Price Trends - Domestic refining project price spread this week is 2579 CNY/ton, up by 18 CNY/ton (1%) week-on-week[2] - International refining project price spread this week is 1077 CNY/ton, down by 33 CNY/ton (-3%) week-on-week[2] Polyester Sector - Average prices for POY, FDY, and DTY are 6789, 7100, and 7986 CNY/ton respectively, with week-on-week increases of 61, 57, and 57 CNY/ton[2] - Weekly average profits for POY, FDY, and DTY are 35, -25, and -34 CNY/ton respectively, with week-on-week changes of +18, +16, and +16 CNY/ton[2] - Inventory days for POY, FDY, and DTY are 13.8, 22.7, and 27.8 days respectively, with week-on-week changes of -2.3, -0.6, and -0.4 days[2] - Operating rate for polyester filament is 90.7%, up by 0.1 percentage points week-on-week[2] Refining Sector - Domestic gasoline, diesel, and aviation fuel prices have decreased this week[2] - US aviation fuel prices have also decreased this week[2] Chemical Sector - PX average price is 841.1 USD/ton, up by 9.0 USD/ton week-on-week, with a price spread against crude oil of 353.3 USD/ton, up by 5.3 USD/ton week-on-week[2] - PX operating rate is 84.6%, up by 1.4 percentage points week-on-week[2] Risks - Project implementation progress may fall short of expectations[2] - Macroeconomic growth slowdown could lead to weaker-than-expected demand recovery[2] - Geopolitical risks may cause fluctuations in raw material prices[2] - Significant changes in industry capacity may occur[2] - Statistical discrepancies and calculation errors may arise[2]

Group 1 - Hengyi Petrochemical (000703.SZ) reported a significant recovery in Q2 performance, with Q2 revenue of 28.79 billion yuan, a year-on-year decrease of 13.0%, but a quarter-on-quarter increase of 6.0%. The net profit attributable to shareholders was 175 million yuan, showing a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3] - Hongdian East Magnet (002056.SZ) achieved a revenue of 11.936 billion yuan in H1 2025, a year-on-year increase of 24.76%, and a net profit of 1.02 billion yuan, up 58.94% year-on-year. Q2 revenue was 6.713 billion yuan, with a year-on-year increase of 25.87% and a net profit of 562 million yuan, reflecting a year-on-year increase of 94.80% [3] - Guotai Group (603977.SH) reported H1 2025 revenue of 1.059 billion yuan, a year-on-year decrease of 6.03%, and a net profit of 121 million yuan, down 11.14%. The net cash flow from operating activities was 142 million yuan, up 16.73% year-on-year [4] Group 2 - Kingsoft Cloud (3896.HK) reported total revenue of 2.349 billion yuan in Q2 2025, with year-on-year and quarter-on-quarter growth of 24.2% and 19.3%, respectively. Adjusted EBITDA reached 406 million yuan, a year-on-year increase of 570.1%, with an adjusted EBITDA margin of 17.3%, reflecting significant improvements in revenue structure and cost efficiency [6] - Huali Group (300979.SZ) achieved H1 2025 revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, but net profit decreased by 11.1% to 1.67 billion yuan. The company proposed a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [7] - ZhiYue Education Group (3978.HK) reported a gross margin of 45.0% in H1 2025, a slight year-on-year increase of 0.1 percentage points, although the overall gross margin was impacted by a higher proportion of low-margin business [8] - WuXi Biologics (2269.HK) achieved revenue of 9.953 billion yuan in H1 2025, a year-on-year increase of 16.1%, and a net profit of 2.339 billion yuan, up 56.0% year-on-year. The gross margin improved by 3.6 percentage points to 42.7%, indicating significant earnings improvement [8]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 due to improved refining and polyester filament margins [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 55.96 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 230 million yuan, down 47.3% year-on-year [4]. - In Q2 2025, the company recorded revenue of 28.79 billion yuan, a year-on-year decline of 13.0% but a quarter-on-quarter increase of 6.0%. The net profit for Q2 was 175 million yuan, showing a significant year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [4]. Group 2: Market Conditions - The average Brent crude oil price in Q2 2025 was $66.76 per barrel, down 22% year-on-year and 11% quarter-on-quarter. The naphtha cracking margin was -50 yuan/ton, up 19 yuan/ton year-on-year and 20 yuan/ton quarter-on-quarter [5]. - The refining margin was 1,111 yuan/ton, an increase of 420 yuan/ton year-on-year and 158 yuan/ton quarter-on-quarter, indicating improved profitability in refining operations [5]. Group 3: Regional Market Dynamics - The Southeast Asian refined oil supply-demand gap is expected to continue expanding, with a projected shortfall of 68 million tons by 2026 due to the exit of over 30 million tons of refining capacity from the market between 2020 and 2023 [6][7]. - The company has established a refining capacity of 8 million tons per year through its Brunei refining project, which is expected to benefit from the tightening supply-demand dynamics in the region [6][7]. Group 4: Product Development and Strategy - The company has a total polyester production capacity of 13.25 million tons per year, with a focus on differentiated high-value products. The proportion of differentiated fiber production has increased to 27% in H1 2025 [8]. - The company is accelerating the development of biodegradable fibers and other high-value products, aiming to lead technological advancements in the fiber industry towards low-carbon and circular economy practices [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a significant recovery in Q2 2025, with a notable increase in net profit compared to the previous quarter, driven by improved refining and polyester filament price spreads [4][7] - The company is accelerating its layout of high-value differentiated products, with a focus on biodegradable fibers and other high-margin products, positioning itself for future growth [6][7] - The Brunei refining project is expected to benefit from the expanding supply-demand gap in the Southeast Asian refined oil market, enhancing the company's competitive advantage [5][7] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 55.96 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 230 million yuan, down 47.3% year-on-year. In Q2 alone, revenue was 28.79 billion yuan, down 13.0% year-on-year but up 6.0% quarter-on-quarter, with a net profit of 175 million yuan, a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3][4] Market Conditions - The average Brent crude oil price in Q2 2025 was $66.76 per barrel, down 22% year-on-year and 11% quarter-on-quarter. The price spread for refining improved significantly, indicating a recovery in the company's performance despite a challenging market environment [4] Growth Prospects - The company has a total polyester production capacity of 13.25 million tons per year, with a focus on differentiated products. The proportion of differentiated fiber production has increased to 27%, leading the industry [6] - The Southeast Asian refined oil market is projected to face a supply-demand gap of 68 million tons by 2026, which the company is well-positioned to exploit through its Brunei refining project [5][7] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to the declining industry outlook, with expected net profits of 580 million yuan, 764 million yuan, and 965 million yuan respectively. The report maintains a positive outlook on the company's future growth potential [7][8]

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 ...

Group 1 - A new company, Hengyi Thermal Power (Turpan) Co., Ltd., has been established with a registered capital of 200 million yuan [1] - The legal representative of the new company is Ni Defeng [1] - The business scope includes thermal power production and supply, power generation technology services, key technology research and development for waste heat power generation, and various power transmission and distribution services [1] Group 2 - The company is wholly owned by Zhejiang Hengyi Group Co., Ltd. through indirect shareholding [1]

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]