Core Viewpoint - The polyester industry is experiencing a recovery, and Hengyi Petrochemical's Qinzhou project is about to commence production, positioning the company as a leading player in the industry [1] Industry Summary - The polyester industry is undergoing a recovery phase, with a focus on technological research and development, scale effects, and differentiated product development [1] - The industry is benefiting from policies aimed at stabilizing growth and reducing internal competition [1] Company Summary - Hengyi Petrochemical is leveraging its technological advantages and scale to strengthen its market position [1] - The Qinzhou integrated project is set to launch, which is expected to drive the company's growth [1] - The company anticipates that its 1.2 million tons of caprolactam-nylon project in Guangxi will begin production in the second half of 2025, contributing to its performance with products including civilian fibers, engineering plastics, and films [1] - The company is expected to enhance its upstream and downstream supply chain, leading to improved operational efficiency and profitability as industry consolidation deepens [1] - The company is rated with a "buy" recommendation due to its promising future growth potential [1]

Core Viewpoint - The polyester industry is experiencing a recovery, with Hengyi Petrochemical's Qinzhou project set to commence production, positioning the company as a leading player in the market [1] Industry Summary - The polyester industry is witnessing a recovery in its economic environment, driven by industry consolidation and supportive growth policies [1] - The company is expected to benefit from the ongoing integration within the petrochemical sector, enhancing its profitability [1] Company Summary - Hengyi Petrochemical is leveraging its technological research and development advantages, along with economies of scale, to strengthen its market position [1] - The company has established significant competitive advantages in differentiated product development, intelligent production, and full industry chain collaboration [1] - The Qinzhou caprolactam-polyamide integrated project is anticipated to boost the company's growth [1] - The company expects the first phase of its Guangxi 1.2 million tons caprolactam-polyamide project to commence production in the second half of 2025, with products including civilian fibers, engineering plastics, and films [1] - The commencement of this project is projected to further enhance the company's performance and effectively strengthen its upstream and downstream supply chain [1] - The company is optimistic about its future growth potential and has been given a "buy" rating for the first time [1]

Group 1 - The Ministry of Industry and Information Technology and six other departments released a work plan for the petrochemical industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual increase of over 5% in the industry's added value [1] - The plan emphasizes enhancing high-end supply by focusing on key industrial chains such as integrated circuits, new energy, and medical equipment, supporting critical product breakthroughs in electronic chemicals, high-end polyolefins, high-performance fibers, special rubber, and high-performance membrane materials [1] - The plan promotes quality improvement in supply and demand by organizing product matching activities and establishing long-term stable cooperation between production enterprises and downstream users in traditional sectors like construction, automotive, and shipping [1] Group 2 - The polyester industry is experiencing an improvement in supply-demand dynamics, with a significant slowdown in new capacity additions, as 650,000 tons of new polyester filament capacity was added in the first half of 2025 [2] - Domestic demand is steadily growing, with China's total retail sales of consumer goods increasing by 5% year-on-year in the first half of 2025, and the textile and apparel sector growing by 3.1% [2] - The company is set to launch its integrated caprolactam-nylon project in Qinzhou, which is expected to enhance its performance and strengthen its upstream and downstream supply chain [2] Group 3 - The company's profitability is expected to recover with the advancement of stabilization policies in the petrochemical industry, with projected net profits of 430 million, 650 million, and 820 million yuan for 2025, 2026, and 2027 respectively [3] - The company's price-to-earnings ratios are projected to be 56, 37, and 29 times for the years 2025, 2026, and 2027 based on the closing price on October 9, 2025 [3] - The company is viewed positively for its future growth potential, receiving an initial "buy" rating [3]

Core Viewpoint - The company, Hengyi Petrochemical, will pay the fifth-year interest on its convertible bonds on October 16, 2025, at a rate of 1.5% for the period from October 16, 2024, to October 15, 2025, with a total interest payment of 15.00 CNY for every 10 bonds held [2][12]. Summary by Sections Bond Basic Information - The convertible bonds, named "Hengyi Convertible Bonds," were issued with a total scale of 2 billion CNY, consisting of 20 million bonds, each with a face value of 100 CNY [2][8]. - The bonds have a maturity period of 6 years, from October 16, 2020, to October 15, 2026 [2][8]. Interest Payment Details - The interest rates for the bonds are structured as follows: 0.2% for the first year, 0.4% for the second year, 0.6% for the third year, 1.2% for the fourth year, 1.5% for the fifth year, and 2.0% for the sixth year [3][10]. - The interest payment will be made annually, with the next interest period starting on October 16, 2025 [2][6]. Taxation Information - Individual investors will have a 20% tax withheld on the interest income, resulting in a net payment of 12.00 CNY for every 10 bonds after tax [12][15]. - Qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax, receiving the full interest amount of 15.00 CNY for every 10 bonds [12][15]. Bondholder Eligibility - The interest payment is applicable to all bondholders registered with the China Securities Depository and Clearing Corporation as of October 15, 2025 [13][14]. Contact Information - The company provides contact details for inquiries regarding the bonds, including the address and phone numbers for Hengyi Petrochemical and its underwriting institution, CITIC Securities [16].

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-097 | | --- | --- | --- | | 债券代码：127022 | 债券简称：恒逸转债 | | 恒逸石化股份有限公司 关于"恒逸转债"2025 年付息公告 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、"恒逸转债"将于 2025 年 10 月 16 日按面值支付第五年利息，每 10 张"恒 逸转债"（合计面值 1,000 元）利息为 15.00 元（含税） 2、债权登记日：2025 年 10 月 15 日 3、除息日：2025 年 10 月 16 日 4、付息日：2025 年 10 月 16 日 5、"恒逸转债"票面利率：第一年 0.2%、第二年 0.4%、第三年 0.6%、第四 年 1.2%、第五年 1.5%、第六年 2.0%。 6、本次付息的债权登记日为 2025 年 10 月 15 日，凡在 2025 年 10 月 15 日 （含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 10 月 15 日卖出本期债券的投资者不享有本次派发的 ...

Core Viewpoint - Hengyi Petrochemical (000703) announced on October 10 that as of September 30, 2025, the company has repurchased a total of 29,240,840 shares through a dedicated securities account via centralized bidding, representing 0.81% of the company's total share capital [1] Summary by Category - **Share Repurchase Details** - The company has completed the fifth phase of its share repurchase program, acquiring 29,240,840 shares [1] - This repurchase accounts for 0.81% of the total share capital of Hengyi Petrochemical [1]

Core Viewpoint - Hengyi Petrochemical (000703.SZ) has announced the completion of its fifth phase of share repurchase, acquiring a total of 29,240,840 shares, which represents 0.81% of the company's total share capital [1] Summary by Categories Share Repurchase Details - The repurchase was conducted through a dedicated securities account via centralized bidding [1] - The highest transaction price was 6.62 CNY per share, while the lowest was 5.97 CNY per share [1] - The total amount spent on the repurchase was 184,899,176.08 CNY, excluding commissions and transfer fees [1] Compliance and Strategy - The share repurchase complies with relevant laws and regulations [1] - The repurchase aligns with the company's established repurchase plan [1]

证券代码：000703 证券简称：恒逸石化 公告编号：2025-095 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》等相关法律法规的规定，上市公司在回购期间应当在 每个月的前三个交易日内披露截至上月末的回购进展情况。现将公司回购进展情 况公告如下： 截至 2025 年 9 月 30 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购（第五期）股份数 29,240,840 股，占公司总股本的 0.81%，最高成交价为 6.62 元/股，最低成交价为 5.97 元/股，成交的总金额为 184,899,176.08 元（不含 佣金、过户费等交易费用）。本次回购股份符合相关法律法规的要求，符合公司 既定的回购方案要求。 三、其他事项 恒逸石化股份有限公司 关于回购公司股份（第五期）事项的进展公告 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、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于 2024 年 10 月 22 日召开的第十二届董事会第十五次会议审议通过了《关于以集中竞价 ...

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：127022 | 债券简称：恒逸转债 | | | 债券代码：127067 | 债券简称：恒逸转 2 | | 恒逸石化股份有限公司 2025 年第三季度可转换公司债券转股情况公告 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、"恒逸转债"（债券代码：127022）转股期为2021年4月22日至2026年10 月15日；转股价格为9.14元/股（因公司已实施2020年度权益分派方案，恒逸转 债的转股价格于2021年7月6日起由原来的11.50元/股调整为11.20元/股；因公司 已实施2021年度权益分派方案，恒逸转债的转股价格于2022年7月7日起由原来 的11.20元/股调整为11.00元/股；因公司已实施2023年度权益分派方案，恒逸转 债的转股价格于2024年6月26日起由原来的11.00元/股调整为10.91元/股；因转股 价格向下修正，恒逸转债的转股价格于2024年11月19日起由原来的10.9 ...

Core Insights - The article discusses the growth and current status of China's synthetic fiber industry, highlighting production statistics and future trends [1] Industry Overview - In August 2025, China's synthetic fiber production reached 6.8 million tons, marking a year-on-year increase of 7.5% [1] - From January to August 2025, the cumulative production of synthetic fibers in China was 52.773 million tons, reflecting a cumulative growth of 5.7% [1] Companies Mentioned - The article lists several companies involved in the synthetic fiber industry, including Hengyi Petrochemical, Rongsheng Petrochemical, Xin Fengming, Tongkun Co., Hengli Petrochemical, Jilin Chemical Fiber, Huafeng Chemical, Aoyang Health, Taihe New Materials, and Jiangnan High Fiber [1] Research Report - The insights are based on a report by Zhiyan Consulting titled "2025-2031 China Synthetic Fiber Industry Market Status Investigation and Development Trend Judgment Report" [1]