| 股票代码：603225 | 股票简称：新凤鸣 公告编号：2025-018 | | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | 新凤鸣集团股份有限公司 第六届董事会第三十次会议决议公告 二、董事会会议审议情况 会议审议通过了以下议案，并形成了决议： 1、审议通过了《关于变更公司注册资本暨修订<公司章程>的议案》 本议案已于 2025 年 1 月 20 日第六届董事会第二十八次会议审议通过，基于 公司 2020 年 4 月 16 日召开的 2019 年年度股东大会审议通过了《关于提请股东 大会授权董事会全权办理本次公开发行可转换公司债券具体事宜的议案》，议案 第七条授权董事会根据可转债发行和转股情况适时修改公司章程中的相关条款， 并办理工商备案、注册资本变更登记、可转债挂牌上市等事宜。故 2025 年 1 月 20 日召开的第六届董事会第二十八次会议审议通过此议案后未提交股东大会审 议。现谨慎考虑相关要求，公司董事会重新审议《关于变更公司注册资本暨修订 <公司章程>的议案》，并提交股东大会审议。 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 ...

Investment Rating - The report initiates coverage on Xin Feng Ming (603225.SH) with a "Buy" rating [6]. Core Views - The report highlights a favorable long-term supply-demand landscape for polyester filament yarn, indicating a potential turning point in supply and demand dynamics [4]. - The company has established a significant scale advantage in the polyester filament sector, with plans for further capacity expansion [17]. - The report anticipates a recovery in profitability driven by the release of new capacities and an improving market environment [5]. Summary by Sections 1. "Two Continents and Two Lakes" Base Layout - Xin Feng Ming has been a leader in the chemical fiber industry for over 20 years, focusing on the research, production, and sales of polyester filament yarn [15]. - The company has expanded its upstream supply chain by investing in PTA production, enhancing its raw material self-sufficiency [17]. - The establishment of an international supply chain through a partnership with Tongkun Group for a refinery project in Indonesia is noted [15][17]. 2. Favorable Supply-Demand Dynamics for Filament Yarn - The inventory levels of POY and FDY are currently at low levels, with significant inventory reduction observed due to increased orders from overseas [5]. - The report predicts a long-term positive supply-demand balance, with a decrease in the growth rate of filament yarn production capacity from 7.1% (2017-2023) to 1.5% (2024-2026) [5]. - Demand for polyester filament yarn is expected to grow, with a projected year-on-year increase of 18% in 2024 [5]. 3. Significant Scale Advantage and Upstream Integration - Xin Feng Ming's polyester filament capacity has grown from 4.3 million tons in 2019 to 7.4 million tons in 2023, with a compound annual growth rate (CAGR) of 14.5% [5]. - The company is also the largest producer of polyester staple fiber in China, with a capacity of 1.2 million tons as of mid-2024 [17]. - Plans for further capacity expansion include an additional 650,000 tons of PTA production, enhancing the company's upstream integration [17]. 4. Profit Forecast and Valuation - The report forecasts net profits for Xin Feng Ming to be 1.17 billion, 1.97 billion, and 2.49 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 7.7%, 68.1%, and 26.6% [5].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the PTA (Purified Terephthalic Acid) industry and its current market conditions, including production capacity and pricing trends [1][2][3]. Key Points PTA Industry Performance - PTA's performance in Q3 of the previous year was significantly impacted by a sharp decline in crude oil prices, leading to substantial losses [1]. - However, there has been a recovery in Q4, and the current outlook for PTA is more stable compared to the previous year's Q3 [1]. - The industry is currently experiencing an oversupply situation, with production capacity expected to increase from 750,000 tons to 1,000,000 tons by the end of 2025 [2][3]. Production Capacity and Future Plans - The company has recently increased its PTA production capacity by 250,000 tons, bringing the total to 750,000 tons, with plans for another 250,000 tons by the end of 2025 [2]. - The company maintains that it can self-consume its production, but a portion will still be exported, depending on market conditions [3]. Market Dynamics - The overall market for PTA is expected to see reduced new capacity additions in 2025 compared to 2024, which may provide a competitive advantage [4]. - The company notes a trend of consumer downgrade, leading to increased usage of PTA in various applications, which could expand market opportunities [4]. Capital Expenditure and Financial Outlook - The company anticipates limited capital expenditures in the near future, focusing on smaller projects rather than large-scale investments [5][6]. - The impact of increased tariffs on exports to the U.S. is expected to be minimal due to the low percentage of exports in the overall business [7][8]. Raw Material Prices and Cost Management - The company is adopting a flexible procurement strategy for raw materials, maintaining a balance between annual contracts and spot purchases [12]. - There is a focus on cost control measures, including efficient maintenance of equipment and automation improvements, which are expected to enhance profitability [16][19]. Challenges and Risks - The company acknowledges potential risks from fluctuating raw material prices and the impact of external factors such as tariffs and trade tensions [7][8][11]. - High temperatures and adverse weather conditions have affected demand, pushing the peak demand season later than usual [9]. Strategic Initiatives - The company is exploring opportunities for overseas expansion and partnerships, although these plans remain uncertain [8][13]. - There is an emphasis on technological advancements and automation to improve operational efficiency and reduce costs [19][20]. Additional Important Insights - The company has a strong focus on maintaining a competitive edge through cost management and technological innovation, positioning itself well within the PTA industry [16][19]. - The overall sentiment in the chemical sector remains optimistic, with expectations for growth driven by improved demand and strategic capacity management [5].

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-014 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 关于全资子公司对外投资的公告 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。 重要内容提示： （三）本次对外投资事项不构成关联交易，也不涉及重大资产重组。 二、投资主体的基本情况 特别风险提示：本事项为设立新公司，新公司设立后，在运营过程中可 能受宏观经济、行业政策、人才储备、经营管理等方面的不确定因素影响。敬请 广大投资者理性投资，注意投资风险。 一、对外投资概述 （一）对外投资的基本情况 因未来发展规划的需要，新凤鸣集团股份有限公司（以下简称"公司"）全 资子公司新凤鸣江苏新拓新材有限公司（以下简称"江苏新拓"）对外投资设立 江苏新诺源环保科技有限公司（以下简称"江苏新诺源"）。江苏新拓拟使用自有 资金出资人民币10,000万元，占江苏新诺源出资份额的100%。 （二）董事会审议情况 ...

| 股票代码：603225 | 股票简称：新凤鸣 公告编号：2025-015 | | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | 新凤鸣集团股份有限公司 第六届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第二十九次会 议于 2025 年 2 月 19 日以现场表决和通讯表决相结合的方式在公司二十四楼会议 室召开。本次董事会会议通知于 2025 年 2 月 14 日以电话方式发出。会议由董事 长庄耀中先生召集并主持，会议应出席董事 8 名，实际出席董事 8 名，公司监事、 高级管理人员列席了本次会议。本次会议的召开和表决程序符合《公司法》《证 券法》和本公司章程的有关规定，合法有效。 1 1、审议通过了《关于全资子公司对外投资的议案》 董事会同意公司全资子公司新凤鸣江苏新拓新材有限公司对外投资设立全 资子公司江苏新诺源环保科技有限公司。 具体内容详见同日在上海证券交易所网 ...

股票简称:新凤鸣 股票代码:603225 新凤鸣集团股份有限公司 简式权益变动报告书 上市公司名称:新凤鸣集团股份有限公司 股票上市地点:上海证券交易所 股票简称:新凤鸣 股票代码:603225 信息披露义务人声明 一、本报告书依据《中华人民共和国证券法》、《上市公司收购管理办法》、 《公开发行证券公司信息披露内容与格式准则第15号―权益变动报告书》(以下 简称"《准则15号》")及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准,其履行亦不违 反信息披露义务人章程、协议或其他任何形式的任何条款,或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定, 本报告书已全面披露信息披露义务人在新风鸣集团股份有限公司(以下简称"公 司"、"上市公司"、"新凤鸣"）中拥有权益的股份变动情况。 截至本报告书签署之日,除本报告书披露的信息外,上述信息披露义务人没 有通过任何其他方式增加或减少其在新凤鸣中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 外,没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书 ...

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2025-013 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | | 新凤鸣集团股份有限公司 关于持股 5%以上股东减持至 5%的权益变动 提示性公告 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。 重要内容提示： 本次权益变动为新凤鸣集团股份有限公司（以下简称"公司"）持股 5% 以上非第一大股东上海胜帮私募基金管理有限公司－共青城胜帮凯米投资合伙 企业（有限合伙）（以下简称"共青城胜帮"）减持，不触及要约收购，不会 导致公司控股股东及实际控制人发生变化。 本次权益变动后，共青城胜帮持有公司股份数量由 82,762,578 股减少至 76,238,216 股，持股比例由 5.43%减少至 5.00%，共青城胜帮将不再是公司持股 5%以上股东。 本次权益变动为共青城胜帮通过集中竞价交易方式累计减持公司股份 6,524,362 股，占公司总股本的 0.43%。 2025 年 2 月 17 日，公司收到股 ...

Summary of Conference Call Records Industry Overview - The overall industry sentiment remains optimistic for the year, despite some seasonal effects from the Spring Festival impacting production and sales figures [1] - Inventory levels across the industry are relatively low, typically within ten days, indicating a quicker consumption rate compared to previous years [2] Key Points and Arguments - The demand for products is expected to fully release starting from late October, following a period of high temperatures that affected consumption earlier in the year [1][2] - The industry is experiencing a phase of low inventory, which is anticipated to lead to a reduction in stock levels by March or April, earlier than the usual May timeframe [2] - New production capacities are being introduced, with a focus on maintaining a controlled pace to avoid excessive competition and overproduction [3][4] - The company plans to launch a new production line of 250,000 tons by the end of the year, contributing to a total capacity of 1 million tons for PTA [19] Production and Capacity Insights - The company has a current capacity of 780,000 tons, with an additional 65,000 tons expected to come online this year [19] - The industry is cautious about new capacity additions, with a focus on self-regulation to prevent overcapacity issues [3][22] - The company is also exploring export opportunities, although the impact of tariffs from the U.S. is noted, with direct exports accounting for 10-11% of total sales [10][11] Market Dynamics - The pricing environment for PTA has shown some improvement in Q4 compared to Q3, although challenges remain due to fluctuating demand and inventory levels [6][10] - The company is optimistic about the consumption of long and short fibers, with expectations that demand will continue to grow and absorb new production capacity [9][12] - The overall market is expected to stabilize, with a focus on maintaining reasonable inventory levels to support production and sales [16][24] Tariff Impact and Strategic Responses - The introduction of a 10% tariff on Chinese products is expected to have a limited impact on the company, as the focus remains on domestic sales rather than exports [11][12] - The company is adapting to the tariff situation by exploring new markets and maintaining a strong domestic focus [11][12] Future Outlook - The company expresses confidence in the long-term demand for its products, with expectations of continued growth in consumption despite potential economic fluctuations [12][13] - The industry is expected to see a gradual recovery, with a focus on improving price differentials and maintaining production efficiency [10][22] Additional Considerations - The company acknowledges the challenges posed by external factors such as international trade dynamics and competition from other markets [11][12] - There is a recognition of the need for ongoing communication and collaboration within the industry to ensure sustainable growth and avoid overproduction [22][23]

证券代码：603225 证券简称：新凤鸣 公告编号：2025-011 新凤鸣集团股份有限公司 | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 25,000 万元~50,000 | | 回购价格上限 | 元/股 16.00 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 万股 2,398.01 | | 实际回购股数占总股本比例 | 1.57% | | 实际回购金额 | 万元 27,873.0901 | | 实际回购价格区间 | 9.60 元/股~14.85 元/股 | 一、 回购审批情况和回购方案内容 2024 年 1 月 31 日，新凤鸣集团股份有限公司（以下简称"公司"）第六届董 事会第十次会议审议并通过了《关于以集中竞价交易方式回购股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于 人民币 10,000 万元（含），不超过人民币 15,000 ...

| 1、出席会议的股东和代理人人数 | 400 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 116,391,785 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 16.8960 | 证券代码：603225 证券简称：新凤鸣 公告编号：2025-012 新凤鸣集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，由董事长庄耀中先生主持，采用现场投票与网 络投票相结合的方式召开。本次股东大会的召开以及表决方式符合《中华人民共 (一) 股东大会召开的时间：2025 年 2 月 6 日 (二) 股东大会召开的地点：浙江省桐乡市梧桐街道履祥路 501 号公司二十四 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股 ...