Core Viewpoint - The company is a leading integrated enterprise in the "refining-chemical-fiber" sector, focusing on polyester and chemical fiber production, with a strong emphasis on upstream expansion and international projects, particularly in Brunei [1] Group 1: Company Overview - The company was established in 1974 and officially formed as Zhejiang Hengyi Group in 1994, with its subsidiary Hengyi Petrochemical listed in 2011 [1] - The company has gradually divested from textile dyeing and printing, concentrating on chemical fiber and polyester industries, and has developed a complete industrial chain from crude oil processing to chemical fiber products [1] - Current production capacities include 8 million tons of refining, 21.5 million tons of PTA, and 13.25 million tons of polymerization, showcasing global competitiveness [1] Group 2: Financial Performance - In the first three quarters of 2023, the company achieved operating revenue of 83.885 billion yuan, a year-on-year decrease of 11.5%, while net profit attributable to shareholders was 231 million yuan, a slight increase of 0.1%, indicating a stabilization in operational performance [1] Group 3: Market Dynamics - The overseas cracking price spread has expanded due to reduced Russian refining capacity, benefiting the company's Brunei refining project, which has a crude oil processing capacity of 8 million tons [2] - The company’s refining segment is expected to recover profitability due to favorable overseas price spreads, with ongoing developments in the Brunei Phase II project aimed at reducing production costs and optimizing product structure [2] Group 4: Industry Trends - The PTA, polyester filament, polyester bottle chips, and caprolactam sectors are experiencing a "reverse involution," with expectations for improved profitability as industry policies are implemented [3][4] - The PTA supply side is seeing a slowdown in capacity expansion, with projected industry output growth of 4% in 2026 and 2027, while demand is expected to increase due to new downstream capacities [4] - The polyester filament sector is also stabilizing, with a balanced supply-demand outlook and expected growth in both domestic and export markets [5] Group 5: New Initiatives - The company is advancing a circular new materials project, with plans to produce 300,000 tons of BHET, leveraging a network of textile recycling points to promote resource circularity and reduce reliance on traditional petrochemical materials [8] Group 6: Investment Outlook - Revenue growth is projected at -13.7%, 5.9%, and 2.3% for 2025-2027, with net profit growth expected at 41.6%, 429.6%, and 27.7% respectively, supported by the company's unique position in overseas refining operations [9] - A target price of 11.96 yuan per share is set for 2026, with an initial buy rating assigned [9]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 11.96 CNY per share, based on a projected PE of 25 times for 2026 [4][12]. Core Insights - The company is a global leader in the integrated "refining-chemical-fiber" industry, focusing on polyester and chemical fiber production while expanding upstream through international projects [2][20]. - The company benefits from the expansion of overseas cracking margins, particularly from its Brunei refinery, which is expected to enhance profitability in the refining segment [3][54]. - Multiple product lines are undergoing a "de-involution" process, which is anticipated to improve industry dynamics and profitability [4][65]. Summary by Sections 1. Global Leader in "Refining-Chemical-Fiber" Integration - The company has evolved from its origins in textile manufacturing to focus on chemical fiber and polyester, establishing a unique dual business model in China [2][17]. - Current capacities include 8 million tons of refining, 21.5 million tons of PTA, and 13.25 million tons of polymerization, positioning the company competitively on a global scale [2][20]. 2. Expansion of Overseas Cracking Margins - The company’s Brunei refinery, with a processing capacity of 8 million tons, is benefiting from increased global product margins due to reduced Russian refining capacity [3][54]. - The refinery's strategic location and the ongoing second phase of the project are expected to further enhance production efficiency and profitability [55][62]. 3. Multiple Products Initiating "De-Involution" - The company is actively participating in industry-wide initiatives to stabilize and improve profitability across various product lines, including PTA and polyester [4][65]. - The expected supply-demand balance improvements in PTA and other products are projected to enhance the company's profit margins [8][10]. 4. Commitment to Green Transformation - The company is advancing a circular materials project aimed at recycling textile waste into chemical raw materials, promoting resource utilization and reducing reliance on traditional petrochemical inputs [11][62]. 5. Profit Forecast - Revenue growth is projected to be -13.7% in 2025, followed by 5.9% in 2026 and 2.3% in 2027, with net profit growth expected to be significantly higher in the following years [12][13].

从本次卖出价格来看，恒逸石化第四期员工持股计划以及恒逸集团及附属企业之部分员工信托计划均以 大幅亏损收场。 全文请见：14亿元大宗交易背后的"心酸往事"：恒逸石化第四期员工持股计划参与者亏损惨重，控股股 东接盘于事无补 12月15日晚，恒逸石化（000703）公告其控股股东及一致行动人通过大宗交易增持公司近14亿元。而公 告后的首个交易日，恒逸石化的股价却出现大幅下跌，盘中最大跌幅超过9%！面对如此重大利好，恒 逸石化的股价为何表现如此之差？ 每经资本眼专栏记者调查发现，2025年12月5日，恒逸石化发生五笔大宗交易，成交价均为8.23元，合 计成交量约为1.7亿股。这1.7亿股中约有1.62亿股，来自于恒逸石化第四期员工持股计划以及恒逸集团 及附属企业之部分员工信托计划。 ...

不久前，恒逸石化全资子公司曾陷入舆情风波，而近期公司发布的增持公告又牵出一段"心酸往事"。 12月15日晚，恒逸石化公告其控股股东及一致行动人通过大宗交易增持公司近14亿元。而公告后的首个交易日，恒逸石化的股价却出现大幅下跌，盘中 最大跌幅超过9%！面对如此重大利好，恒逸石化的股价为何表现如此之差？对此，每经资本眼专栏记者展开调查。控股股东增持股份来源主要为公司第 四期员工持股计划 恒逸石化是全球领先的"炼油—化工—化纤"全产业链一体化龙头企业，构建起国内独有的"涤纶+锦纶"双主业驱动模式。依托"文莱炼化基地—国内聚酯 产业"的境内外协同联动优势，公司已形成上中下游垂直整合、各业务板块均衡发展的柱状产业布局。 2025年12月15日晚间，恒逸石化发布了关于控股股东及其一致行动人增持公司股份进展的公告。该公告显示，2025年12月15日，公司控股股东浙江恒逸 集团有限公司（以下简称"恒逸集团"）以大宗交易的方式，增持公司股份约1.22亿股，增持金额约为10亿元（不含手续费）；控股股东的一致行动人杭 州恒逸投资有限公司（以下简称"恒逸投资"）以大宗交易的方式，增持公司股份约4784万股，增持金额为3.94亿元（不 ...

Market Overview - On December 15, the Shanghai Composite Index fell by 0.55%, while the total margin financing balance in the market reached 2505.67 billion yuan, an increase of 4.27 billion yuan from the previous trading day [1] - The margin financing balance in the Shanghai Stock Exchange was 1266.83 billion yuan, up by 2.60 billion yuan; in the Shenzhen Stock Exchange, it was 1231.13 billion yuan, an increase of 1.67 billion yuan; and in the Beijing Stock Exchange, it was 7.72 billion yuan, up by 0.36 million yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 11 sectors saw an increase in financing balance, with the electronics sector leading with an increase of 2.43 billion yuan, followed by the defense and military industry and the electric equipment industry, which increased by 1.53 billion yuan and 1.22 billion yuan, respectively [1] Stock Performance - A total of 1830 stocks experienced an increase in financing balance, accounting for 48.76% of the market, with 237 stocks showing an increase of over 5% [1] - The stock with the highest increase in financing balance was KQ Co., Ltd., with a latest financing balance of 13.30 million yuan, reflecting a 72.46% increase from the previous trading day, and its stock price rose by 29.97% [1] - Other notable stocks with significant increases in financing balance included Tianli Composite and Tongyu Communication, with increases of 70.14% and 46.96%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the highest increase in financing balance, the average increase in stock price was 6.89%, with KQ Co., Ltd., Star Ring Technology-U, and Guanzhong Ecology leading with increases of 29.97%, 17.27%, and 14.68%, respectively [2] - Conversely, the stocks with the largest declines in financing balance included Meizhigao, with a decrease of 50.14%, followed by Hengyi Petrochemical and Kexin New Materials, with declines of 34.53% and 26.26%, respectively [5][6]

Group 1 - The core point of the announcement is that the controlling shareholder, Zhejiang Hengyi Group Co., Ltd., and its concerted party, Hangzhou Hengyi Investment Co., Ltd., plan to increase their shareholding in Hengyi Petrochemical Co., Ltd. by investing between 1.5 billion yuan and 2.5 billion yuan over a six-month period starting from December 2, 2025 [2][3] - The increase in shareholding aims to boost investor confidence and ensure the company's sustainable and healthy development [2] - On December 15, 2025, Hengyi Group acquired 122,199,485 shares for 1,005.70 million yuan, while Hengyi Investment acquired 47,841,104 shares for 393.73 million yuan through block trading [3] Group 2 - After the share increase, Hengyi Group and Hengyi Investment's combined shareholding rose from 50.28% to 55.00%, representing 4.72% of the total share capital as of December 10, 2025 [4] - When excluding shares in the company's repurchase account, their combined shareholding increased from 54.88% to 60.03%, accounting for 5.15% of the total share capital [4] - The announcement also details the completion of a trust plan that sold 47,841,104 shares, which accounted for 1.33% of the total share capital, to Hengyi Group's concerted party, Hengyi Investment [10]

格隆汇12月15日丨恒逸石化(000703.SZ)公布，接到控股股东浙江恒逸集团有限公司集合资金信托计划 管理委员会（简称"信托管理委员会"）的通知，控股股东及附属企业之部分员工信托计划（简称"信托 计划"）所持有的公司股份已通过大宗交易方式全部出售完毕，本次信托计划持有的公司股票47,841,104 股于2025年12月15日通过大宗交易方式全部出售完毕，占公司总股本的1.33%。大宗交易的受让方为公 司控股股东恒逸集团的一致行动人杭州恒逸投资有限公司。根据本信托计划的有关规定，后续信托管理 委员会将进行本信托计划相关资产清算和分配等工作，并按规定终止本期信托计划。 ...

格隆汇12月15日丨恒逸石化(000703.SZ)公布，近日，接第四期员工持股计划管理委员会的通知，公司 第四期员工持股计划持有的公司股票113,754,600股于2025年12月15日通过大宗交易方式全部出售完毕， 占公司总股本的3.16%。大宗交易的受让方为公司控股股东浙江恒逸集团有限公司。 ...

Core Viewpoint - Hengyi Petrochemical has received notifications from its controlling shareholder Hengyi Group and its concerted party Hengyi Investment regarding their plan to increase their shareholding in Hengyi Petrochemical to multiples of 5% [1] Group 1: Shareholding Increase - On December 15, 2025, Hengyi Group increased its shareholding by acquiring 122,199,485 shares for a total amount of 1,005.70 million yuan (excluding fees) through a block trade on the Shenzhen Stock Exchange [1] - On the same day, Hengyi Investment acquired 47,841,104 shares for a total amount of 393.73 million yuan (excluding fees) through a block trade on the Shenzhen Stock Exchange [1] - Following this increase, Hengyi Group and Hengyi Investment's combined shareholding rose from 50.28% to 55.00% based on the total share capital as of December 10, 2025, representing 4.72% of the total share capital [1] Group 2: Adjusted Shareholding Calculation - When excluding the shares held in the company's repurchase account, the combined shareholding of Hengyi Group and Hengyi Investment increased from 54.88% to 60.03%, accounting for 5.15% of the total share capital [1]

格隆汇12月15日丨恒逸石化(000703.SZ)公布，公司收到控股股东恒逸集团及其一致行动人恒逸投资 《关于增持恒逸石化股份比例达到5%整数倍的告知函》及《简式权益变动报告书》，2025年12月15 日，恒逸集团通过深圳证券交易所交易系统，以大宗交易的方式增持公司股份122,199,485股，增持金额 为100,570.18万元（不含手续费）；2025年12月15日，恒逸投资通过深圳证券交易所交易系统，以大宗 交易的方式增持公司股份47,841,104股，增持金额为39,373.23万元（不含手续费）。本次增持后，控股 股东恒逸集团及其一致行动人恒逸投资持有股份情况如下：1.以2025年12月10日总股本计算，恒逸集团 及恒逸投资本次合计增持股份占公司总股本的4.72%，恒逸集团及恒逸投资合计持股比例从50.28%增加 至55.00%；2.以2025年12月10日公司总股本剔除公司回购专用账户中的股份数量计算，恒逸集团及恒逸 投资本次合计增持股份占公司总股本的5.15%，恒逸集团及恒逸投资合计持股比例从54.88%增加至 60.03%。 ...