Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][28] Core Views - The company's net profit attributable to shareholders increased year-on-year in Q3, but saw a quarter-on-quarter decline due to price pressures on products [1][7] - The demand for polyester filament yarn is expected to recover, although the short-term supply-demand dynamics in the industry remain weak [4][28] - The company maintains a strong market position with over 15% market share in the domestic polyester filament yarn sector, ranking second in the industry [15] Financial Performance - In Q3 2025, the company reported revenue of 18.05 billion yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1][7] - The net profit attributable to shareholders was 160 million yuan, reflecting a year-on-year increase of 13.3% but a significant quarter-on-quarter decline of 60.4% [1][7] - The gross margin and net margin were 5.0% and 0.9%, respectively, with total expense ratio at 4.3% [1][7] Production and Sales - The production of polyester filament yarn (POY/FDY/DTY) in Q3 was 1.42 million tons, 390,000 tons, and 260,000 tons respectively, showing year-on-year growth of 11%, 4%, and 23% [2][11] - Sales volumes for POY, FDY, and DTY were 1.34 million tons, 420,000 tons, and 260,000 tons, with a year-on-year decline for POY but increases for FDY and DTY [2][11] - The average selling prices for POY, FDY, and DTY were 6094 yuan/ton, 6331 yuan/ton, and 7840 yuan/ton, reflecting year-on-year decreases of 12%, 19%, and 10% respectively [2][11] PTA Production and Outlook - The company has a PTA production capacity of 7.7 million tons, with Q3 production reaching 590,000 tons, a year-on-year increase of 456% [3][17] - The average selling price for PTA was 4195 yuan/ton, down 20% year-on-year [3][17] - The company is progressing with its PTA Phase IV project, expecting to exceed 10 million tons in total capacity by the end of 2025 [3][17] Short Fiber Business - The company leads the domestic market in polyester staple fiber with a production capacity of 1.2 million tons [3][17] - In Q3, the production and sales of polyester staple fiber were both 330,000 tons, with a year-on-year increase of 3% and 9% respectively [3][17] - The average selling price for polyester staple fiber was 5957 yuan/ton, down 9% year-on-year [3][17]

Core Viewpoint - The company has announced its third-quarter financial results and significant changes in its governance structure, including the cancellation of the supervisory board and amendments to its articles of association [13][14]. Financial Data - The financial report for the third quarter indicates that the company has not undergone an audit [3]. - The company reported a total asset impairment provision of 145.74 million yuan for the period from January to September 2025, which includes inventory impairment of 125.75 million yuan and bad debt provisions of 6.78 million yuan [7][8][9]. Shareholder Information - As of the end of the reporting period, the company holds 29,368,391 shares in its repurchase account, accounting for 1.93% of the total share capital [6]. Governance Changes - The company has proposed to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors, which requires approval from the upcoming shareholders' meeting [13][14]. - Amendments to the articles of association are also being proposed in line with the new governance structure [15].

Core Viewpoint - The company announced the convening of a staff representative assembly on October 30, 2025, to elect Mr. Lu Douping as the employee representative director of the sixth board of directors [2] Group 1 - The staff representative assembly is scheduled for October 30, 2025 [2] - Mr. Lu Douping has been nominated for the position of employee representative director [2]

Core Points - The company Xin Feng Ming (603225) announced the resignation of non-independent director Xu Jizhong due to personal reasons, while he will continue to serve as the vice president of the company [1] Summary by Category - **Company Announcement** - Xin Feng Ming's board received a written resignation report from non-independent director Xu Jizhong [1] - Xu Jizhong applied to resign from his position on the sixth board of directors but will remain as the company's vice president [1]

Core Viewpoint - Xin Fengming (603225.SH) reported a revenue of 51.542 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.77% [1] - The net profit attributable to shareholders reached 869 million yuan, marking a year-on-year increase of 16.56% [1] - The basic earnings per share stood at 0.58 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 51.542 billion yuan, up 4.77% year-on-year [1] - Net profit attributable to parent company shareholders: 869 million yuan, up 16.56% year-on-year [1] - Basic earnings per share: 0.58 yuan [1]

新凤鸣集团股份有限公司 外汇衍生品交易业务管理制度 第一章 总则 第一条 为规范新凤鸣集团股份有限公司（以下简称"本公司"或"公司"）外汇 衍生品交易业务及相关信息披露工作，加强对外汇衍生品交易业务的管理，防范投资风 险，健全和完善公司外汇衍生品交易业务管理机制，确保公司资产安全，根据《中华人 民共和国公司法》《中华人民共和国证券法》等法律法规、部门规章、规范性文件，以 及《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第5号—— 交易与关联交易》《上市公司信息披露管理办法》及《新凤鸣集团股份有限公司章程》（ 以下简称"《公司章程》"）等有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称衍生品是指远期、互换、期权等产品或上述产品的组合。衍生 品的基础资产包括汇率、利率、货币等；既可采取实物交割，也可采取现金差价结算； 未按照本制度规定由董事会或股东会审议通过，不得进行杠杆交易。 本制度所称外汇衍生品交易是指根据公司国际业务的收付外币情况，在金融机构 办理的规避和防范汇率或利率风险的外汇衍生品交易业务，包括远期结售汇、人民币 和其他外汇的掉期业务、外汇买卖、外汇掉期、外汇期权、利率 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-101 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于调整公司组织架构的公告 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个别及连带责任。 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第四十一次会 议审议通过了《关于调整公司组织架构的议案》。为进一步完善公司治理结构， 促进公司规范运作，根据《中华人民共和国公司法》《上市公司章程指引》等相 关法律法规规定，结合公司的实际情况，公司拟不再设置监事会与监事，对《公 司章程》中相关条款作相应修订。新修订的《公司章程》生效后，公司组织架构 将发生变化："股东大会"变更为"股东会"；不再设置监事会，《中华人民共和 国公司法》规定的监事会职权由董事会审计委员会行使。 调整后的公司组织架构图及各部门的主要职能详见附件。 本次组织架构的调整将提高公司管控效率,保障公司的战略执行能行之有 效 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-098 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 | 主要产品 | 2025年1-9月不含税 平均售价（元/吨） | 2024年1-9月不含税平 均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | POY | 6,158.40 | 6,809.48 | -9.56 | | FDY | 6,427.37 | 7,713.69 | -16.68 | | DTY | 8,000.61 | 8,746.22 | -8.52 | | 短纤 | 6,071.59 | 6,584.98 | -7.80 | | PTA | 4,248.19 | 5,067.19 | -16.16 | 三、主要原材料价格波动情况 | 主要原料 | 2025年1-9月 不含税平均进价 | 2024年1-9月 不含税平均进价 | 变动比率（%） | | --- | --- | --- | --- | | | （元/吨） ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-105 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于选举第六届董事会职工代表董事的公告 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个别及连带责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章程指 引》及修订后的《公司章程》等相关规定，新凤鸣集团股份有限公司（以下简称 "公司"）董事会设职工代表董事一名，通过职工代表大会等形式民主选举产生。 1 附件：职工代表董事简历 陆斗平先生：1969 年出生，本科学历，高级工程师。曾任江苏仪征化纤股 份有限公司技术员、攻关组成员，浙江新凤鸣化纤有限公司仪表工程师，桐乡市 中驰化纤有限公司副总工程师，2008 年 9 月至 2010 年 6 月任公司聚合事业部副 经理，2010 年 6 月至 2014 年 5 月任公司聚酯事业部副经理，2014 年 5 月至今任 公司 ...

新凤鸣集团股份有限公司 关于取消监事会、修订《公司章程》及部分制度的公告 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个别及连带责任。 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开了 第六届董事会第四十一次会议，审议通过了《关于取消监事会、修订<公司章程>的 议案》《关于废止<监事会议事规则>及修订部分制度的议案》《关于修订部分制度 （无需提交股东大会审议）的议案》，上述议案《关于取消监事会、修订<公司章 程>的议案》《关于废止<监事会议事规则>及修订部分制度的议案》尚需提交公司 2025 年第六次临时股东大会审议。具体内容如下： 一、 取消公司监事会 | 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-099 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | | 序号 | 原《公司章程》条款 | 修订后《公司章程》条款 | | --- | --- | --- | | | 第一条 为维护公司、股东 ...