Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

Investment Rating - The report maintains a rating of "Buy" for the basic chemical industry [5] Core Views - The report highlights that the spandex industry is at a turning point, with prices reaching historical lows and recent price increases indicating a recovery in the industry [1][2] - The report emphasizes the limited new capacity in the spandex sector and the exit of outdated capacity, suggesting a favorable supply-demand balance and a positive outlook for the spandex industry [2] - The "anti-involution" policy is expected to enhance the recovery of the "refining-chemical fiber" industry chain, with improvements in market competition and supply-demand dynamics [3] Summary by Sections Industry Overview - Spandex prices have dropped from a peak of 83,750 yuan/ton in 2021 to 23,600 yuan/ton in early January 2026, a decline of 72% [1] - The report notes that spandex production capacity in China is projected to grow from 925,000 tons in 2020 to 1,430,000 tons by 2025, with a compound annual growth rate (CAGR) of 7.6% [2] Supply and Demand Dynamics - The apparent consumption of spandex in China is expected to increase from 720,000 tons in 2020 to 1,060,000 tons by 2025, with a CAGR of 6.7% [2] - The report indicates that the spandex industry is entering a recovery phase due to the reduction in new capacity and the exit of outdated production [2] Policy Impact - The "anti-involution" policy aims to optimize market competition and improve the supply-demand balance in the refining and chemical fiber sectors [3] - The report suggests that the refining industry is nearing the end of capacity expansion, which is expected to improve supply-demand dynamics [3] Investment Recommendations - The report recommends focusing on leading companies in the polyester filament sector such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as spandex companies like Huafeng Chemical and Xinxiang Chemical Fiber [4]

天眼查App显示，近日，新凤鸣江苏新拓新材有限公司发生工商变更，注册资本由35亿人民币增至50亿 人民币，增幅约43%。该公司成立于2021年2月，法定代表人为李国平，经营范围包括合成纤维制造、 合成纤维销售、面料纺织加工、针纺织品及原料销售等，由新凤鸣（603225）全资持股。 ...

天眼查App显示，近日，新凤鸣（603225）江苏新拓新材有限公司发生工商变更，注册资本由35亿人民 币增至50亿人民币，增幅约43%。 该公司成立于2021年2月，法定代表人为李国平，经营范围包括合成纤维制造、合成纤维销售、面料纺 织加工、针纺织品及原料销售等，由新凤鸣全资持股。 ...

Summary of Key Points Core Viewpoint The company has decided to cancel the remaining shares repurchased in 2022, which were initially intended for employee stock ownership plans, and will instead reduce its registered capital by the same amount. Group 1: Share Repurchase Overview - On March 7, 2022, the company approved a share repurchase plan with a total fund of no less than RMB 150 million and no more than RMB 300 million, at a price not exceeding RMB 18.00 per share [2] - The company repurchased 798,100 shares on March 8, 2022, at a price range of RMB 12.10 to RMB 12.35, totaling RMB 9,788,945 [2] Group 2: Repurchase Completion and Usage Change - By March 6, 2023, the company had repurchased a total of 18,381,291 shares, accounting for 1.20% of the total share capital, with an average price of RMB 10.88 and total expenditure of RMB 199,985,473.56 [3] - On August 6, 2024, the company changed the purpose of the repurchased shares from employee stock ownership to equity incentives, with 1,299.30 million shares granted to 289 incentive targets [4] Group 3: Cancellation Decision and Implementation - On November 18, 2025, the company decided to cancel the remaining 5,388,291 shares that were not used for equity incentives, as they had not been transferred within three years [6] - The cancellation was approved in a board meeting and a subsequent shareholder meeting, with the announcement made on December 5, 2025 [5][6] Group 4: Impact of Cancellation - Following the cancellation, the total share capital will decrease from 1,524,555,706 shares to 1,519,167,415 shares [8] - The cancellation is not expected to significantly impact the company's financial status or operational results, and the company will maintain its listing status [8]

北京市中伦（上海）律师事务所 关于新凤鸣集团股份有限公司 变更回购股份用途并注销的 法律意见书 二〇二六年一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（上海）律师事务所 关于新凤鸣集团股份有限公司 变更回购股份用途并注销的 1 法律意见书 2．本所律师仅就与公司本次变更并注销相关的法律问题发表意见，不对有 关会计、审计等专业事项和报告发表评论。在本法律意见书中如涉及会计报表、 审计报告内容时，均为本所严格按照有关中介机构出具的报告引述，但该等引述 不应视为本所对这些数据和结论的真实 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2026-008 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | 新凤鸣集团股份有限公司 关于实施 2022 年回购股份剩余部分注销 暨股份变动的公告 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。 一、回购股份概述 2022 年 3 月 7 日，新凤鸣集团股份有限公司（以下简称"公司"）第五届 董事会第二十二次会议审议并通过了《关于以集中竞价交易方式回购股份的预 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 股份将用于员工持股计划，回购资金总额不低于人民币 1.50 亿元，不超过人民 币 3.00 亿元；回购价格为不超过人民币 18.00 元/股（含 18.00 元/股）；回购期 限为公司自董事会审议通过之日起 12 个月内。具体内容详见公司 2022 年 3 月 9 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方 ...

Core Viewpoint - The company announced a share repurchase plan initiated in March 2022, with a total expenditure of 199 million yuan for repurchasing shares for employee stock ownership plans and later changing the purpose to equity incentives [1] Group 1: Share Repurchase and Usage - In March 2022, the company decided to repurchase shares amounting to 150 to 300 million yuan for employee stock ownership plans [1] - As of March 2023, the company had repurchased a total of 18.38 million shares, costing 199 million yuan [1] - The purpose of the repurchased shares was later changed to equity incentives [1] Group 2: Stock Grant and Cancellation - In 2024, the company granted 12.99 million restricted shares to 289 incentive recipients, with 5.39 million shares remaining [1] - In 2025, the board and shareholders agreed to cancel the remaining shares [1] - The cancellation was completed on January 21, 2026, reducing the total share capital from 1.525 billion shares to 1.519 billion shares, without affecting the company's listing status [1]

Core Viewpoint - The company announced a share repurchase plan with a budget of 150 million to 300 million yuan, and as of March 6, 2023, it has repurchased 18.38 million shares, accounting for 1.20% of the total share capital, using 199 million yuan [1] Group 1 - The share repurchase plan was initiated on March 7, 2022, with a total budget of 150 million to 300 million yuan [1] - As of March 6, 2023, the company has repurchased 18.38 million shares, which is 1.20% of the total share capital, with a total expenditure of 199 million yuan [1] - The purpose of the repurchased shares was changed from "employee stock ownership plan" to "equity incentive" on August 6, 2024 [1] Group 2 - After the completion of the incentive plan registration on October 14, 2024, there were 5.39 million shares remaining that were not used [1] - In November to December 2025, the board and shareholders approved a proposal to change the purpose of the remaining shares to "cancellation and reduction of registered capital" [1] - As of January 19, 2026, the total share capital was 1.525 billion shares, which will be reduced to 1.519 billion shares after the cancellation, while the share distribution still meets the listing requirements [1]

Group 1: 华是科技 - The controlling shareholder of 华是科技 is set to change to 杭州巨准, with a share transfer agreement signed for 12.912 million shares, representing 11.32% of the total share capital [1] - After the transfer, the actual controller will change to 郑剑波, and the existing shareholders will relinquish voting rights on their remaining shares [1] - The company will resume trading on January 20, 2026 [2] Group 2: 盈方微 - 盈方微 plans to acquire 100% of 上海肖克利 and 富士德中国 through a combination of share issuance and cash payment, with the transaction not being contingent on each other [3][4] - The acquisition is expected to meet the criteria for a major asset restructuring as per the regulations [3] - The company will also resume trading on January 20, 2026 [4] Group 3: 江化微 - 江化微's controlling shareholder will change to 上海福迅科技, with a transfer of 9.238 million shares at a price of 20 yuan per share, totaling 1.848 billion yuan, which is 23.96% of the total share capital [5][6] - The company will resume trading on January 20, 2026 [6] Group 4: 沃华医药 - 沃华医药 reported a revenue of 817 million yuan for 2025, a year-on-year increase of 6.96%, and a net profit of 95.7153 million yuan, up 162.93% [7] - The company plans to distribute a cash dividend of 1.46 yuan per 10 shares [7] Group 5: 南网能源 - 南网能源 expects a net profit of 300 million to 360 million yuan for 2025, recovering from a loss of 58.1258 million yuan in the previous year [7] Group 6: 其他公司业绩预告 - Several companies, including 翔鹭钨业, 飞沃科技, and 桂林旅游, have reported significant improvements in their expected net profits for 2025, with increases ranging from 93.75% to over 500% compared to the previous year [8][9][10][11][12][13][14][15]