序号股票简称PE(TTM)PE(静)市净率总市值(元)8东华能源33.9033.661.34149.42亿行业平均 12.7911.501.211749.81亿行业中值29.3233.481.5955.79亿1ST新潮9.208.411.01218.30亿2中国海油 9.279.061.5912495.62亿3中国石油9.509.561.0115739.80亿4广汇能源13.6913.161.41389.76亿5中国石化 15.2213.690.826886.73亿6洲际油气22.4119.911.1297.09亿7泰山石油24.7333.303.0333.08亿9康普顿 41.3350.502.3527.59亿10广聚能源65.1870.302.4268.16亿11和顺石油86.5996.571.7128.26亿12岳阳兴长 101.1888.382.5755.79亿 来源：金融界 截至2025年一季报，共有11家机构持仓东华能源，其中其他8家、基金2家、券商1家，合计持股数 71487.21万股，持股市值68.27亿元。 东华能源股份有限公司的主营业务是公司需遵守《深圳证券交易所上市公司自律监管指引第3号 ...

债券简称：21 东华 01 债券代码：149693.SZ 东华能源股份有限公司 （住所：张家港保税区金港路8号石化交易大厦1716-2室） 2021年面向专业投资者公开发行公司债券 （疫情防控债）（第一期） 受托管理事务报告 （2024 年度） 债券受托管理人 （住所：北京市西城区金融大街 5 号（新盛大厦）12、15 层） 2025 年 6 月 1 重要声明 东兴证券股份有限公司（以下简称"东兴证券"或"债券受托管理人"）编制本 报告的内容及信息均来源于东华能源股份有限公司（以下简称"发行人"、"公司"） 提供的《东华能源股份有限公司 2024 年年度报告》等相关公开信息披露文件， 发行人提供的证明文件以及第三方中介机构出具的专业意见。 （一）核准文件和核准规模：中国证监会于 2020 年 7 月 9 日签发证监许可 [2020]1417 号文，同意发行人向专业投资者公开发行面值总额不超过 14 亿元的 公司债券的注册申请。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为东兴证券所作的承诺 或声明。在任何情况下，未经东兴证券书面许可， ...

Core Viewpoint - Donghua Energy Co., Ltd. maintains a long-term credit rating of AA+ with a stable outlook, reflecting its strong debt repayment capacity despite facing operational and financial risks [1][3]. Company Overview - Donghua Energy specializes in the sales of liquefied petroleum gas (LPG) and the production of chemical products, leveraging its long-standing experience in LPG international trade and distribution [3][9]. - As of March 2025, the company has a total asset value of 417.63 billion yuan and equity of 130.85 billion yuan [10]. Financial Performance - The company expects a slight increase in total operating revenue in 2024, driven by higher sales volumes of propylene and polypropylene, with projected revenue of 309.38 billion yuan [10][17]. - The net cash flow from operating activities has significantly decreased, with a year-on-year decline of 80.07% [6][10]. - The company’s debt burden is substantial, with a debt-to-asset ratio of 68.67% and a high proportion of restricted assets at 44.54% [6][10]. Production Capacity and Utilization - As of March 2025, the company has a propylene production capacity of 2.4 million tons per year and a polypropylene capacity of 2 million tons per year, with utilization rates exceeding 100% [5][22]. - The company’s production and sales models for propylene and polypropylene have remained stable, with high production efficiency [22]. Market and Industry Environment - The chemical industry is experiencing a mixed performance, with revenue growth not translating into profit increases, and the overall debt burden in the sector is rising [12]. - The company faces challenges from volatile raw material prices and global tariff policies affecting the stability of its raw material supply [5][12]. Related Transactions and Risks - The company has significant related-party transactions, with Masen Energy being its largest customer, accounting for 43.53% of LPG sales revenue in 2024 [21]. - The company’s profitability is under pressure due to the narrow profit margins in its chemical operations, with a projected gross margin of only 4.69% for 2024 [6][17].

东华能源股份有限公司 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕4630 号 联合资信评估股份有限公司通过对东华能源股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持东华能源股 份有限公司主体长期信用等级为 AA+，维持"21 东华 01"信用等级 为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 | ાં | | 节 北 一次 视 | 目径 | ਵੇਤੇ | | --- | --- | --- | --- | --- | | | # 113 | | | | 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的独立意见陈 述，未受任何机构或个人影响。评级结论及相关分析为联合资信基于相关信息和资料对 评级对象所发表的前瞻性观点，而非对评级对象的事实陈述或鉴证意见。联合资信有充 分理由保证所出具的评级报告遵循了真实、客观、公正的原则。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。 二、本报告系联合资信接受东华能源股份有限公 ...

Core Viewpoint - The shale gas sector has shown a positive performance with a 0.89% increase, ranking second among concept sectors, driven by significant gains in stocks like Shandong Molong and Zhun Oil, which hit the daily limit up [1][2]. Group 1: Market Performance - As of June 19, the shale gas concept increased by 0.89%, with 22 stocks rising, including Shandong Molong and Zhun Oil, which reached their daily limit up [1]. - The top gainers in the shale gas sector included Tongyuan Petroleum, Tianhao Energy, and Xinjing Power, with increases of 11.35%, 9.23%, and 8.75% respectively [1]. - Conversely, the stocks with the largest declines included Haiguo Co., Shenke Co., and Litong Technology, which fell by 7.57%, 7.32%, and 5.99% respectively [1]. Group 2: Capital Flow - The shale gas sector experienced a net outflow of 234 million yuan in main capital, with 15 stocks seeing net inflows, and 8 stocks receiving over 10 million yuan in net inflows [2]. - China National Petroleum led the net inflow with 178 million yuan, followed by China Petroleum and Donghua Energy with net inflows of 91.17 million yuan and 25.97 million yuan respectively [2][3]. - The top stocks by net inflow ratio included Donghua Energy at 10.17%, China National Petroleum at 8.46%, and Haohua Technology at 8.00% [3].

东华能源股份有限公司 关于给予子公司银团贷款担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 公司及控股子公司对外担保总额超过最近一期经审计净资产 100%，敬请投 资者充分关注担保风险。 公司 2025 年第一次临时股东大会审议通过了《关于 2025 年度申请综合授信 额度及为子公司提供担保额度的议案》，同意公司在有效期限内，为子公司提供 总额折合不超过人民币 386.50 亿元的担保，其中对资产负债率低于 70%的子公 司的担保额度为折合不超过人民币 336.50 亿元，对资产负债率不低于 70%的子 公司的担保额度为折合不超过人民币 50 亿元。同意授权公司董事长（或其授权 代表）在担保额度范围内办理担保具体事项，签署相关担保文件，不再另行召开 董事会或股东大会。有效期限为：自公司 2025 年第一次临时股东大会审议通过 之日起至 2025 年年度股东大会召开之日止。 本次担保事项在上述担保额度范围内，公司董事长已在上述授权范围内决策 同意本次担保事项，具体情况如下： 证券代码：002221 证券简称：东华能源 公告编号：202 ...

Core Viewpoint - The participation of minority shareholders in corporate governance is increasing significantly in the A-share market, driven by legal enhancements, rising awareness of shareholder rights, and the internal need for improved corporate governance [1][7]. Group 1: Minority Shareholder Proposals - Several minority shareholders have submitted temporary proposals to various companies, including Donghua Energy (2.01% ownership), Hengli Drilling (1.45%), and *ST Jingfeng (1.26%), indicating a trend of active engagement [1][2]. - Companies like ST Kelly and others have also seen proposals from shareholders holding over 3% of shares, although not all proposals have been approved for discussion at shareholder meetings [3][4]. Group 2: Regulatory Changes - The new company law effective from July 1, 2023, has lowered the threshold for submitting temporary proposals from 3% to 1%, enhancing the rights of minority shareholders [5][7]. - Following the regulatory changes, numerous companies have amended their articles of association to reflect the new 1% threshold for proposal submissions [6]. Group 3: Implications of Increased Participation - The active involvement of minority shareholders is expected to improve corporate governance structures by providing diverse perspectives and opinions, thus addressing potential limitations of major shareholders and management [7]. - Minority shareholder proposals can serve as a check on the power of major shareholders and management, promoting fairness and justice in corporate decision-making [7]. - The engagement of minority shareholders is likely to enhance the quality of corporate decisions, as they may bring different expertise and insights to the table [7]. - This trend also reflects greater transparency and democracy in corporate governance, potentially boosting investor confidence and improving the company's reputation in the capital market [8].

东华能源股份有限公司 关于公司高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东华能源股份有限公司（以下简称"公司"或"东华能源"）董事会于近日 收到钱进先生的书面辞职报告，钱进先生申请辞去公司总工程师的职务，原定任 期至 2025 年 7 月 15 日第六届董事会任期届满，本次辞职后将不再担任公司任何 职务。根据相关法律法规，钱进先生的辞职报告自送达公司董事会之日起生效， 其辞职不影响公司相关工作正常运行。 截至本公告披露日，钱进先生持有公司股份 80,000 股。辞职后其股份的变 动仍继续严格遵守《上市公司股东减持股份管理暂行办法》《上市公司董事和高 级管理人员所持本公司股份及其变动管理规则》等相关规定。 证券代码：002221 证券简称：东华能源 公告编号：2025-034 特此公告。 东华能源股份有限公司 董事会 2025 年 5 月 23 日 1 / 1 钱进先生在担任公司高级管理人员期间恪尽职守、勤勉尽责，公司及董事会 对其任职期间所做出的贡献给予肯定并表示感谢。 ...

Core Viewpoint - The city of Maoming, once known as the "Southern Oil City," is undergoing a significant transformation towards a green and sustainable development model, shifting from a resource-extraction economy to a modern ecological city [1][4]. Group 1: Historical Context - Maoming has a rich history tied to China's oil industry, with 5.1 billion tons of oil shale reserves discovered in 1954, which played a crucial role in alleviating the national oil shortage [4]. - The city was home to China's first shale oil refinery established in 1957, contributing significantly to the country's energy needs during its early industrialization [4][7]. - Over 30 years, Maoming extracted 102 million tons of oil shale, producing 2.92 million tons of shale oil, earning it the title of "the first son of the Republic's oil industry" [4][7]. Group 2: Environmental Challenges - The extensive mining activities led to severe ecological damage, with abandoned mining sites becoming polluted and hazardous, prompting a need for environmental restoration [7][8]. - The local government faced challenges in closing down illegal mining operations, which had become a significant economic pillar for the region [7]. Group 3: Green Transformation Initiatives - In 2013, Maoming initiated a project to convert the abandoned mining sites into an ecological park, covering 10.07 square kilometers, to restore the environment and enhance public green spaces [8][11]. - Key restoration efforts included creating a large lake, planting over 8,000 acres of trees, repurposing old factory buildings into museums, and developing infrastructure such as a 40-kilometer ring road [8][11]. - The ecological park has become a popular tourist destination, attracting over 60,000 visitors daily during peak seasons, generating significant economic benefits [11]. Group 4: Future Development Goals - Maoming is developing a zero-carbon industrial park, which will be the world's first to integrate nuclear energy with green chemical production, aiming to reduce carbon emissions by 80% [15]. - The park will host projects like the East China Energy alkane resource utilization project and a carbon fiber production facility, contributing to a new materials industry in the region [15]. - The city's transformation reflects a broader strategy to diversify its economy beyond oil, focusing on green energy, new materials, and modern agriculture, positioning Maoming as a model for sustainable development in resource-based cities [15].

Industry Overview - Polypropylene (PP) is a thermoplastic polymer made from propylene monomer, characterized by its white waxy solid form, non-toxic, odorless nature, and lightweight appearance [1][2] - The domestic polypropylene market in China is driven by increasing demand in injection molded products, woven products, and fibers, with apparent consumption expected to reach 35.99 million tons in 2024, a year-on-year increase of 2.4% [1][10] Production Side - China's polypropylene production capacity has expanded from 23.17 million tons in 2018 to 43.69 million tons in 2024, accounting for 36.98% of global capacity [4] - The production volume is projected to reach 37.92 million tons in 2024, reflecting a year-on-year growth of 6.6%, with a self-sufficiency rate exceeding 90% [4] Import and Export - The import volume of polypropylene is expected to decline to 3.67 million tons in 2024, a decrease of 10.8% year-on-year, while export volume is anticipated to rise to 2.41 million tons, an increase of 83.7% [6] - The industry's import dependency has decreased to 3.2%, indicating a shift towards becoming a net exporter [6] Consumption Side - The downstream consumption market for polypropylene is primarily focused on injection molded products, woven products, and fibers, which together account for over 80% of total consumption [8] - Injection molding is the largest application area, used in automotive, home appliances, medical, and daily necessities [8] Competitive Landscape - The polypropylene market in China is characterized by low concentration, with major players including Sinopec, PetroChina, and the State Energy Group, which together account for 36% of total capacity [12] - Emerging private enterprises like Zhongjing Petrochemical and Donghua Energy are rapidly expanding their production capacities [12] Development Trends - The industry is entering a new round of capacity expansion, with an expected increase of over 5.87 million tons per year by 2025, while demand growth is projected at only 3.6% [18] - There is a significant shift towards high-end product development, with domestic high-end polypropylene self-sufficiency rates reaching 45% [19] - Environmental policies are driving the industry towards greener practices, including chemical recycling and the development of bio-based polypropylene [20]