Group 1 - The core point of the announcement is the implementation of the 2024 profit distribution plan, which includes a cash dividend of 0.225 yuan per share (tax included) for all shareholders, with no bonus shares or capital reserve conversion into shares [1][2] - The profit distribution plan has been approved by the company's annual general meeting held on May 19, 2025, and details will be disclosed on the Shanghai Stock Exchange and designated media [2][3] - The conversion price of the "Feng 21 Convertible Bonds" will be adjusted from 16.00 yuan per share to 15.78 yuan per share following the implementation of the profit distribution [3] Group 2 - The company will suspend the conversion of "Feng 21 Convertible Bonds" from July 4, 2025, until the equity registration date, with resumption of conversion on the first trading day after the equity distribution [3] - Shareholders wishing to enjoy the equity distribution must convert their bonds by July 3, 2025 [3]

证券代码：603225 证券简称：新凤鸣 公告编号：2025-059 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 暨转股价格调整的提示性公告 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法律责任。 二、本次权益分派方案实施时停止转股的安排 （一）公司将于 2025 年 7 月 5 日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体《上海证券报》《证券时报》上发布权益分派实施公告和可转 债转股价格调整公告。 重要内容提示： 证券停复牌情况：适用 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间，"凤 21 转债"将停止转股 | 113623 | 凤 21 转债 | 可转债转股停 牌 | 2025/7/4 | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始 ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate changes in different sectors such as refining, polyester, and chemicals, as well as the performance of relevant listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,673 yuan/ton, a week - on - week increase of 377 yuan/ton (16%); the foreign key large refining project spread was 1,241 yuan/ton, a week - on - week increase of 258 yuan/ton (26%). The average price of PX this week was 875.1 dollars/ton, a week - on - week decrease of 4.9 dollars/ton, and the spread to crude oil was 369.6 dollars/ton, a week - on - week increase of 41.0 dollars/ton [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,193/7,496/8,446 yuan/ton respectively, with week - on - week increases of 146/179/186 yuan/ton. The weekly average profits were 74/10/44 yuan/ton, with week - on - week increases of 88/109/114 yuan/ton. The inventory was 17.2/18.9/25.3 days, with week - on - week changes of +0.9/ - 0.9/ - 0.3 days. The filament operating rate was 90.6%, a week - on - week increase of 0.3 pct. The downstream loom operating rate was 59.0%, a week - on - week decrease of 1.7 pct [2]. - **Refining Sector**: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2]. - **Chemical Sector**: The PX operating rate was 86.4%, a week - on - week increase of 0.1 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Performance**: The oil and petrochemical index on June 27, 2025, showed a - 2.1% change in the past week, 1.5% in the past month, - 1.1% in the past three months, - 5.9% in the past year, and - 4.9% since the beginning of 2025. Among the listed companies, Rongsheng Petrochemical had a 2.5% increase in the past week, while Tongkun Co., Ltd. had a - 33.3% change in the past year [8]. - **Earnings Forecast**: For example, Hengli Petrochemical's expected net profit attributable to the parent company in 2025 is 8.024 billion yuan, with a PE of 12.5 in 2025E [8]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It may involve the trends of the big refining index, domestic and foreign big refining project spreads, and the changes in the performance of six private big refining companies [11][15][20]. - **2.2 Polyester Sector**: Covers various aspects such as the prices and spreads of crude oil, PX, PTA, and MEG; the operating rates of PX, PTA, and MEG; the prices and profits of POY, FDY, DTY, and polyester staple fiber; the inventory and operating rates of polyester filament and downstream looms [23][33][55]. - **2.3 Refining Sector**: Includes the prices and spreads of domestic, US, European, and Singaporean refined oil products (gasoline, diesel, and jet fuel) relative to crude oil [84][99][122]. - **2.4 Chemical Sector**: Focuses on the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene relative to crude oil [139][140][148].

Core Points - The company, Xin Feng Ming Group Co., Ltd., has announced the tracking rating results for its convertible bonds issued in 2021, maintaining a credit rating of "AA" for both the bonds and the company itself, with a stable outlook [1][2] - The tracking rating was conducted by United Ratings Co., Ltd., based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 1 - The previous credit rating for the company and the "Feng 21 Convertible Bonds" was "AA," with a stable outlook, as of May 29, 2024 [2] - The current tracking rating results, dated June 23, 2025, show no changes from the previous ratings [2] - The detailed tracking rating report can be found on the Shanghai Stock Exchange website [2]

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-058 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级结果的公告 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： 凤 21 转债：前次债券评级："AA"，主体评级："AA"，评级展望：稳定 本次债券评级："AA"，主体评级："AA"，评级展望：稳定 根据中国证券监督管理委员会《上市公司证券发行注册管理办法》《上海证 券交易所公司债券上市规则》等相关规定，新凤鸣集团股份有限公司（以下简称 "公司"）委托联合资信评估股份有限公司（以下简称"联合资信"）对公司 2021 年 4 月 8 日发行的可转换公司债券（债券简称："凤 21 转债"）进行了跟踪评级。 公司前次主体信用评级结果为"AA"；"凤 21 转债"前次信用评级结果为"AA"； 前次评级展望为"稳定"；评 ...

1 . 联合〔2025〕5011 号 联合资信评估股份有限公司通过对新凤鸣集团股份有限公司主 体及其相关债券的信用状况进行跟踪分析和评估，确定维持新凤鸣 集团股份有限公司主体长期信用等级为 AA，维持"凤 21 转债"信 用等级为 AA，评级展望为稳定。 特此公告 新凤鸣集团股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十三日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受新凤鸣集团股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不 ...

Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

Core Viewpoint - New Feng Ming (603225.SH) is enhancing its integrated layout by investing in a port company to optimize logistics efficiency [2][3] Investment Plan - New Feng Ming's wholly-owned subsidiary, Zhejiang Dushan Energy Co., Ltd., plans to invest 70.088 million yuan to acquire a 36% stake in Zhejiang Jinlian Port Co., Ltd. [2][4] - After the transaction, Jinlian Port will become an associate company of New Feng Ming [4] Financial Performance - New Feng Ming is benefiting from the recovery of the domestic economy, leading to increased demand for polyester filament [2] - The company expects to achieve a revenue of 67.091 billion yuan and a net profit of 1.1 billion yuan in 2024, representing year-on-year growth of 9.15% and 1.32% respectively [2][9] - In Q1 2025, New Feng Ming reported a revenue of 14.557 billion yuan, a year-on-year increase of 0.73% [9] Industry Position - New Feng Ming is a leading player in the civil polyester industry, with a polyester filament production capacity of 8.05 million tons and a market share exceeding 12% [8] - The company has been actively enhancing its upstream supply chain and is expanding its PTA production capacity [8] Strategic Goals - The investment in Jinlian Port aims to improve the self-sufficiency of the raw material supply chain for Dushan Energy [3][7] - New Feng Ming plans to upgrade facilities to increase terminal throughput and optimize logistics efficiency [3][7] PTA Production Capacity - New Feng Ming's PTA production capacity is expected to exceed 10 million tons by the end of 2025, with ongoing expansion projects [8][9] - The company has already achieved a total PTA production capacity of 7.7 million tons [8]

Core Viewpoint - The company, Xin Feng Ming, announced the acquisition of a 36% stake in Zhejiang Jinlian Port Co., Ltd. for 70.08 million yuan, despite Jinlian Port's projected losses for 2024 and Q1 2025 [1][2][3]. Group 1: Acquisition Details - The acquisition is aimed at enhancing the raw material supply chain capabilities of Xin Feng Ming's wholly-owned subsidiary, Zhejiang Dushan Energy Co., Ltd. [1][2] - The transaction was approved by the company's board and does not require shareholder approval [2]. - Jinlian Port reported a net loss of 26.39 million yuan for 2024 and a loss of 4.26 million yuan for Q1 2025 [1][2]. Group 2: Financial Implications - The investment is expected to have a minimal impact on the company's performance in 2025 and beyond [3]. - Jinlian Port's net assets were approximately 47.86 million yuan at the end of the previous year [2]. Group 3: Valuation and Pricing - The valuation of Jinlian Port was assessed using both asset-based and income approaches, with the asset-based method yielding a value of about 120 million yuan for the entire company [4]. - The acquisition price of 70.08 million yuan is 60% higher than the estimated value of the 36% stake, which was approximately 43.64 million yuan based on the asset valuation [5].

Core Viewpoint - The company Xin Feng Ming announced the acquisition of a 36% stake in Zhejiang Jin Lian Port Co., Ltd. for 70.08 million yuan, despite Jin Lian Port's projected losses in 2024 and Q1 2025, aiming to enhance its supply chain capabilities [1][2][6]. Group 1: Acquisition Details - The acquisition is made by Xin Feng Ming's wholly-owned subsidiary, Zhejiang Du Shan Energy Co., Ltd. [2] - The transaction was approved by the company's board and does not require shareholder approval [3]. - Jin Lian Port, established in 2011, primarily operates in port management [3]. Group 2: Financial Performance of Jin Lian Port - Jin Lian Port reported a total asset of approximately 19708.53 million yuan and total liabilities of 14922.55 million yuan as of December 31, 2024 [4][5]. - The net profit for 2024 is projected to be a loss of 2638.73 million yuan, with a further loss of 426.37 million yuan in Q1 2025 [5][6]. Group 3: Valuation and Pricing - The valuation of Jin Lian Port's equity was assessed at approximately 120 million yuan using the asset-based approach, while the income approach yielded a lower valuation of 70 million yuan [8]. - The acquisition price of 70.08 million yuan for a 36% stake is 60% higher than the assessed value of approximately 43.64 million yuan [7][9]. - The company justified the higher price by considering the asset-heavy nature of Jin Lian Port, which includes significant investments in port facilities [8].