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） | 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-040 | | --- | --- | --- | | 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 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一次，若在首次满足回售条件 而可转换公司债券持有人未在公司届时公告的回售申报期内申报并实施回售的， 1 5、回售条件触发日：2025 ...

国浩律师（上海）事务所 关 于 二零二五年五月 江苏东方盛虹股份有限公司 可转换公司债券回售 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, 200085, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于江苏东方盛虹股份有限公司 可转换公司债券回售之 法律意见书 致：江苏东方盛虹股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受江苏东方盛虹股份有限 公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《可转 换公司债券管理办法》（以下简称"《管理办法》"）、《深圳证券交易所上市 公司自律监管指引第 15 号——可转换公司债 ...

Group 1: Overall Market Trends - The total value of the top 50 global chemical brands decreased by 1.6% to $82.45 billion, primarily due to poor performance in key Western markets such as the US and Germany [3] - In contrast, Chinese chemical brands experienced significant growth, with an increase of 17.6% in brand value [3] Group 2: Notable Company Performances - Rongsheng Petrochemical's brand value grew by 5.6% to $3.23 billion, making it the first Chinese brand to enter the top five of the global chemical brand value ranking [3][11] - Wanhua's brand value surged by 39.8% to $2.01 billion, elevating its ranking by seven positions to 12th place, driven by strong financial performance and technological innovation [7][11] - Satellite Chemical's brand value increased by 33.9% to $640 million, resulting in a 13-position jump to 49th place, marking its first entry into the chemical brand ranking [7] - Hengli Petrochemical's brand value rose by 31.9% to $1.77 billion, with a seven-position increase to 15th place, reflecting its efforts in green transformation and renewable energy [7][11] Group 3: Emerging Players - Jiangsu Dongfang Shenghong's brand value increased by 16.9% to $1.2 billion, moving up to 24th place, while its brand strength index score improved significantly [8] - Tongkun Group's brand value grew by 13% to $820 million, ranking 37th, with a notable increase in its brand strength index [8] Group 4: Global Leaders - BASF retained its title as the most valuable chemical brand for the 11th consecutive year, with a brand value of $9.53 billion, despite market challenges [9][11] - DuPont was recognized as the strongest chemical brand for the fourth consecutive year, with a brand strength index score of 82.9 [10] Group 5: Industry Insights - The report highlights a shift among Chinese chemical companies from scale expansion to value creation, emphasizing a triad of technology-driven, green development, and globalization [13] - The competitive landscape for global chemical brands is expected to intensify, necessitating further enhancement of brand value and market competitiveness [13]

Core Viewpoint - The China Oil and Gas Industry Index has shown mixed performance, with a recent decline despite a monthly increase, reflecting the overall volatility in the oil and gas sector [2]. Group 1: Index Performance - The China Oil and Gas Industry Index decreased by 0.45% to 1729.45 points, with a trading volume of 12.33 billion yuan [1]. - Over the past month, the index has risen by 6.44%, but it has declined by 3.48% over the last three months and 6.14% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [2]. - The top ten weighted companies in the index are: China National Petroleum (10.36%), China National Offshore Oil (9.87%), Sinopec (9.52%), Guanghui Energy (5.05%), China Merchants Energy (3.8%), Jereh Group (3.71%), Hengli Petrochemical (3.25%), Satellite Chemical (3.13%), Dongfang Shenghong (2.8%), and COSCO Shipping Energy (2.8%) [2]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 70.98% of the index's holdings, while the Shenzhen Stock Exchange accounts for 29.02% [2]. - The sector breakdown of the index holdings is as follows: Energy (61.45%), Materials (20.71%), Industrials (15.00%), Financials (1.78%), and Utilities (1.06%) [2]. Group 4: Index Adjustment and Management - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or handling mergers and acquisitions according to maintenance guidelines [3].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-037 | | --- | --- | --- | | 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 关于控股股东及其一致行动人增持计划的进展情况 暨权益变动触及 1%的公告 本次增持主体保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏东方盛虹股份有限公司（以下简称"公司"、"上市公司"）于 2024 年 11 月 14 日披露了《关于控股股东及其一致行动人以自有资金和专项贷款增持公 司股份计划的公告》（公告编号：2024-073），公司控股股东江苏盛虹科技股份 有限公司（以下简称"盛虹科技"）及其一致行动人盛虹石化集团有限公司（以 下简称"盛虹石化"）、盛虹（苏州）集团有限公司（以下简称"盛虹苏州"） （以上合称"本次增持主体"）基于对公司未来持续稳定发展的坚定信心及对公 司长期投资价值的认可，同时为提振投资者信心，切实维护中小股东利益和市场 稳定，促进公司持续、稳定、健康的发展，计划自 2 ...

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于不向下修正"盛虹转债"转股价格的提示性公告 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： 江苏东方盛虹股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日召开 第九届董事会第二十七次会议，审议通过了《关于不向下修正"盛虹转债"转股 价格的议案》。结合当前的市场情况及公司自身实际情况，出于投资者利益的考 虑，公司董事会决定本次不行使"盛虹转债"的转股价格向下修正的权利，且在 未来三个月（2025 年 5 月 8 日至 2025 年 8 月 7 日）内，如再次触发《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》（以下简称"《募 集说明书》"）中约定"盛虹转债"转股价格向下修正条款，亦不提出向下修正 方案。具体如下： 一、可转换公司债券发行上市概况 经中国证券监督管理委员会(以下简称"中国证监会")《关于 ...

江苏东方盛虹股份有限公司（以下简称"公司"）第九届董事会第二十七次 会议于 2025 年 5 月 6 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 5 月 7 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。 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《关于不向下修正"盛虹转债"转股价格的议案》 | 股票代码：000301 | 股票简称：东方盛虹 公告编号：2025-038 | | --- | --- | | 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 第九届董事会第二十七次会议决议公告 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 1、经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 江苏东方盛虹股份有限公司 董 事 会 表决结果：同意 6 票，反对 0 票，弃权 0 票。关联董事缪汉根先生回避本次 表决。 截至 2025 年 ...

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Buy" recommendation for key companies in the sector [2][12]. Core Insights - OPEC is expected to continue increasing production in June, with an additional 411,000 barrels per day from member countries, indicating a potential second bottom for oil prices [2][3]. - The report suggests that OPEC's current strategy is to test market limits, balancing production and price to optimize revenue for member countries [11]. - The upstream sector is experiencing a widening supply-demand trend, with expectations of downward pressure on oil prices, but a medium to high price range is anticipated due to OPEC's production adjustments and shale oil cost support [2][12]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $61.29 per barrel, down 8.34% week-on-week, while WTI futures fell 7.51% to $58.29 per barrel [2][17]. - U.S. commercial crude oil inventories decreased by 759,000 barrels to 442 million barrels, which is 5% lower than the five-year average [19]. - The number of active U.S. drilling rigs decreased to 584, down 3 from the previous week and down 21 year-on-year [31][35]. Refining Sector - The Singapore refining margin for major products increased to $17.21 per barrel, up $6.27 from the previous week [2]. - The price spread for PTA in East China rose to 4,451.30 CNY per ton, reflecting a 1.94% increase week-on-week [12][51]. Polyester Sector - The PX market in Asia closed at $757 per ton, up 1.85% week-on-week, with the PX-naphtha spread increasing by $18.50 to $181.87 per ton [12][51]. - The overall performance of the polyester industry is average, with a need to monitor demand changes, but a gradual improvement is expected as new capacity comes online [12]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to improved cost expectations and competitive advantages [12]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical, with favorable conditions for ethane-based ethylene production [12]. - For upstream exploration and development, companies like CNOOC and Haiyou Engineering are expected to benefit from high capital expenditure in offshore projects [12].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is expected to achieve operating revenue of 137.68 billion yuan in 2024, a year-on-year decrease of 1.97%. The net profit attributable to the parent company is projected to be -2.30 billion yuan, a year-on-year decline of 420.33%. The non-recurring net profit attributable to the parent company is expected to be -2.65 billion yuan, a year-on-year decrease of 1322.44% [4][10]. - In Q4 2024, the operating revenue is anticipated to be 29.37 billion yuan, a year-on-year decrease of 20.10% and a quarter-on-quarter decrease of 17.18%. The net profit attributable to the parent company is expected to be -878 million yuan, showing a reduction in losses year-on-year [4][10]. - For Q1 2025, the operating revenue is projected to be 30.31 billion yuan, a year-on-year decrease of 17.50% and a quarter-on-quarter decrease of 3.19%. The net profit attributable to the parent company is expected to be 341 million yuan, a year-on-year increase of 38.19% [4][10]. Financial Performance - The company has a significant share of its refining products, with 70% of its output coming from refined oil and aromatics, benefiting from the improvement in the market conditions for these products [10]. - The company has temporarily suspended the implementation of its biodegradable materials project, which is expected to reduce capital expenditures [10]. - The polyester chain is under pressure, but the company maintains a leading position in differentiated fiber production and has a strong capacity for recycled polyester fibers [10]. Future Outlook - The company is expected to see improvements in profitability, with projected net profits attributable to the parent company of 1.42 billion yuan, 2.55 billion yuan, and 3.38 billion yuan for 2025, 2026, and 2027 respectively [10]. - The price-to-earnings ratio (PE) for 2025, 2026, and 2027 is expected to be 41.0X, 22.8X, and 17.2X respectively, indicating a potential for growth [10].