating in the profit distribution is 2,383,553,900 shares, with an expected total cash dividend amount of RMB 238,355,390 (including tax) [2] Dividend Distribution Plan - The profit distribution plan was approved at the company's annual general meeting on May 20, 2025 [2] - The company will not issue bonus shares or increase capital from the capital reserve this year, focusing solely on cash dividends [2] - The cash dividend per share will be adjusted based on changes in total share capital due to convertible bonds or share repurchases, but the distribution ratio remains unchanged [2] Tax Implications - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend income, while those holding for one year or less will have tax withheld upon stock transfer [5][6] - For shareholders holding restricted shares, the tax treatment will depend on the holding period post-lifting of restrictions [6][7] - For Hong Kong investors and Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of RMB 0.09 per share [6][7] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board office at the provided phone number and address [7]

上海邦信阳（嘉兴）律师事务所 关于 桐昆集团股份有限公司 差异化分红事项 之 法律意见书 上海邦信阳(嘉兴)律师事务所 中国 · 浙江省嘉兴市桐乡市莲花东路55号风启天宸大厦20-21层 关于桐昆集团股份有限公司差异化分红事项 之 法律意见书 致:桐昆集团股份有限公司 上海邦信阳(嘉兴)律师事务所(以下简称"本所")接受桐昆集团股份有限 公司(以下简称"桐昆股份"或"公司")的委托,指派钟伟律师、杨哲成律师(以 下 简称"本 所律师"）就公司2024年年度 利润分配 (以下简称" 本次利润分配") 涉及的差异化权益分派(以下简称"本次差异化分红")相关事宜进行了核查并 出具本法律意见书。 对本法律意见书的出具,本所律师特作如下声明: 上海邦信阳(嘉兴)律师事务所 1、本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》(以下简称"《证券法》")、《上市公司股份回购规则》(以 下简称"《回购规则》")、《上海证券交易所股票上市规则(2025年 4 月修订)》(以 下简称"《上市规则》")、《上海证券交易所交易规则(2023年修订)》(以下简称 "《交易规则》")及上海证券交 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-045 重要内容提示： 每股分配比例 A 股每股现金红利0.1元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 差异化分红送转： 是 桐昆集团股份有限公司 2024年年度权益分派实施公告 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。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经桐昆集团股份有限公司（以下称 "公司"）2025 年 5 月 20 日的2024 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回 ...

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, anticipating a recovery in demand due to improving Sino-US trade relations [3][4]. Core Insights - The report highlights the expectation of a recovery in polyester filament yarn demand as Sino-US trade restrictions are anticipated to ease, potentially restoring textile and apparel exports to the US [4][5]. - It notes that US apparel wholesalers have been depleting their inventories since Q4 2022, and with the overseas economy recovering, a replenishment phase is expected to begin in 2025, further boosting filament yarn demand [4][7]. - The report emphasizes that downstream inventories for polyester filament yarn are at historically low levels, which supports a stable demand outlook despite external trade pressures [11]. - The report indicates that the valuation of polyester filament yarn companies is currently at historical lows, suggesting potential for upward movement during the seasonal peak periods [14]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $67.77 per barrel, a decrease of 12% week-on-week, while WTI prices dropped to $65.52 per barrel, down 11.27% [22]. - US commercial crude oil inventories decreased to 415 million barrels, down 5.84 million barrels from the previous week, and are 11% lower than the five-year average [24]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of price fluctuations but overall stability due to OPEC+ production cuts [4][22]. Refining Sector - The report notes an increase in the Singapore refining margin to $16.47 per barrel, up $4.89 from the previous week, indicating improved refining profitability [56]. - The report suggests that refining product margins are still low but are expected to improve as economic recovery progresses [4][53]. Polyester Sector - PTA prices have been rising, with the average price in East China reaching 5,139 RMB per ton, up 1.08% week-on-week [4]. - The report highlights a positive outlook for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a recovery in profitability as supply-demand dynamics improve [18]. Investment Recommendations - The report recommends focusing on leading polyester companies, refining firms, and offshore oil service companies, citing potential for performance improvement as market conditions stabilize [18].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate changes in different sectors such as refining, polyester, and chemicals, as well as the performance of relevant listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,673 yuan/ton, a week - on - week increase of 377 yuan/ton (16%); the foreign key large refining project spread was 1,241 yuan/ton, a week - on - week increase of 258 yuan/ton (26%). The average price of PX this week was 875.1 dollars/ton, a week - on - week decrease of 4.9 dollars/ton, and the spread to crude oil was 369.6 dollars/ton, a week - on - week increase of 41.0 dollars/ton [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,193/7,496/8,446 yuan/ton respectively, with week - on - week increases of 146/179/186 yuan/ton. The weekly average profits were 74/10/44 yuan/ton, with week - on - week increases of 88/109/114 yuan/ton. The inventory was 17.2/18.9/25.3 days, with week - on - week changes of +0.9/ - 0.9/ - 0.3 days. The filament operating rate was 90.6%, a week - on - week increase of 0.3 pct. The downstream loom operating rate was 59.0%, a week - on - week decrease of 1.7 pct [2]. - **Refining Sector**: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2]. - **Chemical Sector**: The PX operating rate was 86.4%, a week - on - week increase of 0.1 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Performance**: The oil and petrochemical index on June 27, 2025, showed a - 2.1% change in the past week, 1.5% in the past month, - 1.1% in the past three months, - 5.9% in the past year, and - 4.9% since the beginning of 2025. Among the listed companies, Rongsheng Petrochemical had a 2.5% increase in the past week, while Tongkun Co., Ltd. had a - 33.3% change in the past year [8]. - **Earnings Forecast**: For example, Hengli Petrochemical's expected net profit attributable to the parent company in 2025 is 8.024 billion yuan, with a PE of 12.5 in 2025E [8]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It may involve the trends of the big refining index, domestic and foreign big refining project spreads, and the changes in the performance of six private big refining companies [11][15][20]. - **2.2 Polyester Sector**: Covers various aspects such as the prices and spreads of crude oil, PX, PTA, and MEG; the operating rates of PX, PTA, and MEG; the prices and profits of POY, FDY, DTY, and polyester staple fiber; the inventory and operating rates of polyester filament and downstream looms [23][33][55]. - **2.3 Refining Sector**: Includes the prices and spreads of domestic, US, European, and Singaporean refined oil products (gasoline, diesel, and jet fuel) relative to crude oil [84][99][122]. - **2.4 Chemical Sector**: Focuses on the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene relative to crude oil [139][140][148].

Core Viewpoint - The company is strategically expanding from petrochemicals into the coal sector by launching the Changcaodong open-pit coal mine project in Xinjiang, with a total investment of 6.144 billion yuan and an annual production capacity of 5 million tons, thereby enhancing its dual energy supply system and solidifying its competitive position in the industry [1][2]. Group 1: Project Overview - The Changcaodong open-pit coal mine project has a total investment of approximately 6.144 billion yuan and a construction scale of 5 million tons per year, including a conventional capacity of 3.5 million tons per year and a reserve capacity of 1.5 million tons per year [2]. - The project is located in Shanshan County, Turpan City, and will be implemented by Xinjiang Zhongcan Comprehensive Energy Co., Ltd., which specializes in coal mining [2]. Group 2: Industry Chain Extension - The coal project is a critical move for the company to extend its industrial chain upstream, as the polyester filament business heavily relies on petrochemical products, and coal serves as an essential energy and chemical raw material [3]. - The coal produced will be used internally as chemical raw material coal or fuel coal, meeting the demand for 500,000 tons of fuel coal for the company's thermal power generation projects in Xinjiang by 2025 [3]. - The company plans to invest approximately 1 billion yuan in a project to utilize coal for producing ethylene glycol, which will enhance the self-sufficiency of raw materials for its polyester fiber business [3]. Group 3: Economic and Social Benefits - The Changcaodong coal mine project is expected to generate an average annual output value of about 1.8 billion yuan, with an average annual after-tax profit of 442 million yuan, a post-tax internal rate of return of 9.37%, and a payback period of 10.42 years [4]. - The project is anticipated to directly create around 500 jobs and indirectly stimulate approximately 4,000 jobs, significantly increasing local residents' income [4]. - The construction and operation of the coal mine will promote the development of related secondary and tertiary industries, such as transportation, equipment maintenance, and services, contributing to local economic stability [4].

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。 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。 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 五期科技创新债券，发行总额为 5 亿元。募集资金已于 2025 年 6 月 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 | 名称 | 公司 | 年度第五 | 简称 | 创债) | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...