证券代码：000703 证券简称：恒逸石化 公告编号：2025-067 特别提示： 1、截至 2025 年 6 月 30 日，恒逸石化股份有限公司（以下简称"恒逸石化" 或"公司"）股票已经出现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%的情形，触及"恒逸转债"转股价格向下修正条款。 2、经公司第十二届董事会第二十四次会议审议通过，公司董事会决定本次 不行使"恒逸转债"的转股价格向下修正的权利，且在未来三个月内（2025 年 7 月 1 日至 2025 年 9 月 30 日），如再次触发"恒逸转债"转股价格向下修正条款， 亦不提出向下修正方案。从 2025 年 10 月 9 日开始计算，若再次触发"恒逸转债" 的转股价格向下修正条款，届时公司董事会将再次召开会议决定是否行使"恒逸 转债"的转股价格向下修正权利。 公司于 2025 年 6 月 30 日召开了第十二届董事会第二十四次会议，审议通过 了《关于不向下修正"恒逸转债"转股价格的议案》，具体如下： 一、可转换公司债券基本情况 （一）发行情况 经中国证券监督管理委员会出具的《关于核准恒逸石化股份有限公司公开发 行可转换公司 ...

证券代码：000703 证券简称：恒逸石化 公告编号：2025-066 恒逸石化股份有限公司 第十二届董事会第二十四次会议决议公告 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、董事会会议召开情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）第十二届董事 会第二十四次会议通知于 2025 年 6 月 25 日以通讯、网络或其他方式送达公司全 体董事，并于 2025 年 6 月 30 日以现场加通讯方式召开。本次会议应出席董事 9 人，实际出席董事 9 人。 会议由董事长邱奕博先生主持，本次董事会会议的召开符合《中华人民共和 国公司法》等法律、行政法规、部门规章、规范性文件及《恒逸石化股份有限公 司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，以记名投票方式逐项表决，会议审议通过 了以下议案： 1、审议通过《关于不向下修正"恒逸转债"转股价格的议案》 表决结果：同意 9 票；反对 0 票；弃权 0 票。 三、备查文件 1、恒逸石化股份有限公司第十二届董事会第二十四次会议决议公告； 2、深交所要求的其他文件。 截至 20 ...

Core Insights - The textile fiber fabric industry is crucial for manufacturing fabrics and garments, divided into natural fiber fabrics and chemical fiber fabrics [3][5] - In 2024, China's cotton textile industry is projected to generate revenue of 1,141.86 billion yuan, accounting for 61.40% of the textile industry, while the chemical textile industry is expected to generate 247.88 billion yuan, representing 13.33% [6][8] - The development of the textile fabric industry is increasingly focused on functionality and environmental sustainability, with the application of new fibers and technologies expanding [22] Industry Definition and Classification - Textile fiber fabrics are elongated materials used for making fabrics and garments, categorized into natural fiber fabrics and chemical fiber fabrics [3] - Natural fibers are favored for their environmental friendliness and comfort, while chemical fibers are essential for their strength and durability [3] Current Development Status - The textile industry has evolved significantly since the Neolithic era, reflecting advancements in technology, art, culture, and economy [5] - The industrial revolution greatly enhanced production efficiency and quality, with cotton becoming a key textile raw material [5] - The 21st century presents new challenges and opportunities, emphasizing sustainable practices and the emergence of innovative materials like nanofibers and smart textiles [5] Industry Chain Structure - The textile fabric industry chain consists of upstream natural fibers (cotton, linen, silk, wool) and chemical fibers (polyester, nylon), midstream fabric production, and downstream applications in clothing, home textiles, and industrial textiles [10] Market Size and Growth - The market size for industrial textiles in China is projected to reach 332.44 billion yuan in 2024, with total industry output valued at 597.74 billion yuan [14] - The silk industry is expected to generate approximately 76.59 billion yuan in revenue in 2024, with a year-on-year growth of 5.75% [12] Competitive Landscape - The textile fabric industry in China is characterized by a diverse and fragmented competitive landscape, with key players including Zhejiang Xin'ao Textile Co., Ltd., Hengli Petrochemical Co., Ltd., and others [16] - Major companies are focusing on product innovation and sustainability, with significant investments in technology and brand development [18] Future Trends - The development of textile fabrics is increasingly influenced by new materials and technologies, emphasizing diversification, functionality, lightweight, and environmental sustainability [22] - The industry is expected to continue evolving to meet consumer demands for high-quality, eco-friendly products [22]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the large refining and chemical industry, including price, profit, inventory, and operating rate changes in different sectors such as refining, polyester, and chemicals, as well as the performance of relevant listed companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - **Price and Spread**: The domestic key large refining project spread this week was 2,673 yuan/ton, a week - on - week increase of 377 yuan/ton (16%); the foreign key large refining project spread was 1,241 yuan/ton, a week - on - week increase of 258 yuan/ton (26%). The average price of PX this week was 875.1 dollars/ton, a week - on - week decrease of 4.9 dollars/ton, and the spread to crude oil was 369.6 dollars/ton, a week - on - week increase of 41.0 dollars/ton [2]. - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,193/7,496/8,446 yuan/ton respectively, with week - on - week increases of 146/179/186 yuan/ton. The weekly average profits were 74/10/44 yuan/ton, with week - on - week increases of 88/109/114 yuan/ton. The inventory was 17.2/18.9/25.3 days, with week - on - week changes of +0.9/ - 0.9/ - 0.3 days. The filament operating rate was 90.6%, a week - on - week increase of 0.3 pct. The downstream loom operating rate was 59.0%, a week - on - week decrease of 1.7 pct [2]. - **Refining Sector**: Domestic gasoline, diesel, and jet fuel prices rose this week, while in the US, gasoline, diesel, and jet fuel prices fell [2]. - **Chemical Sector**: The PX operating rate was 86.4%, a week - on - week increase of 0.1 pct [2]. - **Related Listed Companies**: Private large refining and chemical & polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin凤鸣 [2]. - **Stock Performance**: The oil and petrochemical index on June 27, 2025, showed a - 2.1% change in the past week, 1.5% in the past month, - 1.1% in the past three months, - 5.9% in the past year, and - 4.9% since the beginning of 2025. Among the listed companies, Rongsheng Petrochemical had a 2.5% increase in the past week, while Tongkun Co., Ltd. had a - 33.3% change in the past year [8]. - **Earnings Forecast**: For example, Hengli Petrochemical's expected net profit attributable to the parent company in 2025 is 8.024 billion yuan, with a PE of 12.5 in 2025E [8]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: It may involve the trends of the big refining index, domestic and foreign big refining project spreads, and the changes in the performance of six private big refining companies [11][15][20]. - **2.2 Polyester Sector**: Covers various aspects such as the prices and spreads of crude oil, PX, PTA, and MEG; the operating rates of PX, PTA, and MEG; the prices and profits of POY, FDY, DTY, and polyester staple fiber; the inventory and operating rates of polyester filament and downstream looms [23][33][55]. - **2.3 Refining Sector**: Includes the prices and spreads of domestic, US, European, and Singaporean refined oil products (gasoline, diesel, and jet fuel) relative to crude oil [84][99][122]. - **2.4 Chemical Sector**: Focuses on the prices and spreads of various chemical products such as polyethylene, polypropylene, EVA, and styrene relative to crude oil [139][140][148].

Core Viewpoint - The controlling shareholder of Hengyi Petrochemical, Zhejiang Hengyi Group, plans to increase its stake in the company to boost investor confidence and support the company's sustainable development [1][2][3] Group 1: Shareholder Information - Prior to the buyback plan, Hengyi Group directly held 1,488,933,728 shares, representing 40.61% of the company, and through its subsidiary, Hengyi Investment, held an additional 256,338,027 shares, accounting for 6.99% [2] - After the completion of the buyback plan, Hengyi Group directly holds 1,554,931,008 shares, which is 42.41%, while the total shares held by Hengyi Group and its concerted actions amount to 1,811,269,035 shares, representing 49.40% [3] Group 2: Buyback Plan Details - The buyback plan is set to commence on December 26, 2024, for a duration of six months, with a minimum investment of 25 million yuan and a maximum of 50 million yuan, at a price not exceeding 9 yuan per share [2] - From January 24, 2025, to June 23, 2025, Hengyi Group successfully acquired 65,997,280 shares for a total of 394 million yuan, which constitutes 2.00% of the company's total share capital [3] Group 3: Legal Compliance - Zhejiang Tianche Law Firm confirmed that the buyer has the legal qualifications to conduct the buyback and that the actions comply with relevant laws and regulations [4]

Core Viewpoint - The legal opinion letter from Zhejiang Tiance Law Firm confirms the legality and compliance of Hengyi Petrochemical's controlling shareholder, Hengyi Group, in its plan to increase shareholding in the company, emphasizing the importance of maintaining investor confidence and supporting the company's sustainable development [1][12]. Group 1: Shareholder Information - Hengyi Group is a legally registered limited liability company with a registered capital of 51.8 million yuan, established on October 18, 1994, and operates in various sectors including investment and consulting services [7]. - As of the date of the legal opinion, Hengyi Group and its concerted action party, Hengyi Investment, collectively hold 1,745,271,755 shares, accounting for 47.60% of the total share capital of Hengyi Petrochemical [9]. Group 2: Shareholding Increase Plan - The purpose of the shareholding increase is to express confidence in the company's future development and to enhance investor confidence, with a planned investment amount between 25 million yuan and 50 million yuan [9][10]. - The share purchase price is set at a maximum of 9 yuan per share, with the implementation period from December 26, 2024, to June 25, 2025 [10]. - Funding for the share purchase will come from Hengyi Group's own funds and a special loan of up to 450 million yuan from the Development Bank of China [11]. Group 3: Compliance and Disclosure - The legal opinion confirms that Hengyi Group's actions comply with the Securities Law and the Regulations on the Management of Acquisitions, and the company has fulfilled its information disclosure obligations regarding the shareholding increase [12][14]. - The company has made several announcements regarding the progress of the shareholding increase, ensuring transparency and compliance with regulatory requirements [13].

证券代码：000703 证券简称：恒逸石化 公告编号：2025-065 恒逸石化股份有限公司 关于控股股东增持股份计划实施结果公告 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。 重要内容提示： 增持计划内容：基于对公司未来持续发展的信心及对公司长期投资价值的认 可，同时为提振投资者信心，切实维护投资者利益，促进公司持续、稳定、健康 地发展，恒逸石化股份有限公司（以下简称"公司"）控股股东浙江恒逸集团有限 公司（以下简称"恒逸集团"）计划自 2024 年 12 月 26 日起的 6 个月内通过深圳 证券交易所交易系统，以集中竞价方式增持公司股份。增持股份金额不低于（含） 25,000 万元，不高于（含）50,000 万元，增持价格区间为不超过 9 元/股。 增持计划实施情况：2025 年 1 月 24 日至 2025 年 6 月 23 日，恒逸集团通过 深圳证券交易所交易系统，以集中竞价的方式增持公司股份 65,997,280 股，增持 金额为 3.94 亿元（不含手续费），占公司总股本（以 2025 年 6 月 20 日公司总 股本剔除公司回购专用账户中的股 ...

浙江天册律师事务所 关于 恒逸石化股份有限公司 控股股东增持公司股份之 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于恒逸石化股份有限公司控股股东 增持公司股份之法律意见书 编号：TCYJS2025H0873 号 致：恒逸石化股份有限公司 浙江天册律师事务所（以下简称"本所"或"天册"）接受恒逸石化股份有 限公司（以下简称"恒逸石化"或"公司"）的委托，根据《中华人民共和国证 券法》（以下简称"《证券法》"）、《中华人民共和国公司法》、《上市公司 收购管理办法》（以下简称"《收购管理办法》"）、《深圳证券交易所上市公 司自律监管指引第 10 号——股份变动管理》等法律、法规及规范性文件的规定， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就恒逸石化的控股股 东浙江恒逸集团有限公司（以下简称"恒逸集团"或"增持人"）本次增持公司 股份（以下简称"本次增持股份"）相关事宜，实施专项核查并出具本法律意见 书。 第一部分 声明事项 本所及经办律师依据《证券法》《律师事务 ...

Key Points - The company has issued convertible bonds with a total amount of 2 billion yuan, which began trading on November 16, 2020 [1] - The conversion period for the bonds is from April 22, 2021, to October 15, 2026 [2] - The conversion price has been adjusted multiple times due to profit distribution, with the latest adjustment reducing it to 10.91 yuan per share effective June 26, 2024 [3] - A recent board meeting approved a further reduction of the conversion price to 9.20 yuan per share, effective from November 2024 [4] - The company has outlined specific conditions under which the conversion price can be adjusted downward, including a scenario where the stock price falls below 85% of the current conversion price for at least 15 trading days [5] - The company is required to disclose any adjustments to the conversion price in accordance with regulatory guidelines [6]

内部编号:2025060158 恒逸石化股份有限公司 及其发行的恒逸转债与恒逸转 2 定期跟踪评级报告 项目负责人： 项目组成员： 评级总监： 联系电话： (021) 63501349 联系地址：上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 刘佳 liujia@shxsj.com 杨亿 yangyi@shxsj.com 张明海 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 本报告并非是某种决策的结论、建议。本评级机构不对发行人使用或引用本报告产生的任何后果承担责任，也不 对任何投资者的投资行为和投资损失承担责任。本报告的评级结论及相关分析并非对评级对象的鉴证意见。鉴于 信用评级工作特性及受客观条件影响，本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 本次跟踪评级的信用等级自本跟踪评级报告出具之日起至被评债券本息的约定偿付日有效。在被评债券存续期 内，本评级机构将根据《跟踪评级安排》，定期或不定期对评级对象（或债券）实施 ...