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。 证券代码：603225 证券简称：新凤鸣 公告编号：2026-002 新凤鸣集团股份有限公司 2026年第一次临时股东会决议公告 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 | 1、出席会议的股东和代理人人数 | 171 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 898,153,147 | | 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（%） | 60.0696 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由董事会召集，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。本次股东会的召开以及表决方式符合《中华人民共和国 (一) 股东会召开的时间：2026 年 1 月 14 日 (二) 股东会召开的地点：：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 ...

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 2026 年第一次临时股东会的 法律意见书 $$\underline{{{-}}}\,\mathbf{O}\,\underline{{{-}}}\,\mathbf{\hat{\lambda}}\,\mathbf{\hat{H}}\,\underline{{{-}}}\,\mathbf{\hat{H}}$$ 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．本所律师仅就本次会议的召集与召开程序、召集人和出 ...

Group 1 - The core viewpoint of the article highlights the ongoing anti-involution in the domestic polyester chain, with the Egyptian filament project opening new growth opportunities for the company in the long term [1] - By the end of December 2025, major domestic polyester filament manufacturers plan to implement self-discipline production cuts to maintain prices, with a planned reduction of 10% for POY and 15% for FDY, and further reductions expected around the Chinese New Year [1] - The company's net profit attributable to shareholders faced pressure in the third quarter, primarily due to PTA profitability impacts [1] Group 2 - The large refining industry continues to push for anti-involution, which is expected to lead to an upward trend in the polyester chain's prosperity [1] - The Egyptian filament project plans to add 360 acres of land for the construction of manufacturing plants for POY, FDY, and DTY, aiming for an annual production capacity of 360,000 tons of functional polyester fibers [1] - The project will also involve leasing a terminal at a nearby port for tank area construction, which will help the company avoid trade barriers and respond to tariffs and trade wars, enhancing its international influence and market competitiveness [1] Group 3 - With the ongoing anti-involution in the polyester chain, the company's profitability is expected to improve in the future [1] - The company is viewed positively for its future growth potential, with an initial coverage rating of "Buy" assigned [1]

Investment Rating - The industry investment rating is maintained at "Outperform the Market-A" [5] Core Viewpoints - The report highlights that major polyester filament manufacturers have initiated a new round of production cuts since late December, with plans to further expand reductions as the Spring Festival approaches, effectively responding to market changes and improving profitability [1][2] - The report anticipates a favorable "golden March and silver April" period, with a projected industry load of around 71%-72% during the Spring Festival, marking a three-year low, and a significant reduction in inventory levels [2] - The overall fundamentals of the filament industry are improving, with supply growth expected to be moderate and demand gradually recovering due to consumption stimulus policies and external factors [3] Summary by Sections 1. Polyester Filament: A Key Link in the Polyester Industry Chain - Polyester filament is a widely used synthetic fiber with characteristics such as durability, elasticity, and resistance to corrosion, widely applied in textiles and various industrial products [14] 2. Industry Self-Regulation and Supply-Demand Dynamics - The polyester filament industry has established a mature self-regulation mechanism, with two rounds of collaborative pricing strategies implemented to stabilize prices and manage production effectively [20][21] - The supply peak has passed, with future capacity additions concentrated in major companies, and the industry is expected to maintain a balanced supply-demand situation through 2026-2027 [27] 3. Sufficient Profit Elasticity and Expectations for "Golden March and Silver April" - The report indicates that polyester filament has strong profit elasticity, with significant profit increases observed during previous upturns, leading to improved profitability for key companies [30]

Group 1 - The core viewpoint of the article highlights a strong performance in the market, particularly in the petrochemical sector, with the CSI Petrochemical Industry Index rising over 1% and leading stocks such as Tongkun Co., Ltd., New Fengming, and Baofeng Energy driving gains [1] - The petrochemical ETF (159731) has seen a significant net inflow of funds totaling 94.6642 million yuan over the past five days, indicating strong buying interest [1] - According to CITIC Securities' research report, market sentiment suggests that the year-end rally is likely to continue, although there is an increased risk of short-term technical corrections [1] Group 2 - The petrochemical ETF and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 59.2% and the oil and petrochemical industry for 32.6% of the index [1] - Resource stocks make up 92.48% of the ETF's composition, positioning them to benefit significantly from the rising prices of resources [1] - The current market phase is characterized by a verification of economic conditions, with previously lagging sectors showing signs of recovery, which is expected to be a key direction for the ongoing year-end rally [1]

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) rising by 1.55% as of the latest report [1] - Key stocks in the sector, such as Tongkun Co. and Xin Fengming, have seen significant gains, with increases exceeding 7% [1] - The ETF has attracted substantial capital inflow, with a net subscription of 378 million yuan over the past five trading days and over 900 million yuan in the last ten days [1][2] Group 2 - The National Development and Reform Commission emphasizes the need for structural reforms in traditional industries, including steel and petrochemicals, to enhance supply and demand balance and product structure [3] - Guotai Junan Securities suggests that the large chemical industry is likely to undergo a revaluation, as the current profitability does not align with its industry position [3] - The chemical ETF (516020) has been included in the Stock Connect program, which is expected to attract new northbound capital and enhance liquidity [4]

Group 1 - The chemical sector continues to show strong performance, with the chemical ETF (516020) rising by 1.55% as of the latest report [1][7] - Key stocks in the sector include Tongkun Co. and New Fengming, both of which have surged over 7%, while Junzheng Group increased by over 6% [1][7] - Recent inflows into the chemical ETF have been significant, with a net subscription of 378 million yuan over the past five trading days and over 900 million yuan in the last ten days [1][8] Group 2 - The National Development and Reform Commission has highlighted the need for structural reforms in traditional industries, including steel and petrochemicals, to improve supply-demand balance and product structure [3][9] - Guotai Junan Securities suggests that the large chemical industry is likely to be revalued, as the current profitability does not match its industry position, indicating potential for recovery [3][9] - The chemical ETF (516020) has been included in the Stock Connect program, which is expected to attract new capital and enhance liquidity [4][11] Group 3 - The chemical ETF tracks a specialized index covering various themes, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Potash [4][11] - Investors can also access the chemical sector through the chemical ETF linked funds, which provide an efficient way to invest in this sector [4][11]

证券日报网讯1月13日，新凤鸣（603225）在互动平台回答投资者提问时表示，截至2026年1月9日，公 司股东总数为18168户。 ...

Core Viewpoint - The domestic polyester filament industry is planning to implement self-discipline production cuts to stabilize prices, with specific reductions of 10% for POY and 15% for FDY by the end of December 2025 [1] Group 1: Company Performance - In the first three quarters of 2025, the company achieved revenue of 51.5 billion yuan, a year-on-year increase of 5% [1] - The company's net profit attributable to shareholders reached 870 million yuan, up 17% year-on-year, while the net profit excluding non-recurring items was 780 million yuan, reflecting a 22% increase year-on-year [1] - In Q3 2025, the company reported revenue of 18.05 billion yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1] - The net profit attributable to shareholders in Q3 was 160 million yuan, up 14% year-on-year but down 60% quarter-on-quarter [1] - The net profit excluding non-recurring items for Q3 was 120 million yuan, a year-on-year increase of 18% but a quarter-on-quarter decrease of 71% [1] Group 2: Industry Trends - The large refining industry is pushing back against internal competition, which is expected to improve the polyester chain's profitability [1] - Starting from Q4 2025, PX prices in China have been rising due to an expanded price gap in overseas refined oil, leading to reduced PX production capacity [1] - There will be no new PTA production capacity in China in 2026, and processing fees are expected to recover as the industry continues to push back against internal competition [1] - The profitability of filament production is expected to remain strong, prompting companies to implement a new round of self-discipline production cuts [1] Group 3: Investment Plans - The company plans to invest 280 million USD in a polyester project in Egypt, which will cover an area of 360 acres and include the construction of manufacturing plants for POY, FDY, and DTY, with an annual production capacity of 360,000 tons of functional polyester fibers [2] - The project will also involve leasing a nearby port for tank area construction, which will help the company mitigate trade barriers and enhance its international influence and market competitiveness [2] Group 4: Profit Forecast and Investment Rating - With the ongoing push against internal competition in the polyester chain, the company's profitability is expected to improve [2] - Projected net profits for the company are estimated to be 1.1 billion yuan in 2025, 1.7 billion yuan in 2026, and 2.3 billion yuan in 2027, corresponding to A-share P/E ratios of 26, 17, and 13 times respectively [2] - The company is viewed positively for its future growth potential, leading to an initial "buy" rating [2]

Group 1 - The core viewpoint of the article is that Dongwu Securities has given a "buy" rating to Xinfengming (603225.SH) based on several positive indicators for the company and the industry [1] - The company's profitability is expected to improve significantly year-on-year in the first three quarters of 2025 [1] - The refining and chemical industry is experiencing a reduction in internal competition, which is likely to lead to an upward trend in the polyester chain's market conditions [1] - The company plans to invest $280 million in a long filament project in Egypt [1] Group 2 - There are challenges faced by the solar energy industry, including rising costs of raw materials like silver, leading to difficult decision-making for companies [1]