Core Viewpoint - The company, Xin Feng Ming, reported a year-on-year increase in revenue and net profit for Q3 2025, indicating a recovery in demand for polyester filament and an optimistic industry outlook [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 51.542 billion yuan, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 0.869 billion yuan, a year-on-year increase of 16.6% [1] - For Q3 2025, the company reported a revenue of 18.051 billion yuan, a year-on-year increase of 0.7%, but a quarter-on-quarter decrease of 4.7%, with a net profit of 0.161 billion yuan, a year-on-year increase of 14.0% [1] Group 2: Industry Demand and Capacity - The apparent consumption of polyester filament in the first three quarters of 2025 reached 26.72 million tons, a year-on-year increase of 6.6%, indicating a continuous recovery in demand [1] - The operating rate of downstream weaving machines has improved since early August 2025, reaching 69.0% by October 30, 2025, driven by the traditional peak season [1] - The average operating rate for polyester filament in Q3 2025 was 89.3%, a year-on-year increase of 5.0 percentage points, but a quarter-on-quarter decrease of 1.5 percentage points [2] Group 3: Inventory and Profitability - Polyester filament inventory remained at a reasonable level, with the average inventory days for POY in Q3 2025 being 18.9 days, a decrease of 0.8 days year-on-year [2] - The profitability of polyester filament remained stable in Q3 2025, with the price spreads for POY, DTY, FDY-PTA, and MEG being 1,077 yuan, 2,153 yuan, 1,314 yuan per ton, respectively, showing a year-on-year narrowing of 7.5%, 13.61%, and 19.28% [3] Group 4: Future Outlook - The company is expected to see performance improvement as terminal demand stabilizes and increases, with projected net profits of 1.2 billion yuan, 1.3 billion yuan, and 1.6 billion yuan for 2025-2027, corresponding to EPS of 0.77 yuan, 0.88 yuan, and 1.07 yuan, and PE ratios of 21.1X, 18.6X, and 15.2X [4]

投资者可于 2025 年 11 月 13 日 （星期四） 至 11 月 19 日 （星 期三）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 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 20 日 （星期四） 10:00-11:00 举行 2025 年第三季度业绩 说明会，就投资者关心的问题进行交流。 证券代码：603225 证券简称：新凤鸣 公告编号：2025-106 新凤鸣集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 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 三、 参加 ...

新凤鸣集团股份有限公司 2025 年第六次临时股东大会 会议资料 2025 年 11 月 新凤鸣 2025 年第六次临时股东大会会议资料 目录 | 新凤鸣集团股份有限公司 2025 年第六次临时股东大会通知 3 | | --- | | 新凤鸣集团股份有限公司 2025 年第六次临时股东大会会议须知 4 | | 新凤鸣集团股份有限公司 年第六次临时股东大会会议议程 6 2025 | | 议案一、关于取消监事会、修订《公司章程》的议案 7 | | 议案二、关于废止《监事会议事规则》及修订部分制度的议案 57 | 2 新凤鸣 2025 年第六次临时股东大会会议资料 联系人：吴耿敏、庄炳乾 电 话：0573-88519631 地 址：浙江省桐乡市梧桐街道履祥路 501 号 新凤鸣董事会办公室 通知发出日期：2025 年 10 月 31 日 新凤鸣集团股份有限公司 2025 年第六次临时股东大会通知 各位股东及股东代表： 新凤鸣集团股份有限公司（以下简称"公司"）2025 年第六次临时股东大会 拟于 2025 年 11 月 18 日下午 14：00 时在公司总部二十四楼会议室召开。 本次股东大会审议和表决议题如下： 1 ...

Summary of New Feng Ming's Conference Call Company Overview - **Company**: New Feng Ming - **Industry**: Polyester Fiber Production Key Financial Metrics - **Revenue**: - 2025 Q1-Q3 revenue reached 51.542 billion CNY, a year-on-year increase of 4.77% [2][4] - Q3 revenue was 18.051 billion CNY [2][4] - **Sales Volume**: - Total sales volume for Q1-Q3 was 8.218 million tons [2][4] - Q3 sales volume was 2.9209 million tons [2][4] - **Net Profit**: - Net profit attributable to shareholders was 869 million CNY, with a significant decline in operating cash flow by 67.44% to 1.33 billion CNY due to increased inventory [2][6] - **Gross Margin**: - Q1-Q3 gross margins for long filaments, short fibers, and PTA were 6.68%, 6.48%, and 0.28% respectively [2][6] - Q3 PTA gross margin was -1.63% [2][6] Production and Operational Insights - **Production Volume**: - Total production for Q1-Q3 was 13.4174 million tons, with long filament production at 6.0984 million tons [4] - **Operating Rates**: - Overall operating rate maintained at approximately 88% [8] - FDY operating rate decreased by about 20% since August, while POY decreased by about 3% [7][8] - **Single Ton Profitability**: - Average single ton profitability was around 130 CNY for both Q1-Q3 and Q3 [9] Industry Dynamics - **PTA Industry Challenges**: - The PTA industry faced significant losses, with New Feng Ming reporting a loss of nearly 130 million CNY in Q3 [2][10] - A meeting with leading private enterprises was held to address price discrepancies, with the Ministry of Industry and Information Technology providing guidance [10] - **Market Conditions**: - The long filament industry is experiencing a seasonal demand increase starting from September, with noticeable inventory reductions [5][15] - **Export Trends**: - Long filament exports showed slight growth, driven by reduced overseas garment inventories and new market explorations in Europe and Africa [16] Future Outlook - **New Capacity Plans**: - Plans to launch two new 360,000-ton production lines in 2026 to enhance product differentiation [17] - **Cost Reduction Strategies**: - The company has successfully reduced costs by approximately 30 CNY per ton compared to the previous year, with further potential for cost reductions in the coming years [25] - **Differentiated Products**: - Approximately 25% of the group's products are differentiated, although detailed revenue contributions are not yet available [26] Strategic Initiatives - **Upstream Investments**: - Adjusted stake in an Indonesian cracking project to 15% as a financial investment to secure PX supply [5][13] - **Collaboration with Lifu Bio**: - A project to produce bio-based polyester fibers is expected to launch in May 2026, potentially reducing production costs significantly [27] Conclusion - New Feng Ming is navigating a challenging market environment with strategic initiatives aimed at cost reduction, capacity expansion, and collaboration to enhance profitability and market position. The company is focused on addressing industry-wide issues while exploring new growth opportunities in differentiated products and international markets.

Report Information - Report Title: Big Refining Weekly Report: PTA Industry Development Symposium Held, Pay Attention to the Advancement of Anti-Involution in the Chemical Industry [1] - Report Date: November 2, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a comprehensive analysis of the big refining industry, including the performance of key refining projects, the polyester, refining, and chemical sectors, and the market performance of related listed companies [2] Summary by Directory 1. Big Refining Weekly Data Briefing - **Price and Spread Data**: Domestic key big refining project spread is 2,450 yuan/ton, down 90 yuan/ton (down 4%) week-on-week; foreign key big refining project spread is 1,302 yuan/ton, up 79 yuan/ton (up 6%) week-on-week [2] - **Polyester Sector**: POY/FDY/DTY industry average prices are 6,429/6,679/7,779 yuan/ton, up 21/61/46 yuan/ton respectively; POY/FDY/DTY industry weekly average profits are -17/-116/17 yuan/ton, down 88/62/72 yuan/ton respectively; POY/FDY/DTY industry inventories are 8.5/18.3/24.5 days, down 3.3/3.6/5.0 days respectively; filament开工率 is 90.9%, down 0.1 pct; downstream loom开工率 is 69.0%, up 2.6 pct; weaving enterprise raw material inventory is 14.0 days, up 2.9 days; weaving enterprise finished product inventory is 23.0 days, down 1.1 days [2] - **Refining Sector**: Domestic refined oil: gasoline/diesel prices declined this week; US refined oil: US gasoline/diesel/aviation kerosene prices rose this week [2] - **Chemical Sector**: This week's PX average price is 820.7 US dollars/ton, up 26.3 US dollars/ton; the spread to crude oil is 344.9 US dollars/ton, up 8.2 US dollars/ton; PX开工率 is 87.1%, up 0.8 pct [2] - **Related Listed Companies**: Private big refining & polyester filament: Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., Xin凤鸣 [2] 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends - **Market Performance Comparison**: The report presents the price trends and spreads of domestic and foreign big refining projects, as well as the market performance of six private big refining companies compared to the Shanghai and Shenzhen 300 Index, the petroleum and petrochemical index, and the Brent crude oil price [13][15][17] 2.2 Polyester Sector - **Price and Profit Analysis**: The report analyzes the prices, spreads, and profits of various polyester products, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips, as well as their relationships with raw material prices and inventories [23][24][35] - **开工率 and Inventory Analysis**: It also examines the开工率 and inventory levels of polyester products and their downstream industries, such as looms, and analyzes the seasonal distribution of polyester filament production and sales rates [30][42][56] 2.3 Refining Sector - **Domestic Refined Oil**: The report analyzes the prices and spreads of domestic gasoline, diesel, and aviation kerosene compared to crude oil prices [78][80][87] - **US Refined Oil**: It also examines the prices and spreads of US gasoline, diesel, and aviation kerosene compared to crude oil prices [92][94][101] - **European Refined Oil**: The report analyzes the prices and spreads of European gasoline, diesel, and aviation kerosene compared to crude oil prices [106][108][114] - **Singapore Refined Oil**: It also examines the prices and spreads of Singapore gasoline, diesel, and aviation kerosene compared to crude oil prices [118][120][126] 2.4 Chemical Sector - **Price and Spread Analysis**: The report analyzes the prices and spreads of various chemical products, including polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., compared to crude oil prices [132][141]

Investment Rating - The industry investment rating is "Positive" as the industry index is expected to outperform the benchmark [150] Core Insights - The report highlights an improvement in demand for polyester filament yarn, leading to a continued reduction in inventory levels [2] - The Brent crude oil average price for the week ending October 31, 2025, was $65.18 per barrel, reflecting a week-on-week increase of 3.96% [2][3] - Domestic and international refining project price differentials were tracked, with domestic projects at 2337.32 CNY/ton, down 1.97%, and international projects at 1303.72 CNY/ton, up 6.53% [2][3] Refining Sector Summary - The market is questioning the effectiveness of sanctions against Russia, while OPEC+ is inclined to slightly increase production in December [2] - The EIA inventory data provided positive support, alleviating concerns over trade tensions [2] - As of October 31, 2025, the prices for Brent and WTI crude oil were $65.07 and $60.98 per barrel, respectively [2][14] Chemical Sector Summary - Chemical prices generally declined, with significant narrowing of price differentials [2] - Polyolefins showed stable price movements, while EVA continued to weaken with noticeable price drops [2] - Benzene prices faced downward pressure due to high invisible inventory levels, leading to slight price fluctuations [2] Polyester & Nylon Sector Summary - Demand for polyester filament yarn has rebounded, with inventory levels decreasing significantly [2] - The government has introduced policies to optimize the supply structure, improving medium to long-term supply-demand expectations [2] - The average prices for polyester filament yarn were reported as follows: POY at 6439.29 CNY/ton, FDY at 6675.00 CNY/ton, and DTY at 7725.00 CNY/ton [2][87] Major Refining Companies Performance - The stock price changes for six major refining companies as of October 31, 2025, were as follows: Rongsheng Petrochemical (+2.62%), Hengli Petrochemical (+6.40%), Dongfang Shenghong (-1.18%), Hengyi Petrochemical (-4.15%), Tongkun Co. (-0.49%), and Xin Fengming (+1.53%) [2][137]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The report highlights a positive outlook for the long filament market and anticipates a reversal in PTA profitability, maintaining a "Buy" rating [5][6] - The company reported a revenue of 51.542 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.77%, and a net profit attributable to shareholders of 0.869 billion yuan, up 16.55% year-on-year [5] - The report notes that while the sales volume and price spread of long filaments remained stable in Q3 2025, the company's performance saw a significant decline due to deteriorating PTA profitability [5][6] Financial Summary - Revenue projections for 2025 are estimated at 67.386 billion yuan, with a slight year-on-year growth of 0.4% [6] - The net profit attributable to shareholders is projected to be 1.113 billion yuan for 2025, reflecting a year-on-year increase of 1.1% [6] - The report provides a detailed financial outlook, including expected EPS of 0.73 yuan for 2025, with P/E ratios of 21.8, 11.8, and 9.5 for 2025, 2026, and 2027 respectively [6][9]

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its financial performance despite a weak supply-demand environment in the short term, with a focus on long-term growth potential in the polyester filament industry [4][6] - The company reported a revenue of 51.542 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.77%, and a net profit attributable to shareholders of 0.869 billion yuan, up 16.53% year-on-year [1][2] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 18.051 billion yuan, a year-on-year increase of 0.71%, but a quarter-on-quarter decrease of 4.66% [2] - The net profit for Q3 2025 was 0.160 billion yuan, reflecting a year-on-year increase of 13.30% but a significant quarter-on-quarter decline of 60.36% [2] - The company’s average selling prices for its main products (POY, FDY, DTY, and short fibers) decreased year-on-year, but the decline was less than the drop in raw material costs [4] Industry Outlook - The supply-demand dynamics in the polyester filament market are expected to improve gradually, with the company positioned as a leading player benefiting from enhanced cost control and market share [4][6] - The average Brent crude oil price for the first three quarters of 2025 was 70 USD/barrel, down 15% year-on-year, which has contributed to a decrease in raw material costs for the company [4] Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.169 billion yuan, 1.369 billion yuan, and 1.582 billion yuan, respectively, with corresponding growth rates of 6.3%, 17.1%, and 15.5% [6] - The estimated EPS (diluted) for the same years is expected to be 0.77 yuan, 0.90 yuan, and 1.04 yuan, with P/E ratios of 21.28, 18.17, and 15.73, respectively [6]

Core Insights - The company's Q3 net profit attributable to shareholders increased by 13.3% year-on-year but decreased by 60.4% quarter-on-quarter, with revenue at 18.05 billion yuan, reflecting a 0.7% year-on-year growth and a 4.7% quarter-on-quarter decline [1] Group 1: Financial Performance - Q3 revenue was 18.05 billion yuan, showing a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1] - The net profit attributable to shareholders was 160 million yuan, representing a year-on-year increase of 13.3% but a significant quarter-on-quarter decline of 60.4% [1] - Gross margin and net margin were reported at 5.0% and 0.9%, respectively, with a period expense ratio of 4.3% [1] Group 2: Production and Sales - The production of polyester filament yarn (POY), fully drawn yarn (FDY), and drawn textured yarn (DTY) was 1.42 million tons, 390,000 tons, and 260,000 tons, respectively, with year-on-year increases of 11%, 4%, and 23% [2] - Sales volumes for POY, FDY, and DTY were 1.34 million tons, 420,000 tons, and 260,000 tons, showing year-on-year changes of -10%, +8%, and +27% [2] - The average selling prices for POY, FDY, and DTY were 6,094 yuan/ton, 6,331 yuan/ton, and 7,840 yuan/ton, reflecting year-on-year declines of 12%, 19%, and 10% [2] Group 3: Industry Context - The PTA production capacity was 7.7 million tons, with a significant year-on-year increase in production by 456% to 590,000 tons [3] - The average selling price of PTA was 4,195 yuan/ton, down 20% year-on-year [3] - The polyester filament yarn industry in Jiangsu and Zhejiang regions had an operating rate of 92%, with downstream weaving machines operating at 59% [2][3]