恒逸石化股份有限公司 第十二届董事会第二十七次会议决议公告 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。 | 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-090 | | --- | --- | --- | | 证券代码：127067 | 证券简称：恒逸转 2 | | 1 转 2"转股价格的向下修正条款，届时公司董事会将再次召开会议决定是否行使 "恒逸转 2"转股价格的向下修正权利。 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 二十七次会议通知于 2025 年 8 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 8 月 28 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。 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 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： 审 ...

1、截至目前，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 2"转股价格向下修正条款。 2、经公司第十二届董事会第二十七次会议审议通过，公司董事会决定本次 不行使"恒逸转 2"的转股价格向下修正的权利，且在未来六个月内（2025 年 8 月 29 日至 2026 年 2 月 28 日），如再次触发"恒逸转 2"转股价格向下修正条款， 亦不提出向下修正方案。从 2026 年 3 月 2 日开始计算，若再次触发"恒逸转 2" 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 2"的转股价格向下修正权利。 公司于 2025 年 8 月 28 日召开了第十二届董事会第二十七次会议，审议通过 了《关于不向下修正"恒逸转 2"转股价格的议案》，具体如下： | 证券代码：000703 | 证券简称：恒逸石化 | 公告编号：2025-091 | | --- | --- | --- | | 证券代码：127067 | 证券简称：恒逸转 2 | | 恒逸石化股份有限公司 关于不向下修 ...

Group 1 - The chemical fiber sector is experiencing a rebound, with Haiyang Technology reaching the daily limit increase [1] - Other companies such as Tongkun Co., Hengli Petrochemical, Huilong New Materials, Xin Fengming, Hengshen New Materials, and Hengyi Petrochemical are also seeing gains [1]

Investment Rating - The report indicates a positive outlook for the basic chemical industry, particularly for refrigerants and glyphosate, with a focus on the refining sector due to policy catalysts [1][4]. Core Insights - Glyphosate prices continue to rise, driven by strong downstream demand and sufficient orders from overseas markets, with the price reaching 26,899 CNY/ton, an increase of 200 CNY/ton from the previous week [3][17]. - The demand for refrigerants, particularly R32, is increasing due to high summer temperatures, with R32 prices rising by 1,000 CNY/ton to 58,500 CNY/ton [4][32]. - The refining industry is gaining attention due to policy changes in South Korea and China, which may lead to capacity reductions and increased operational efficiency [4][5]. Summary by Sections (1) Key Chemical Product Price Tracking - The report tracks significant price changes in various chemical products, with notable increases in acrylic acid and PTA, while some products like tetrachloroethylene saw declines [13][14]. (2) Polyurethane: MDI and TDI Price Trends - MDI prices have decreased due to weak demand from end-users, while TDI prices have also dropped amid seasonal demand pressures [15][16]. (3) Agricultural Chemicals: Glyphosate and Urea Price Increases - Glyphosate prices are on the rise, with a reported weekly production of 8,600 tons and a slight decrease in inventory levels [17][21]. - Urea and potassium chloride prices have also increased, attributed to export agreements and tight supply conditions [21][25]. (4) Fluorochemicals: R32 and Refrigerant Price Increases - R32 and other third-generation refrigerants have seen price increases due to steady demand and supply constraints [26][32]. (5) Tire Industry: Rubber and Additive Price Movements - The report notes fluctuations in rubber prices, with a slight increase in styrene-butadiene rubber and stable prices for other additives [34][36].

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Group 1 - The domestic key refining project price difference this week is 2579 yuan/ton, an increase of 18 yuan/ton (up 1%) compared to the previous week [2] - The average prices for POY, FDY, and DTY this week are 6789, 7100, and 7986 yuan/ton respectively, with week-on-week increases of 61, 57, and 57 yuan/ton [2] - The average profit for the POY, FDY, and DTY industries this week is 35, -25, and -34 yuan/ton respectively, with week-on-week changes of +18, +16, and +16 yuan/ton [2] Group 2 - The inventory levels for POY, FDY, and DTY are 13.8, 22.7, and 27.8 days respectively, showing week-on-week decreases of 2.3, 0.6, and 0.4 days [2] - The operating rate for long filaments is 90.7%, an increase of 0.1 percentage points compared to the previous week [2] - The operating rate for weaving machines this week is 60.1%, an increase of 2.1 percentage points compared to the previous week [2] Group 3 - Domestic refined oil prices for gasoline, diesel, and aviation kerosene have decreased this week [2] - The average PX price this week is 841.1 USD/ton, an increase of 9.0 USD/ton compared to the previous week [2] - The PX operating rate is 84.6%, an increase of 1.4 percentage points compared to the previous week [2]

Price Trends - Domestic refining project price spread this week is 2579 CNY/ton, up by 18 CNY/ton (1%) week-on-week[2] - International refining project price spread this week is 1077 CNY/ton, down by 33 CNY/ton (-3%) week-on-week[2] Polyester Sector - Average prices for POY, FDY, and DTY are 6789, 7100, and 7986 CNY/ton respectively, with week-on-week increases of 61, 57, and 57 CNY/ton[2] - Weekly average profits for POY, FDY, and DTY are 35, -25, and -34 CNY/ton respectively, with week-on-week changes of +18, +16, and +16 CNY/ton[2] - Inventory days for POY, FDY, and DTY are 13.8, 22.7, and 27.8 days respectively, with week-on-week changes of -2.3, -0.6, and -0.4 days[2] - Operating rate for polyester filament is 90.7%, up by 0.1 percentage points week-on-week[2] Refining Sector - Domestic gasoline, diesel, and aviation fuel prices have decreased this week[2] - US aviation fuel prices have also decreased this week[2] Chemical Sector - PX average price is 841.1 USD/ton, up by 9.0 USD/ton week-on-week, with a price spread against crude oil of 353.3 USD/ton, up by 5.3 USD/ton week-on-week[2] - PX operating rate is 84.6%, up by 1.4 percentage points week-on-week[2] Risks - Project implementation progress may fall short of expectations[2] - Macroeconomic growth slowdown could lead to weaker-than-expected demand recovery[2] - Geopolitical risks may cause fluctuations in raw material prices[2] - Significant changes in industry capacity may occur[2] - Statistical discrepancies and calculation errors may arise[2]

Group 1 - Hengyi Petrochemical (000703.SZ) reported a significant recovery in Q2 performance, with Q2 revenue of 28.79 billion yuan, a year-on-year decrease of 13.0%, but a quarter-on-quarter increase of 6.0%. The net profit attributable to shareholders was 175 million yuan, showing a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3] - Hongdian East Magnet (002056.SZ) achieved a revenue of 11.936 billion yuan in H1 2025, a year-on-year increase of 24.76%, and a net profit of 1.02 billion yuan, up 58.94% year-on-year. Q2 revenue was 6.713 billion yuan, with a year-on-year increase of 25.87% and a net profit of 562 million yuan, reflecting a year-on-year increase of 94.80% [3] - Guotai Group (603977.SH) reported H1 2025 revenue of 1.059 billion yuan, a year-on-year decrease of 6.03%, and a net profit of 121 million yuan, down 11.14%. The net cash flow from operating activities was 142 million yuan, up 16.73% year-on-year [4] Group 2 - Kingsoft Cloud (3896.HK) reported total revenue of 2.349 billion yuan in Q2 2025, with year-on-year and quarter-on-quarter growth of 24.2% and 19.3%, respectively. Adjusted EBITDA reached 406 million yuan, a year-on-year increase of 570.1%, with an adjusted EBITDA margin of 17.3%, reflecting significant improvements in revenue structure and cost efficiency [6] - Huali Group (300979.SZ) achieved H1 2025 revenue of 12.66 billion yuan, a year-on-year increase of 10.4%, but net profit decreased by 11.1% to 1.67 billion yuan. The company proposed a cash dividend of 1.0 yuan per share, with a payout ratio of approximately 70% [7] - ZhiYue Education Group (3978.HK) reported a gross margin of 45.0% in H1 2025, a slight year-on-year increase of 0.1 percentage points, although the overall gross margin was impacted by a higher proportion of low-margin business [8] - WuXi Biologics (2269.HK) achieved revenue of 9.953 billion yuan in H1 2025, a year-on-year increase of 16.1%, and a net profit of 2.339 billion yuan, up 56.0% year-on-year. The gross margin improved by 3.6 percentage points to 42.7%, indicating significant earnings improvement [8]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 due to improved refining and polyester filament margins [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 55.96 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 230 million yuan, down 47.3% year-on-year [4]. - In Q2 2025, the company recorded revenue of 28.79 billion yuan, a year-on-year decline of 13.0% but a quarter-on-quarter increase of 6.0%. The net profit for Q2 was 175 million yuan, showing a significant year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [4]. Group 2: Market Conditions - The average Brent crude oil price in Q2 2025 was $66.76 per barrel, down 22% year-on-year and 11% quarter-on-quarter. The naphtha cracking margin was -50 yuan/ton, up 19 yuan/ton year-on-year and 20 yuan/ton quarter-on-quarter [5]. - The refining margin was 1,111 yuan/ton, an increase of 420 yuan/ton year-on-year and 158 yuan/ton quarter-on-quarter, indicating improved profitability in refining operations [5]. Group 3: Regional Market Dynamics - The Southeast Asian refined oil supply-demand gap is expected to continue expanding, with a projected shortfall of 68 million tons by 2026 due to the exit of over 30 million tons of refining capacity from the market between 2020 and 2023 [6][7]. - The company has established a refining capacity of 8 million tons per year through its Brunei refining project, which is expected to benefit from the tightening supply-demand dynamics in the region [6][7]. Group 4: Product Development and Strategy - The company has a total polyester production capacity of 13.25 million tons per year, with a focus on differentiated high-value products. The proportion of differentiated fiber production has increased to 27% in H1 2025 [8]. - The company is accelerating the development of biodegradable fibers and other high-value products, aiming to lead technological advancements in the fiber industry towards low-carbon and circular economy practices [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a significant recovery in Q2 2025, with a notable increase in net profit compared to the previous quarter, driven by improved refining and polyester filament price spreads [4][7] - The company is accelerating its layout of high-value differentiated products, with a focus on biodegradable fibers and other high-margin products, positioning itself for future growth [6][7] - The Brunei refining project is expected to benefit from the expanding supply-demand gap in the Southeast Asian refined oil market, enhancing the company's competitive advantage [5][7] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 55.96 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 230 million yuan, down 47.3% year-on-year. In Q2 alone, revenue was 28.79 billion yuan, down 13.0% year-on-year but up 6.0% quarter-on-quarter, with a net profit of 175 million yuan, a year-on-year increase of 953.9% and a quarter-on-quarter increase of 240.2% [3][4] Market Conditions - The average Brent crude oil price in Q2 2025 was $66.76 per barrel, down 22% year-on-year and 11% quarter-on-quarter. The price spread for refining improved significantly, indicating a recovery in the company's performance despite a challenging market environment [4] Growth Prospects - The company has a total polyester production capacity of 13.25 million tons per year, with a focus on differentiated products. The proportion of differentiated fiber production has increased to 27%, leading the industry [6] - The Southeast Asian refined oil market is projected to face a supply-demand gap of 68 million tons by 2026, which the company is well-positioned to exploit through its Brunei refining project [5][7] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to the declining industry outlook, with expected net profits of 580 million yuan, 764 million yuan, and 965 million yuan respectively. The report maintains a positive outlook on the company's future growth potential [7][8]