Core Viewpoint - The company Xin Feng Ming (603225.SH) announced a share reduction plan by several directors due to personal financial needs, which may impact investor sentiment and stock performance [1] Group 1: Share Reduction Plan - Director Shen Jianyu plans to reduce his holdings by up to 1,000,000 shares, representing 0.07% of the total share capital and 7.24% of his direct holdings [1] - Director Xu Jizhong also intends to reduce his holdings by up to 1,000,000 shares, which is 0.07% of the total share capital and 7.39% of his direct holdings [1] - Director Yang Jianfei aims to reduce his holdings by up to 1,000,000 shares, accounting for 0.07% of the total share capital and 7.54% of his direct holdings [1] Group 2: Current Shareholding Status - As of the announcement date, Shen Jianyu holds 13,812,911 shares, which is 0.91% of the total share capital [1] - Xu Jizhong holds 13,535,976 shares, representing 0.89% of the total share capital [1] - Yang Jianfei holds 13,269,727 shares, making up 0.87% of the total share capital [1] Group 3: Fundraising History - Xin Feng Ming raised a total of 6.715 billion yuan from three fundraising events [4] - The company issued convertible bonds in 2018, raising a net amount of approximately 2.131 billion yuan after deducting issuance fees [2] - In 2021, the company issued convertible bonds again, raising a net amount of approximately 2.479 billion yuan after fees [3]

证券代码：603225 证券简称：新凤鸣 公告编号：2025-063 新凤鸣集团股份有限公司 部分董事减持股份计划公告 本公司董事会、全体董事及相关股东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： 部分董事持股的基本情况 截至本公告披露日，新凤鸣集团股份有限公司（以下简称"公司"）董事兼 副总裁沈健彧先生持有公司股票 13,812,911 股，占公司总股本的 0.91%；董事兼 副总裁许纪忠先生持有公司股票 13,535,976 股，占公司总股本的 0.89%；董事兼 副总裁兼董事会秘书杨剑飞先生持有公司股票 13,269,727 股，占公司总股本的 0.87%。 减持计划的主要内容 因个人资金需求，自本公告披露之日起 15 个交易日后的 3 个月内，公司董 事兼副总裁沈健彧先生，拟通过集中竞价方式减持所持公司股份不超过 1,000,000 股，占公司总股本的 0.07%，占其直接持有股份总数的 7.24%；公司董 事兼副总裁许纪忠先生，拟通过集中竞价方式减持所持公司股份不超过 1,000,000 股，占公司总股本的 0.07%， ...

Core Viewpoint - The company Xin Feng Ming (603225) announced that three executives plan to reduce their holdings due to personal financial needs, which may impact the stock price and investor sentiment [1] Summary by Relevant Sections Executive Share Reduction - Executives Shen Jianyu, Xu Jizhong, and Yang Jianfei plan to reduce their holdings by a maximum of 1 million shares each, representing 0.07% of the company's total share capital [1] Timing and Method - The reduction will occur through centralized bidding within three months after the announcement, starting 15 trading days from the disclosure date [1] Compliance and Oversight - The reduction plan complies with relevant laws and regulations, and the company will ensure that shareholders adhere to disclosure obligations during the reduction period [1]

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]

Core Viewpoint - The company is implementing a differentiated dividend distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 0.225 per share, while shares repurchased will not participate in profit distribution [5][7]. Group 1: Reasons for Differentiated Dividend - The company plans to repurchase shares using its own funds, with a budget between RMB 150 million and RMB 300 million, specifically for an employee stock ownership plan [1]. - The repurchase period is set from March 7, 2022, to March 6, 2023, during which the company repurchased a total of 18,381,291 shares [1]. - A subsequent resolution increased the repurchase budget to between RMB 250 million and RMB 500 million, with a total of 23,980,100 shares repurchased by January 30, 2025 [2]. Group 2: Dividend Distribution Plan - The company intends to distribute a cash dividend of RMB 0.225 per share to all shareholders, with no stock dividends or capital reserve transfers planned for the year [5]. - As of June 17, 2025, the total share capital is 1,524,654,505 shares, and after excluding the repurchased shares, the actual shares participating in the distribution amount to 1,495,286,114 shares [5][6]. Group 3: Calculation Basis for Dividend - The dividend distribution will be based on the total share capital excluding repurchased shares, with the calculation of the ex-dividend reference price showing minimal impact from the repurchased shares [6]. - The calculated ex-dividend reference price is RMB 10.3150 per share, with a negligible impact of less than 1% from the repurchased shares on the reference price [6]. Group 4: Verification Opinion - The underwriting institution, Shenwan Hongyuan, confirms that the differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [7].

Core Viewpoint - The announcement details the adjustment of the conversion price for the "Feng 21 Convertible Bonds" due to the implementation of the 2024 annual profit distribution plan, with the new conversion price set at 15.78 CNY per share, effective from July 11, 2025 [1][6]. Group 1: Securities Trading and Price Adjustment - The "Feng 21 Convertible Bonds" will suspend conversion from July 4, 2025, until the equity registration date on July 10, 2025, and will resume conversion on July 11, 2025 [1]. - The previous conversion price was 16.00 CNY per share, which will be adjusted to 15.78 CNY per share [1][6]. - The adjustment is based on the cash dividend of 0.225 CNY per share (including tax) to be distributed to shareholders [3][6]. Group 2: Regulatory Compliance and Historical Context - The adjustment of the conversion price complies with the relevant provisions outlined in the prospectus for the convertible bonds issued on April 8, 2021 [5]. - Previous adjustments to the conversion price occurred due to profit distribution matters, with the price previously adjusted from 16.60 CNY to 16.47 CNY per share [2][4].

证券代码：603225 证券简称：新凤鸣 公告编号：2025-061 每股分配比例 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 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转： 是 新凤鸣集团股份有限公司 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。 重要内容提示： A 股每股现金红利0.225元 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公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 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——回购股份》等有关规定，公司 回购专用证券账户中的股份，不享有利润分配、公积金转增股本 ...

暨转股价格调整的公告 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法律责任。 新凤鸣集团股份有限公司 关于实施2024年度权益分派时"凤21转债"停止转股 重要内容提示： 证券停复牌情况：适用 证券代码：603225 证券简称：新凤鸣 公告编号：2025-062 因公司实施 2024 年度权益分派,本公司的相关证券停复牌情况如下：自 2024 年度 权益分派实施公告前一交易日（2025 年 7 月 4 日）至权益分派股权登记日（2025 年 7 月 10 日）期间，"凤 21 转债"停止转股，2025 年 7 月 11 日起恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113623 | 凤 21 转债 | 可转债转股复 | | | 2025/7/10 | 2025/7/11 | | | | 牌 | | | | | 经中国证券监督管理委员会证监许可[2021]411 号文核 ...

申万宏源证券承销保荐有限责任公司 关于新凤鸣集团股份有限公司 差异化分红事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐公司" 或"保荐机构"）作为新凤鸣集团股份有限公司（以下简称"新凤鸣"、"公司" 或"发行人"）公开发行可转换公司债券的保荐机构，根据《证券发行上市保荐 业务管理办法》《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》（以下简称"《上 市规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 （以下简称"《自律监管指引第 7 号》"）等法律、法规、规范性文件的规定， 对公司 2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化分红"） 相关事项进行了审慎核查，核查情况如下： 一、本次差异化分红的原因 2022 年 3 月 7 日，公司召开第五届董事会第二十二次会议，审议通过《关 于以集中竞价交易方式回购股份的预案的议案》，公司拟以自有资金以集中竞价 交易方式回购公司股份（以下简称"本次回购"）。根据该议 ...

新凤鸣集团股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 6 月 30 日，累计共有 83,000.00 元"凤 21 转 债"已转换成公司股票，累计转股数为 5,065 股，占可转债转股前公司已发行股 份总额的 0.0003%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的可转债金额为 2,499,917,000.00 元，占可转债发行总量的 99.9967%。 | 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-060 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 2025 年度第二季度转股情况：本季度可转债转股的金额为 1,000 元，因转 股形成的股份数量为 62 股。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准新凤鸣集团股份有限公司公开 ...