Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. has announced the conditional repurchase of its convertible bonds, "Shenghong Convertible Bonds," due to the stock price being below 70% of the conversion price for 30 consecutive trading days, triggering the repurchase rights for bondholders [2][3]. Summary by Sections Repurchase Conditions - The repurchase price is set at 100.256 CNY per bond (including interest and tax) [2][6]. - The repurchase condition was triggered on May 8, 2025, with the repurchase application period from May 13 to May 19, 2025 [2][10]. - The issuer will receive funds on May 22, 2025, and the repurchase payment will be made to investors by May 26, 2025 [2][10]. Interest Calculation - The interest for the current period is calculated as 0.256 CNY per bond, based on a coupon rate of 1.8% for the fifth interest period [4][5]. - The total repurchase price includes this interest, leading to a final price of 100.256 CNY per bond [6]. Repurchase Rights - Bondholders have the right to sell back either part or all of their unconverted "Shenghong Convertible Bonds" [7]. - The repurchase is not mandatory, allowing bondholders to choose whether to exercise this right [7]. Repurchase Process - The company will publicly announce the repurchase details in compliance with the Shenzhen Stock Exchange regulations [8][9]. - During the repurchase application period, the bonds will continue to trade but will not be convertible [10].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 江苏东方盛虹股份有限公司 关于"盛虹转债"回售的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、债券简称：盛虹转债 2、债券代码：127030 3、债券面值：100 元/张 4、回售价格：100.256 元/张（含息、税） 5、回售条件触发日：2025 年 5 月 8 日 6、回售申报期：2025 年 5 月 13 日-2025 年 5 月 19 日 7、发行人资金到账日：2025 年 5 月 22 日 8、回售款划拨日：2025 年 5 月 23 日 9、投资者回售款到账日：2025 年 5 月 26 日 10、回售申报期间"盛虹转债"将暂停转股 11、本次回售不具有强制性，不是变更募投项目的回售，"盛虹转债"持有 人有权选择是否进行回售 12、风险提示： （1）投资者选择回售等同于以 100.256 元/张（含息、税）卖出持有的"盛 虹转 ...

Core Viewpoint - The major refining companies are focusing on extending their products into high-end fields and increasing the production capacity of high-end fine chemical products, downstream new energy, and new material products in 2024 [1][6]. Group 1: Company Performance - The combined net profit of four major private refining companies is approximately 5.71 billion yuan, a nearly 40% decline compared to the same period in 2023 [1]. - Hengli Petrochemical leads with a net profit of 7.04 billion yuan, being the only company among the four to achieve growth in both revenue and net profit, although the growth rate has significantly slowed from nearly 198% in 2023 to 2.01% in 2024 [1][2]. - Rongsheng Petrochemical and Hengyi Petrochemical reported net profits of 720 million yuan and 230 million yuan, respectively, with declines of 37.44% and 46.28% year-on-year [1][2]. - Dongfang Shenghong is the only company reporting a net loss of nearly 2.3 billion yuan, compared to a profit of 720 million yuan in the same period last year [1]. Group 2: Industry Challenges - The refining and petrochemical industry is facing a deep adjustment period, with many companies experiencing a situation where "increased production does not lead to increased profits" due to low product prices [2]. - Despite a 2.1% year-on-year increase in revenue for the petrochemical industry, total profits are expected to decline by 8.8% to 789.71 billion yuan, marking the third consecutive year of profit decline [2][6]. - The industry is characterized by a structural contradiction of "overcapacity in low-end products and a shortage in high-end products," necessitating deep adjustments and technological upgrades [6]. Group 3: Strategic Focus - Companies are planning to enhance their product offerings in high-end sectors, focusing on industries such as new energy vehicles, aerospace, and semiconductors, while increasing the production capacity of high-end fine chemical products and downstream new energy and new materials [6]. - Hengli Petrochemical emphasizes its integrated layout and large-scale facilities as a "cost moat," which helps in reducing operational and logistics costs [3]. - Hengyi Petrochemical plans to steadily advance the second phase of its Brunei refining project to increase its market share overseas and enhance profitability [6].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 4、回售价格：100.256 元/张（含息、税） 5、回售条件触发日：2025 年 5 月 8 日 6、回售申报期：2025 年 5 月 13 日-2025 年 5 月 19 日 江苏东方盛虹股份有限公司 关于"盛虹转债"回售的第二次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、债券简称：盛虹转债 2、债券代码：127030 3、债券面值：100 元/张 该计息年度不应再行使回售权，可转换公司债券持有人不能多次行使部分回售权。 江苏东方盛虹股份有限公司（以下简称"公司"）的股票自 2025 年 3 月 22 日至 2025 年 5 月 8 日连续 30 个交易日的收盘价低于当期"盛虹转债"转股价 格（13.21 元/股）的 70%，且"盛虹转债"处于最后两个计息年度，根据《江苏 东方盛虹股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下 ...

石油石化 | 证券研究报告 — 调整盈利预测 2025 年 5 月 12 日 000301.SZ 增持 | 流通股 (百万) | 6,608.55 | | --- | --- | | 总市值 (人民币 百万) | 59,699.34 | | 3 个月日均交易额 (人民币 百万) | 115.59 | | 主要股东 | | | 江苏盛虹科技股份有限公司 | 43.24% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 9 日收市价为标准 相关研究报告 《东方盛虹》20240514 《东方盛虹》20231120 《东方盛虹》20230816 中银国际证券股份有限公司 具备证券投资咨询业务资格 石油石化：炼化及贸易 证券分析师：徐中良 | (8621)20328516 | | --- | | zhongliang.xu@bocichina.com | | 证券投资咨询业务证书编号：S1300524050001 | 原评级：买入 市场价格:人民币 9.03 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 12.9 12.7 3.4 (10.0) 相对深 ...

Core Viewpoint - In 2024, China's chemical industry carbon emissions are projected to be approximately 1.58 billion tons, reflecting a year-on-year increase of 1.28%, with a deceleration in growth rate compared to 2023 [1][12] Industry Overview - Carbon neutrality technology in the chemical industry aims to reduce CO2 emissions during production or achieve net-zero emissions through carbon capture, utilization, and storage (CCUS) [2] - The carbon neutrality technologies can be categorized into carbon reduction, zero-carbon, negative carbon, and circular economy technologies [2] Industry Development History - The development of carbon neutrality technology in China's chemical industry has progressed through three stages: introduction and exploration (before 2015), planning (2015-2020), and implementation and promotion (2021-present) [4] - Since 2021, significant advancements have been made in energy consumption and carbon emission control, with major companies like Sinopec actively participating in carbon neutrality initiatives [4] Industry Chain - The upstream of the carbon neutrality technology industry chain includes raw materials, equipment, and technical services, while the midstream involves the implementation of carbon neutrality technologies [6] - Key equipment includes carbon capture devices, low-carbon energy utilization devices, and high-efficiency energy-saving devices [6] Current Industry Status - In 2024, China's total CO2 emissions are expected to be 12.6 billion tons, remaining stable compared to 2023, with GDP growth of 5.0% and a decrease in carbon emission intensity by 3.4% [10] - The increase in non-fossil energy consumption and the growth of clean energy generation are contributing to the transition away from fossil fuels [10] Key Enterprises - Major companies in the sector include China National Chemical Corporation, Wanhua Chemical, and Zhongcai Energy, focusing on carbon capture and low-carbon technologies [18][20] - Wanhua Chemical has made significant strides in carbon neutrality technology, expanding into new materials and renewable energy sectors [18] Industry Development Trends - The chemical industry is expected to accelerate technological innovation and green transformation, with a focus on replacing traditional fossil materials with bio-based and renewable resources [22] - Integration of the industry chain and collaborative development will be emphasized, with companies extending their operations from raw materials to downstream fine chemical products [23] - The market landscape will shift significantly under carbon neutrality policies, with increased attention on new energy materials and carbon capture technologies [24]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, suggesting investment opportunities in high-quality refining companies and upstream service providers [2][4]. Core Insights - The European refining sector is undergoing significant restructuring due to declining demand, aging facilities, and reduced profitability, with refining capacity decreasing by 4.2 million barrels per day since 2005, a drop of over 23% [4][5]. - The average age of European refineries is 66 years, significantly higher than the global average of 51 years, leading to increased maintenance costs and declining competitiveness [7][10]. - High natural gas prices continue to exert pressure on refinery profitability, with expectations that European gas prices will remain elevated, negatively impacting operational costs [10][12]. - Several refineries are expected to shut down in 2025, including Shell's Rheinland refinery and BP's Gelsenkirchen refinery, collectively removing 390,000 barrels per day of capacity [12][13]. Summary by Sections Upstream Sector - As of May 9, 2025, Brent crude futures closed at $63.91 per barrel, a week-on-week increase of 4.27%, while WTI futures rose by 4.68% to $41.02 per barrel [19]. - U.S. commercial crude oil inventories decreased by 2.032 million barrels to 438 million barrels, which is 7% lower than the five-year average for this time of year [21][22]. - The number of active drilling rigs in the U.S. decreased by 6 to 578, a year-on-year decline of 25 rigs [19][30]. Refining Sector - The Singapore refining margin for major products was $10.90 per barrel as of May 9, 2025, down by $6.31 from the previous week [53]. - The price spread for ethylene was $245.67 per ton, up by $30.80 from the previous week, while propylene saw a decrease in its price spread [4][50]. Polyester Sector - PTA prices increased to an average of 4551.67 RMB per ton, reflecting a week-on-week rise of 0.75% [4][50]. - The overall performance of the polyester industry remains average, with a need to monitor demand changes closely [4][50]. Investment Recommendations - The report suggests focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to expected improvements in cost structures and competitive positioning [4][14]. - It also highlights the potential for recovery in the valuation of companies like Satellite Chemical and Tongkun Co., given the anticipated easing of tariffs affecting polyester demand [4][14].

Summary of Key Points Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. has activated the conditional repurchase clause for its convertible bonds "Shenghong Convertible Bonds" due to the stock price being below 70% of the conversion price for 30 consecutive trading days, allowing bondholders to sell their bonds back to the company at a specified price [2][4]. Group 1: Repurchase Conditions - The repurchase clause is effective during the last two interest years of the convertible bonds if the company's A-share stock price falls below 70% of the conversion price for any 30 consecutive trading days [2][3]. - The repurchase price is set at 100.256 CNY per bond, which includes accrued interest and tax [4]. - Bondholders can choose to sell back all or part of their convertible bonds, and this repurchase is not mandatory [4][5]. Group 2: Repurchase Process - The company will announce the repurchase conditions and procedures in accordance with the Shenzhen Stock Exchange regulations, including the repurchase price and the period for bondholders to submit their repurchase requests [5]. - The repurchase request period is from May 13, 2025, to May 19, 2025, during which bondholders can submit their requests through the Shenzhen Stock Exchange trading system [5]. - The company will process repurchase requests in the order of trading, repurchase, and transfer on the same trading day [5].

关于"盛虹转债"回售的第一次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 江苏东方盛虹股份有限公司 1、债券简称：盛虹转债 2、债券代码：127030 3、债券面值：100 元/张 4、回售价格：100.256 元/张（含息、税） 5、回售条件触发日：2025 年 5 月 8 日 6、回售申报期：2025 年 5 月 13 日-2025 年 5 月 19 日 7、发行人资金到账日：2025 年 5 月 22 日 8、回售款划拨日：2025 年 5 月 23 日 （1）投资者选择回售等同于以 100.256 元/张（含息、税）卖出持有的"盛 虹转债"。截至本公告披露日，"盛虹转债"的收盘价格高于本次回售价格，投 资者选择回售可能会带来损失。 （2）在"盛虹转债"最后两个计息年度内，可转换公司债券持有人在每年 回售条件首次满足后可按上述约定条件行使回售权 ...

Core Viewpoint - Dongfang Shenghong reported a significant net loss of 2.297 billion yuan in 2024, a year-on-year decline of 420.33%, primarily due to falling crude oil prices and reduced profit margins in refining products [2][3] Financial Performance - In 2024, Dongfang Shenghong's operating revenue was 137.675 billion yuan, a decrease of 1.97% year-on-year, while net profit turned to a loss of 2.297 billion yuan [2] - The company's non-recurring net profit was a loss of 2.654 billion yuan, down 1322.44% year-on-year [2] - The financial pressure is exacerbated by high debt levels, with total liabilities reaching 166.84 billion yuan and a debt-to-asset ratio of 81.66% by the end of 2024 [7] Industry Context - The decline in profitability is consistent across the industry, with Dongfang Shenghong experiencing the largest drop among major private refining companies [3] - Brent crude oil averaged $79.9 per barrel in 2024, down approximately 2.9% year-on-year, impacting the entire refining sector [3] Business Segments - In 2024, refining products generated revenue of 27.857 billion yuan, a decline of 4.05%, accounting for 20.23% of total revenue [5] - The other petrochemical and chemical new materials segment accounted for 58.42% of total revenue, with a revenue decline of 6.04% [5] - The fiber and polyester yarn segments saw growth, with fiber revenue increasing by 13.17% to 27.151 billion yuan [5] Debt and Financial Management - Short-term borrowings increased by 26.34% to 52.682 billion yuan, contributing to a rise in financial expenses to 4.873 billion yuan, up 39.49% year-on-year [7] - Despite the high debt levels, the company maintains that its financial health is stable, with a record operating cash flow of 10.475 billion yuan in 2024 [8] Future Outlook - Dongfang Shenghong is focusing on transitioning towards new energy markets, including investments in photovoltaic materials and lithium battery components [8][9] - The company is also advancing its EVA and POE production capabilities, with plans for a 100,000-ton POE facility expected to be operational in 2025 [9]