Summary of Key Points Core Viewpoint - The company has completed the cancellation of 63,703,752 shares, reducing its total share capital to 3,602,617,872 shares as of July 9, 2025 [1][2]. Group 1: Share Repurchase Overview - The company approved a share repurchase plan on October 27, 2021, with a total budget between RMB 50 million and RMB 100 million, at a maximum price of RMB 15 per share [1]. - The repurchase period was set for 12 months from the board's approval date [1]. - By October 26, 2022, the company had repurchased a total of 63,703,752 shares, accounting for 1.74% of the total share capital, with a total expenditure of approximately RMB 623.6 million [2]. Group 2: Share Cancellation Details - The board meetings held on April 28, 2025, and May 15, 2025, approved the change in the purpose of the repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital [2]. - The cancellation of shares will not materially affect the company's financial status or operating results [2]. Group 3: Changes in Share Capital Structure - After the cancellation, the share capital structure is as follows: - Limited sale condition shares: 18,967,500 shares (0.53%) - Unrestricted shares: 3,583,650,372 shares (99.47%) - Total share capital: 3,602,617,872 shares (100%) [3]. - The company will proceed with the necessary legal registrations and disclosures following the cancellation [3].

证券代码：000703 证券简称：恒逸石化 公告编号：2025-076 恒逸石化股份有限公司 关于调整股份回购价格上限的公告 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。 特别提示： 1 1、调整前回购价格上限：8.95元/股 2、调整后回购价格上限：8.94元/股 3、回购价格上限调整生效日期：2025年7月11日 二、本次调整回购价格上限情况 公司于 2025 年 4 月 28 日召开第十二届董事会第二十三次会议、第十二届监 事会第十七次会议，于 2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过 了《关于变更第二期回购股份用途并注销的议案》，同意第二期回购股份用途由 "用于实施员工持股计划或股权激励"变更为"用于注销并减少公司注册资本"。本 次回购股份注销数量为 63,703,752 股，注销完成后，公司总股本由 3,666,321,624 股变更为 3,602,617,872 股。经中国证券登记结算有限责任公司深圳分公司确认， 公司本次股份注销事宜已于 2025 年 7 月 9 日办理完成。 根据《回购报告书》，董事会决议日至回购 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-073 恒逸石化股份有限公司 关于回购注销实施完成暨股份变动公告 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。 1 了《关于变更第二期回购股份用途并注销的议案》，同意第二期回购股份用途由 "用于实施员工持股计划或股权激励"变更为"用于注销并减少公司注册资本"。 经中国证券登记结算有限责任公司深圳分公司确认，公司本次股份注销事宜 已于 2025 年 7 月 9 日办理完成，本次股份注销数量为 63,703,752 股，本次注销 所回购的股份不会对公司的财务状况和经营成果产生实质性影响。回购股份注销 时间未超过三年期限，注销时间符合相关法律规定。 特别提示： 经中国证券登记结算有限责任公司深圳分公司确认，恒逸石化股份有限公司 （以下简称"公司"）本次股份注销事宜已于 2025 年 7 月 9 日办理完成，本次 股份注销数量为 63,703,752 股，注销完成后，公司总股本将变更为 3,602,617,872 股。 一、本次注销的回购股份概述 公司于 2021 年 10 月 27 日召开的第十一届董 ...

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。 恒逸石化股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第十 二届董事会第二十三次会议、第十二届监事会第十七次会议，于 2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过了《关于变更第二期回购股份用途并注 销的议案》，同意第二期回购股份用途由"用于实施员工持股计划或股权激励" 变更为"用于注销并减少公司注册资本"。经中国证券登记结算有限责任公司深 圳分公司确认，本次股份注销事宜已于 2025 年 7 月 9 日办理完成。本次股份注 销数量为 63,703,752 股，注销完成后，公司总股本变更为 3,602,617,872 股。 本次股份注销完成后，公司控股股东浙江恒逸集团有限公司（以下简称"恒 逸集团"）直接持有公司的股份比例由 42.41%被动增加至 43.16%(未剔除公司回 购专用账户中的股份数量，下同），一致行动人杭州恒逸投资有限公司（以下简 称"恒逸投资"）持有公司的股份比例由 6.99%被动增加至 7.12%，控股股东恒 逸集团及其一致行动人的合计持股比例由 ...

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-074 | | --- | --- | --- | | 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"转股价格调整的公告 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。 特别提示： 一、基本情况 恒逸石化股份有限公司（以下简称"公司"）于2020年10月16日公开发行了 2,000万张可转换公司债券（以下简称"恒逸转债"），转股价格11.50元/股，可 转债于2020年11月16日在深圳证券交易所上市交易，债券简称"恒逸转债"，债 券代码"127022"。 由于公司实施2020年年度权益分派，可转债转股价格由11.50元/股调整为 11.20元/股，相关事项详见2021年6月29日刊载于《证券时报》《中国证券报》《证 券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上的《关于可转债 转股价格调整的公告》（公告编号：2021-075）。 由于公司实施2021年年度权益分派，可转债转股价格由11.20元/股调整为 11 ...

Basic Information - Hengyi Petrochemical Co., Ltd. issued the convertible bond "Hengyi Zhuan 2" on July 21, 2022, which began trading on August 18, 2022, under the bond code "127067" [1] - The conversion price of the convertible bond was adjusted from 10.50 CNY/share to 10.41 CNY/share due to the annual equity distribution in 2023, and further adjustments were made for the 2024 annual equity distribution [1] Conversion Price Adjustment - The adjustment of the conversion price is based on the regulations of the Shenzhen Stock Exchange and the company's fundraising prospectus, which stipulates that the conversion price will be adjusted in response to changes in the company's stock due to stock dividends, capital increases, new share issuances, or cash dividends [2] - The formula for adjusting the conversion price is provided, detailing how to calculate the new price based on various factors such as stock dividends, new share prices, and cash dividends [2][3] Recent Developments - On April 28, 2025, the company held board and supervisory meetings, and on May 15, 2025, it convened the annual general meeting to approve the change in the purpose of the second phase of share repurchase from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of registered capital" [2] - The company plans to cancel 63,703,752 shares from its repurchase account, with the cancellation confirmed by the China Securities Depository and Clearing Corporation on July 9, 2025 [2] New Conversion Price - Following the share repurchase and cancellation, the conversion price of "Hengyi Zhuan 2" will be adjusted to 10.37 CNY/share, calculated using the provided formula [4][5] - The adjustment reflects the previous conversion price of 10.36 CNY/share, the average transaction price of the repurchased shares at 9.79 CNY/share, and the proportion of shares canceled [5]

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：127067 | 债券简称：恒逸转 2 | | 恒逸石化股份有限公司 关于"恒逸转2"转股价格调整的公告 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。 特别提示： 一、基本情况 恒逸石化股份有限公司（以下简称"公司"）于2022年7月21日公开发行了 3,000万张可转换公司债券（以下简称"恒逸转2"），初始转股价格10.50元/股， 恒逸转2于2022年8月18日起在深圳证券交易所挂牌交易，债券简称"恒逸转2"， 债券代码"127067"。 由于公司实施2023年年度权益分派，可转债转股价格由10.50元/股调整为 10.41元/股，相关事项详见2024年6月20日刊载于《证券时报》《中国证券报》《证 券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上的《关于"恒逸 转2"转股价格调整的公告》（公告编号：2024-053）。 由于公司实施2024年年度权益分派，可转债转股价格由10.41元/股 ...

Core Insights - The report predicts that Brent crude oil prices will fluctuate around $65-70 per barrel in the second half of 2025, driven by tight supply and slow demand growth, with potential short-term spikes due to geopolitical factors [4][9] - The petrochemical industry is expected to gradually recover from its bottoming out phase, returning to a normal capacity cycle constrained by credit boundaries, leading to a slow recovery in profitability in 2025 and beyond [4][10] - Investment opportunities are highlighted in high-quality growth stocks, coal chemical equipment investments, and high-dividend sectors, emphasizing a bottom-up investment approach [4][10] Oil Price Trends - Oil prices experienced a two-phase trend in 2025: a decline from $74.64 to $60.23 per barrel (down 19.31%) until May 3, followed by a recovery to $77.01 per barrel (up 27.86%) after May 3 due to seasonal demand and geopolitical tensions [7][25] - The report indicates that global oil supply remains tight, with non-OECD countries contributing to demand growth, which will limit the extent of price declines [9][27] Industry Performance - Global refining capacity is projected to grow by 440,000 barrels per day from 2022 to 2028, with China contributing significantly to this increase [27][33] - The report notes that domestic refined oil demand is nearing its peak, with a decline in consumption due to economic weakness and competition from electric vehicles [39][45] - The petrochemical sector is experiencing a weak recovery, with some chemical products showing improved profitability despite high raw material costs [8][45] Investment Themes - The report emphasizes four main investment themes: 1. Quality growth and leading companies in the industry experiencing volume and price increases [10] 2. Opportunities in high-end materials and technology import substitution [10] 3. Investments related to the upcoming coal chemical investment cycle [10] 4. High dividend yielding state-owned enterprises benefiting from economic recovery [10][11] Recommendations - Key investment targets include leading companies in ethylene production, coal chemical leaders, and high dividend stocks such as China National Offshore Oil Corporation and China Petroleum [11][10] - The report suggests focusing on companies that are positioned to benefit from the recovery in domestic demand and the transition to high-end materials [11][10]

1. Report Investment Rating Information - The report does not explicitly mention the investment rating for the industry [158] 2. Core Viewpoints - The report provides a comprehensive analysis of the large refining and chemical industry in the current week, covering various aspects such as project spreads, polyester, refining, and chemical sectors, and presents detailed data on prices, profits, inventories, and operating rates [2] 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing 3.1.1 Stock Price and Market Value - The report tracks the stock price changes of 6 major private refining companies in the past week, month, quarter, year, and from the beginning of 2025 to date, and provides profit forecasts and related financial indicators such as market value, net profit attributable to shareholders, and price - earnings ratios [8] 3.1.2 Oil Price and Refining Spreads - International crude oil prices (Brent and WTI) have declined, with Brent at $68.0/barrel (down $1.2, -1.8% week - on - week) and WTI at $66.0/barrel (down $0.5, -0.8% week - on - week) - The spread of domestic refining projects is 2,673 yuan/ton, unchanged week - on - week; the spread of foreign refining projects is 1,124 yuan/ton, down 117 yuan/ton (-9% week - on - week) [8] 3.1.3 Polyester Sector - **Product Prices and Profits**: POY, FDY, and DTY prices have decreased, with POY at 6,989 yuan/ton (down 186 yuan/ton), FDY at 7,250 yuan/ton (down 229 yuan/ton), and DTY at 8,268 yuan/ton (down 161 yuan/ton). POY and DTY profits have increased, while FDY profits have decreased - **Inventory and Operating Rates**: POY, FDY, and DTY inventories have increased, with POY at 21.7 days (up 4.5 days), FDY at 22.4 days (up 3.5 days), and DTY at 28.6 days (up 3.3 days). The filament operating rate is 90.9% (up 0.4 percentage points), the loom operating rate is 58.1% (down 0.9 percentage points), the raw material inventory of weaving enterprises is 10.4 days (down 1.1 days), and the finished product inventory is 28.0 days (up 0.8 days) [2][9] 3.1.4 Refining Sector - Domestic gasoline, diesel, and jet fuel prices have declined; in the US, gasoline prices have declined, while diesel and jet fuel prices have increased [2] 3.1.5 Chemical Sector - The average price of PX is $861.7/ton (down $13.4 week - on - week), the spread to crude oil is $365.2/ton (down $4.4 week - on - week), and the PX operating rate is 84.6% (down 1.8 percentage points) [2] 3.2 Big Refining Weekly Report 3.2.1 Big Refining Index and Project Spread Trends - The report may analyze the trends of the big refining index and the spreads of domestic and foreign refining projects, but specific data and analysis are not detailed in the provided text [12] 3.2.2 Polyester Sector - Covers various aspects such as the prices and spreads of raw materials (crude oil, PX, MEG, PTA), the prices and profits of polyester products (filaments, short fibers, bottle chips), inventory levels, and operating rates [23] 3.2.3 Refining Sector - Analyzes the prices and spreads of domestic and foreign refined oil products (gasoline, diesel, jet fuel) and their relationships with crude oil prices [80] 3.2.4 Chemical Sector - Analyzes the prices and spreads of various chemical products (polyethylene, polypropylene, EVA, etc.) and their relationships with crude oil prices [136]

Core Viewpoint - The chemical industry is experiencing a "reverse involution" due to overcapacity, leading to a series of production cuts among companies, including Wankai New Materials, which plans to reduce its PET production capacity by 60,000 tons, accounting for 20% of its total capacity [1][4]. Industry Overview - The domestic PET capacity is projected to reach 20.58 million tons by May 2025, with an operating rate of 88.75%. The recent production cuts involve a total capacity of approximately 3.36 million tons, representing 16.3% of the total capacity, which may lower the operating rate to around 75% [1][3]. - The global demand for PET is expected to grow by approximately 8.2% in 2024, with domestic demand projected at around 8.62 million tons, a year-on-year increase of 14%. Exports are expected to reach about 5.85 million tons, up 28.4% [3][4]. Company Actions - Wankai New Materials reported that the production cuts are a response to supply and demand issues within the industry, with several companies implementing similar measures. Despite a profitable first quarter, the company's profitability remains weak [1][2]. - Other companies, such as China Resources Chemical and Yisheng Petrochemical, have also announced production cuts, with reductions of 20% of their total capacity and a cumulative shutdown of 1 million tons, respectively [4][6]. Financial Performance - The PET industry has seen a significant decline in profitability since 2022 due to rapid capacity expansion and decreased operating rates. Wankai New Materials reported a net loss of 300 million yuan in 2022, while other major players also faced substantial losses [7][8]. - The industry experienced a boom during the pandemic years (2020-2022), with Wankai New Materials' net profit exceeding 1 billion yuan in 2022, but the subsequent capacity surge has led to a challenging market environment [7][8]. Market Dynamics - The current market is characterized by an oversupply situation, with the domestic PET capacity nearing 50% of the global total. The leading companies in the industry hold a significant market share, with the top four companies accounting for over 80% of the total capacity [7]. - Despite production cuts, the market is still under pressure, with analysts indicating that the supply adjustments may provide limited support and are unlikely to fundamentally change the prevailing cost-driven market dynamics [4][8].