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].

Investment Rating - The investment rating for the basic chemical industry is optimistic (maintained) [1] Core Views - The PTA industry is experiencing severe losses, but there is potential for a positive turnaround due to limited future capacity expansion and high industry concentration [5][27] - The domestic PTA industry's effective capacity has increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with an average annual compound growth rate of 12.5% [21][23] - The industry concentration ratio (CR7) for PTA has reached 76%, indicating that leading companies have significant pricing power, which supports industry self-discipline and a potential recovery [22][27] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.11% this week, with 75.6% of the 545 tracked chemical stocks showing weekly gains [17] - The CCPI (China Chemical Product Price Index) increased by 0.23% to 3885 points [20] PTA Industry Analysis - The PTA industry is projected to add 8.7 million tons of new capacity in 2025, with major contributions from companies like Dongfang Shenghong, Sanfangxiang, and Xin Fengming [5][21] - As of late October 2025, the PTA price spread has fallen below 100 yuan, indicating significant industry losses [25][27] Key Product Tracking - The inventory days for polyester filament yarn have significantly decreased, indicating improved market conditions [29][30] - The domestic urea market price has stabilized at 1596 yuan/ton, with a cautious outlook due to supply-demand pressures [45] Recommended and Beneficiary Stocks - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., among others [5][27] - Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [5][27]

Investment Rating - The industry investment rating is "Positive" as indicated by the report's outlook on the refining sector [149]. Core Insights - The report highlights a rebound in oil prices, which has led to an increase in inventory replenishment among textile enterprises, resulting in a significant reduction in long filament inventory [1]. - Brent crude oil prices increased to $65.94 per barrel, up by $4.65 from the previous week, while WTI prices rose to $61.50 per barrel, an increase of $3.96 [1][13]. - The report notes that the domestic price difference for key refining projects is 2374.85 CNY/ton, a decrease of 30.36 CNY/ton (-1.26%) week-on-week, while the international price difference is 1213.16 CNY/ton, down by 2.88 CNY/ton (-0.24%) [2]. Refining Sector Summary - The report discusses the impact of geopolitical events on oil prices, including potential trade agreements between the US and China, and sanctions against Russia, which have contributed to a favorable environment for oil price recovery [1][13]. - The report indicates that the refining sector is experiencing a mixed performance, with some companies seeing stock price increases while others face declines [1][136]. Chemical Sector Summary - The chemical sector is facing weak overall demand, with oil price rebounds not translating into significant price support for chemical products [1]. - Specific products such as EVA and pure benzene have seen price declines due to weak downstream demand, leading to narrowed price differentials [1][51]. Polyester & Nylon Sector Summary - The report notes that polyester filament prices have slightly decreased, but the rebound in oil prices has stimulated replenishment sentiment among downstream textile enterprises, leading to a notable reduction in filament inventory [1][89]. - The average price for polyester filament is reported at 6439.29 CNY/ton for POY, with a slight decrease in profitability [1][112].

Group 1: Market Performance - The chemical sector has seen a counter-trend increase, with chemical ETFs, including Chemical ETF, Chemical 50 ETF, and Chemical Leading ETF, rising over 1.5% and achieving a year-to-date increase of over 20% [1] - Specific performance metrics include Chemical ETF at 1.75% increase and 20.59% year-to-date growth, with an estimated scale of 17.005 billion [2] Group 2: PTA Industry Insights - The PTA industry is experiencing a significant capacity expansion, with effective capacity projected to grow from 46.69 million tons in 2019 to 84.28 million tons by 2024, reflecting a CAGR of 12.5% [3] - The industry is facing a declining operating rate, which is expected to drop to 78% by August 2025, down from 90% in 2019, indicating a historical low [3] - The market is characterized by a high concentration of capacity among six major companies, which control approximately 75% of the market, facilitating a self-regulatory mechanism to avoid disorderly competition [4] Group 3: Future Outlook - The expansion of PTA capacity is nearing its end, with only one additional project expected to come online by October 2024, leading to a significant slowdown in new capacity additions [4] - The industry is anticipated to enter a new cycle of prosperity, supported by a stabilization in domestic demand and improved supply-demand dynamics [4] - Current valuations of leading companies in the chemical sector are at a low point, providing a strong margin of safety for investments, with expectations of maintaining market share and profitability in the medium to long term [5]

Core Insights - The company has achieved significant results in its digital transformation in recent years [2] - By the first half of 2025, the subsidiary Shenghong Refining's 16 million tons integrated refining and chemical intelligent factory and the Sierbang Petrochemical's multi-product intelligent factory will be recognized as "advanced intelligent factories" in Jiangsu Province [2] - The company has been awarded the title of "National Advanced Collective in Industrial and Information Technology Systems" due to its innovative measures based on the "Hongyun" industrial internet platform [2] - An AI division has been established to deeply integrate artificial intelligence into the company's core business, aiming to cultivate new productive forces [2] - The company has defined two core directions for AI technology application: "deep empowerment internally" and "seeking breakthroughs externally," focusing on creating a new engine for high-quality development [2]

Core Viewpoint - Dongfang Shenghong emphasizes its commitment to investor returns and steady operations while enhancing core competitiveness and intrinsic value [2] Company Actions - The company is actively engaging with investors and addressing their inquiries on platforms [2] - Dongfang Shenghong has plans for convertible bonds and share buybacks by controlling shareholders and their concerted actions, which will be detailed in company announcements [2]

Core Viewpoint - Oriental Shenghong's stock price has shown fluctuations, with a year-to-date increase of 13.15% but a recent decline over the past five and twenty trading days [1] Group 1: Stock Performance - As of October 22, Oriental Shenghong's stock price was 9.29 CNY per share, with a market capitalization of 61.418 billion CNY [1] - The stock experienced a net inflow of 248.04 thousand CNY from main funds, with significant buying and selling activities [1] - The stock has seen a decrease of 2.72% over the last five trading days and a 6.07% decline over the last twenty trading days [1] Group 2: Financial Performance - For the first half of 2025, Oriental Shenghong reported operating revenue of 60.916 billion CNY, a year-on-year decrease of 16.36%, while net profit attributable to shareholders increased by 21.24% to 386 million CNY [2] - Cumulative cash dividends since the A-share listing amount to 4.429 billion CNY, with 1.322 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.29% to 83,000, while the average number of circulating shares per person increased by 3.40% to 79,654 shares [2] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 80.39994 million shares, an increase of 3.222 million shares from the previous period [3] Group 4: Company Overview - Oriental Shenghong, established on July 16, 1998, and listed on May 29, 2000, is based in Suzhou, Jiangsu Province, focusing on the research, production, and sales of civil polyester filament [1] - The company's main business revenue composition includes 61.04% from other petrochemical and chemical new materials, 18.82% from refined oil products, and 17.68% from polyester yarn [1]

Core Viewpoint - Dongfang Shenghong (000301.SZ) is a global leader in the energy and chemical industry, with a fully integrated vertical supply chain and a strong focus on new energy and new materials [1] Group 1: Company Overview - The company operates in multiple sectors, including petroleum refining, new energy and new materials, and polyester fibers [1] - Dongfang Shenghong has an EVA production capacity of 900,000 tons per year and a POE production capacity of 100,000 tons per year [1] Group 2: Product Applications - The company's products are utilized in downstream applications such as photovoltaic encapsulation materials [1] - The production and sales of these products are reported to be smooth [1]