Core Viewpoint - The report highlights the current state and investment prospects of China's petroleum and petrochemical industry from 2025 to 2031, indicating a mixed performance in export values for the sector [1] Industry Summary - In September 2025, the export value of China's petroleum, coal, and other fuel processing industries reached 12.29 billion, reflecting a year-on-year growth of 12.3% [1] - For the period from January to September 2025, the cumulative export value for the same industries was 113.55 billion, showing a year-on-year decline of 17.7% [1] - A statistical chart from 2019 to September 2025 illustrates the export value trends in the petroleum, coal, and other fuel processing industries [1] Company Summary - The report mentions several listed companies in the petroleum and petrochemical sector, including Hengyi Petrochemical, Yueyang Xingchang, Daqing Huake, Donghua Energy, Guochuang Gaoxin, Qixiang Tengda, Baomo Co., Rongsheng Petrochemical, Yuxin Co., China Petroleum, Compton, Meijin Energy, Antai Group, and Shanxi Coking [1]

Group 1: Jilin Chemical Fiber - The company achieved total operating revenue of 4.019 billion yuan in the first three quarters, a year-on-year increase of 43.62% [2] - The net profit attributable to shareholders was 32.6475 million yuan, a year-on-year decrease of 47.41% [2] - The net cash flow from operating activities was 103 million yuan, an increase of 58.47% year-on-year [2] Group 2: Jilin Carbon Valley - The company reported total operating revenue of 1.875 billion yuan, a year-on-year increase of 63.98% [3] - The net profit attributable to shareholders was 130 million yuan, a year-on-year increase of 61.39% [3] - The net cash flow from operating activities was -338 million yuan, an improvement from -422 million yuan in the same period last year [3] Group 3: Zhongfu Shenying - The company achieved total operating revenue of 1.537 billion yuan, a year-on-year increase of 37.39% [4] - The net profit attributable to shareholders turned positive at 62.9346 million yuan [4] - The net cash flow from operating activities was 33.9031 million yuan, a year-on-year decrease of 85.26% [4] Group 4: Zhongjian Technology - The company reported total operating revenue of 684 million yuan, a year-on-year increase of 28.46% [5] - The net profit attributable to shareholders was 290 million yuan, a year-on-year increase of 25.45% [5] - The net cash flow from operating activities was 356 million yuan, a significant increase of 240.36% year-on-year [5] Group 5: Jinggong Technology - The company achieved total operating revenue of 1.343 billion yuan, a year-on-year increase of 13.70% [6] - The net profit attributable to shareholders was 145 million yuan, a year-on-year increase of 98.18% [6] - The net cash flow from operating activities was -69.454 million yuan, compared to 60.4412 million yuan in the same period last year [6] Group 6: Guangwei Composites - The company reported total operating revenue of 1.986 billion yuan, a year-on-year increase of 4.40% [7] - The net profit attributable to shareholders was 415 million yuan, a year-on-year decrease of 32.55% [7] - The net cash flow from operating activities was 288 million yuan, an increase of 179.27% year-on-year [7] Group 7: Montai High-tech - The company achieved total operating revenue of 380 million yuan, a year-on-year increase of 10.93% [8] - The net profit attributable to shareholders was a loss of 51.1349 million yuan, worsening from a loss of 29.5147 million yuan in the same period last year [8] - The net cash flow from operating activities was 13.653 million yuan, an improvement from -50.6267 million yuan in the previous year [8] Group 8: Donghua Energy - The company reported total operating revenue of 23.307 billion yuan, a year-on-year decrease of 1.79% [9] - The net profit attributable to shareholders was 75.2882 million yuan, a year-on-year decrease of 42.64% [9] - The net cash flow from operating activities was 713 million yuan, a year-on-year decrease of 53.31% [9] Group 9: Heshun Technology - The company achieved total operating revenue of 452 million yuan, a year-on-year increase of 23.53% [10] - The net profit attributable to shareholders was a loss of 22.9551 million yuan, slightly worsening from a loss of 22.446 million yuan in the previous year [10] - The net cash flow from operating activities was 13.0025 million yuan, an improvement from -43.4998 million yuan in the same period last year [10] Group 10: Huayang Co., Ltd. - The company reported total operating revenue of 16.956 billion yuan, a year-on-year decrease of 8.85% [11] - The net profit attributable to shareholders was 1.124 billion yuan, a year-on-year decrease of 38.20% [11] - The net cash flow from operating activities was 715 million yuan, a year-on-year decrease of 61.62% [11] Group 11: Shanghai Petrochemical - The company achieved total operating revenue of 58.886 billion yuan, a year-on-year decrease of 10.77% [12] - The net profit attributable to shareholders was a loss of 432 million yuan, compared to a profit of 34.539 million yuan in the same period last year [12] - The net cash flow from operating activities was 2.667 billion yuan, a year-on-year decrease of 74.42% [12] Group 12: AVIC High-Tech - The company reported total operating revenue of 3.761 billion yuan, a year-on-year decrease of 1.56% [13] - The net profit attributable to shareholders was 806 million yuan, a year-on-year decrease of 11.59% [13] - The net cash flow from operating activities was 1.021 billion yuan, a year-on-year increase of 621.17% [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The report indicates that the global propane supply is becoming more relaxed, which is expected to improve the profitability of the Propane Dehydrogenation (PDH) sector [7][10]. - The company reported a revenue of 23.307 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.79%. The net profit attributable to the parent company was 75 million yuan, down 42.64% year-on-year [2][7]. - In Q3 2025, the company achieved a revenue of 7.024 billion yuan, a decline of 24.95% year-on-year and 15.41% quarter-on-quarter. The net profit attributable to the parent company was 9 million yuan, down 57.57% year-on-year and 35.38% quarter-on-quarter [2][7]. Financial Performance Summary - For the first three quarters of 2025, the company reported: - Revenue: 23.307 billion yuan, down 1.79% year-on-year - Net profit: 75 million yuan, down 42.64% year-on-year - Non-recurring net profit: 51 million yuan, down 39.12% year-on-year - In Q3 2025: - Revenue: 7.024 billion yuan, down 24.95% year-on-year and 15.41% quarter-on-quarter - Net profit: 9 million yuan, down 57.57% year-on-year and 35.38% quarter-on-quarter - Non-recurring net profit: 17 million yuan, down 51.06% year-on-year but up 392.12% quarter-on-quarter [2][7][10]. Industry Insights - The report highlights that the PDH sector is showing signs of improvement, with domestic prices for propane, propylene, and polypropylene in Q3 2025 being 573 USD/ton, 6463 yuan/ton, and 7370 yuan/ton respectively, with varying changes [10]. - The company has significant PDH and polypropylene production capacity, ranking among the top in China, with ongoing projects in various locations [10]. - The company is focusing on developing a carbon fiber and hydrogen energy industry chain, leveraging its existing resources and partnerships for innovation and cost reduction [10].

东华能源股份有限公司 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）2025 年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为保证本期债券付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 1.债券名称：东华能源股份有限公司 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） 2.债券简称：21 东华 01 3.债券代码：149693 4.发行总额：人民币 3 亿元 5.发行价格：本期债券面值 100 元，按面值发行 6.债券期限：本期债券期限为 5 年，第 3 年末附发行人调整票面利率选择权 和投资者回售选择权 7.票面利率：当前年利率为 3.20%，即每百元付款 3.20 元，单利按年计息， 每年付息一次 特别提示： 东华能源股份有限公司 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）（债券简称：21 东华 01，债券代码：149693，以下简称"本期 债券"）将于 2025 年 11 月 3 日支付自 2024 年 11 月 ...

Core Insights - Donghua Energy (002221.SZ) reported its Q3 2025 results on October 29, 2025, highlighting significant institutional investor activity [1] Institutional Holdings - As of October 28, 2025, a total of 9 institutional investors disclosed holdings in Donghua Energy A-shares, with a combined holding of 698 million shares, representing 44.28% of the total share capital [1] - Notable institutional investors include Donghua Petroleum (Yangtze) Co., Ltd., Unico Yangtze Co., Ltd., and several asset management plans from Guangdong Kai De Securities [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 3.79 percentage points [1] Public Fund Activity - In this reporting period, 70 public funds were not disclosed compared to the previous quarter, including major ETFs such as Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [1]

Financial Performance - The company's revenue for Q3 2025 was ¥7,023,598,341.34, representing a decrease of 24.95% compared to the same period last year[5] - Net profit attributable to shareholders was ¥8,911,919.23, down 57.57% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥16,614,247.89, a decrease of 51.06%[5] - The basic and diluted earnings per share were both ¥0.0057, reflecting a decline of 57.14% compared to the previous year[5] - Total operating revenue for the current period was ¥23,306,596,979.13, a decrease of 1.79% from ¥23,732,567,802.79 in the previous period[22] - Net profit for the current period was ¥84,399,692.40, a decline of 45.49% compared to ¥154,838,012.30 in the previous period[23] - Total comprehensive income for the period was CNY 14,626,335.82, a decrease from CNY 125,946,102.55 in the previous period[24] - Basic and diluted earnings per share were both CNY 0.0478, down from CNY 0.0833 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were ¥40,741,584,309.41, a decrease of 4.24% from the end of the previous year[5] - The company's total assets amounted to ¥40,741,584,309.41, down from ¥42,546,851,835.16[20] - Total liabilities decreased to ¥27,786,443,129.72 from ¥29,493,626,263.22, reflecting a reduction of approximately 5.79%[20] - Current assets totaled ¥18,998,182,424.46, a decrease of 8.26% from ¥20,712,253,346.35[20] - Non-current assets slightly decreased to ¥21,743,401,884.95 from ¥21,834,598,488.81, a reduction of about 0.42%[20] - Long-term borrowings decreased to ¥5,931,353,067.01 from ¥6,682,136,789.57, indicating a decline of approximately 11.2%[20] Cash Flow - Cash flow from operating activities showed a net outflow of ¥712,582,008.52, down 53.31% year-on-year[5] - Net cash flow from operating activities was CNY 712,582,008.52, significantly lower than CNY 1,526,040,927.79 in the previous period[26] - Cash inflow from operating activities totaled CNY 25,410,433,172.69, compared to CNY 25,268,292,389.22 in the previous period[25] - Cash outflow from operating activities was CNY 24,697,851,164.17, up from CNY 23,742,251,461.43 in the previous period[26] - Net cash flow from investing activities was CNY -676,274,420.11, worsening from CNY -495,067,114.51 in the previous period[26] - Cash inflow from financing activities was CNY 14,356,963,575.37, down from CNY 18,409,844,854.50 in the previous period[26] - Net cash flow from financing activities was CNY -2,705,157,397.22, compared to CNY -382,432,634.46 in the previous period[26] - The ending cash and cash equivalents balance was CNY 2,990,389,358.53, down from CNY 5,484,886,989.49 in the previous period[26] Shareholding and Management - The company plans to increase its shareholding by no less than 1.9% and no more than 2% of the total share capital within six months starting from April 9, 2025[15] - From September 22 to September 30, 2025, the company increased its shareholding by 31,520,000 shares, accounting for 2.00% of the total share capital, with a total investment of 277.15 million yuan (excluding transaction fees)[16] - The company’s major shareholders include Donghua Petroleum (Changjiang) Co., Ltd., holding 20.64% of shares, and Zhou Yifeng, holding 9.68%[13] - The company’s major shareholders are controlled by Zhou Yifeng and Wang Mingxiang, indicating a unified action among them[13] Expenses and Financial Health - Management expenses increased by 73.22% year-on-year, amounting to an additional ¥80,464,000, mainly due to maintenance at the Ningbo and Zhangjiagang plants[9] - The company reported a significant increase in financial expenses, totaling ¥667,330,809.05, compared to ¥776,026,203.02 in the previous period[23] - The company's cash and cash equivalents were not explicitly mentioned, but the overall liquidity position appears to be under pressure given the decrease in current assets and net profit[20][23] Other Financial Metrics - The company experienced a significant increase in contract liabilities, which rose by 55.84% to ¥25,696.03 million, primarily due to an increase in pre-received sales payments[8] - The accounts receivable balance was 5,399,945,702.17 yuan, up from 5,040,441,313.23 yuan at the beginning of the period[18] - The company reported a decrease in derivative financial assets from 59,206,232.76 yuan to 6,181,037.74 yuan during the same period[18] - The company’s prepayments increased to 852,938,052.19 yuan from 732,169,400.08 yuan at the beginning of the period[18] - The total amount of receivables financing decreased from 772,127,431.57 yuan to 218,911,305.23 yuan[18] - The company’s other receivables decreased significantly from 138,718,621.39 yuan to 5,582,720.13 yuan[18] Audit Status - The third quarter financial report was not audited[28]

Core Viewpoint - Donghua Energy (002221) announced that the company has no overdue guarantees, no litigation related to guarantees, and has not incurred losses due to judgments against guarantees [1] Company Summary - Donghua Energy confirmed the absence of overdue guarantees [1] - The company is not involved in any litigation concerning guarantees [1] - There are no losses incurred from judgments related to guarantees [1]

证券代码：002221 证券简称：东华能源 公告编号：2025-074 东华能源股份有限公司 关于给予子公司银行授信担保的公告 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。 一、担保情况概述 公司为子公司东华能源（张家港）新材料有限公司（简称"张家港新材料"）、 向相关合作银行申请综合授信额度提供担保以确保其开拓业务之需要。具体事项 如下： | 担 | 被担 | 担保方 | 被担保方 | | 本次新增 | 截至目前 | 担保额度占 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保 | | 持股 | 最近一期 | 金融机构 | 敞口担保 | 担保余额 | 上市公司 | 关联 | | | 保方 | | | | | | | | | 方 | | 比例 | 资产负债率 | | 额度 | （亿元） | 最近一期 | 担保 | 1 / 4 | | | | | | （亿元） | | 净资产比例 | | | --- | --- | --- | --- | --- | --- | --- | - ...

Core Points - Donghua Energy Co., Ltd. released a new company charter in October 2025, aimed at improving corporate governance and protecting the rights of shareholders, employees, and creditors [1] Group 1: Company Overview - Donghua Energy was established as a foreign-invested joint-stock company on March 22, 2007, and was listed on the Shenzhen Stock Exchange on March 6, 2008 [2] - The registered capital of the company is RMB 1,576,127,767, and its operations include hazardous chemicals management, new energy technology research and development, and trade agency services [2] - The company has issued a total of 1,576,127,767 shares, all of which are common stock, and follows principles of openness, fairness, and justice in its share issuance [2] Group 2: Shareholder Rights and Governance - Shareholders have rights to dividends, participation in shareholder meetings, and supervision of company operations, while also being obligated to comply with laws and company regulations [3] - The shareholder meeting is the company's authority body, responsible for electing directors and reviewing profit distribution plans, with strict procedures for convening and voting [3] - The board of directors consists of 7 members, including 3 independent directors and 1 employee representative, and is responsible for convening shareholder meetings and executing resolutions [3] Group 3: Financial and Audit Matters - The company has established a financial accounting system and prioritizes cash dividends in its profit distribution policy, with specific conditions based on the company's development stage [4] - An internal audit system is in place, and the appointment of accounting firms requires shareholder meeting approval [4] - The new charter details procedures for significant corporate actions such as mergers, divisions, capital increases, and reductions [4]

每经AI快讯，东华能源10月17日晚间发布公告称，公司第七届第五次董事会会议于2025年10月17日在 公司会议室以现场结合通讯的方式召开。会议审议了《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》等文件。 （记者 王晓波） 每经头条（nbdtoutiao）——"我还在！"林园硬气回应牛市亏钱，"接下来，我还会在！"坚持白酒是"快 乐需求"，科技股买了"愁得睡不着" ...