| 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].

证券代码：000703 股票简称：恒逸石化 公告编号：2025-072 恒逸石化股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于2025年7月2日召开的 第十二届董事会第二十五次会议，审议通过了《关于使用部分闲置募集资金暂时补充 流动资金的议案》，公司计划使用不超过85,000.00万元（含本数）的闲置募集资金暂 时补充流动资金，用于与公司主营业务相关的经营活动，不直接或者间接用于证券投 资、衍生品交易等高风险投资，使用期限自董事会审议通过之日起不超过12个月，到 期归还募集资金专用账户。现将相关事宜公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准恒逸石化股份有限公司公开发行可转换公 司债券的批复》（证监许可[2022]565号文）核准，公司获准向社会公开发行面值总 额为3,000,000,000.00元的可转换公司债券，期限6年。本次公开发行可转换公司债券 募集资金总额为人民币3,000,000,000.00元，扣除承销保 ...

中信证券股份有限公司（以下简称"保荐机构"、"中信证券"）作为恒逸石化 股份有限公司（以下简称"恒逸石化"、"公司"或"上市公司"）的持续督导机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证 券交易所股票上市规则》和《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》等相关法律法规的要求，对恒逸石化使用部分闲置募集资 金暂时补充流动资金进行了审慎核查，具体如下： 一、本次募集资金基本情况 经中国证券监督管理委员会《关于核准恒逸石化股份有限公司公开发行可转 换公司债券的批复》（证监许可［2022］565 号文）核准，公司获准向社会公开发 行面值总额为 3,000,000,000.00 元的可转换公司债券，期限 6 年。本次公开发行可 转换公司债券募集资金总额为人民币 3,000,000,000.00 元，扣除承销保荐费、律师 费、会计师、资信评级、信息披露费及发行手续费等费用，实际募集资金净额为 人民币 2,983,679,245.28 元。本次公开发行可转换公司债券募集资金的实收情况经 中兴华会计师事务所（特殊普通合伙）验证并出具中兴华验字（2022）第 0 ...

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 二十五次会议通知于 2025 年 6 月 26 日以通讯、网络或其他方式送达公司全体董 事，并于 2025 年 7 月 2 日以现场加通讯方式召开。会议应出席的董事 9 人，实 际出席会议的董事 9 人。 证券代码：000703 证券简称：恒逸石化 公告编号：2025-071 恒逸石化股份有限公司 第十二届董事会第二十五次会议决议公告 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。 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《公司章程》的有关规 定。 二、董事会会议审议情况 1 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二十五次会议决议公告； 2、深交所要求的其他文件。 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《关于使用部分闲置募集资金暂时补充流动资金的议案》 为提高募集资 ...

公司于 2025 年 5 月 15 日召开的 2024 年年度股东大会，审议通过了《关于海宁 募投项目结项并将本项目节余募集资金永久补充流动资金的议案》，将海宁募投项目 节余募集资金 36,601.26 万元永久补充流动资金。具体内容详见公司 2025 年 4 月 24 日披露的《关于海宁募投项目结项并将本项目节余募集资金永久补充流动资金的公 告》（公告编号：公告编号：2025-040） 证券代码：000703 证券简称：恒逸石化 公告编号：2025-070 恒逸石化股份有限公司 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 2024 年 7 月 9 日召开的第十二 届董事会第十一次会议、第十二届监事会第八次会议，审议通过了《关于使用部分闲 置募集资金暂时补充流动资金的议案》，同意公司使用不超过 140,000.00 万元（含本 数）的闲置募集资金暂时补充流动资金，用于与主营业务相关的经营活动，不直接或 者间接用于证券投资、衍生品交易等高风险投资，使用期限自董事会审议通过之日起 不超过 12 个月，到期归还募集资金 ...

Group 1 - The core point of the announcement is the adjustment of the conversion prices for the company's convertible bonds, "恒逸转债" and "恒逸转2", due to annual profit distribution plans and other corporate actions [1][2][3][4][5][6][7][8]. - The conversion price for "恒逸转债" has been adjusted multiple times: from 11.50 to 11.20 yuan/share on July 6, 2021, to 11.00 yuan/share on July 7, 2022, to 10.91 yuan/share on June 26, 2024, and finally to 10.41 yuan/share on November 19, 2024 [1][3][5]. - The conversion price for "恒逸转2" was initially set at 10.50 yuan/share and was adjusted to 10.41 yuan/share on June 26, 2024, and further adjusted to 10.15 yuan/share on June 20, 2025 [6][7][8]. Group 2 - The company has issued a total of 200,000 million yuan of "恒逸转债" which has been listed on the Shenzhen Stock Exchange since November 16, 2020 [2]. - The total share capital of the company before the recent adjustments was 3,666,321,336 shares, which increased to 3,666,321,624 shares after the adjustments [9]. - The company distributed cash dividends of 3.00 yuan per 10 shares for the 2020 fiscal year and 1.00 yuan per 10 shares for the 2023 fiscal year [3][4][8].

证券代码：000703 证券简称：恒逸石化 公告编号：2025-068 恒逸石化股份有限公司 关于回购公司股份（第五期）事项的进展公告 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、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于 2024 年 10 月 22 日召开的第十二届董事会第十五次会议审议通过了《关于以集中竞价交易方式回 购公司股份方案（第五期）的议案》。同意公司使用自有资金及股票回购专项贷 款资金，以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 12,500 万元，不超过人民币 25,000 万元；回购价格为不超过人民币 9.00 元/股；回购期 限为公司自董事会审议通过本回购方案之日起 12 个月内。具体内容详见公司在 巨潮资讯网上披露的《关于以集中竞价交易方式回购股份方案（第五期）暨取得 金融机构股票回购专项贷款的公告》（公告编号：2024-110）、《关于以集中竞 价交易方式回购股份（第五期）的回购报告书》（公告编号：2024-111）。 公司于 2024 年 10 月 30 日首次通过回购专用证券账 ...