证券日报网讯 9月4日晚间，岳阳兴长发布公告称，公司本次完成回购注销限制性股票共计19.30万股， 其中，回购注销首次授予已获授但尚未解除限售的限制性股票6.30万股，回购价格为6.35元/股；回购注 销预留授予已获授但尚未解除限售的限制性股票13.00万股，回购价格为9.70元/股。涉及资金总额为 166.105万元，资金来源为公司自有资金。公司已于2025年9月3日在中国证券登记结算有限责任公司深 圳分公司办理完成了上述限制性股票的回购注销手续。本次回购注销完成后，公司股份总数由369， 697，506股变更为369，504，506股。 （编辑 任世碧） ...

岳阳兴长石化股份有限公司 证券代码：000819 证券简称：岳阳兴长 公告编号：2025-044 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。 岳阳兴长关于部分限制性股票回购注销完成的公告 特别提示： 股票共计 19.30 万股，其中，回购注销首次授予已获授但尚未解除限售的限制性股 票 6.30 万股，回购价格为 6.35 元/股；回购注销预留授予已获授但尚未解除限售的限 制性股票 13.00 万股，回购价格为 9.70 元/股。涉及资金总额为 166.105 万元，资金 来源为公司自有资金。 理完成了上述限制性股票的回购注销手续。本次回购注销完成后，公司股份总数由 一、本激励计划已履行的相关审批程序和信息披露情况 年限制性股票激励计划（草案）及摘要》《2022 年限制性股票激励计划考核管理办 法》《关于提请股东大会授权董事会办理 2022 年限制性股票激励计划相关事项的议 案》《关于召开第六十三次（2021 年度）股东大会的议案》。 年限制性股票激励计划（草案）及摘要》《2022 年限制性股票激励计划考核管理办 法》《2022 年限制性股票激励计划激励对象 ...

岳阳兴长关于部分限制性股票回购注销完成的公告 证券代码：000819 证券简称：岳阳兴长 公告编号：2025-044 岳阳兴长石化股份有限公司 关于部分限制性股票回购注销完成的公告 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、岳阳兴长石化股份有限公司（以下简称"公司"）本次完成回购注销限制性 股票共计 19.30 万股，其中，回购注销首次授予已获授但尚未解除限售的限制性股 票 6.30 万股，回购价格为 6.35 元/股；回购注销预留授予已获授但尚未解除限售的限 制性股票 13.00 万股，回购价格为 9.70 元/股。涉及资金总额为 166.105 万元，资金 来源为公司自有资金。 2、公司已于 2025 年 9 月 3 日在中国证券登记结算有限责任公司深圳分公司办 理完成了上述限制性股票的回购注销手续。本次回购注销完成后，公司股份总数由 369,697,506 股变更为 369,504,506 股。 一、本激励计划已履行的相关审批程序和信息披露情况 1、2022 年 6 月 7 日，公司召开第十五届董事会第十八次会议，审议通过《2022 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to the downturn in the energy and chemical industry, influenced by falling international oil prices and domestic market conditions [1][2]. Financial Performance - In the first half of 2025, the company achieved total revenue of 1.529 billion yuan, a year-on-year decrease of 19.17%, and a net profit attributable to shareholders of -29 million yuan [1]. - In Q2 alone, the company recorded revenue of 466 million yuan and a net profit of -43 million yuan [1]. Industry Context - The energy and chemical sector faced significant pressure due to geopolitical factors and OPEC's increased production, leading to a 15.05% year-on-year decline in the average Brent crude oil price [2]. - Domestic gasoline prices also fell, with an average price of 8,339 yuan per ton, down 8.03% year-on-year, impacting related products like MTBE and industrial isooctane, which saw price drops of 18.56% and 6.35%, respectively [2]. Cost Management - The company experienced increased expense ratios in sales, management, finance, and R&D, with management expenses rising significantly due to maintenance activities [3]. - The net cash flow from operating activities was -104 million yuan, prompting the company to secure bank credit lines to manage liquidity [3]. Strategic Initiatives - The company is actively transitioning towards new materials and energy-saving industries, focusing on high-end polyolefins and other emerging sectors [4]. - A subsidiary resumed production of metallocene polypropylene after maintenance, aiming for profitability in Q4 and enhancing the resource utilization chain [4]. Profit Forecast - The company's performance is expected to improve with the new high-end polyolefin projects, with projected net profits of 56 million yuan, 105 million yuan, and 169 million yuan for 2025-2027 [5]. - The earnings per share (EPS) are forecasted to be 0.15, 0.28, and 0.46 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 111.1, 59.4, and 36.8 [5].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [9] Core Views - The company faced significant performance pressure in the first half of 2025, with total revenue declining by 19.17% year-on-year to 1.529 billion yuan, and a net profit attributable to shareholders of -29 million yuan [4][5] - The decline in performance is attributed to a downturn in the energy and chemical industry, influenced by falling international oil prices and domestic gasoline price reductions [5] - The company is actively pursuing a transformation towards new materials and energy-saving industries, with a focus on high-end polyolefins and other emerging sectors [7][8] Summary by Sections Market Performance - The company’s stock price is currently at 16.86 yuan, with a total market capitalization of 6.2 billion yuan and a 52-week price range of 13.39 to 20.72 yuan [1] Financial Performance - In the first half of 2025, the energy and chemical segment generated 768 million yuan in revenue, down 43.79% year-on-year, significantly impacting overall performance [5] - The company reported a net cash flow from operating activities of -104 million yuan due to losses, but managed to maintain a cash and cash equivalents balance of 273 million yuan through bank financing [6] Growth Strategy - The company is accelerating the construction of its second growth engine, aiming to establish a complete green propylene supply chain by the end of the year [7][8] - The high-end polyolefins project is expected to become a new core growth driver, with profit forecasts for 2025-2027 showing a gradual recovery in net profit from 56 million yuan to 169 million yuan [9][11] Earnings Forecast - The report forecasts net profits of 56 million yuan, 105 million yuan, and 169 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.15, 0.28, and 0.46 yuan [9][11]

岳阳兴长关于举办2025年半年度报告网上业绩说明会的公告 岳阳兴长石化股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日在巨 潮资讯网披露《2025 年半年度报告》，为便于广大投资者更加全面深入地了解 公司经营业绩、发展战略等情况，公司定于 2025 年 8 月 28 日（星期四） 15:30-16:30 在"价值在线"（www.ir-online.cn）举办公司 2025 年半年度报 告业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 8 月 28 日（星期四）15:30-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 | 付 锋先生 | 董事、总经理 | | --- | --- | | 邹海波先生 | 董事、副总经理、董事会秘书 | | 李国庆先生 | 独立董事 | | 李湘波先生 | 副总经理、财务负责人 | 三、投资者参加方式 投 资 者 可 于 2025 年 8 月 28 日 （ 星 期 四 ） 15:30-16:30 通 过 网 址 htt ...

Market Overview - The three major indices collectively rose, with the Shanghai Composite Index up by 0.35%, the Shenzhen Component Index up by 0.45%, and the ChiNext Index up by 0.21%. However, the North China 50 Index fell by 0.96% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.5912 trillion yuan, an increase of 56.2 billion yuan compared to the previous day. Over 2,500 stocks in the market experienced gains [1] Sector Performance - The cross-border payment, oil and gas exploration and services, and combustible ice sectors showed strong performance, while the PCB concept and liquid cooling server sectors experienced adjustments [2] - The cross-border payment sector was particularly strong, with companies such as Sanwei Xinan and New Morning Technology hitting the daily limit, along with Zhongyou Capital and Tianrongxin also reaching the daily limit [2] - The oil and gas exploration and services sector saw gains, with Huaiyou Co. hitting the daily limit [2] - The combustible ice sector performed well, with companies like Xinjing Power and Shenkai Co. rising over 8% [2] - Conversely, the PCB concept weakened, with Chongda Technology nearing the daily limit down [2] - The liquid cooling server sector also declined, with companies like Tenglong Co. and Jintian Co. hitting the daily limit down [2]

Market Performance - The Shanghai Composite Index rose by 1.04%, closing at 3766.2104 points [1] - The Shenzhen Component Index increased by 0.89%, closing at 11926.741 points [1] Top Gainers in Hunan Stocks - JiuGuiJiu opened at 57.010 and closed at 63.470, gaining 10.00% with a trading volume of 337,993 lots [2] - Hunan Gold opened at 18.880 and closed at 19.670, up 3.91% with a trading volume of 804,976 lots [2] - Yueyang Xingchang opened at 16.660 and closed at 17.330, increasing by 3.90% with a trading volume of 140,340 lots [2] - Yanjinpuzi opened at 71.300 and closed at 73.960, rising by 3.83% with a trading volume of 49,479 lots [2] - Huatian Hotel opened at 3.480 and closed at 3.560, up 2.89% with a trading volume of 482,926 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, down 11.76% with a trading volume of 611,606 lots [3] - Kaimeteqi opened at 16.920 and closed at 15.980, decreasing by 10.02% with a trading volume of 1,491,015 lots [3] - Changlan Technology opened at 19.600 and closed at 19.160, down 4.15% with a trading volume of 186,352 lots [3] - Shanhe Intelligent opened at 17.200 and closed at 17.090, decreasing by 2.90% with a trading volume of 1,915,990 lots [3] - *ST Gaosi opened at 8.970 and closed at 8.690, down 2.03% with a trading volume of 90,469 lots [3]

8月20日，石油行业上涨1.3%，今日主力资金流入1.06亿元，成分股18只上涨，1只下跌。 主力资金净流入居前的分别为中国石油（1.06亿元）、中国石化（3312.57万元）、岳阳兴长（3243.14 万元）、泰山石油（2862.61万元）、统一股份（2658.06万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1601857中国石油8.621.171.06亿元9.17%2600028中国 石化5.720.883312.57万元4.08%3000819岳阳兴长17.333.93243.14万元13.46%4000554泰山石油 7.153.622862.61万元8.67%5600506统一股份22.370.722658.06万元9.88%6600777*ST新潮4.33.121905.78 万元10.95%7603798康普顿13.981.671172.97万元3.13%8000637茂化实华4.332.36986.25万元 12.47%9600688上海石化2.91.75794.33万元5.85%10600759洲际油气2.410.84420.26万元1.47% 来源：金融界 ...

Core Viewpoint - The financial performance of Yueyang Xinchang (000819) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential financial distress and operational challenges [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.529 billion yuan, a decrease of 19.17% compared to 1.892 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -29.48 million yuan, down 155.58% from 53.05 million yuan in the previous year [1]. - The gross profit margin decreased to 16.04%, down 8.05% year-on-year, while the net profit margin turned negative at -1.98%, a decline of 176.64% [1]. - The total of selling, administrative, and financial expenses reached 84.25 million yuan, accounting for 5.51% of revenue, an increase of 46.24% year-on-year [1]. - Earnings per share fell to -0.08 yuan, a decrease of 155.1% from 0.15 yuan in the previous year [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 293.42%, attributed to reduced net profit and increased inventory and receivables [5]. - Short-term borrowings increased by 142.5% and long-term borrowings rose by 52.74%, indicating a significant rise in debt levels [4]. - The net increase in cash and cash equivalents was up by 99.83%, driven by increased financing activities despite a decrease in operating cash flow [7]. Asset and Liability Changes - Accounts receivable represented 116.24% of the latest annual net profit, indicating a concerning level of receivables relative to profitability [1]. - The company experienced a 65.69% decrease in contract assets due to reduced receivables from completed projects [3]. - Inventory increased by 33.45%, reflecting higher finished goods stock following operational ramp-up at a subsidiary [3]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 2.06%, indicating weak capital returns, with a historical median ROIC of 4.68% over the past decade [7]. - The business model relies heavily on R&D and capital expenditures, necessitating scrutiny of the effectiveness and necessity of these investments [7].