关于江苏东方盛虹股份有限公司2024年度 募集资金存放与使用情况专项报告的鉴证报告 a 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn】 报告编码:沪25K9LN9WEQ 立信会计师事务所(特殊普通合伙) O CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 江苏东方盛虹股份有限公司 鉴证报告 2024 年度 信会师报字[2025]第ZA11538号 江苏东方盛虹股份有限公司全体股东: 我们接受委托,对后附的江苏东方盛虹股份有限公司(以下简称 "东方盛虹""公司"） 2024年度募集资金存放与使用情况专项报告 (以下简称"募集资金专项报告")执行了合理保证的鉴证业务。 一、董事会的责任 江苏东方盛虹股份有限公司董事会的责任是按照中国证券监督 管理委员会《上市公司监管指引第2号 -- 上市公司募集资金管理和 使用的监管要求(2022年修订)》(证监会公告(2022)15号)、《深 圳证券交易所上市公司自律监管指引第1号 -- 主板上市公司规范运 作》以及《深圳证券交易所上市公司自律监管指南第2号 -- 公告格 ...

江苏东方盛虹股份有限公司 营业收入扣除情况表的鉴证报告 2024 年 12 月 31 日 信会师报字[2025]第 ZA11540 号 我们审计了江苏东方盛虹股份有限公司(以下简称"东方盛 虹")2024年度的财务报表,包括 2024年 12月 31日的合并及母公司 资产负债表、2024年度合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2025 年 4 月 27 日出具了报告号为信会师报字【2025】第 ZA11536 号的无 保留意见审计报告。 在对上述财务报表执行审计的基础上,我们接受委托,对后附的 江苏东方盛虹股份有限公司公司2024年度营业收入扣除情况表(以下 简称"营业收入扣除情况表"）执行了合理保证的鉴证业务。 一、管理层的责任 东方盛虹管理层的责任是按照《深圳证券交易所股票上市规则》 和《深圳证券交易所上市公司自律监管指南第1号 -- 业务办理》的 相关规定编制营业收入扣除情况表,确保营业收入扣除情况表真实、 准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对营业收入扣除情况表 发表 ...

江苏东方盛虹股份有限公司 内部控制审计报告 2024 年 12 月 31 日 地 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有效业许可的会计师事务所出 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn)" 进行查 报告编码:法 立信会计师事务所(特殊普通合伙) oo china shu lun pan certified public accountants llp 内部控制审计报告 信会师报字[2025]第 ZA11537 号 江苏东方盛虹股份有限公司全体股东: 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制政策 和程序遵循的程度降低,根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了江苏东方盛虹股份有限公司(以下简称贵公司) 2024 ...

Financial Performance - The company's revenue for Q1 2025 was ¥30,309,373,926.52, a decrease of 17.50% compared to ¥36,738,885,261.85 in the same period last year[5] - Net profit attributable to shareholders increased by 38.19% to ¥341,165,717.89 from ¥246,888,251.61 year-on-year[5] - The net profit excluding non-recurring gains and losses surged by 239.46% to ¥292,850,923.80 compared to ¥86,270,488.25 in the previous year[5] - Total operating revenue for the current period is ¥30,309,373,926.52, a decrease of 17.5% from ¥36,738,885,261.85 in the previous period[18] - Net profit attributable to the parent company is ¥341,165,717.89, compared to ¥246,888,251.61 in the previous period, representing a 38.0% increase[19] Cash Flow - The net cash flow from operating activities was negative at -¥2,691,660,545.33, a decline of 374.38% from ¥981,011,987.36 in the same period last year[5] - Cash flow from operating activities is ¥40,080,723,863.44, slightly down from ¥40,901,138,091.25, a decrease of 2.0%[21] - The net cash flow from operating activities was -$2.69 billion, a decrease from $981 million in the previous period[22] - Cash inflow from investment activities totaled $353 million, compared to $43 million last year[22] - The net cash flow from financing activities increased to $6.33 billion, up from $5.02 billion in the previous period[22] - Cash outflow for purchasing goods and services was $38.63 billion, up from $35.90 billion in the previous period[22] - The company paid $2.56 billion in taxes, a slight decrease from $2.64 billion last year[22] - Cash inflow from other operating activities was $2.45 billion, compared to $2.40 billion previously[22] - The company reported a cash outflow of $24.57 billion for financing activities, an increase from $18.12 billion last year[22] - The impact of exchange rate changes on cash and cash equivalents was $44.53 million, compared to a negative impact of $30.44 million last year[22] Assets and Liabilities - Total assets increased by 5.14% to ¥214,805,088,726.57 from ¥204,312,488,701.89 at the end of the previous year[5] - Total liabilities rose to ¥176,503,447,788.84, up from ¥166,840,344,822.36, indicating a 8.0% increase[17] - The company's total equity increased to ¥38,301,640,937.73 from ¥37,472,143,879.53, reflecting a growth of 2.2%[17] - Total current assets reached ¥47,337,586,037.77, up from ¥36,926,353,376.68, reflecting a growth of approximately 28.5%[15] - The total amount of other current assets increased to ¥2,892,378,828.64 from ¥1,813,789,331.40, representing a growth of about 59.4%[15] Inventory and Prepayments - Prepayments increased significantly by 202.02% to ¥1,586,451,920.39, primarily due to an increase in advance payments for goods[9] - Inventory rose by 31.38% to ¥22,167,299,157.00, mainly due to an increase in raw materials and finished goods[9] - Inventory rose significantly to ¥22,167,299,157.00 from ¥16,873,219,225.01, indicating an increase of about 31.5%[15] Earnings and Returns - The company's basic earnings per share rose by 25.00% to ¥0.05 from ¥0.04 year-on-year[5] - The weighted average return on equity increased by 0.31 percentage points to 1.00% compared to 0.69% in the previous year[5] - The basic earnings per share for the current period is ¥0.05, up from ¥0.04 in the previous period, indicating a 25.0% increase[19] Research and Development - Research and development expenses decreased to ¥168,826,342.93 from ¥225,891,622.08, a reduction of 25.3%[18] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[13] Other Income and Guarantees - Other income surged by 464.11% to ¥781,557,917.85, primarily due to increased VAT credit deductions[9] - The company provided a guarantee of $300 million for energy transactions related to its subsidiary, indicating a strategic move to enhance operational capabilities[13] Shareholding Structure - The company has not disclosed any changes in the shareholding structure of its top shareholders, maintaining stability in its ownership[12]

Financial Performance - The company reported a significant increase in revenue, reaching 1.2 billion CNY, representing a 15% year-over-year growth[20]. - The company's operating revenue for 2024 was approximately ¥137.67 billion, a decrease of 1.97% compared to ¥140.44 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was a loss of approximately ¥2.30 billion, representing a decline of 420.33% from a profit of ¥717 million in 2023[22]. - The company reported a basic earnings per share of -¥0.35 for 2024, a decrease of 418.18% from ¥0.11 in 2023[22]. - The gross margin improved to 35%, up from 32% in the previous year, reflecting better cost management[20]. - The company's total revenue for 2024 was approximately ¥137.67 billion, a decrease of 1.97% compared to ¥140.44 billion in 2023[107]. - Revenue from the petrochemical and chemical new materials segment was ¥108.28 billion, accounting for 78.65% of total revenue, down 5.54% from ¥114.63 billion in 2023[107]. - The chemical fiber segment generated ¥27.15 billion in revenue, representing a 13.17% increase from ¥23.99 billion in the previous year[107]. - The company's gross profit margin for the petrochemical and chemical new materials segment was 8.60%, a decrease of 3.80% year-on-year[109]. Market Expansion and Development - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next year[20]. - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[20]. - The company is focusing on the new energy materials sector, expanding into upstream lithium battery raw materials such as battery separators and electrolyte solvents[52]. - The company is actively involved in new energy and technology sectors, with several subsidiaries focused on energy storage and new materials[191]. - The company plans to continue expanding its production capacity and technological advancements in the coming years[88]. Research and Development - Research and development investments have increased by 30%, focusing on innovative chemical fiber technologies[20]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[5]. - The company has developed the world's first complete industrial chain from carbon dioxide to polyester fiber, winning the "International Textile Federation Sustainable and Innovation Award"[100]. - The company holds a total of 640 patents, including 229 invention patents, reflecting its strong focus on technological innovation[101]. - The company is focusing on R&D and production of differentiated, low-carbon, and high-performance fiber products[88]. Sustainability Initiatives - The company plans to implement new sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[20]. - The company has a green production system that includes the industry's first 100,000 tons/year "green methanol from carbon dioxide" production chain and approximately 600,000 tons/year recycled polyester filament production chain[82]. - The company has launched the "reocoer" carbon capture fiber, which utilizes carbon capture technology to reduce carbon emissions during production[64]. - The company is committed to green development, focusing on energy conservation, emission reduction, and the utilization of CO2 recycling projects to create a sustainable low-carbon industrial chain[155]. Strategic Partnerships and Acquisitions - A strategic acquisition of a local competitor is in progress, aimed at enhancing production capacity and operational efficiency[20]. - The company has established a new partnership with a leading technology firm to enhance its digital capabilities[20]. - The company is exploring acquisition opportunities, targeting firms with a combined revenue of $200 million[7]. - The company has formed a comprehensive chemical raw material supply platform through integrated refining and multi-product production, enhancing its resilience against market fluctuations[56]. Risk Management - The management team emphasizes the importance of risk awareness regarding forward-looking statements and potential challenges in future development[5]. - The company has established effective risk control measures for derivative investments, including annual hedging plans and thorough assessments of market risks[136]. - The company has established a dedicated HSE department to manage safety and environmental issues, implementing a series of safety production management and environmental protection systems[161]. - The company faces macroeconomic volatility risks that could impact its performance due to its ties to key industries like energy and transportation[157]. Governance and Management - The company has established a comprehensive internal control system to enhance risk prevention capabilities and improve management efficiency[83]. - The company maintains complete independence from its controlling shareholders in business, personnel, assets, institutions, and finance, ensuring autonomous operational capabilities[169]. - The company has a clear ownership and control over its assets, with no instances of fund or asset occupation by controlling shareholders[170]. - The company has conducted multiple investor communication activities, including offline and online meetings, to discuss business operations and future developments[164]. Financial Health and Investments - The net cash flow from operating activities increased by 25.55% to approximately ¥10.47 billion in 2024, compared to ¥8.34 billion in 2023[22]. - The company’s total cash and cash equivalents increased by 248.78% year-on-year, reaching ¥5,623,427,513.46[119]. - The company’s investment activities generated a net cash outflow of ¥12,098,746,295.50, a 45.12% improvement compared to the previous year[119]. - The company has reported a significant decline in overseas revenue, which fell by 47.63% to ¥6.75 billion, compared to ¥12.89 billion in 2023[107]. Leadership and Shareholder Engagement - The company held three temporary shareholder meetings in 2024, with approval rates of 67.95%, 66.53%, and 67.90% respectively[173][174][175]. - The company experienced a change in senior management, with Qiu Hairong resigning as Vice General Manager and Financial Officer on October 18, 2024, due to work adjustments[176]. - The company is preparing for its annual meeting, indicating ongoing operational and strategic planning efforts[173]. - The company’s financial reporting and shareholder meetings reflect a commitment to transparency and shareholder engagement[173].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly regarding propylene profitability and the expected tightening of supply-demand dynamics [4][5]. Core Insights - The report highlights the anticipated reduction in operating rates for PDH units due to high costs associated with U.S. propane imports, which could lead to a significant drop in propylene supply [4][5]. - It emphasizes the potential for increased imports from Japan and South Korea, although these may not fully compensate for the domestic supply gap [4][5]. - The report suggests that the overall profitability of PDH units remains low, and future tariffs could delay or cancel planned new capacity [4][5]. Summary by Sections Upstream Sector - Brent crude oil prices closed at $66.87 per barrel, a decrease of 1.60% from the previous week, while WTI prices fell by 2.57% to $63.02 per barrel [4][22]. - U.S. commercial crude oil inventories increased by 244,000 barrels, while gasoline inventories decreased by 4.476 million barrels [25][22]. - The report notes a stable day rate for self-elevating drilling rigs, indicating a recovery trend in the oil service sector [4][22]. Refining Sector - The report indicates an increase in overseas refined oil crack spreads, with Singapore's refining margin rising to $10.75 per barrel [4][22]. - The profitability of domestic refining products is expected to improve gradually as economic recovery progresses [4][22]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance within the polyester supply chain [4][22]. - The report suggests that the polyester industry may see improvements in the medium to long term as new capacity comes online [4][22]. Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong due to favorable competitive dynamics [4][17]. - It also highlights the potential for valuation recovery in companies like Satellite Chemical and Tongkun Co., given the expected improvements in the industry [4][17].

Core Viewpoint - Jiangsu Dongfang Shenghong Co., Ltd. is expected to trigger the condition for a downward adjustment of the conversion price of its convertible bonds, "Shenghong Convertible Bonds," due to the stock price being below 80% of the current conversion price for a significant number of trading days [1][5][6]. Group 1: Convertible Bond Issuance Overview - The company issued 50 million convertible bonds with a total amount of 500 million yuan, with a maturity of 6 years, starting from March 22, 2021 [2]. - The bonds are listed on the Shenzhen Stock Exchange under the name "Shenghong Convertible Bonds" and code "127030" [2]. Group 2: Downward Adjustment Conditions - The conversion price can be adjusted downward if the company's stock price is below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3][5]. - The current conversion price is set at 13.21 yuan per share, meaning the threshold for adjustment is 10.568 yuan per share [4][6]. Group 3: Expected Trigger of Adjustment - From April 14 to April 24, 2025, the company's stock has recorded 9 trading days where the closing price was below the threshold of 10.568 yuan, indicating that the condition for a downward adjustment is likely to be met [1][6]. Group 4: Procedures for Adjustment - If the adjustment condition is triggered, the company will follow the procedures outlined in the prospectus, including disclosing the decision and the new conversion price [6]. - The adjusted conversion price must not be lower than the higher of the average stock price over the previous 20 trading days or the last audited net asset value per share [5]. Group 5: Additional Information - Investors seeking more information about the "Shenghong Convertible Bonds" can refer to the full prospectus published on March 18, 2021, or contact the company's board secretary [7].

| 股票代码：000301 | 股票简称：东方盛虹 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：127030 | 债券简称：盛虹转债 | | 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： 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》（以下简称"《募集说明书》"）的规定，在本次发行的可转换公司债券（以 下简称"可转债"）存续期间，当江苏东方盛虹股份有限公司（以下简称"公司"） 股票在任意 30 个连续交易日中至少 15 个交易日的收盘价格低于当期转股价格 的 80%时，公司董事会有权提出转股价格向下修正方案并提交公司股东大会表决。 2025 年 4 月 14 日至 2025 年 4 月 24 日期间，公司股票已有 9 个交易日的收盘价 低于"盛虹转债"当期转股价格的 80%，预计将触发"盛虹转债"转股价格向下 修正条件。 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 的规定，现将相关情况公告如下： 一、可转债发行上市概况 经中国证券监督管理委员会 ...

Core Viewpoint - The China Oil and Gas Industry Index has shown mixed performance, with a recent increase but a decline over the past month, three months, and year-to-date [1][2] Group 1: Index Performance - The China Oil and Gas Industry Index rose by 1.05% to 1713.36 points, with a trading volume of 15.536 billion yuan [1] - Over the past month, the index has decreased by 6.82%, down 4.76% over the last three months, and down 8.39% year-to-date [1] Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1] - The top ten weighted companies in the index are: China National Petroleum (10.5%), China National Offshore Oil (10.09%), Sinopec (9.72%), Guanghui Energy (4.84%), China Merchants Energy (3.68%), Jereh Group (3.56%), Hengli Petrochemical (3.28%), Satellite Chemical (2.77%), COSCO Shipping Energy (2.69%), and Dongfang Shenghong (2.66%) [1] - The index is primarily composed of companies listed on the Shanghai Stock Exchange (71.86%) and the Shenzhen Stock Exchange (28.14%) [1] Group 3: Sector Allocation - The sector allocation of the index shows that energy accounts for 62.08%, materials for 20.17%, industrials for 14.79%, finance for 1.86%, and utilities for 1.10% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the oil and gas industry include: Guotai China Oil and Gas Industry Link A, Guotai China Oil and Gas Industry Link C, and Guotai China Oil and Gas Industry ETF [2]