赛弥尔即将于2025年底投产的一期项目纺织助剂产能1.5万吨，本次收购能够有效减少公司对外部油剂 供应商的依赖，减少中间环节，实现部分油剂自供，降低生产成本，从而增强公司经营的稳定性和盈利 能力的可持续性。同时，此次收购将显著减少公司与关联方的日常交易，进一步规范公司治理结构，提 升经营独立性和透明度。 智通财经APP讯，新凤鸣(603225.SH)发布公告，公司拟向控股股东新凤鸣控股集团有限公司(简称"新凤 鸣控股")收购浙江赛弥尔新材料科技有限公司(简称"赛弥尔")100%股权，交易对价约为1.02亿元。 ...

赛弥尔即将于2025年底投产的一期项目纺织助剂产能1.5万吨，本次收购能够有效减少公司对外部油剂 供应商的依赖，减少中间环节，实现部分油剂自供，降低生产成本，从而增强公司经营的稳定性和盈利 能力的可持续性。同时，此次收购将显著减少公司与关联方的日常交易，进一步规范公司治理结构，提 升经营独立性和透明度。 新凤鸣（603225）(603225.SH)发布公告，公司拟向控股股东新凤鸣控股集团有限公司(简称"新凤鸣控 股")收购浙江赛弥尔新材料科技有限公司(简称"赛弥尔")100%股权，交易对价约为1.02亿元。 ...

新凤鸣集团股份有限公司 各位股东及股东代表： 新凤鸣集团股份有限公司 会议资料 新凤鸣 2025 年第五次临时股东大会会议资料 议案一、关于追加公司 2025 年度与关联方日常关联交易预计金额的议案.........7 新凤鸣 2025 年第五次临时股东大会会议资料 新凤鸣集团股份有限公司（以下简称"公司"）2025 年第五次临时股东大会 拟于 2025 年 9 月 15 日下午 14：00 时在公司总部二十四楼会议室召开。 本次股东大会审议和表决议题如下： 以上议案已经于 2025 年 8 月 28 日召开的公司第六届董事会第三十八次会议 审议通过，并于 2025 年 8 月 29 日在上海证券交易所网站（www.sse.com.cn）及 《上海证券报》《证券时报》上公告。 联系人：吴耿敏、庄炳乾 电 话：0573-88519631 地 址：浙江省桐乡市梧桐街道履祥路 501 号 新凤鸣董事会办公室 通知发出日期：2025 年 8 月 29 日 通知发出方式：上海证券交易所网站（www.sse.com.cn）2025 年 8 月 29 日公 告，同时该公告刊登于当日的《上海证券报》《证券时报》。 新凤鸣集团 ...

新凤鸣集团股份有限公司 2025 年第五次临时股东大会 会议资料 2025 年 9 月 新凤鸣 2025 年第五次临时股东大会会议资料 目录 | 新凤鸣集团股份有限公司 | 年第五次临时股东大会通知 3 2025 | | --- | --- | | 新凤鸣集团股份有限公司 | 年第五次临时股东大会会议须知 4 2025 | | 新凤鸣集团股份有限公司 | 年第五次临时股东大会会议议程 6 2025 | | 议案一、关于追加公司 2025 | 年度与关联方日常关联交易预计金额的议案 7 | | 议案二、关于独山能源向其参股公司提供财务资助暨关联交易的议案 10 | | 2 新凤鸣 2025 年第五次临时股东大会会议资料 电 话：0573-88519631 新凤鸣集团股份有限公司 2025 年第五次临时股东大会通知 各位股东及股东代表： 新凤鸣集团股份有限公司（以下简称"公司"）2025 年第五次临时股东大会 拟于 2025 年 9 月 15 日下午 14：00 时在公司总部二十四楼会议室召开。 本次股东大会审议和表决议题如下： 1、审议《关于追加公司 2025 年度与关联方日常关联交易预计金额的议案》 2、审议 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 33.491 billion yuan for H1 2025, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 709 million yuan, up 17.3% year-on-year [5] - In Q2 2025, the company achieved a revenue of 18.934 billion yuan, reflecting a year-on-year increase of 12.6% and a quarter-on-quarter increase of 30.1% [5] - The company’s sales volumes for POY, FDY, and DTY in Q2 2025 were 1.44 million tons, 450,000 tons, and 250,000 tons, representing year-on-year increases of 16.0%, 19.7%, and 32.3% respectively [6] - The company is optimistic about the price elasticity of polyester filament as the peak season approaches, with expectations of demand recovery [6] Financial Performance Summary - The company’s gross margin and net margin for Q2 2025 were 6.4% and 2.1%, respectively, with year-on-year increases of 0.2 percentage points [6] - The company’s net profit forecast for 2025-2027 is 1.486 billion yuan, 1.852 billion yuan, and 2.172 billion yuan, representing year-on-year growth rates of 35.0%, 24.6%, and 17.3% respectively [8] - The company’s operating income is projected to reach 71.318 billion yuan in 2025, with a year-on-year growth of 6.3% [8] Strategic Initiatives - The company is actively entering the bio-based materials sector, planning to invest 100 million yuan in a partnership with Lif Bio to explore applications in high-end bio-based fibers and green packaging [6] - The company aims to enhance its competitiveness in traditional industries while pursuing sustainable development paths [6]

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

格隆汇9月4日｜浙商证券研报指出，新凤鸣上半年实现归母净利润7.09亿元，同比+17.28%。业绩同比 改善，主要受益于涤纶长丝价差整体有所提升，据Wind，2025H1POY-PX/MEG价差达1436元/吨，同比 +8.88%。同时，公司持续推进新产能建设和技改优化，涤纶长丝方面，公司新增两套长丝装置，徐州 基地加弹机达产，各装置指标不同程度提升；短纤方面，公司短纤各品种性能及品质稳定性均有提升， 水刺产品改造后可纺性明显改善，大线新增1.33系列且销量攀升，产品结构更趋合理，短纤的市场占有 率稳步提升；PTA方面，公司三期PTA装置各项消耗不断向好，生产稳定性与运行效率得到进一步提 升。随着金九银十旺季到来，下游开工逐步回暖，展望未来，旺季背景下下游开工有望进一步上行，看 好涤纶长丝价差持续扩大。新凤鸣是国内涤纶长丝龙头公司，成本优势显著，同时行业有望景气上行， 维持"买入"评级。 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The upcoming peak season in September and October is expected to improve demand for polyester filament, leading to price elasticity [5]. - The organic silicon industry is anticipated to experience a phase of rebound due to strengthened collaboration expectations [5]. Summary by Sections Market Performance - The basic chemical sector outperformed the market with a weekly increase of 1.1%, while the Shanghai Composite Index rose by 0.8% and the ChiNext Index increased by 7.7% [4]. - Year-to-date, the basic chemical industry index has increased by 23.9%, outperforming the Shanghai Composite Index by 8.8% but underperforming the ChiNext Index by 11.1% [4]. Key News and Company Announcements - The demand for polyester filament is improving, supported by favorable external factors such as the extension of tariffs between China and the U.S. and the initiation of autumn and winter orders in the domestic market [5]. - The organic silicon industry is expected to face significant supply pressure in 2024, with a projected 26.5% year-on-year increase in new capacity [5]. Product Price and Price Difference Analysis - As of August 29, the prices for polyester filament (POY, DTY, FDY) were 6900, 8050, and 7150 CNY/ton respectively, with weekly increases of 100, 100, and 50 CNY/ton [5]. - The report highlights significant price increases in various chemical products, with liquid nitrogen in Hebei rising by 38.5% [6]. Investment Recommendations - Core assets are entering a long-term value zone, with chemical blue chips expected to experience a dual recovery in valuation and profitability [6]. - Industries facing supply shortages are likely to see price elasticity first, with specific companies recommended for investment [6].

Summary of New Feng Ming's Conference Call Company Overview - **Company**: New Feng Ming - **Industry**: Polyester and Chemical Fiber Industry Key Financial Metrics - **Revenue**: 33.491 billion CNY in H1 2025, a year-on-year increase of 7.1% [1][3] - **Total Sales Volume**: 5.297 million tons [1] - **Net Profit**: 709 million CNY [1][4] - **Gross Margin**: 7.13%, up 0.31 percentage points year-on-year [1][4] - **Operating Cash Flow**: Negative 530 million CNY, an increase of 19.68% year-on-year [1][4] Product Performance - **Long Fiber Sales**: 3.572 million tons, revenue of 23.168 billion CNY [1][3] - **Short Fiber Sales**: 637,200 tons, revenue of 3.907 billion CNY [1][3] - **PTA Sales**: 108,800 tons, revenue of 4.652 billion CNY [1][3] - **Production Volume**: Total production of 8.88 million tons in H1 2025, with long fiber production at 4.01 million tons, a 6.55% increase year-on-year [2] Market Conditions and Challenges - **Market Demand**: Weak demand and price pressure affecting profitability, particularly in polyester FDY products [1][5] - **Inventory Management**: Current inventory is approximately 20 days; production cuts have been implemented, increasing from 10% to 20% to stabilize prices [1][5] - **Seasonal Trends**: Anticipation of poor performance in July and August, but optimism for the "Golden September and Silver October" peak season [1][6] Strategic Initiatives - **Production Collaboration**: Partnership with Lif Biological to advance technology and develop bio-based materials [2][13] - **Industry Chain Expansion**: Plans to extend the industrial chain towards refining integration, with a focus on mixed-ownership reform [2][16] - **Cost Reduction**: Production costs reduced by 68 CNY per ton last year, with further reductions in 2025 [17] Industry Insights - **Old Equipment Impact**: Approximately 12% of industry equipment is over 20 years old, leading to higher costs and inefficiencies [9][10] - **Capacity Constraints**: New capacity in the long fiber sector may face restrictions due to national planning and resource scarcity [12] - **Differentiated Products**: Increased proportion of differentiated products contributing positively to profits, though specific contributions are hard to quantify [18] Cash Flow and Inventory Management - **Cash Flow Improvement**: Driven by reduced capital expenditures and strong sales performance [19] - **Inventory Pressure**: Despite existing inventory and price pressures, overall operational stability is maintained [20][21] Supply Chain Management - **Raw Material Supply**: Approximately 80-90% of PS supply is contract-based, primarily from Japan and South Korea [22] - **Shortage Mitigation**: Increased imports and long-term contracts established to ensure stable supply amid shortages [23] This summary encapsulates the key points from New Feng Ming's conference call, highlighting financial performance, market conditions, strategic initiatives, and industry insights.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the chemical industry is experiencing a recovery, particularly in the refrigerant and polyester filament sectors, with strong performance reported in the first half of 2025 [4][21][23]. Summary by Sections Industry Performance - The chemical industry index underperformed the CSI 300 index by 1.6% this week, with the chemical industry index reporting a slight increase of 1.11% [15]. - The China Chemical Product Price Index (CCPI) reported a decrease of 0.55%, indicating mixed price movements across the sector [15][20]. Key Company Reports - **Refrigerants**: - Juhua Co., Ltd. reported a revenue of 13.331 billion yuan in H1 2025, up 10.36% year-on-year, with a net profit of 2.051 billion yuan, up 146.97% [21]. - Sanmei Co., Ltd. achieved a revenue of 2.828 billion yuan in H1 2025, up 38.58% year-on-year, with a net profit of 999.5 million yuan, up 159.22% [21]. - **Polyester Filament**: - Xinfengming reported a revenue of 33.491 billion yuan in H1 2025, up 7.10% year-on-year, with a net profit of 709 million yuan, up 17.28% [23]. - Tongkun Co., Ltd. reported a revenue of 44.158 billion yuan in H1 2025, down 8.41% year-on-year, with a net profit of 1.097 billion yuan, up 2.93% [23]. Market Trends - The report indicates that the polyester filament industry is expected to see improved profitability due to a favorable supply-demand balance, especially with the upcoming peak demand season [23][26]. - The report also notes that the long filament industry is experiencing a gradual reduction in inventory levels, which is expected to support price stability [23][32]. Recommended Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [5]. - Beneficiary stocks include companies like Xinfengming and Tongkun Co., Ltd. in the polyester filament sector [26][29].