Group 1 - The company held its 36th meeting of the 6th Board of Directors on July 17, 2025, with all 8 directors present, ensuring compliance with legal and procedural requirements [1][2] - The Board approved a resolution to invest RMB 100 million in Hefei Lif Biotechnology Co., Ltd., resulting in the company holding a 7.0175% equity stake in Lif Biotechnology after the investment [1]

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-064 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 ●本次投资事项不构成关联交易，不属于《上市公司重大资产重组管理办法》 规定的重大资产重组情形。 ●相关风险提示： （一）投资风险 市场需求的不确定性可能使得标的公司未来的经营情况存在一定的不确定性， 导致公司投资存在一定的风险。 （二）投后管理风险 对外投资公告 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： ●投资标的名称：合肥利夫生物科技有限公司（以下简称"利夫生物"或"标 的公司"） ●投资金额：新凤鸣集团股份有限公司（以下简称"公司"）拟以人民币 10,000 万元增资标的公司，增资后持有其 7.0175%股权。 ●本次交易已经公司第六届董事会第三十六次会议审议通过，无需提交公司股 东大会审议。 本次交易完成后，利夫生物将成为公司的参股公司，公司与利夫生物业务的协 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-065 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 第六届董事会第三十六次会议决议公告 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"）第六届董事会第三十六次会 议于 2025 年 7 月 17 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 7 月 11 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。 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 新凤鸣集团股份有限公司董事会 2025 年 7 月 18 日 1 二、 ...

Core Viewpoint - The company plans to invest 100 million yuan in Hefei Lif Biotechnology Co., Ltd., acquiring a 7.0175% stake in the company [1] Group 1 - The investment does not constitute a related party transaction and is not classified as a major asset restructuring [1] - The investment risks include uncertainties in market demand, post-investment management risks, and uncertainties in expected investment returns [1]

Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, covering various aspects such as price trends, profit margins, inventory levels, and开工 rates in different sectors including polyester, refining, and chemicals. It also provides data on the stock performance and earnings forecasts of major private refining and chemical companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Performance and Earnings Forecast**: The report tracks the price changes of 6 major private refining companies over different time - frames (weekly, monthly, quarterly, yearly, and year - to - date in 2025). It also provides earnings forecasts for these companies from 2024 to 2027, including total market capitalization, net profit attributable to shareholders, PE, and PB [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) decreased this week. The domestic refining project spread remained stable with a 0.0% week - on - week change, while the foreign refining project spread decreased by 9.4% week - on - week [8]. - **Polyester Sector**: - **Raw Materials and Intermediate Products**: PX average price decreased by $17.0/ton week - on - week, and its spread over crude oil decreased by $29.4/ton. MEG price increased by 14.3 yuan/ton, and PTA price decreased by 185.0 yuan/ton. - **Polyester Filament**: POY, FDY, and DTY prices decreased, and their profit margins also declined. Inventory levels of POY, FDY, and DTY increased, while the开工 rate of polyester filament increased to 91.9%. The downstream weaving开工 rate decreased to 56.2%, and the raw material inventory of weaving enterprises decreased, while the finished product inventory increased [2][9]. - **Other Polyester Products**: The price of polyester staple fiber decreased, but its profit margin increased. The price of polyester bottle - grade chips decreased, and its profit margin also decreased [9]. - **Refining Sector**: - **Domestic Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in China decreased this week. - **US Refined Oil**: The prices of gasoline, diesel, and aviation kerosene in the US increased this week. - **European and Singaporean Refined Oil**: The prices of refined oil products in Europe and Singapore showed different trends, with some increasing and some decreasing [9]. - **Chemical Sector**: The prices and spreads of various chemical products such as pure benzene, styrene, acrylonitrile, and polyethylene decreased to varying degrees [9]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may contain data on the performance of the big refining index and the spread trends of domestic and foreign refining projects, but specific data is not fully presented in the provided text [11][12]. - **2.2 Polyester Sector**: It includes multiple data series related to the polyester sector, such as the relationship between crude oil, PX, PTA, and polyester filament prices, profit margins,开工 rates, inventory levels, and production and sales rates [22][23][37]. - **2.3 Refining Sector**: It provides detailed data on the relationship between crude oil and refined oil prices (gasoline, diesel, and aviation kerosene) in different regions (China, the US, Europe, and Singapore), including price spreads and changes [79][89][94]. - **2.4 Chemical Sector**: It presents data on the relationship between crude oil and various chemical product prices (such as polyethylene, polypropylene, EVA, etc.), including price spreads and changes [129][130][134].

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]