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].

智通财经APP讯，东方盛虹(000301.SZ)发布2025年三季度报告，该公司前三季度营业收入为921.62亿 元，同比减少14.90%。归属于上市公司股东的净利润为1.26亿元，同比增长108.91%。归属于上市公司 股东的扣除非经常性损益的净亏损为7143.65万元。基本每股收益为0.02元。 ...

Core Viewpoint - Dongfang Shenghong is a leading domestic energy and chemical enterprise with a comprehensive advantage in petrochemical and chemical new materials, particularly in the polyester filament sector [1] Group 1: Business Performance - In Q3 2025, Dongfang Shenghong reported revenue of 92.162 billion yuan, ranking 5th in the industry, significantly lower than China National Petroleum's 2,169.256 billion yuan and China Petroleum & Chemical's 2,113.441 billion yuan [2] - The main business composition includes other petrochemical and chemical new materials at 37.184 billion yuan (61.04%), refining products at 11.462 billion yuan (18.82%), and polyester filament at 10.77 billion yuan (17.68%) [2] - The net profit for the same period was 110 million yuan, ranking 6th in the industry, which is substantially lower than the industry leaders [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 82.26%, a decrease from 83.92% year-on-year but still above the industry average of 62.74% [3] - The gross profit margin was 9.92%, an increase from 8.58% year-on-year, yet still below the industry average of 13.42% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.60% to 73,300, while the average number of circulating A-shares held per shareholder increased by 13.12% to 90,100 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.6156 million shares [5] Group 4: Executive Compensation - The chairman, Miao Hangen, received a salary of 2.086 million yuan in 2024, a slight decrease from 2.0986 million yuan in 2023 [4] Group 5: Future Outlook - The company is expected to achieve revenues of 124.2 billion, 131.652 billion, and 136.918 billion yuan from 2025 to 2027, with net profits of 796 million, 1.134 billion, and 1.532 billion yuan respectively [5] - Business highlights include the addition of 400,000 tons/year EVA capacity, expected completion of a 100,000-ton POE industrial facility by Q3 2025, and the establishment of an AI division [5][6]

Core Viewpoint - Dongfang Shenghong (000301.SZ) reported a decline in revenue for the first three quarters of the year, while net profit showed significant growth compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 92.16 billion yuan, representing a year-on-year decrease of 14.90% [1] - The net profit attributable to shareholders was 126 million yuan, marking a year-on-year increase of 108.91% [1] - The company reported a non-recurring net loss of 71.436 million yuan [1]

Group 1 - The company Oriental Shenghong (SZ 000301) announced on October 30 that its 32nd meeting of the 9th board of directors was held via communication voting on October 29, 2025, where it reviewed the proposal regarding the provision for asset impairment for the first three quarters of 2025 [1] - For the first half of 2025, Oriental Shenghong's revenue composition was as follows: petrochemical and chemical new materials accounted for 79.86%, chemical fibers accounted for 18.43%, and other industries accounted for 1.71% [1] - As of the time of reporting, Oriental Shenghong's market capitalization was 609 billion yuan [1]

根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映公 司资产价值、财务状况及经营成果，公司对截至 2025 年 9 月 30 日的各类资产进 行了全面检查和减值测试，对相关资产价值出现的减值迹象进行了充分地分析和 评估，根据测试结果，公司对可能存在减值迹象的资产计提减值准备。公司 2025 年前三季度计提各项资产的减值准备共计 32,921.05 万元，具体情况如下： 单位：万元 | | | 江苏东方盛虹股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 江苏东方盛虹股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召 开第九届董事会第三十二次会议和第九届监事会第十九次会议，会议审议通过了 《关于 2025 年前三季度计提资产减值准备的议案》。根据《深圳证券交易所上 市公司自律监管指南第 1 号——业务办理》以及《公司章程》《公司计提资产减 值准备和损失处理内部控制制度》等有关规定，本议案无需提交股东会审议。现 将具体情况公告如下： 一、本次计提资产减值准备情况概述 | ...

江苏东方盛虹股份有限公司 第九届监事会第十九次会议决议公告 表决结果：同意 5 票，反对 0 票，弃权 0 票。 监事会发表专项审核意见如下： | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 本公司及监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。 一、监事会会议召开情况 江苏东方盛虹股份有限公司（以下简称"公司"）第九届监事会第十九次会 议于 2025 年 10 月 24 日以专人送出、传真或电子邮件形式发出会议通知，并于 2025 年 10 月 29 日以通讯表决方式召开。本次监事会会议应出席监事 5 人，实 际出席监事 5 人，公司高级管理人员列席本次会议。 本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、监事会会议审议情况 1、审议通过了《关于 2025 年前三季度计提资产减值准备的议案》 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存 ...

本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、董事会会议审议情况 1、审议通过了《关于 2025 年前三季度计提资产减值准备的议案》 | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-073 | | --- | --- | --- | | 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 第九届董事会第三十二次会议决议公告 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。 一、董事会会议召开情况 江苏东方盛虹股份有限公司（以下简称"公司"）第九届董事会第三十二次 会议于 2025 年 10 月 24 日以专人送出、传真或电子邮件形式发出会议通知，并 于 2025 年 10 月 29 日以通讯表决方式召开。本次董事会应出席董事 7 人，实际 出席董事 7 人，公司监事、高级管理人员列席本次会议。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 公司本次计提资产减值准备符合《企业会计准则》等相关规定的要求，体现 了会计谨慎性原则，计提依据充分，符合公司实际 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥31,245,172,779.20, a decrease of 11.91% compared to the same period last year[5] - The net profit attributable to shareholders was -¥259,833,007.19, representing an increase in loss of 85.05% year-on-year[5] - The basic earnings per share for Q3 2025 was -¥0.04, an increase in loss of 84.88% compared to the same period last year[5] - Total operating revenue for the current period was ¥92.16 billion, a decrease of 14.93% from ¥108.30 billion in the previous period[25] - Total operating costs for the current period were ¥93.38 billion, down 15.34% from ¥110.31 billion in the previous period[25] - Net profit for the current period was ¥109.71 million, a significant improvement compared to a net loss of ¥1.44 billion in the previous period[26] - The company’s basic earnings per share for the current period was ¥0.02, compared to a loss of ¥0.21 per share in the previous period[26] - The company’s total comprehensive income for the current period was ¥93.60 million, recovering from a loss of ¥1.47 billion in the previous period[26] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date period reached ¥11,788,101,976.09, an increase of 251.46%[5] - The company reported a net cash flow from operating activities of ¥11.79 billion, an increase from ¥3.35 billion in the previous period[29] - The total cash and cash equivalents at the end of the period reached $15.63 billion, up from $11.35 billion, indicating a growth of 37.5%[30] - The net increase in cash and cash equivalents for the period was $3.62 billion, compared to $4.96 billion in the previous period, a decline of 27.1%[30] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥212,802,706,854.96, reflecting a growth of 4.16% from the end of the previous year[5] - The total current assets increased to ¥44,851,989,007.93 from ¥36,926,353,376.68, representing a growth of approximately 21.5%[23] - Total liabilities increased to ¥175,058,895,165.52 from ¥166,840,344,822.36, which is an increase of approximately 4.3%[24] - The total liabilities and equity increased to ¥212.80 billion from ¥204.31 billion, reflecting a growth of 4.83%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 73,343[13] - Jiangsu Shenghong Technology Co., Ltd. holds 43.24% of shares, totaling 2,858,492,440 shares[13] - Shenghong Petrochemical Group Co., Ltd. holds 16.92% of shares, totaling 1,118,692,575 shares, with 127,000,000 shares pledged[13] - The company’s controlling shareholder and its concerted actors increased their holdings by 223,712,060 shares, representing 3.38% of the total share capital[15] Government Subsidies and Investments - The company’s subsidiary, Shenghong Refining (Lianyungang) Co., Ltd., is expected to receive a government subsidy of 336.56 million RMB, although it has not yet been received[18] - Investment income increased by 73.69% to ¥199,871,727.64, primarily due to gains from the disposal of financial assets[10] - The company received cash inflows from investment activities totaling ¥893.82 million, an increase from ¥591.96 million in the previous period[29] Financial Reporting and Standards - The company’s financial report for the third quarter was not audited, indicating a potential area for further scrutiny[31] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[32] Other Financial Metrics - The company reported a significant increase in other income, which rose by 213.81% to ¥1,186,361,783.60 year-on-year[10] - The company experienced a 93.40% decrease in non-operating expenses, amounting to ¥20,411,563.50, attributed to prior period project deferrals[11] - Research and development expenses decreased to ¥492.02 million, down 28.66% from ¥689.35 million in the previous period[25] - The company’s financial expenses decreased to ¥3.44 billion, a reduction of 5.58% from ¥3.64 billion in the previous period[25]

Core Viewpoint - Dongfang Shenghong's subsidiary, Silbon Petrochemical, plays a crucial role in the company's new energy and new materials sector, highlighting its significance in the overall business strategy [2]. Group 1: Company Overview - Silbon Petrochemical has an annual production capacity of 1.04 million tons of acrylonitrile, 900,000 tons of EVA, and 100,000 tons of POE, positioning it as a leader in the industry for both EVA and acrylonitrile [2]. - The production and operational status of Silbon Petrochemical is normal, indicating stable performance within the company [2]. Group 2: Industry Position - Silbon Petrochemical's products, particularly EVA and acrylonitrile, are recognized as industry leaders, reflecting the company's competitive edge in the fine chemical sector [2]. - The synergy between Silbon Petrochemical and other segments of the company, such as refining, is significant, enhancing overall operational efficiency [2].