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 ...

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-064 | | --- | --- | --- | | 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"预计触发转股价格向下修正的提示性公告 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。 特别提示： 1、证券代码：000703，证券简称：恒逸石化 2、债券代码：127022，债券简称：恒逸转债 3、转股价格：9.15 元/股 一、可转债发行上市基本情况 （一）可转债发行情况 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 行可转换公司债券的批复》（证监许可[2020]522 号）核准，公司于 2020 年 10 月 22 日公开发行了面值总额 200,000 万元的可转换公司债券。 （二）可转债上市情况 1 4、转股时间：2021 年 4 月 22 日至 2026 年 10 月 15 日 5、根据《恒逸石化股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）的规定，在本次发行的可转换公司债券存 ...

Industry Overview - Isophthalic acid (PIA) is a white crystalline powder or needle-like crystal, widely used in various downstream applications, with polyester bottle chips being the largest demand market, accounting for over 40% of annual consumption [1][9] - China is the world's largest producer, consumer, and exporter of polyester bottle chips, providing a vast space for the isophthalic acid industry [1][9] - The production of polyester bottle chips is expected to grow by 18.17% year-on-year in 2024, reaching 15.49 million tons, which will drive a 13.52% increase in domestic isophthalic acid apparent consumption [1][9] Production and Capacity - The isophthalic acid industry in China entered a capacity expansion cycle from 2020 to 2021, with major players like Hengyi Petrochemical and Ningbo Taihua completing new capacity construction [7] - From 2022 to 2024, the production capacity is expected to stabilize at around 550,000 tons, with no new production facilities added during this period [7][19] Import and Export Dynamics - Historically, China has relied heavily on imports to meet isophthalic acid demand, with import volumes consistently above 200,000 tons [11] - However, in 2024, due to a significant increase in domestic production, imports are projected to decrease to 234,600 tons, a year-on-year decline of 12.89% [11] - The dependency on imports will drop to 34.47%, a significant reduction from 85% in 2018, indicating improved domestic production capabilities [11] Competitive Landscape - The isophthalic acid industry is characterized by high barriers to entry, with a concentrated oligopoly structure where a few companies dominate the market [13] - In 2024, Hengyi Petrochemical and Ningbo Taihua are expected to control over 90% of the total production capacity, with Hengyi Petrochemical leading at 300,000 tons, accounting for 54.55% of the total capacity [13][15] Market Demand Trends - The demand for isophthalic acid is expected to continue growing, driven by its applications in polyester bottle chips, alkyd resins, and unsaturated polyester resins [20] - The increasing production capacity of polyester bottle chips will further boost the demand for isophthalic acid [20] - Additionally, the push for high-performance materials in pharmaceuticals and electronic chemicals will create new growth points for market demand [20] Environmental and Sustainability Considerations - The isophthalic acid industry is facing pressure to transition towards greener and more sustainable practices due to stricter environmental regulations [21] - Companies are investing in environmentally friendly technologies and cleaner production processes to reduce waste and emissions [21] - Government policies are encouraging the adoption of green refining technologies, promoting a low-carbon and environmentally friendly development direction for the industry [21]

Report Title - The title of the report is "Big Refining Weekly Report: Filament Prices Rebound, Production and Sales Decline Significantly" [1] Report Date - The report was released on June 22, 2025 [1] Report Analysts - The chief energy and chemical securities analyst is Chen Shuxian, CFA, with the practice certificate number S0600523020004 [1] - The research assistant is Zhou Shaowen, with the practice certificate number S0600123070007 [1] Report Industry Investment Rating - Not mentioned in the report Report Core Views - The report provides a weekly update on the big refining industry, covering key projects' spreads, polyester, refining, and chemical segments, as well as relevant listed companies [2] Summary by Relevant Catalogs 1. Big Refining Weekly Data Briefing - **Price and Spread**: The weekly spread of domestic key big refining projects was 2,295 yuan/ton, a decrease of 135 yuan/ton (6% MoM); the spread of foreign key big refining projects was 983 yuan/ton, an increase of 14 yuan/ton (1% MoM). Brent crude oil was at $75.5/barrel, up $6.8 (9.8% MoM), and WTI was at $73.5/barrel, up $6.4 (9.5% MoM) [2][8] - **Polyester Sector**: POY/FDY/DTY industry average prices were 7,079/7,357/8,300 yuan/ton, up 193/168/161 yuan/ton respectively. Their weekly average profits were 8/-73/-44 yuan/ton, down 34/51/56 yuan/ton respectively. POY/FDY/DTY inventories were 16.3/19.8/25.6 days, down 1.6/1.9/2.9 days respectively. The filament operating rate was 90.3%, up 0.6 pct. The downstream loom operating rate was 60.7%, down 0.4 pct. Weaving enterprises' raw material inventory was 11.2 days, up 0.6 days, and finished - product inventory was 26.2 days, up 0.8 days [2] - **Refining Sector**: Domestic and US gasoline, diesel, and jet fuel prices rose this week [2] - **Chemical Sector**: The average PX price was $880.0/ton, up $61.1/ton, and the spread to crude oil was $328.6/ton, up $11.8/ton. The PX operating rate was 86.3%, down 0.1 pct [2] - **Related Listed Companies**: Private big refining and polyester filament companies include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Group, and Xin Fengming [2] - **Stock Performance and Earnings Forecast**: The report tracks the stock price changes and earnings forecasts of 6 private refining companies, including Hengli Petrochemical, Rongsheng Petrochemical, etc. For example, Hengli Petrochemical's stock price was 14.1 yuan, with a total market value of 99.3 billion yuan, and its net profit attributable to the parent in 2024A was 7.044 billion yuan [8] 2. Big Refining Weekly Report - **Index and Spread Trends**: It analyzes the trends of big refining indexes, domestic and foreign project spreads, and the price changes of crude oil, PX, and other products [11][19] - **Polyester Sector**: Multiple aspects of the polyester sector are analyzed, such as the prices and profits of PX, PTA, POY, FDY, DTY, etc., as well as the operating rates and inventory levels of relevant products [22][38] - **Refining Sector**: It details the price and spread changes of domestic, US, European, and Singaporean gasoline, diesel, and jet fuel [82][97][108][119] - **Chemical Sector**: It presents the price and spread changes of various chemical products, including polyethylene LLDPE, EVA foaming materials, etc. [129][130]

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-062 | | --- | --- | --- | | 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"恢复转股的公告 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、债券代码：127022；债券简称：恒逸转债 2、恢复转股时间：自2025年6月20日起恢复转股 恒逸石化股份有限公司（以下简称"公司"）因实施公司2024年年度权益分 派，根据《恒逸石化有限公司公开发行可转换公司债券募集说明书》及相关规定， 自2025年6月11日起公司"恒逸转债"暂停转股。具体内容详见公司于2025年6 月10日披露在《证券时报》《证券日报》《上海证券报》《中国证券报》及巨潮 资讯网（www.cninfo.com.cn）上刊登的《关于实施权益分派期间"恒逸转债" 暂停转股的公告》（公告编号：2025-056）。 根据相关规定，"恒逸转债"将在本次权益分派股权登记日后的第一个交易 日（即2025年6月20日）起恢复转股。 敬请公司可转换公司债券 ...

| 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-063 | | --- | --- | --- | | 债券代码：127067 | 债券简称：恒逸转 2 | | 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。 特此公告。 特别提示： 恒逸石化股份有限公司董事会 1、债券代码：127067；债券简称：恒逸转2 2、恢复转股时间：自2025年6月20日起恢复转股 恒逸石化股份有限公司（以下简称"公司"）因实施公司2024年年度权益分 派，根据《恒逸石化有限公司公开发行可转换公司债券募集说明书》及相关规定， 自2025年6月11日起公司"恒逸转2"暂停转股。具体内容详见公司于2024年6月 10日披露在《证券时报》《证券日报》《上海证券报》《中国证券报》及巨潮资 讯网（www.cninfo.com.cn）上刊登的《关于实施权益分派期间"恒逸转2"暂停 转股的公告》（公告编号：2025-057）。 根据相关规定，"恒逸转2"将在本次权益分派股权登记日后的第一个交易 日（即2025年6月20日）起恢复转股。 关于"恒逸转 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Polyester bottle chip factories have announced production cuts of approximately 20%, with a total capacity reduction of about 2.59 million tons, potentially increasing to 4.9 million tons when considering long-term shutdowns [1] - The average operating load of domestic polyester bottle chip facilities is expected to decline from 94.3% in May 2025 to around 77% due to these production cuts [1] - The processing price spread for polyester bottle chips has dropped to a low of 291 RMB/ton, with expectations for recovery as low-priced sources diminish following the planned maintenance and production cuts [2] - The current expansion phase of the polyester bottle chip industry is nearing its end, with a projected capacity increase from 11.11 million tons in 2021 to 20.43 million tons in 2024, leading to an oversupply situation [3] - The industry is expected to see a turning point upwards, with leading companies already reporting reduced losses, indicating that the low point of the polyester bottle chip cycle has passed [3] Summary by Sections Production Cuts and Capacity - Major polyester bottle chip manufacturers, including Yisheng, China Resources Materials, and Sinopec, are implementing production cuts starting July 2025, with a total capacity reduction of approximately 2.59 million tons [1] - The average operating load is projected to decrease significantly due to these cuts, indicating a shift in supply dynamics [1] Price Dynamics - The average price spread for polyester bottle chips has reached a critical low, with expectations for recovery as production cuts take effect [2] - The increase in raw material prices for PTA and ethylene glycol has pressured the processing margins, contributing to the current low price spread [2] Industry Outlook - The polyester bottle chip industry has seen significant capacity expansion, but this phase is coming to an end, with expectations for improved pricing dynamics in the near future [3] - Leading companies are beginning to report improved financial performance, suggesting a potential recovery in the industry [3] Beneficiary Companies - Key beneficiaries identified include Wankai New Materials, China Resources Materials, Sanfangxiang, Hengyi Petrochemical, and Rongsheng Petrochemical [4]

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, including price, profit, inventory, and production rate data for various segments such as refining, polyester, and chemical products, as well as performance data for major private refining and chemical companies [2][8]. Summary by Related Catalogs 1. Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance**: The oil and petrochemical index had a 3.5% increase in the past week, 5.0% in the past month, 5.2% in the past three months, and -3.6% in the past year. Among the companies, Rongheng Petrochemical, Hengli Petrochemical, Orient Shenghong, Hengyi Petrochemical, Tongkun Co., Ltd., and Xin Fengming had different performance in terms of stock price changes and profit forecasts [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) increased this week. The domestic refining project spread was 2503.1 yuan/ton, a decrease of 172.1 yuan/ton (-6.4%) compared to the previous week. The foreign refining project spread was 968.9 yuan/ton, a decrease of 93.8 yuan/ton (-8.8%) [8]. - **Polyester Sector**: PX, MEG, PTA, POY, FDY, DTY, and other product prices, spreads, inventories, and production rates showed various changes. For example, the PX price was 818.9 dollars/ton, a decrease of 13.3 dollars/ton, and the PX production rate was 86.4%, an increase of 1.4% [9]. - **Refining Sector**: In China, the prices of gasoline, diesel, and aviation kerosene increased. In the US, the gasoline price decreased, while diesel and aviation kerosene prices increased. In Europe and Singapore, the prices and spreads of various refined oil products also changed [9]. - **Chemical Sector**: The prices and spreads of products such as EVA photovoltaic materials, EVA foaming materials, LDPE, LLDPE, HDPE, and others showed different trends [9]. 2. Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index, the market performance of six private big refining companies, and the weekly spreads of domestic and foreign big refining projects [11][15][17]. - **2.2 Polyester Sector**: It includes data and trends on the prices, profits, inventories, and production rates of products in the polyester industry chain, such as crude oil, PX, PTA, MEG, POY, FDY, DTY, and downstream weaving [21][31][50]. - **2.3 Refining Sector**: It presents the price and spread relationships between crude oil and various refined oil products (gasoline, diesel, aviation kerosene) in different regions (China, the US, Europe, Singapore) [77][92][104]. - **2.4 Chemical Sector**: It shows the price and spread relationships between crude oil and various chemical products, such as polyethylene LLDPE, homopolymerized polypropylene, EVA foaming materials, EVA photovoltaic materials, etc. [127][128][135].