Part I [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with the company planning no interim dividend distribution or capital increase from reserves - The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[5](index=5&type=chunk) - Company head Qiu Yibo, chief accountant Zheng Xingang, and head of accounting Gong Yanhong declare the financial report's truthfulness, accuracy, and completeness[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists eight main chapters covering company overview, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report's table of contents includes eight main chapters, such as company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, and financial reports[9](index=9&type=chunk) - The list of reference documents includes financial statements signed by the company head, chief accountant, and head of accounting, along with originals of all publicly disclosed company documents and announcements during the reporting period[11](index=11&type=chunk)[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related parties, project names, and professional petrochemical and chemical fiber product terms like PX, PTA, PET, and CPL, ensuring accurate understanding of the report's content - Definitions cover the company name (Hengyi Petrochemical), affiliated companies (Hengyi Group, Hengyi Brunei, etc.), and key projects (Brunei Refinery and Petrochemical Project, Guangxi New Materials Project)[13](index=13&type=chunk)[14](index=14&type=chunk) - Key product terms include paraxylene (PX), purified terephthalic acid (PTA), polyethylene terephthalate (PET), caprolactam (CPL), and their uses are explained[14](index=14&type=chunk)[15](index=15&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) Part II [Company Profile](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Hengyi Petrochemical Co., Ltd., stock code 000703, is listed on the Shenzhen Stock Exchange, with Qiu Yibo as its legal representative and its contact address in Xiaoshan District, Hangzhou, Zhejiang Province Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hengyi Petrochemical | | Stock Code | 000703 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Hengyi Petrochemical Co., Ltd. | | Legal Representative | Qiu Yibo | - The company's Board Secretary is Zheng Xingang, Securities Affairs Representative is Zhao Guanshuang, contact number is (0571) 83871991, and email is hysh@hengyi.com[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue decreased by 13.59% to **55.96 billion yuan**, net profit attributable to shareholders fell sharply by 47.32% to **227 million yuan**, and net cash flow from operating activities turned negative, decreasing by 286.42%, while total assets grew by 2.09% and net assets attributable to shareholders slightly declined by 0.46% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 55,960,017,549.87 | 64,764,047,386.81 | -13.59% | | Net Profit Attributable to Shareholders of Listed Company | 226,681,667.52 | 430,314,446.67 | -47.32% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 149,434,296.60 | 230,594,151.74 | -35.20% | | Net Cash Flow from Operating Activities | -181,470,495.48 | 97,347,579.58 | -286.42% | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.13 | -46.15% | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.13 | -46.15% | | Weighted Average Return on Net Assets | 0.92% | 1.70% | -0.78% | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Change from Prior Year-End** | | Total Assets | 109,770,964,454.63 | 107,528,828,060.12 | 2.09% | | Net Assets Attributable to Shareholders of Listed Company | 24,629,002,443.17 | 24,742,051,837.12 | -0.46% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%8F%82) During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[25](index=25&type=chunk) [Non-recurring Gains and Losses and Amounts](index=10&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%8A%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for H1 2025 amounted to **77.25 million yuan**, primarily comprising government subsidies, fair value changes, and non-recurring gains and losses attributable to investees within investment income from associates/joint ventures Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,854,684.50 | | Government Grants Recognized in Current Profit or Loss | 32,511,751.68 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 22,311,197.36 | | Reversal of Impairment Provision for Accounts Receivable Subject to Separate Impairment Testing | 426,220.28 | | Custody Fee Income from Entrusted Operations | 849,056.58 | | Other Non-operating Income and Expenses Apart from the Above | 1,800,267.61 | | Other Gains/Losses Meeting the Definition of Non-recurring Gains and Losses | 30,126,215.94 | | Less: Income Tax Impact | -4,692,668.55 | | Impact of Minority Interests (After Tax) | 13,615,322.58 | | Total | 77,247,370.92 | - Other non-recurring gains and losses primarily represent non-recurring gains and losses attributable to investees within investment income from significant associates and joint ventures accounted for using the equity method, totaling **30.13 million yuan**[28](index=28&type=chunk) Part III [Company's Main Business Activities During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) Hengyi Petrochemical, a global leader in integrated "refining-chemical-fiber" operations, pursues a "one drop of oil, two strands of fiber" strategy, achieving full-chain closure via the Brunei project and developing a "polyester + nylon" dual-core business model, while accelerating its "Technological Hengyi" strategy to become a world-class private multinational industrial group - The company's strategic positioning is "one drop of oil, two strands of fiber," achieving a full industrial chain closed-loop from crude oil processing to chemical fiber products through the Brunei refining and petrochemical project, forming a "polyester + nylon" dual-core business model[31](index=31&type=chunk) - The company is accelerating its "Technological Hengyi" strategy, establishing an independent intellectual property system around core business systems, and promoting high-value-added product R&D, green and low-carbon upgrades, and digital and intelligent construction[33](index=33&type=chunk)[34](index=34&type=chunk) [Main Business Overview](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) The company primarily engages in petrochemical and chemical fiber businesses, evolving into an integrated "refining-chemical-fiber" private multinational leader with products spanning refined oil, basic petrochemical raw materials, and new polyester materials, while also empowering its main business through "petrochemical+" services like supply chain management and long-term equity investments - The company has established a design refining and petrochemical capacity of **8 million tons/year** (Brunei Refining and Petrochemical Project Phase I), a PTA holding/participating capacity of **21.5 million tons/year**, a polymerization holding/participating capacity of **13.25 million tons/year**, a PIA design capacity of **0.3 million tons/year**, and a caprolactam participating capacity of **0.4 million tons/year**[36](index=36&type=chunk) Company's Main Products Current Production Capacity (million tons/year) | Category | Product | Holding/Participating Capacity (million tons/year) | | :--- | :--- | :--- | | Refined Oil Products | Gasoline, Diesel, Jet Fuel, etc. | 5.65 | | Chemical Products | PX, Benzene, etc. | 2.65 | | | PTA | 21.50 | | | PIA | 0.30 | | | CPL | 0.40 | | Polyester Products | Polyester Filament (incl. Polyester Chips) | 6.77 | | | Polyester Staple Fiber | 1.18 | | | Polyester Bottle Chips (incl. RPET) | 5.30 | - The company builds a resilient supply chain system through a "three-in-one" strategy, encompassing collaborative management, logistics development, and technological empowerment, achieving increased online transactions, reduced transportation costs, and shortened response cycles[40](index=40&type=chunk) - Regarding long-term equity investments, the company holds shares in Zheshang Bank, which has developed into a well-established and profitable "A+H" listed bank, generating investment income for the company[41](index=41&type=chunk) [Operating Model](index=14&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's operating model remained unchanged during the reporting period, with details available in its 2023 Annual Report - The company's operating model did not undergo significant changes during the reporting period; for details, please refer

Group 1 - The first PTA bonded delivery by Yisheng Petrochemical's subsidiary Yisheng Dahua and ITG is set to take place in September 2025, facilitating smoother cross-border transactions and integrating the Zhengzhou futures market with the global industrial chain [1] - The introduction of the export-type bonded delivery system by Zhengzhou Commodity Exchange has significantly reduced participation costs for foreign enterprises, attracting more international players to engage in PTA futures trading [2][4] - As of the end of 2024, over 700 foreign traders from more than 30 countries and regions have opened accounts to participate in specific trading at Zhengzhou Commodity Exchange, indicating a growing international interest [3] Group 2 - The PTA futures market has enhanced the international trade experience for companies by providing benchmark pricing, improving negotiation power, and ensuring efficient and transparent international deliveries [2] - Companies like Wan Kai New Materials have established a mature cooperation loop with South American clients, utilizing the Zhengzhou futures prices to lock in raw material costs and streamline export processes [2] - The growth of foreign participation in the PTA market has not only increased trading volumes but also reshaped the market ecosystem, leading to a more stable polyester market [3] Group 3 - The futures market has enabled Chinese companies to expand internationally, with firms like Wan Kai New Materials and Xiamen Guomao Petrochemical significantly increasing their production capacities and export volumes since 2018 [4][6] - The introduction of futures tools has allowed companies to manage risks across the entire supply chain, as seen with New Fengming Group's expansion in polyester production and export [5] - Yisheng Petrochemical has grown from a PTA producer with a capacity of 12.2 million tons to the world's largest with a capacity of 21.9 million tons, highlighting the transformative impact of futures trading on business models [6] Group 4 - The future outlook for the Zhengzhou futures market includes the expectation of incorporating more varieties and delivery points into the international framework, promoting global industrial chain collaboration [7]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Refining Projects - Domestic refining project price spread this week is 2601 CNY/ton, up by 97 CNY/ton (4% week-on-week) [2] - International refining project price spread this week is 1110 CNY/ton, up by 11 CNY/ton (1% week-on-week) [2] Polyester Sector - Average prices for POY, FDY, and DTY are 6729, 7043, and 7929 CNY/ton respectively, with week-on-week changes of +4, +32, and -4 CNY/ton [2] - Weekly profits for POY, FDY, and DTY are 16, -40, and -50 CNY/ton respectively, with week-on-week changes of -2, +17, and -6 CNY/ton [2] - Inventory days for POY, FDY, and DTY are 16.1, 23.3, and 28.2 days respectively, with week-on-week changes of -3.6, -2.4, and -1.8 days [2] - The operating rate for polyester filament is 90.6%, down by 0.6 percentage points week-on-week [2] Oil and Chemical Sector - PX average price this week is 832.1 USD/ton, down by 6.6 USD/ton, with a price spread against crude oil of 347.9 USD/ton, up by 3.3 USD/ton [2] - Domestic gasoline and diesel prices have decreased this week [2] - The operating rate for PX is 82.9%, up by 0.6 percentage points week-on-week [2] Risks - Potential delays in project implementation [2] - Slower-than-expected recovery in demand due to macroeconomic slowdown [2] - Geopolitical risks leading to fluctuations in raw material prices [2]

金融界消息 截至2025年8月15日收盘，恒逸石化（000703）报收于6.09元，上涨3.22%，换手率0.77%， 成交量27.48万手，成交金额1.66亿元。 资金流向方面，今日主力资金净流出1282.43万元，占比成交额7.73%。其中，超大单净流出1684.83万 元、占成交额10.15%，大单净流入402.41万元、占成交额2.43%，中单净流出流入692.66万元、占成交 额4.17%，小单净流入589.76万元、占成交额3.55%。 恒逸石化最新一期业绩显示，截至2025一季报，公司营业总收入271.68亿元、同比减少14.18%，归属净 利润5149.48万元，同比减少87.55%，扣非净利润817.10万元，同比减少97.40%，流动比率0.668、速动 比率0.390、资产负债率72.38%。 来源：金融界 通过天眼查大数据分析，恒逸石化股份有限公司共对外投资了13家企业，参与招投标项目2次，此外企 业还拥有行政许可9个。 天眼查商业履历信息显示，恒逸石化股份有限公司，成立于1996年，位于钦州市，是一家以从事化学纤 维制造业为主的企业。企业注册资本366626.5677万人民币，实缴资 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The PTA industry is nearing the end of its expansion phase, with a projected new capacity of 8.7 million tons in 2025, while the demand for PTA products is expected to continue growing due to steady demand from downstream applications such as polyester fibers, bottle sheets, and films [6][31][32] Supply Side Summary - The domestic PTA industry's effective capacity increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with a compound annual growth rate (CAGR) of 12.5% [12][14] - As of August 2025, the industry concentration ratio (CR7) reached 76%, indicating a high level of market concentration and pricing power among leading companies [15][16] - The expansion of PTA capacity is expected to slow down, with 870,000 tons of new capacity planned for 2025, and an additional 800,000 tons planned for 2026 and beyond [19][20] Demand Side Summary - The primary demand for PTA comes from polyester fibers and films, with polyester fibers accounting for 71% of the demand and bottle sheets for 23% [26][28] - The apparent consumption of PTA in China increased from 42.36 million tons in 2019 to 65.58 million tons in 2024, with a CAGR of 9.13% [28][30] - Exports of PTA have been increasing, reaching 4.418 million tons in 2024, which is approximately 6.3% of the total domestic production [29][30] Profitability Forecast and Investment Recommendations - The report anticipates a gradual recovery in PTA product profitability as the supply-side dynamics improve and demand continues to rise [31] - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., Ltd. Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [32][33]

Core Viewpoint - Hengyi Petrochemical's recent financial performance shows significant declines in revenue and profit, indicating potential challenges ahead for the company [1]. Financial Performance - As of the first quarter of 2025, Hengyi Petrochemical reported total revenue of 27.168 billion yuan, a year-on-year decrease of 14.18% [1]. - The net profit attributable to shareholders was 51.4948 million yuan, down 87.55% year-on-year [1]. - The non-recurring net profit was 8.171 million yuan, reflecting a 97.40% decrease compared to the previous year [1]. - The company's liquidity ratios are concerning, with a current ratio of 0.668 and a quick ratio of 0.390 [1]. - The asset-liability ratio stands at 72.38%, indicating a high level of debt relative to assets [1]. Market Activity - On August 13, 2025, Hengyi Petrochemical's stock closed at 5.98 yuan, down 0.33% with a turnover rate of 0.36% [1]. - The trading volume was 130,700 hands, with a total transaction value of 78.1843 million yuan [1]. - There was a net outflow of main funds amounting to 15.6826 million yuan, accounting for 20.06% of the transaction value [1]. - Large orders saw a net outflow of 16.6362 million yuan, making up 21.28% of the transaction value [1]. Company Background - Hengyi Petrochemical Co., Ltd. was established in 1996 and is primarily engaged in the chemical fiber manufacturing industry [2]. - The company is located in Qinzhou and has a registered capital of 36.6626 billion yuan, with paid-in capital of 17.4527 billion yuan [1][2]. - The legal representative of the company is Qiu Yibo [1].

Core Viewpoint - The AMAC Chemical Fiber Index experienced a decline of 0.57%, closing at 3837.96 points, with a trading volume of 3.384 billion yuan, despite showing positive growth over the past month, three months, and year-to-date [1] Group 1: Index Performance - The AMAC Chemical Fiber Index has increased by 6.53% over the past month [1] - The index has risen by 9.31% over the last three months [1] - Year-to-date, the index has shown a growth of 9.89% [1] Group 2: Index Composition - The top ten holdings of the AMAC Chemical Fiber Index are: Tongkun Co., Ltd. (13.53%), Guangwei Composites (11.72%), Kaisa Biotechnology (11.33%), Huafeng Chemical (10.12%), Hengyi Petrochemical (8.51%), Zhongjian Technology (8.44%), New Fengming (6.32%), Jilin Chemical Fiber (5.23%), Taihe New Materials (4.32%), and Hailide (3.15%) [1] - The market share of the AMAC Chemical Fiber Index is composed of 60.77% from the Shenzhen Stock Exchange and 39.23% from the Shanghai Stock Exchange [1] Group 3: Industry Classification - The AMAC Chemical Fiber Index is entirely composed of the raw materials sector, with a 100% allocation [1]

伊戈尔12月17日晚发布公告，12月15日，公司收到实际控制人、董事长肖俊承《关于提议伊戈尔电气股 份有限公司回购公司股份的函》，基于对公司未来发展前景的信心和对公司价值的认可，为有效增强投 资者信心，公司实际控制人、董事长肖俊承提议公司通过集中竞价交易方式回购公司部分股票，并在未 来适宜时机将回购股份用于股权激励或员工持股计划，以进一步健全公司长效激励机制，充分调动核心 骨干员工的积极性，确保公司长期经营目标及股东利益的实现，从而提升公司整体价值。回购资金总额 为6000万元至1.2亿元。 积极回购 不少上市公司在发布回购方案后不久，就实施了回购。 天源环保12月17日晚间发布关于首次回购公司股份的公告，公告显示，12月14日，公司首次实施了回购 股份，通过深圳证券交易所股票交易系统以集中竞价交易方式首次回购公司股份9万股，占公司当前总 股本的0.02%，最高成交价为11.47元/股，最低成交价为11.43元/股，成交总金额为103.07万元（不含交 易费用）。 临近年末，上市公司回购热情不减。以恒逸石化为代表的部分上市公司计划回购金额上限达到10亿元。 业内人士表示，上市公司大规模回购，向市场传递低估值信 ...

专利摘要显示，本发明公开了一种阻燃抗污共聚尼龙6及其制备方法和应用，制备方法为：将含磷 阻燃单体、含硅反应单体、内酰胺、引发剂和催化剂加入到聚合反应釜中，通入氮气置换釜内空气；在 氮气保护下先升温至180~220℃进行预聚反应，再升温至240~260℃进行聚合反应；聚合反应后排除体系 内的水蒸气至常压状态反应，然后抽真空反应，反应结束后充氮气恢复至常压，出料冷却，得到阻燃抗 污共聚尼龙6。本发明在共聚尼龙中引入含磷共聚单体和含硅共聚单体，在较低引入量，通过熔融共聚 制备一种具有高阻燃效率、永久阻燃的本征型阻燃尼龙材料，并具有一定的疏水抗污性能，同时保留了 尼龙材料本身良好的力学性能和可纺性能。 2025年8月6日消息，国家知识产权局信息显示，浙江恒逸石化研究院有限公司申请一项名为"一种 阻燃抗污共聚尼龙6及其制备方法和应用"的专利，公开号CN120424331A，申请日期为2025年04月。 ...