| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-074 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于回购注销部分限制性股票减少注册资本 暨通知债权人公告 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、通知债权人的事由 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第 六届董事会第三十七次会议和第六届监事会第二十次会议，于 2025 年 8 月 11 日 召开 2025 年第四次临时股东大会，审议通过了《关于对公司 2024 年限制性股票 激励计划的部分激励股份进行回购注销的议案》《关于变更公司注册资本暨修订< 公司章程>的议案》，原首次授予限制性股票的激励对象马建忠、沈世杰因个人原 因离职，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规和规范性文件以及《新凤鸣集团股份有限公司 2024 年限制 ...

(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： 证券代码：603225 证券简称：新凤鸣 公告编号：2025-073 新凤鸣集团股份有限公司 2025年第四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 8 月 11 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 | 1、出席会议的股东和代理人人数 | 280 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 926,174,135 | | 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（%） | 61.9396 | (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 年第四次临时股东大会的 法律意见书 二〇二五年八月 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 年第四次临时股东大会的 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年第四次临时股东大会（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 ...

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [127]. Core Insights - The report highlights a significant drop in oil prices, leading to an expansion in the price spread of refining products. As of August 8, 2025, the Brent crude oil average price was $67.67 per barrel, reflecting a decrease of 4.90% [2][12]. - Domestic key refining project price spread reached 2378.22 CNY/ton, with a week-on-week increase of 42.27 CNY/ton (+1.81%), while the international key refining project price spread was 1097.94 CNY/ton, up by 74.40 CNY/ton (+7.27%) [2][3]. - The report discusses various segments including refining, chemicals, and polyester, indicating a general trend of price declines in chemical products, although some products saw price increases due to supply constraints [2][35][72]. Summary by Sections Refining Sector - The report notes that the market is currently weighing the impacts of tariff agreements and economic data, which have led to concerns about demand. The U.S. crude oil production reached a record high in May, contributing to oversupply expectations [2][12]. - Domestic refined oil prices are fluctuating, with diesel, gasoline, and aviation fuel averaging 7077.57 CNY/ton, 8173.43 CNY/ton, and 5972.93 CNY/ton respectively [12]. Chemical Sector - The chemical sector is experiencing widespread price declines, with some products seeing price increases due to reduced supply. For instance, the price of acrylonitrile increased slightly due to supply reductions [2][35]. - Polyethylene prices showed minor fluctuations, while the price spread significantly widened, indicating a favorable market condition for producers [41][57]. Polyester Sector - The polyester sector is facing weak cost support due to falling oil prices, leading to price declines in upstream materials like PX, PTA, and MEG. The average price of PTA is currently 4684.29 CNY/ton, with an industry average net profit of -264.65 CNY/ton [81][90]. - The report indicates that the demand for polyester products remains weak, particularly in the downstream market, which is still in a seasonal lull [90][99].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - The cost side supports the price increase of long filament yarns, with domestic and foreign refining project price differentials showing positive trends [2]. - The polyester sector shows varied performance with POY, FDY, and DTY average prices increasing, while profits remain under pressure for FDY and DTY [2]. - The refining sector indicates a decline in domestic gasoline, diesel, and aviation fuel prices, reflecting broader market trends [2]. - The chemical sector shows a decrease in PX average price, but the price differential with crude oil has improved [2]. Summary by Sections 1. Refining Projects Price Differential - Domestic refining project price differential is 2548 CNY/ton, up by 186 CNY/ton (8% increase) week-on-week [2]. - Foreign refining project price differential is 1103 CNY/ton, up by 79 CNY/ton (8% increase) week-on-week [2]. 2. Polyester Sector - Average prices for POY, FDY, and DTY are 6725 CNY/ton, 7011 CNY/ton, and 7932 CNY/ton respectively, with week-on-week increases of 4 CNY, 25 CNY, and 25 CNY [2]. - Weekly average profits for POY, FDY, and DTY are 18 CNY/ton, -58 CNY/ton, and -44 CNY/ton respectively, with significant week-on-week profit increases for POY and FDY [2]. - Inventory levels for POY, FDY, and DTY are 19.7 days, 25.7 days, and 30.0 days respectively, with slight increases week-on-week [2]. 3. Refining Sector - Domestic gasoline, diesel, and aviation fuel prices have decreased, reflecting a broader trend in the market [2]. - The average price of gasoline in the US has also seen a decline, indicating a similar trend in the international market [2]. 4. Chemical Sector - PX average price is 838.7 USD/ton, down by 16.1 USD/ton week-on-week, but the price differential with crude oil has improved to 344.7 USD/ton, up by 9.3 USD/ton [2]. - PX operating rate remains stable at 82.4% [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Group 1 - The latest stock price of Xin Feng Ming is 12.16 yuan, reflecting an increase of 0.41% compared to the previous trading day, with a trading volume of 0.94 billion yuan [1] - The stock price fluctuated between 12.06 yuan and 12.22 yuan during the day, with a volatility of 1.32% [1] - Xin Feng Ming operates in the chemical fiber industry, focusing on the research and production of polyester fibers and polyester filaments [1] Group 2 - The company is actively expanding its business into emerging fields such as bio-based materials, aligning with the industry's overall shift towards new materials [1] - In the context of industry-wide upgrades, many chemical fiber companies are investing and merging to enhance their supply chains, with Xin Feng Ming participating in this trend [1] - On the same day, the net inflow of main funds into Xin Feng Ming was 1.7861 million yuan, while the cumulative net outflow over the past five trading days was 20.4032 million yuan [1]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report is a weekly briefing on large - scale refining and chemical industries, presenting the latest data on key projects' spreads, various product prices, profits, inventories, and operating rates, as well as the performance of related listed companies [1][2]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: On August 1, 2025, the stock prices of companies like Hengli Petrochemical, Rongsheng Petrochemical, and others were reported, along with their total market values, and the data on their changes in stock prices over different time periods such as the past week, month, three - month, and one - year were presented. The profit forecasts for these companies from 2024 to 2027 were also provided [8]. - **Oil Price and Refining Spread**: The average price of international crude oil (Brent and WTI) this week increased compared to last week, with Brent at $71.2 per barrel (up 3.3%) and WTI at $68.0 per barrel (up 2.7%). The spreads of domestic and foreign key refining projects decreased, with the domestic spread at 2403.5 yuan/ton (down 3.4%) and the foreign spread at 1025.4 yuan/ton (down 7.0%) [8]. - **Polyester Sector**: The average prices of POY, FDY, and DTY increased this week, with POY at 6721.4 yuan/ton (up 142.9 yuan/ton), FDY at 6985.7 yuan/ton (up 171.4 yuan/ton), and DTY at 7907.1 yuan/ton (up 103.6 yuan/ton). The weekly average profits of POY, FDY, and DTY improved, but the inventory days increased, and the operating rate of filament decreased by 0.7 percentage points to 91.9%. The operating rate of downstream looms decreased by 0.1 percentage points to 55.5%, and the raw material inventory of weaving enterprises increased by 1.2 days to 10.4 days, while the finished - product inventory increased by 0.3 days to 30.7 days [2][10]. - **Refining Sector**: The prices of diesel and aviation kerosene in China and the United States decreased this week [2][10]. - **Chemical Sector**: The average price of PX this week was $854.9 per ton (up $5.6 per ton), and the spread compared to crude oil was $335.4 per ton (down $10.8 per ton), with an operating rate of 82.4% (unchanged) [2][10]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It mainly shows the changes in the Shanghai - Shenzhen 300 Index, the petroleum and petrochemical index, and oil prices, as well as the weekly spreads of domestic and foreign large - scale refining projects [14][19]. - **2.2 Polyester Sector**: It presents multiple data such as the prices, profits, inventories, and operating rates of PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, and the operating rate of downstream weaving [24][33][38]. - **2.3 Refining Sector**: It includes the prices, spreads, and related data of gasoline, diesel, and aviation kerosene in China, the United States, Europe, and Singapore [83][98][111][121]. - **2.4 Chemical Sector**: It shows the prices, spreads, and related data of various chemical products such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, styrene, PC, acrylonitrile, and MMA [131][132][139].

证券时报·数据宝统计，截至发稿，新凤鸣收盘价为12.29元，下跌0.41%，本期筹码集中以来股价累计 上涨5.95%。具体到各交易日，6次上涨，4次下跌。 新凤鸣8月1日披露，截至7月31日公司股东户数为22866户，较上期（7月20日）减少1255户，环比降幅 为5.20%。这已是该公司股东户数连续第3期下降。 公司发布的一季报数据显示，一季度公司共实现营业收入145.57亿元，同比增长0.73%，实现净利润 3.06亿元，同比增长11.35%，基本每股收益为0.2100元，加权平均净资产收益率1.76%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） ...

Investment Rating - The report maintains a rating of "Overweight" for the FDCA industry [7] Core Insights - FDCA is a high-value bio-based compound with a wide range of applications, particularly in the production of PEF, which has significant market potential [1][3][5] - The global FDCA market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028, potentially reaching USD 873.28 million by 2028 [3] - PEF, derived from FDCA, exhibits superior properties compared to PET, making it a promising alternative in various applications [4][5] Summary by Sections FDCA Overview - FDCA is a bio-based aromatic monomer derived from biomass such as starch and cellulose, recognized as a suitable substitute for terephthalic acid [1][14] - The synthesis routes for FDCA include chemical and biological methods, with the HMF route being the most promising for industrialization [1][26][27] Domestic and International Development - Internationally, several companies have achieved FDCA production since 2004, while domestic efforts began around 2010 and are rapidly advancing [2][45][56] - Notable international players include Avantium, Corbion Purac, and DuPont, which have made significant strides in FDCA and PEF research and production [45][46][48] Market Potential and Applications - The FDCA market is projected to exceed USD 1.13 billion by 2031, driven by increasing demand for bio-based products [3] - PEF's applications span food packaging, films, and fibers, with its oxygen and carbon dioxide barrier properties significantly outperforming PET [4][18][19] Investment Recommendations - The report suggests focusing on companies involved in FDCA production, such as Tongkun Co., New Fengming, and Zhenhai Refining & Chemical [5][58][60]