Summary of Hengyi Petrochemical Conference Call Company Overview - **Company**: Hengyi Petrochemical - **Date**: Q3 2025 Conference Call Key Points Financial Performance - In Q3 2025, Hengyi Petrochemical achieved a near breakeven point with a total profit of 230 million yuan for the first three quarters [2][4] - The polyester segment was the largest contributor, generating 800 million yuan in revenue, with 120 million yuan in Q3 alone [2][4] - The company earned 130 million yuan from its stake in China Merchants Bank [2][4] - Losses were reported in the caprolactam, PTA, and refining segments, with PTA losing 160 million yuan in Q3 and refining losing over 30 million yuan [2][4] Market Dynamics - The average price differential for diesel in October reached 24 USD, up from 14 USD in the same period last year, while gasoline price differential doubled to 12 USD [2][4] - Styrene price differential fell to 100 USD, down from last year's peak of 200-300 USD, influenced by adjustments in European facilities [2][4] - The operating rate of Hengyi Petrochemical is approximately 80%, consistent with the industry average [2][3] Supply and Demand - The bottle chip production has been reduced by 10-20% due to new capacity leading to supply-demand imbalance [2][3] - The nylon market is experiencing cash flow and profit declines due to increased supply, with an additional 770,000 tons entering the market, representing about 10% of total market volume [2][6] - Future production plans are expected to decrease over the next two years, which may help absorb excess supply [2][6] Strategic Initiatives - Hengyi Petrochemical is focusing on research breakthroughs and differentiated products, avoiding further investments in redundant capacity [3][13] - The company has signed a 1 million-ton agreement with the Jingzhou government, but actual implementation volume remains uncertain [3][13] - The Brunei project is progressing, with a total investment of 5 billion USD for the second phase, where Hengyi holds a 70% stake [3][11][13] Collaboration and Industry Position - Hengyi maintains a collaborative approach with Rongsheng Petrochemical in PTA and bottle chip sectors, supporting industry price maintenance and joint production cuts [3][16] - The company is actively participating in discussions regarding production cuts in the PTA sector, although no agreements have been reached yet [3][5] Future Outlook - The company anticipates improved profitability from the Guangxi project, which is currently in trial production, with expectations of becoming a leading player in the nylon sector [2][12] - The Brunei project is expected to enhance cost advantages once the second phase is operational, optimizing material balance and increasing the proportion of profitable products [3][20] - The Southeast Asian market is characterized by a supply-demand gap, with Hengyi positioned to benefit from regional growth and proximity to key markets [3][18][19] Risks and Challenges - The company faces pressure on profitability from the Brunei project, despite some revenue from refined oil products [3][11] - The nylon market's cash flow is currently negative, and the company is implementing production cuts to stabilize prices [2][6][10] Conclusion - Hengyi Petrochemical is navigating a challenging market environment with strategic initiatives aimed at enhancing profitability and maintaining competitive positioning in the polyester and refining sectors while addressing supply-demand imbalances and collaborating with industry peers for sustainable growth [2][3][4][5][6][11][12][13][20]

Market Overview - The Shanghai Composite Index increased by 0.06% as of 10:28 AM, with a trading volume of 672.42 million shares and a transaction value of 10,685.29 billion yuan, representing an 11.01% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Basic Chemicals: +1.84%, transaction value of 908.73 billion yuan, led by Dongyue Silicon Material (+12.13%) [1] - Comprehensive: +1.54%, transaction value of 34.96 billion yuan, led by Yuegui Co. (+10.03%) [1] - Oil and Petrochemicals: +1.36%, transaction value of 80.45 billion yuan, led by Hengyi Petrochemical (+7.23%) [1] - The sectors with the largest declines included: - Communication: -1.67%, transaction value of 474.01 billion yuan, led by Guodun Quantum (-6.66%) [2] - Electronics: -1.29%, transaction value of 1,792.18 billion yuan, led by Tiancheng Technology (-9.79%) [2] - Machinery Equipment: -0.74%, transaction value of 619.94 billion yuan, led by Degute (-19.99%) [2] Notable Stocks - The leading stocks in the rising sectors included: - Dongyue Silicon Material (+12.13%) in Basic Chemicals [1] - Yuegui Co. (+10.03%) in Comprehensive [1] - Hengyi Petrochemical (+7.23%) in Oil and Petrochemicals [1] - The leading stocks in the declining sectors included: - Guodun Quantum (-6.66%) in Communication [2] - Tiancheng Technology (-9.79%) in Electronics [2] - Degute (-19.99%) in Machinery Equipment [2]

Core Viewpoint - The A-share market shows mixed performance with sectors like lithium battery electrolyte and fluorochemical leading the gains, indicating a positive trend in the chemical industry driven by demand from the new energy sector [1] Group 1: Market Performance - On November 10, the A-share market experienced a divergence in performance, with the Zhongzheng Petrochemical Industry Index rising over 2%, and stocks like Luxi Chemical hitting the daily limit [1] - The Petrochemical ETF (159731) has seen significant net inflows, totaling 101 million yuan over the past 10 trading days, indicating strong investor interest [1] Group 2: Industry Trends - In September, the production of new energy vehicles reached 1.58 million units, accounting for 49% of total automobile production, with lithium iron phosphate batteries making up 73% of domestic power battery sales [1] - The lithium battery industry is entering a peak season in October, with production across the entire supply chain expected to increase by 3% to 9% month-on-month and 21% to 51% year-on-year [1] - Cumulative production of lithium carbonate, batteries, and key materials has shown a year-on-year increase of 27% to 58% as of October, with significant growth in battery anode materials and electrolytes exceeding 40% year-on-year [1] Group 3: Investment Recommendations - CITIC Securities highlights three main trading themes in the chemical sector: 1. The demand for energy storage is boosting the industry's overall outlook, with a reshaping of supply and demand dynamics for upstream lithium battery materials [1] 2. Continued efforts to combat internal competition in the chemical sector are expected to lead to a recovery in chemical product prices [1] 3. The chemical industry is experiencing high levels of prosperity, with core business expected to maintain strong growth [1] Group 4: ETF and Fund Insights - The Petrochemical ETF (159731) and its linked funds closely track the Zhongzheng Petrochemical Industry Index, with the basic chemical industry accounting for 60.8% and the oil and petrochemical industry for 32.2%, positioning them to benefit from the improved industry outlook and anti-internal competition policies [2]

Group 1 - The company is convening its third extraordinary general meeting of shareholders in 2025, which has been approved by the board of directors [2][3] - The meeting will take place on November 14, 2025, at 14:30, with network voting available from 9:15 to 15:00 on the same day [3][4] - Shareholders must register by November 10, 2025, to attend the meeting, either in person or through a proxy [9][10] Group 2 - The meeting will discuss proposals that impact the interests of minority investors, with separate voting counts for these shareholders [8] - Proposal 1 involves a related party transaction, and related parties are required to abstain from voting [8][9] - The meeting will be held at the company's conference room located in Hangzhou [6]

证券代码：000703 证券简称：恒逸石化 公告编号：2025-109 恒逸石化股份有限公司 关于召开 2025 年第三次临时股东会的提示性公告 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。 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次股东会的召开经第十二届董事会第二十八次会议审议通过，本次会议的召集、 召开符合《中华人民共和国公司法》《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 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 14 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 14 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 11 月 14 日 9:15 至 15:00 的任意时间。 8、会议地点：杭州市萧山 ...

Core Viewpoint - Hengyi Petrochemical's stock price has shown fluctuations, with a year-to-date increase of 6.34% and a recent decline over the past five trading days [1][2]. Group 1: Stock Performance - On November 6, Hengyi Petrochemical's stock rose by 2.00%, reaching 6.63 CNY per share, with a trading volume of 50.87 million CNY and a turnover rate of 0.22% [1]. - The company's market capitalization stands at 23.885 billion CNY [1]. - Year-to-date, the stock has increased by 6.34%, while it has decreased by 2.93% over the last five trading days and by 0.45% over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hengyi Petrochemical reported a revenue of 83.885 billion CNY, a year-on-year decrease of 11.53%, while the net profit attributable to shareholders was 231 million CNY, reflecting a slight increase of 0.08% [2]. - The company has distributed a total of 5.617 billion CNY in dividends since its A-share listing, with 504 million CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hengyi Petrochemical was 37,900, a decrease of 6.30% from the previous period, with an average of 94,475 circulating shares per shareholder, an increase of 4.86% [2]. - Among the top ten circulating shareholders, Shenwan Hongyuan Securities Co., Ltd. holds 70.0378 million shares, an increase of 1.4584 million shares compared to the previous period [2].

Core Points - Hengyi Petrochemical has completed the relevant registration changes and obtained a new business license from the Administrative Approval Bureau of the China-Malaysia Qinzhou Industrial Park [2] Group 1 - The company has successfully completed the change of registration procedures [2] - The new business license was issued by the relevant administrative authority in the Qinzhou Industrial Park [2]

类型：其他股份有限公司（上市） 住所：钦州市钦州港临海大道 68 号 恒逸石化股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 根据恒逸石化股份有限公司（以下简称"公司"）第十二届董事会第二十三 次会议、2024 年年度股东大会审议通过的《关于变更第二期回购股份用途并注 销的议案》《关于减少注册资本并修订<公司章程>的议案》，同意减少公司注册 资本，并对《公司章程》中的相应条款进行修订。具体内容详见公司刊载于巨潮 资讯网（http://www.cninfo.com.cn）的《关于减少注册资本并修订<公司章程>的 公告》（公告编号：2025-049）。 根据公司第十二届董事会第二十六次会议、2025 年第二次临时股东大会审 议通过的《关于变更注册资本、住所、经营范围并修订<公司章程>的议案》，根 据相关法律法规的要求，同时结合公司业务发展需要、注册资本变化以及住所变 化等实际情况，对《公司章程》的部分条款进行修订和完善。具体内容详见公司 刊载于巨潮资讯网（http://www.cninfo.com.cn）的《 ...

Core Viewpoint - The report highlights the current state and investment prospects of China's petroleum and petrochemical industry from 2025 to 2031, indicating a mixed performance in export values for the sector [1] Industry Summary - In September 2025, the export value of China's petroleum, coal, and other fuel processing industries reached 12.29 billion, reflecting a year-on-year growth of 12.3% [1] - For the period from January to September 2025, the cumulative export value for the same industries was 113.55 billion, showing a year-on-year decline of 17.7% [1] - A statistical chart from 2019 to September 2025 illustrates the export value trends in the petroleum, coal, and other fuel processing industries [1] Company Summary - The report mentions several listed companies in the petroleum and petrochemical sector, including Hengyi Petrochemical, Yueyang Xingchang, Daqing Huake, Donghua Energy, Guochuang Gaoxin, Qixiang Tengda, Baomo Co., Rongsheng Petrochemical, Yuxin Co., China Petroleum, Compton, Meijin Energy, Antai Group, and Shanxi Coking [1]

Report Information - Report Title: Big Refining Weekly Report: PTA Industry Development Symposium Held, Pay Attention to the Advancement of Anti-Involution in the Chemical Industry [1] - Report Date: November 2, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a comprehensive analysis of the big refining industry, including the performance of key refining projects, the polyester, refining, and chemical sectors, and the market performance of related listed companies [2] Summary by Directory 1. Big Refining Weekly Data Briefing - **Price and Spread Data**: Domestic key big refining project spread is 2,450 yuan/ton, down 90 yuan/ton (down 4%) week-on-week; foreign key big refining project spread is 1,302 yuan/ton, up 79 yuan/ton (up 6%) week-on-week [2] - **Polyester Sector**: POY/FDY/DTY industry average prices are 6,429/6,679/7,779 yuan/ton, up 21/61/46 yuan/ton respectively; POY/FDY/DTY industry weekly average profits are -17/-116/17 yuan/ton, down 88/62/72 yuan/ton respectively; POY/FDY/DTY industry inventories are 8.5/18.3/24.5 days, down 3.3/3.6/5.0 days respectively; filament开工率 is 90.9%, down 0.1 pct; downstream loom开工率 is 69.0%, up 2.6 pct; weaving enterprise raw material inventory is 14.0 days, up 2.9 days; weaving enterprise finished product inventory is 23.0 days, down 1.1 days [2] - **Refining Sector**: Domestic refined oil: gasoline/diesel prices declined this week; US refined oil: US gasoline/diesel/aviation kerosene prices rose this week [2] - **Chemical Sector**: This week's PX average price is 820.7 US dollars/ton, up 26.3 US dollars/ton; the spread to crude oil is 344.9 US dollars/ton, up 8.2 US dollars/ton; PX开工率 is 87.1%, up 0.8 pct [2] - **Related Listed Companies**: Private big refining & polyester filament: Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., Xin凤鸣 [2] 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends - **Market Performance Comparison**: The report presents the price trends and spreads of domestic and foreign big refining projects, as well as the market performance of six private big refining companies compared to the Shanghai and Shenzhen 300 Index, the petroleum and petrochemical index, and the Brent crude oil price [13][15][17] 2.2 Polyester Sector - **Price and Profit Analysis**: The report analyzes the prices, spreads, and profits of various polyester products, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips, as well as their relationships with raw material prices and inventories [23][24][35] - **开工率 and Inventory Analysis**: It also examines the开工率 and inventory levels of polyester products and their downstream industries, such as looms, and analyzes the seasonal distribution of polyester filament production and sales rates [30][42][56] 2.3 Refining Sector - **Domestic Refined Oil**: The report analyzes the prices and spreads of domestic gasoline, diesel, and aviation kerosene compared to crude oil prices [78][80][87] - **US Refined Oil**: It also examines the prices and spreads of US gasoline, diesel, and aviation kerosene compared to crude oil prices [92][94][101] - **European Refined Oil**: The report analyzes the prices and spreads of European gasoline, diesel, and aviation kerosene compared to crude oil prices [106][108][114] - **Singapore Refined Oil**: It also examines the prices and spreads of Singapore gasoline, diesel, and aviation kerosene compared to crude oil prices [118][120][126] 2.4 Chemical Sector - **Price and Spread Analysis**: The report analyzes the prices and spreads of various chemical products, including polyethylene, polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., compared to crude oil prices [132][141]