Group 1 - The company will hold a half-year performance briefing on October 15, 2025, from 10:00 to 11:00 AM [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions for the briefing from September 30, 2025, to October 14, 2025, before 4:00 PM [6] Group 2 - The company has released its half-year report on August 29, 2025, and aims to provide a comprehensive understanding of its operational results and financial status during the briefing [2] - The company assures that the content of the announcement is truthful, accurate, and complete, taking legal responsibility for it [1][8] - The company will address common investor concerns during the briefing [3][4]

新凤鸣集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 证券代码：603225 证券简称：新凤鸣 公告编号：2025-087 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 30 日 （星期二） 至 10 月 14 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 xfmboard@xfmgroup.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 新凤鸣集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 15 日（星期三）10:00-11:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 会议召 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2025-086 新凤鸣集团股份有限公司 2025年第五次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 15 日 (二)股东大会召开的地点：浙江省桐乡市梧桐街道履祥路 501 号公司二十四楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 210 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 914,952,088 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.1891 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，由董事长庄耀中先生主持，采用现场投票与网 络投票相结合的方式召开。本次股东大会的召开以及表决方式符合 ...

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 2025 年第五次临时股东大会的 法律意见书 二〇二五年九月 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 2025 年第五次临时股东大会的 法律意见书 致：新凤鸣集团股份有限公司（以下简称"公司"） 北京市中伦（上海）律师事务所（以下简称"本所"）接受公司的委托，指 派律师出席并见证公司2025年第五次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《新凤鸣集团股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人 员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1 ...

Group 1 - The price spread for domestic key refining projects this week is 2579 CNY/ton, an increase of 97 CNY/ton (up 4% week-on-week) [1][2] - The price spread for foreign key refining projects this week is 1197 CNY/ton, an increase of 63 CNY/ton (up 6% week-on-week) [1][2] - The average price of PX this week is 835.6 USD/ton, a decrease of 7.0 USD/ton week-on-week, with a price spread compared to crude oil of 350.3 USD/ton, an increase of 1.7 USD/ton [3] Group 2 - In the polyester sector, the average prices for POY, FDY, and DTY are 6789, 7079, and 8021 CNY/ton respectively, with week-on-week changes of -82, -68, and -29 CNY/ton [2] - The weekly average profits for POY, FDY, and DTY are 108, 34, and 63 CNY/ton respectively, with week-on-week changes of -5, +5, and +31 CNY/ton [2] - The inventory days for POY, FDY, and DTY are 19.3, 27.6, and 31.1 days respectively, with week-on-week changes of +1.9, +1.2, and +1.4 days [2] Group 3 - The operating rate for PX is 85.9%, an increase of 1.2 percentage points week-on-week [3] - The operating rate for long filaments is 91.3%, a decrease of 0.2 percentage points week-on-week [2] - The weaving machine operating rate is 62.4%, unchanged week-on-week [2] Group 4 - Key listed companies in the private refining and polyester filament sector include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [4]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report presents a weekly analysis of the large refining and chemical industry, highlighting that the cost - end support is weak, and filament prices are under pressure. It provides detailed data on various segments such as refining, polyester, and chemicals, as well as the performance of related listed companies [1][3]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance** - **Stock Price Changes**: As of September 12, 2025, the stock prices of private refining companies showed different trends. For example, New Fengming had a weekly increase of 7.1%, while Hengli Petrochemical had a weekly decrease of 1.4% [9]. - **Earnings Forecast**: The report provides the net profit forecasts of these companies from 2024 to 2027. For instance, the expected net profit of Rongsheng Petrochemical in 2025 is 2.616 billion yuan [9]. - **Oil Prices and Refining Spreads** - **International Crude Oil**: The average price of Brent crude oil this week was 66.5 dollars/barrel, a decrease of 1.2 dollars/barrel (-1.8%) compared to last week, and a year - on - year decrease of 6.6%. The average price of WTI crude oil was 62.6 dollars/barrel, a decrease of 1.5 dollars/barrel (-2.4%) compared to last week, and a year - on - year decrease of 7.9% [9]. - **Refining Spreads**: The spread of domestic key large refining projects this week was 2,579.4 yuan/ton, a week - on - week increase of 96.5 yuan/ton (+3.9%); the spread of foreign key large refining projects was 1,197.0 yuan/ton, a week - on - week increase of 62.6 yuan/ton (+5.5%) [9]. - **Polyester Sector** - **Product Prices and Profits**: The average prices of POY, FDY, and DTY this week were 6,789.3 yuan/ton, 7,078.6 yuan/ton, and 8,021.4 yuan/ton respectively, with week - on - week decreases of 82.1 yuan/ton, 67.9 yuan/ton, and 28.6 yuan/ton. The weekly average profits of POY, FDY, and DTY were 107.8 yuan/ton, 34.3 yuan/ton, and 62.8 yuan/ton respectively, with week - on - week changes of - 4.5 yuan/ton, +5.0 yuan/ton, and +31.0 yuan/ton [10]. - **Inventory and Operating Rates**: The inventories of POY, FDY, and DTY were 19.3 days, 27.6 days, and 31.1 days respectively, with week - on - week increases of 1.9 days, 1.2 days, and 1.4 days. The operating rate of filament was 91.3%, a week - on - week decrease of 0.2 pct [10]. - **Refining Sector** - **Domestic Refined Oil**: This week, the prices of domestic gasoline and diesel decreased [3]. - **US Refined Oil**: This week, the prices of US gasoline, diesel, and jet fuel decreased [3]. - **Chemical Sector** - **PX**: The average price of PX this week was 835.6 dollars/ton, a week - on - week decrease of 7.0 dollars/ton. The spread between PX and crude oil was 350.3 dollars/ton, a week - on - week increase of 1.7 dollars/ton. The operating rate of PX was 85.9%, a week - on - week increase of 1.2 pct [3]. 3.2 Big Refining Weekly Report - **Big Refining Index and Project Spread Trends** - **Market Performance of Six Private Big Refining Companies**: The report presents the market performance trends of six private big refining companies from 2020 to 2025, including Hengli Petrochemical, Rongsheng Petrochemical, etc. [16][17] - **Refining Spreads and Oil Prices**: It shows the historical trends of domestic and foreign big refining project spreads and Brent oil prices from 2020 to 2025 [20][22] - **Polyester Sector** - **Raw Material and Product Prices**: It presents the price trends of crude oil, PX, PTA, MEG, etc., as well as the price and profit trends of various polyester products such as POY, FDY, DTY, polyester staple fiber, and polyester bottle chips from 2020 to 2025 [24][26][38] - **Operating Rates and Inventories**: It shows the operating rate trends of PX, PTA, MEG, filament, and polyester staple fiber from 2020 to 2025, as well as the inventory trends of PTA, filament, and polyester staple fiber [33][56][76] - **Sales and Production Rates**: It presents the sales and production rate trends of filament and polyester staple fiber in the Jiangsu - Zhejiang region from 2020 to 2025 [49][72] - **Refining Sector** - **Domestic Refined Oil**: It shows the price trends of domestic gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [85][94] - **US Refined Oil**: It shows the price trends of US gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [99][107] - **European Refined Oil**: It shows the price trends of European gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [112][121] - **Singapore Refined Oil**: It shows the price trends of Singapore gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [126][134] - **Chemical Sector** - **Chemical Product Prices**: It shows the price trends of various chemical products such as polyethylene LLDPE, homopolymerized polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., and their spreads with crude oil from 2020 to 2025 [140][148]

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry [4] Core Insights - The green polyester industry is expected to enter a rapid growth phase driven by strong demand for low-carbon consumption [10][35] - New technologies in the green polyester sector are anticipated to unlock significant development potential, moving beyond the limitations of traditional recycling methods [12][21] - The biological method in recycling technology shows distinct advantages over chemical methods, with a focus on lower energy consumption and higher flexibility in product forms [29][34] - The development of bio-based materials is gaining significant attention and is on the verge of commercialization, with key players making substantial investments [35][39] Summary by Sections 1. Rapid Development of the Green Polyester Industry - The green transformation of plastics is primarily through recycling and bio-based materials, with polyester being the fastest-growing type [10][12] - Current recycling methods are limited, but new technologies are expected to create new opportunities in the industry [10][12] 2. New Technologies in Green Polyester - The physical recycling method is mature but limited to bottle flakes, while new technologies can expand raw material sources significantly [12][22] - Polyester's properties facilitate technological advancements, making it easier to find bio-based alternatives [21][23] 3. Advantages of Biological Methods in Recycling - Chemical recycling methods are established but have limitations in temperature and product forms, while biological methods are entering commercialization with favorable market feedback [29][30] - Companies like Carbios and domestic firms are leading the way in biological recycling technology [34][35] 4. High Attention on Bio-based Materials - The development of bio-based materials, particularly using FDCA to replace PTA, is gaining traction with significant investments from major industry players [35][39] - The commercialization of bio-based polyester is expected to happen soon, driven by clear application scenarios [35][36] 5. Investment Recommendations - Companies such as Wankai New Materials and Xin Fengming are positioned well in the green polyester market, with strategic investments and projects underway [35][40] - The report highlights the potential for high returns due to the strong demand for green polyester products [35][40]

Group 1 - The chemical sector experienced fluctuations on September 11, with the chemical ETF (516020) showing a slight decline of 0.14% as of the report time [1] - Certain stocks within the chemical sector, such as lithium battery and synthetic resin companies, saw significant gains, with Lianhong Xinke hitting the daily limit and Enjie shares rising nearly 6% [1] - Conversely, stocks in the phosphate fertilizer, petrochemical, and nitrogen fertilizer sectors underperformed, with Hongda shares dropping over 2% [1] Group 2 - The chemical ETF (516020) has attracted substantial investment, with a total inflow of 560 million yuan over the past five trading days and over 1 billion yuan in the last ten trading days [1] - The pesticide industry is experiencing a reduction in inventory, with the total inventory-to-asset ratio for the pesticide sector at 13.94% as of June 30, 2025, down 0.12 percentage points from March 31 [3] - The chemical ETF's underlying index has a price-to-book ratio of 2.26, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] Group 3 - Future policies are expected to address industry challenges, potentially leading to a recovery in the currently struggling chemical sector [4] - Domestic policies frequently mention supply-side requirements, while international factors such as rising raw material costs and capacity reductions in Europe and the U.S. add uncertainty to chemical supply [5] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors within the chemical industry, with nearly 50% of its holdings in large-cap stocks [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [4][20]. Core Views - The company reported significant growth in net profit for Q2, with a year-on-year increase of 22.24% and a quarter-on-quarter increase of 31.44%. The long-term supply-demand dynamics for polyester filament are expected to remain favorable [1][9]. - The company achieved a revenue of 33.491 billion yuan in the first half of 2025, representing a year-on-year growth of 7.1%, and a net profit of 709 million yuan, up 17.28% year-on-year [1][9]. Financial Performance Summary - **Revenue and Profitability**: In Q2, the company generated revenue of 18.934 billion yuan, a year-on-year increase of 12.57% and a quarter-on-quarter increase of 30.06%. The gross profit margin was 6.35%, and the net profit margin was 2.13% [1]. - **Future Projections**: The forecast for 2025-2027 indicates a net profit of 14.22 billion yuan, 19.51 billion yuan, and 23.14 billion yuan respectively, with corresponding EPS of 0.93 yuan, 1.28 yuan, and 1.52 yuan [3][10]. - **Valuation Metrics**: The current market capitalization is approximately 242.72 billion yuan, with a projected PE ratio of 17 for 2025, 12 for 2026, and 10 for 2027 [5][10]. Market Position and Strategy - The company holds a market share of over 15% in the polyester filament industry, with a total production capacity of 8.45 million tons. The company is also expanding its PTA production capacity, expected to exceed 10 million tons by the end of 2025 [9][10]. - The report highlights that a price increase of 100 yuan per ton in filament could enhance the company's profit by approximately 748 million yuan [9]. Target Price - The target price for the company's stock is set at 19.20 yuan, based on a valuation of 15 times the projected PE for 2026 [4][10].