岳阳兴长第十六届董事会第二十三次会议决议公告 证券代码：000819 证券简称：岳阳兴长 公告编号：2025-039 岳阳兴长石化股份有限公司 第十六届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 公司第十六届董事会第二十三次会议通知和资料于 2025 年 8 月 8 日以电子邮件 方式发出，会议于 2025 年 8 月 18 日下午 2:30，在公司三楼会议室以现场结合通讯 方式召开，董事高卫国、赵烨以及独立董事李国庆以通讯方式参加会议，其余董事 参加现场会议。会议应出席董事 11 人，实际出席董事 11 人。会议由董事长王妙云 先生主持，公司监事和高级管理人员列席了会议。会议的召开符合法律法规和《公 司章程》的规定，合法有效。 二、董事会会议审议情况 会议审议通过了如下报告、议案： （一）《2025 年半年度报告及摘要》 表决结果：11 票同意、0 票反对、0 票弃权。 审计委员会审议通过了报告及摘要。 具体内容详见同日披露于巨潮资讯网的《2025 年半年度报告》，以及披露于《中 国证券报》《上海证券 ...

```markdown Part I [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the report's accuracy, with future plans not constituting commitments, and no dividends or bonus shares planned for this half-year period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - Forward-looking statements in this semi-annual report, such as future plans and industry forecasts, do not constitute substantial commitments to investors[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this half-year period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This chapter lists the structure of Yueyang Xingchang Petrochemical Co., Ltd.'s 2025 semi-annual report, including eight main chapters and their corresponding page numbers, providing investors with a navigation of the report content - The report is divided into eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This chapter provides definitions for common terms used in the report, including the company itself, major shareholders, subsidiaries, related parties, and various petrochemical products and industry-related concepts, ensuring clear understanding of the report content - Defined key entities such as the company, major shareholders (e.g., Sinopec Assets Management Co.), and subsidiaries (e.g., Energy Company, Hunan Litai)[13](index=13&type=chunk) - Explained various petrochemical products and technical terms including LPG, C3, C4, MTBE, industrial isooctane, propylene, o-cresol, polypropylene, and VOCs[13](index=13&type=chunk)[14](index=14&type=chunk) - Clarified the reporting period as January 1, 2025, to June 30, 2025[14](index=14&type=chunk) Part II [Company Profile](index=7&type=section&id=Company%20Profile) This chapter outlines the basic information of Yueyang Xingchang Petrochemical Co., Ltd., including its stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and contact information for the board secretary Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yueyang Xingchang | | Stock Code | 000819 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Miaoyun | | Board Secretary | Zou Haibo | [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter presents the company's key accounting data and financial indicators for the first half of 2025, showing significant declines in operating revenue, net profit attributable to shareholders, and net cash flow from operating activities compared to the prior year, resulting in negative basic earnings per share and weighted average return on net assets 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (billion yuan) | Prior Period (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.53 | 1.89 | -19.17 | | Net Profit Attributable to Shareholders of Listed Company | -29.48 | 53.05 | -155.58 | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | -29.86 | 48.76 | -161.24 | | Net Cash Flow from Operating Activities | -104.06 | 53.80 | -293.42 | | Basic Earnings Per Share (yuan/share) | -0.081 | 0.147 | -155.10 | | Diluted Earnings Per Share (yuan/share) | -0.081 | 0.146 | -155.48 | | Weighted Average Return on Net Assets | -1.38 | 2.51 | -3.89 | | Total Assets (Period-end) | 3.25 | 3.07 | 5.81 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2.14 | 2.15 | -0.37 | [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **380,794.46 yuan**, primarily including gains/losses on disposal of non-current assets, government grants, and fair value changes of financial assets 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses on Disposal of Non-current Assets | 9,712.18 | | Government Grants Recognized in Current Profit/Loss | 431,337.13 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 23,600.00 | | Other Non-operating Income and Expenses | 68,335.65 | | Less: Income Tax Impact | 104,391.81 | | Impact on Minority Interests (After Tax) | 47,798.69 | | Total | 380,794.46 | Part III [Company's Main Business Activities During the Reporting Period](index=10&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) This chapter elaborates on the company's operations in three core business areas: chemical new materials, energy saving and environmental protection, and energy and chemical, including industry policies, market development trends, company's industry position, main products and uses, process flows, and business models [Industry Overview](index=10&type=section&id=Industry%20Overview) This section analyzes the policy orientation, market development status, and future trends of the new materials, energy saving and environmental protection, and energy and chemical industries to which the company belongs, highlighting the policy's role in promoting green and low-carbon transformation, and the opportunities and challenges faced by each segmented market [New Materials Industry](index=10&type=section&id=New%20Materials%20Industry) The new materials industry is supported by policies, with a focus on green and low-carbon transformation and improving the self-sufficiency of chemical new materials; demand for high-end polyolefins is strong, calcined petroleum coke in lithium battery anode materials grew against the trend, and the specialty phenol market operated stably with eased competitive pressure - Policy target: By **2025**, chemical new materials self-sufficiency rate to exceed **75%**, promoting green and low-carbon transformation of the industry[30](index=30&type=chunk) - Demand for high-end polyolefins is strong, with prices maintained at **12,000-17,000 yuan/ton**, indicating strong profitability[32](index=32&type=chunk) - The market for calcined petroleum coke used in anode materials grew against the trend, with domestic anode material output increasing by **34.56%** year-on-year in H1 **2025**, and the company's sales volume increasing by nearly **50%**[34](index=34&type=chunk) - The specialty phenol market remained stable, with international prices for o-cresol at **$1,400-1,600/ton**, and 2,6-xylenol average price rising to **16,000 yuan/ton**, a **10%** year-on-year increase[35](index=35&type=chunk) [Energy Saving and Environmental Protection Industry](index=13&type=section&id=Energy%20Saving%20and%20Environmental%20Protection%20Industry) The energy saving and environmental protection industry is driven by continuous policy efforts, with the market tending towards specialization and high-end development; VOCs treatment technology upgrades are accelerating, non-precious metal catalysts are replacing imported products, demand in industrial energy saving is strong, and waste valorization technology is evolving towards high-value-added directions - Policies promote marketization of pollution and carbon emission rights, strengthening rigid demand for pollution control and accelerating technological upgrades[45](index=45&type=chunk) - The VOCs treatment market is shifting from 'existence' to 'quality', with the company's independently developed non-precious metal catalysts expanding market share[47](index=47&type=chunk) - Demand in industrial energy saving is strong, with the company's steel sintering flue gas CO treatment technology holding an advantage, and waste valorization technology evolving towards high-value-added directions[48](index=48&type=chunk)[49](index=49&type=chunk) [Energy and Chemical Industry](index=14&type=section&id=Energy%20and%20Chemical%20Industry) The energy and chemical industry is driven towards standardization by national special rectification actions, but supply-demand issues for main products remain unresolved, leading to bottomed-out profits for refined oil, MTBE, and industrial isooctane, with market conditions expected to remain unfavorable in the second half of the year - National special rectification actions crack down on illegal oil product operations, expected to increase industry concentration[51](index=51&type=chunk) 2025 Semi-Annual Energy and Chemical Product Market Performance | Product | YoY Change in Output | YoY Change in Consumption | YoY Change in Average Price | YoY Change in Profit | | :--- | :--- | :--- | :--- | :--- | | Refined Oil | Decreased by 7.81% | Decreased by 4.42% | Decreased by 7.11% (Gasoline) / Decreased by 6.93% (Diesel) | Entered a trough period | | MTBE | Increased by 9.46% | Increased by 0.93% | Decreased by 19.55% | Decreased by over 95% | | Industrial Isooctane | Decreased by 0.61% | Decreased by 3.37% | Decreased by 6.35% | Average after-tax profit of **-525 yuan/ton** (loss intensified) | [Company's Industry Position](index=12&type=section&id=Company%27s%20Industry%20Position)

岳阳兴长公告，2025年上半年营业收入15.29亿元，同比下降19.17%。归属于上市公司股东的净亏损 2948.33万元，上年同期净利润5304.88万元。 ...

Core Viewpoint - Yueyang Xingchang's stock closed at 16.39 yuan on August 15, with a PE ratio of 109.90, marking a new low in 16 days, and a total market capitalization of 6.059 billion yuan [1] Company Summary - Yueyang Xingchang specializes in the development, production, and sales of petrochemical products, including chemical new materials, energy conservation and environmental protection, and retail of refined oil [1] - The company's main products include methyl tert-butyl ether, liquefied petroleum gas, propylene, industrial isooctane, ortho-cresol, calcined petroleum coke, and special polypropylene [1] - For Q1 2025, the company reported operating revenue of 1.063 billion yuan, a year-on-year increase of 27.85%, and a net profit of 13.6081 million yuan, a year-on-year decrease of 37.00%, with a gross profit margin of 18.85% [1] Industry Summary - The average PE ratio for the petroleum industry is 12.81, with a median of 28.49, placing Yueyang Xingchang at the 18th position in the industry ranking [2] - The company experienced a net inflow of 5.1876 million yuan in main funds on August 15, but had a total outflow of 25.0874 million yuan over the past five days [1]

Group 1 - The core point of the article indicates that Yueyang Xingchang (000819) experienced a stock price decline of 2.21% to 15.96 yuan as of August 14, 2025, with a trading volume of 66,500 hands and a transaction amount of 107 million yuan [1] - The company reported total operating revenue of 1.063 billion yuan for Q1 2025, reflecting a year-on-year growth of 27.85%, while net profit attributable to shareholders decreased by 37.00% to 13.608 million yuan [1] - The company's liquidity ratios include a current ratio of 1.148 and a quick ratio of 0.831, with a debt-to-asset ratio of 31.48% [1] Group 2 - Yueyang Xingchang has made investments in 19 enterprises and participated in 101 bidding projects, indicating active engagement in business expansion [2] - The company holds 4 trademark registrations and 48 patents, showcasing its commitment to intellectual property development [2] - Additionally, the company possesses 120 administrative licenses, reflecting its compliance and operational capabilities [2]

Core Viewpoint - The stock of Yueyang Xingchang has experienced a decline, with a current price of 15.96 yuan and a rolling PE ratio of 107.02 times, significantly higher than the industry average [1] Company Summary - Yueyang Xingchang Petrochemical Co., Ltd. specializes in the development, production, and sales of chemical new materials, energy conservation and environmental protection, and petrochemical products, including retail of refined oil [1] - The company's main products include methyl tert-butyl ether, liquefied petroleum gas, propylene, industrial isooctane, ortho-cresol, calcined petroleum coke, and special polypropylene [1] - For Q1 2025, the company reported revenue of 1.063 billion yuan, a year-on-year increase of 27.85%, while net profit was 13.6081 million yuan, reflecting a year-on-year decrease of 37.00%, with a gross profit margin of 18.85% [1] Industry Summary - The average PE ratio for the petroleum industry is 12.78 times, with a median of 28.44 times, positioning Yueyang Xingchang at the 18th rank within the industry [2] - The total market capitalization of Yueyang Xingchang is 5.9 billion yuan [2] - The company has seen a net outflow of 22.7662 million yuan in principal funds on August 14, with a total outflow of 39.8269 million yuan over the past five days [1]

Core Points - The Shanghai Composite Index closed at 3653.50 points, above the annual line, with a gain of 0.51% [1] - The total trading volume of A-shares reached 1,149.623 billion yuan [1] - A total of 69 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Summary of Stocks Breaking the Annual Line - The stocks with the highest deviation rates include: - Shen Zhen Zhi Ye A: 5.97% deviation, closing price 6.97 yuan, with a daily increase of 7.07% and turnover rate of 4.64% [1] - De Fang Na Mi: 5.54% deviation, closing price 35.42 yuan, with a daily increase of 8.25% and turnover rate of 8.20% [1] - An Da Ke Ji: 5.19% deviation, closing price 5.86 yuan, with a daily increase of 5.78% and turnover rate of 6.58% [1] - Other notable stocks with smaller deviation rates include: - Hua Xi Biological: just above the annual line [1] - Yuan Zuo Shares: just above the annual line [1] - Pu Rui Eye Care: just above the annual line [1] Additional Stock Data - Other stocks with significant performance include: - Zhu Hai Guan Yu: 4.33% deviation, closing price 15.64 yuan, daily increase of 6.76% [1] - San Wei Gu Fen: 4.27% deviation, closing price 12.50 yuan, daily increase of 7.76% [1] - Tian Li Lithium Energy: 2.96% deviation, closing price 30.04 yuan, daily increase of 4.05% [1]

Group 1 - The core viewpoint of the articles highlights that Yueyang Xingchang's stock price closed at 16.35 yuan, with a 2.25% increase, resulting in a rolling PE ratio of 109.63 times and a total market value of 6.045 billion yuan [1] - The average PE ratio for the oil industry is 12.91 times, with a median of 30.60 times, placing Yueyang Xingchang at the 18th position within the industry [1] - On August 7, the net inflow of main funds into Yueyang Xingchang was 14.3666 million yuan, although the overall trend over the past five days showed a net outflow of 10.10 million yuan [1] Group 2 - Yueyang Xingchang's main business includes the development, production, and sales of chemical new materials, energy conservation and environmental protection, and petrochemical products, with key products such as methyl tert-butyl ether, liquefied petroleum gas, and propylene [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 1.063 billion yuan, a year-on-year increase of 27.85%, while net profit was 13.6081 million yuan, reflecting a year-on-year decrease of 37.00%, with a sales gross margin of 18.85% [1] - The PE ratios for Yueyang Xingchang are significantly higher than the industry averages, with a trailing PE of 109.63 times compared to the industry average of 12.91 times and a median of 30.60 times [2]

Group 1 - The oil industry experienced a slight increase of 0.08% on August 4, with a net outflow of main funds amounting to 4.0268 million yuan [1] - Among the constituent stocks, 11 rose while 9 fell, indicating mixed performance within the sector [1] - The top net outflows were recorded for China National Offshore Oil Corporation (CNOOC) at 27.5103 million yuan, followed by *ST Xinchao at 15.0106 million yuan, and Guangju Energy at 9.3863 million yuan [1] Group 2 - China National Petroleum Corporation (CNPC) shares were priced at 8.47 yuan, with a decrease of 0.47% and a net inflow of 3.88638 million yuan, representing 4.0% of the main fund [1] - China Petroleum & Chemical Corporation (Sinopec) shares were priced at 5.65 yuan, down 0.72%, with a net inflow of 0.42157 million yuan, accounting for 2.59% of the main fund [1] - Shanghai Petrochemical Company shares were priced at 2.83 yuan, down 0.77%, with a net inflow of 0.07935 million yuan, representing 7.68% of the main fund [1]

Group 1 - The company announced that its equipment maintenance was completed by late June and normal production has resumed [1] - The chemical raw materials produced by Dongyue Chemical can provide the company with green materials, enabling the development and sale of high-value-added green polypropylene products [1] - The company is being asked about its potential participation in Dongyue Chemical's 3 million tons waste plastic project, with investors advised to pay attention to company announcements for updates [1][3] Group 2 - An investor inquired about the company's performance forecast and the reasons for the expected loss due to equipment maintenance and whether normal production has resumed [3] - The investor also questioned if the chemical raw materials from Dongyue Chemical's waste plastic resource utilization project could provide a cost advantage for the company [3]