Core Viewpoint - The company is expected to trigger a downward adjustment of the conversion price for its convertible bonds "Hengyi Zhuan 2" due to the stock price being below the specified threshold for a consecutive period [1][6]. Summary by Sections Convertible Bond Issuance and Listing - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds, amounting to 3 billion yuan, which began trading on August 18, 2022 [1][2]. Conversion Period and Price Adjustment - The conversion period for the bonds started on January 27, 2023, and will last until the maturity date on July 20, 2028 [2]. - The conversion price has been adjusted multiple times due to annual profit distributions, with the latest adjustment changing the price from 10.41 yuan to 10.36 yuan per share [2][3]. Downward Price Adjustment Clause - The company’s board can propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [3][5]. - The adjustment requires approval from at least two-thirds of the voting rights at the shareholders' meeting, excluding those holding the convertible bonds [3][5]. Conditions for Triggering Price Adjustment - Currently, the company has experienced 10 trading days where the closing price is below 85% of the conversion price, indicating that the conditions for a downward adjustment are likely to be met [4][5]. Other Matters - Investors seeking further information on "Hengyi Zhuan 2" can refer to the full text of the bond issuance prospectus published in July 2022 [6].

| 证券代码：000703 | 证券简称：恒逸石化 | | 公告编号：2025-089 | | --- | --- | --- | --- | | 证券代码：127067 | 债券简称：恒逸转 | 2 | | 5、根据《恒逸石化股份有限公司公开发行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存续期间，当 公司股票在任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转 股价格的 85%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 会审议表决。 截至目前，公司股票已有连续 10 个交易日的收盘价低于当期转股价格的 85%，预计触发转股价格向下修正条件。若触发转股价格修正条件，公司将按照 募集说明书的约定及时履行后续审议程序和信息披露义务。敬请广大投资者注意 投资风险。 恒逸石化股份有限公司 关于"恒逸转 2"预计触发转股价格向下修正的提示性公告 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： 1、证券代码：000703，证券简称：恒逸石化 2、债券代码：127067，债券简称：恒逸转 ...

人民财讯8月21日电，企查查APP显示，近日，恒逸热电(吐鲁番)有限公司成立，法定代表人为倪德锋， 注册资本为2亿元，经营范围包含：热力生产和供应；发电技术服务；余热发电关键技术研发；发电业 务、输电业务、供(配)电业务等。企查查股权穿透显示，该公司由浙江恒逸集团有限公司间接全资持 股。 ...

Group 1: Industry Trends and Risk Management - The polyester industry is focusing on risk management as a vital aspect of modern enterprises, emphasizing the importance of a closed-loop management system that includes prevention, control, and hedging [1] - The Zhengzhou Commodity Exchange has developed a comprehensive futures market for polyester, providing industry players with a rich toolbox for risk management and enhancing operational resilience [1] - PTA (Purified Terephthalic Acid) is highlighted as the most established polyester chain futures product, with a hedging efficiency exceeding 98% [1] Group 2: Company Strategies and Innovations - Rongsheng Petrochemical has adapted its risk management strategies for PX (Para-Xylene) by dynamically adjusting product flows and managing PX inventory to mitigate risks [2] - New Fengming Group has established a comprehensive dynamic risk control system across its supply chain, utilizing futures markets to optimize procurement and hedge against price volatility [2] - Wan Kai New Materials Co., Ltd. benefits from the flexibility provided by futures tools to manage market risks associated with bottle sales, which often involve long-term orders and "pulse-like" sales patterns [3] Group 3: Market Developments and Future Outlook - The liquidity of PX futures is increasing, and the Zhengzhou Commodity Exchange is promoting the opening of related products, which will expand market participation opportunities for companies [3] - Trade merchants are playing a crucial role in managing inventory pressures within the polyester industry, especially during accumulation phases, leveraging financial tools for effective inventory management [3]

Core Insights - The forum on August 20, 2025, focused on how the futures market can support the polyester industry in going international [1] - The current state of China's polyester industry shows a divergence with bottle chip production leading while short fibers remain stable [1] - Future improvements in the supply-demand balance for bottle chips are anticipated due to enhanced industry discipline and ongoing expansion in overseas markets [1] Industry Overview - Since 2019, global bottle chip consumption has shown stable growth, averaging an annual increase of 5% to 6% [1] - The Chinese market has outperformed, with domestic demand growing at an average rate of 9% and export growth reaching 16%, making it a key driver of global market growth [1] - The growth rate of bottle chip production capacity is expected to slow down significantly, with global and Chinese rates at 5% and 1.1%, and 9% and 2.2% respectively, which is notably lower than demand growth [1] Demand Dynamics - Changes in consumer habits have led to rapid growth in the consumption of bottle chips for fresh produce and milk tea, while oil bottle consumption has seen slower growth [1] - The optimization of demand structure is providing strong support for the bottle chip market [1] Export Trends - China's bottle chip export orders have shown a "pulse-like" characteristic, with exports reaching 3.46 million tons in the first half of 2025, a year-on-year increase of 16.5% [2] - The recent decline in raw material prices has led to a noticeable increase in bottle chip export orders [2] - There is an optimistic outlook for the future of bottle chip exports, with expectations for continued improvement in global market competitiveness and potential for increased market share [2]

Group 1: Company Overview - Hengyi Petrochemical is a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on a strategic positioning of "one drop of oil, two threads" [2][3] - The company has established a unique dual-main business model of "polyester + nylon" through the Brunei refining project, creating a closed-loop from crude oil processing to fiber products [2][3] Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 55.96 billion and a net profit attributable to shareholders of CNY 227 million, with a 240% quarter-on-quarter increase in net profit for Q2 [4] - As of June 30, 2025, total assets amounted to CNY 109.77 billion, and net assets attributable to shareholders were CNY 24.63 billion [4] Group 3: Market Insights - Southeast Asia is projected to be the largest net importer of refined oil due to insufficient infrastructure investment, despite having rich oil and gas resources [4][5] - The region's oil demand is expected to rise from 5 million barrels per day to 6.4 million barrels per day by 2035, with Southeast Asia anticipated to account for 25% of global energy demand growth over the next decade [5] Group 4: Polyester Industry Outlook - The company maintains a positive long-term outlook for the polyester industry, supported by steady downstream demand and a 5% year-on-year increase in China's retail sales of consumer goods [6][7] - The polyester industry is experiencing a differentiation in capacity growth, with leading companies like Hengyi benefiting from technological and scale advantages [7] Group 5: Project Developments - The Guangxi 1.2 million tons caprolactam-nylon project is expected to commence production in the second half of 2025, enhancing the company's position in the industry chain [8][9] - This project integrates technological, structural, and product advantages, aiming to significantly reduce production costs and optimize resource consumption [8][9] Group 6: R&D and Innovation - The company increased R&D expenditure by 23.97% in the first half of 2025, submitting 460 invention patent applications [9] - The proportion of differentiated fiber production has risen to 27%, positioning the company as a leader in the industry [9]

Group 1 - The core viewpoint of the article highlights the growth potential of China's synthetic fiber industry, with a projected production increase of 4.5% year-on-year by June 2025, reaching 6.75 million tons [1] - In the first half of 2025, China's cumulative synthetic fiber production is expected to reach 38.901 million tons, reflecting a cumulative growth of 5% [1] - The article references several listed companies in the synthetic fiber sector, including Hengyi Petrochemical, Rongsheng Petrochemical, and Xin Fengming, indicating a focus on key players in the industry [1] Group 2 - The report titled "2025-2031 China Synthetic Fiber Industry Market Status Survey and Development Trend Analysis" by Zhiyan Consulting provides insights into the market dynamics and future trends of the synthetic fiber industry [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research and providing tailored consulting services [2] - The data utilized in the article is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, ensuring reliability and accuracy [3]

据证券之星公开数据整理，近期恒逸石化（000703）发布2025年中报。截至本报告期末，公司营业总收 入559.6亿元，同比下降13.59%，归母净利润2.27亿元，同比下降47.32%。按单季度数据看，第二季度 营业总收入287.92亿元，同比下降13.04%，第二季度归母净利润1.75亿元，同比上升953.93%。本报告 期恒逸石化应收账款上升，应收账款同比增幅达30.33%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率4.31%，同比增4.45%，净利率0.48%，同 比减44.11%，销售费用、管理费用、财务费用总计20.67亿元，三费占营收比3.69%，同比增12.25%，每 股净资产6.4元，同比减2.75%，每股经营性现金流-0.05元，同比减286.41%，每股收益0.07元，同比减 46.15% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 647.64亿 | 559.6 Z | -13.59% | | 归母净利润(元) | 4.3 Z | 2.27亿 | -47.32% | | ...

Summary of Hengyi Petrochemical Conference Call Company Overview - **Company**: Hengyi Petrochemical - **Industry**: Petrochemical and Polyester Manufacturing Key Financial Performance - **H1 2025 Performance**: - Refining segment profit: 50 million RMB - PTA profit: 20 million RMB - Polyester loss: 40 million RMB - Jilin Xianan loss: 60 million RMB - Contribution from China Merchants Bank: 250 million RMB [2][4] - **Q2 2025 Performance**: - Refining profit: 30 million RMB - Polyester profit: 70 million RMB - Polybenzene profit: 15 million RMB - Contribution from Zheshang Bank: 50 million RMB [2][4] Market Dynamics - **Price Trends**: - Gasoline price spread decreased from $11/barrel to $8/barrel - Diesel price spread increased to $20/barrel - PX price spread improved, benzene price stabilized around $160 - PTA price spread increased by 30% to $370 in Q2 [2][5] - **Production Adjustments**: - 15% coordinated production cut for FDY in August, resulting in a price increase of approximately 200 RMB/ton - Previous coordinated production cut across all filament categories reached 23% [2][8][9] Future Capacity and Demand Outlook - **New Capacity Projections**: - 2024: 1 million tons of polyester filament, growth rate of 2.5% - 2025: 1.9 million tons, growth rate of 3%-4% - Demand growth expected at 3%-5%, covering new capacity [2][7] - **Market Recovery**: - Market has bottomed out and is expected to recover moderately, supported by anti-involution policies [2][7] Product-Specific Insights - **Nylon Project**: - Qingzhou project has a complete industrial chain, making it cost-competitive - Nylon market is small but has a high growth rate due to new capacity [11][12] - **Polyester Products**: - Polyester filament and bottle chip price spreads have shown improvement, with short fibers outperforming long fibers [5][10] Financial Health and Strategy - **Cash Flow**: - Cash and cash equivalents at the end of Q2: 7.4 billion RMB - Negative cash flow from investment activities due to significant expenditures on the Qinzhou project [18] - **Debt Management**: - Dollar loans approximately $1.1 billion, with interest rates around 4% [24] Industry Trends and Regulatory Environment - **Southeast Asia Market**: - High growth in refined oil demand, with a supply gap of approximately 70 million tons [15][16] - **Regulatory Impact**: - Company’s PTA facilities are relatively new and not significantly affected by the scrutiny of outdated capacities [19] Production and Sales Performance - **Sales Rates**: - Q2 sales rates for various products were high, with polyester filament at 105% and PTA at 104% [17] Future Plans and Capital Expenditure - **Capital Expenditure**: - Focus on completing the Guangxi integrated project and gradual advancement of the Brunei Phase II project [23] - **Production Strategy**: - No plans for a permanent production cut mechanism; adjustments will be made based on market conditions [25] This summary encapsulates the key points from the conference call, highlighting the financial performance, market dynamics, future outlook, and strategic plans of Hengyi Petrochemical.

Market Overview - The refining and trading sector experienced a decline of 0.55% on August 19, with Unified Corporation leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Kangzhidun (603798) with a closing price of 13.75, up 10.00% [1] - Yucao Co. (002476) with a closing price of 5.15, up 4.46% [1] - Bohui Co. (300839) with a closing price of 15.34, up 2.82% [1] - Major decliners included: - Unified Corporation (600506) with a closing price of 22.21, down 3.18% [2] - Hengyi Petrochemical (000703) with a closing price of 6.05, down 2.10% [2] - Yuxin Co. (002986) with a closing price of 12.48, down 1.65% [2] Capital Flow - The refining and trading sector saw a net outflow of 391 million yuan from main funds, while retail investors contributed a net inflow of 240 million yuan [2] - The sector's capital flow details indicate: - Kangzhidun (603798) had a net inflow of 26.49 million yuan from main funds [3] - Unified Corporation (000819) had a net inflow of 20.99 million yuan from main funds [3] - Yucao Co. (002476) had a net inflow of 16.84 million yuan from main funds [3]