从业绩表现看，恒力石化以30.5亿元归母净利润仍居榜首，但同比降超24%。荣盛石化、东方盛虹、恒 逸石化分别以净利润6.02亿元、3.86亿元、2.27亿元次之，分别同比下滑29.82%、增长21.24%、下滑 47.32%。东方盛虹是四大民营炼化中唯一净利润增长的企业。 上述多数公司营收、净利润双下滑的主要原因是行业处于周期底部，产品价差收窄，成本传导不畅，加 之行业"内卷"激烈。 "'内卷式'竞争正在冲击既有市场秩序，导致近三年来'增产增销不增利'，即产量销量不断增加、全行业 营业收入利润率自2021年起连年下滑（今年上半年利润率继续低位）。"中国石化联副会长傅向升日前 公开表示，石化行业近十年来快速发展，新建炼化一体化装置接续投产，加之部分共性关键技术突破， 新产品、材料大量投放市场，一些如大宗基础产品和通用材料"内卷式"竞争日渐严重。例如，乙烯、苯 酚、EVA、PX、PA66等多种石化产品或材料近五年来的产能、产量累计增幅都在50%以上，有些产品 产能远大于国内市场消费量。 2025.09.12 本文字数：1764，阅读时长大约3分钟 作者 |第一财经 郭霁莹 民营大炼化龙头企业恒力石化（600346 ...

上述多数公司营收、净利润双下滑的主要原因是行业处于周期底部，产品价差收窄，成本传导不畅， 加之行业"内卷"激烈。 2025.09. 12 本文字数：1764，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 民 营 大 炼 化 龙 头 企 业 恒 力 石 化 （ 600346.SH ） 、 恒 逸 石 化 （ 000703.SZ ） 、 荣 盛 石 化 （002493.SZ）、东方盛虹（000301.SZ）近日披露2025年半年报，四家公司营业收入全部下 滑，归母净利润合计约42.7亿元，比上年同期下滑近四成。 从业绩表现看，恒力石化以30.5亿元归母净利润仍居榜首，但同比降超24%。荣盛石化、东方盛 虹、恒逸石化分别以净利润6.02亿元、3.86亿元、2.27亿元次之，分别同比下滑29.82%、增长 21.24%、下滑47.32%。东方盛虹是四大民营炼化中唯一净利润增长的企业。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@ ...

此外，第一财经记者注意到，境外业务占比较大的企业营收亦受到较大冲击。例如，恒逸石化国外业务 营收占比在四成以上，公司上半年国外业务营收同比跌近15%至243.8亿元，超过国内营收同比12.6%的 跌幅，毛利率也比去年同期下跌了0.8%。荣盛石化国外地区营业收入占公司总营收比重的10.1%，上半 年同比跌超33%至149.7亿元，跌幅近国内地区营收的十倍。 "'内卷式'竞争正在冲击既有市场秩序，导致近三年来'增产增销不增利'，即产量销量不断增加、全行业 营业收入利润率自2021年起连年下滑（今年上半年利润率继续低位）。"中国石化联副会长傅向升日前 公开表示，石化行业近十年来快速发展，新建炼化一体化装置接续投产，加之部分共性关键技术突破， 新产品、材料大量投放市场，一些如大宗基础产品和通用材料"内卷式"竞争日渐严重。例如，乙烯、苯 酚、EVA、PX、PA66等多种石化产品或材料近五年来的产能、产量累计增幅都在50%以上，有些产品 产能远大于国内市场消费量。 这一市场环境下，上半年四大民营炼化主要产品营业收入过半出现下滑。荣盛石化的炼油、PTA产品营 业收入因售价下滑分别同比减少12.4%、39.6%，其主要生产芳 ...

近日，国际权威指数机构MSCI(明晟)发布了荣盛石化（002493）最新ESG(环境、社会及治理)评级结果，将其ESG评级 由"BBB"上调至"A"级，创下该公司历史最佳评级，公司环境、社会、治理三大维度评分均实现稳步提升，在通用及多样化学品 行业中名列前茅，领跑全球石化行业。 石化企业获得MSCI ESG高评级绝非易事 据了解，作为国内首个赋予打造绿色发展标杆的石化企业，过去一年，荣盛石化以技术创新驱动产业升级，以清洁低碳助力高 质量发展。温室气体减排方面，2024年公司温室气体排放密度下降10%，综合能耗密度下降12.5%。其中，公司依托全球单体最 大4000万吨炼化一体化绿色石化项目，打造24万吨/年食品级液态二氧化碳回收装置，实现污染物超净排放，还将其变废为宝， 实现节能减污降碳与CO高价值利用协同增效，持续将环境效益转化为经济效益。 清洁能源利用方面，永盛科技、盛元化纤、中金石化等子公司先后完成光伏发电项目，为生产运营注入绿色动能。水资源管理 方面，2024年公司替代性水源占总耗水量73.66%，余热制取淡水量超7000万吨，浙石化多项重点产品能效和水效连续领跑全 据MSCI公开数据显示，在目前国内 ...

荣盛石化今年以来股价涨9.10%，近5个交易日涨0.00%，近20日涨6.43%，近60日涨17.15%。 分红方面，荣盛石化A股上市后累计派现94.00亿元。近三年，累计派现33.91亿元。 机构持仓方面，截止2025年6月30日，荣盛石化十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.74亿股，相比上期减少1052.64万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股5438.01万股，相比上期增加459.04万股。 责任编辑：小浪快报 资料显示，荣盛石化股份有限公司位于浙江省杭州市萧山区金城路358号蓝爵国际写字楼，成立日期 1995年9月15日，上市日期2010年11月2日，公司主营业务涉及各类化工品、油品、聚酯产品的研发、生 产和销售。主营业务收入构成为：化工40.87%，炼油35.26%，PTA10.60%，聚酯化纤薄膜7.49%，贸易 及其他5.79%。 荣盛石化所属申万行业为：石油石化-炼化及贸易-炼油化工。所属概念板块包括：大盘、MSCI中国、 一带一路、增持回购、融资融券等。 截至6月30日，荣盛石化股东户数8.59万，较上期减少2.39%；人均流 ...

Investment Rating - The industry investment rating is "Neutral" based on the performance of the industry index relative to the benchmark [136]. Core Insights - The report highlights that the "Golden September" season is approaching, leading to improved orders in the downstream long filament sector [1]. - The Brent crude oil average price for the week ending September 5, 2025, was $67.67 per barrel, reflecting a decrease of 0.99% [2]. - Domestic and foreign refining project price differentials were tracked, with domestic projects at 2361.03 CNY/ton (-1.28%) and foreign projects at 1133.43 CNY/ton (+4.45%) [2]. Summary by Sections Refining Sector - Geopolitical risks have increased due to attacks on oil tankers, while U.S. oil demand has decreased, leading to concerns about supply exceeding demand [1]. - Brent and WTI crude oil prices were reported at $65.5 and $61.9 per barrel, respectively, showing declines from the previous week [14]. - The domestic and international product price differentials have widened, with domestic diesel and gasoline prices slightly down [14]. Chemical Sector - The report indicates a mixed trend in refining product price differentials, with olefins showing slight improvement while aromatics have narrowed [1]. - Polyethylene prices fluctuated, while polypropylene prices remained stable with a slight widening of price differentials [53]. - EVA prices increased due to strong demand from the photovoltaic sector, with significant widening of price differentials [53]. Polyester Sector - The cost structure for the polyester industry has shifted downwards, but demand for long filaments has improved as the peak season approaches [1]. - The average price for polyester long filaments has increased, leading to improved profitability [104]. - The report notes a decrease in supply for long filaments, with domestic and foreign orders showing slight increases [104]. Major Refining Companies - The stock performance of six major refining companies was tracked, with notable changes in their stock prices over the past week and month [124]. - The report indicates that the refining index has increased by 41.24% since September 4, 2017, outperforming the broader market indices [125].

Core Insights - The article discusses the production trends of petroleum coke in China, highlighting a decrease in output for the year 2025 compared to previous years [1] Industry Overview - According to the National Bureau of Statistics, China's petroleum coke production in July 2025 is projected to be 2.65 million tons, reflecting a year-on-year decline of 2.1% [1] - Cumulative production from January to July 2025 is reported at 18.282 million tons, which represents a cumulative decrease of 4.4% compared to the same period in the previous year [1] Company Insights - The article lists several companies involved in the petroleum coke industry, including Huajin Co., Yuancheng Energy, Shanghai Petrochemical, Huaxi Energy, Wanhua Chemical, Hengli Petrochemical, Rongsheng Petrochemical, Xin'ao Co., and Sinopec Capital [1] - The report by Zhiyan Consulting provides an analysis of the development trends and investment potential in the petroleum coke industry from 2025 to 2031 [1]

Group 1 - The core viewpoint of the article highlights the decline in China's naphtha production, with a reported output of 6.33 million tons in July 2025, representing a year-on-year decrease of 5.3% [1] - Cumulative naphtha production from January to July 2025 reached 46.181 million tons, showing a slight decline of 0.1% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a comprehensive analysis of the naphtha industry in China [1] Group 2 - The article mentions several listed companies in the naphtha sector, including Sinopec (600028), Rongsheng Petrochemical (002493), and Donghua Energy (002221) among others [1] - Zhiyan Consulting has released a report titled "Market Supply and Demand Situation and Future Trend Analysis of China's Naphtha Industry from 2025 to 2031," which provides insights into the industry's future [1] - The report emphasizes the importance of industry research and consulting services in aiding investment decisions, showcasing Zhiyan Consulting's expertise in the field [1]

Core Viewpoint - Rongsheng Petrochemical continues to face significant pressure on its performance, with a decline in revenue and net profit for the first half of the year, attributed to factors such as fluctuating crude oil prices, inventory impairment, and weak downstream demand [1][2][3]. Group 1: Financial Performance - In the first half of the year, Rongsheng Petrochemical reported revenue of 148.63 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 6.02 billion yuan, down 29.82% [1][2]. - The second quarter saw a dramatic decline, with revenue of 73.65 billion yuan and a net profit of 13.68 million yuan, representing year-on-year declines of 8.12% and 95.52%, respectively [2]. - Over the past three years, the company has struggled with revenue growth, with figures of 289.09 billion yuan, 325.11 billion yuan, and 326.48 billion yuan, showing a trend of stagnation [3]. Group 2: Product Performance - The main revenue sources for Rongsheng Petrochemical are refining and chemical products, which accounted for 76.13% of total revenue in the first half of the year [4]. - Revenue from refining products decreased by 12.42%, while chemical products also faced challenges, with PTA and trade revenues declining by 39.59% and 7.3%, respectively [4][5]. - The gross margins for chemical products and trade have decreased, primarily due to falling product prices that have not effectively transmitted cost pressures from raw materials [4]. Group 3: Investment and Financial Pressure - The company is investing over 100 billion yuan in multiple projects to transition towards high-value-added sectors, with significant capital expenditures leading to a net cash outflow of 16.06 billion yuan in the first half of the year [6][7]. - Rongsheng Petrochemical's debt levels are concerning, with a debt-to-asset ratio of 75.12% and a short-term debt gap of 73.31 billion yuan, indicating potential liquidity issues [7][8]. - The company's stock price has significantly declined, dropping from a peak market value of 290 billion yuan in early 2021 to approximately 96.1 billion yuan, reflecting investor concerns over its financial health [8].

Core Viewpoint - Rongsheng Petrochemical continues to face significant pressure on its performance, with a decline in both revenue and net profit in the first half of 2023, attributed to fluctuating crude oil prices, inventory impairment, and weak downstream demand [1][2][5]. Group 1: Financial Performance - In the first half of 2023, Rongsheng Petrochemical reported revenue of 1486.29 billion, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 6.02 billion, down 29.82% [2]. - The second quarter saw a dramatic decline, with revenue of 736.54 billion and net profit of 1368.28 million, representing year-on-year declines of 8.12% and 95.52%, respectively [2][3]. - Over the past three years, the company has struggled with revenue growth, with figures of 2890.95 billion, 3251.12 billion, and 3264.75 billion from 2022 to 2024, showing a growth rate of only 0.42% in 2024 [5]. Group 2: Product Performance - The main revenue sources for Rongsheng Petrochemical are refining and chemical products, which accounted for 76.13% of total revenue in the first half of 2023 [6]. - Revenue from refining products decreased by 12.42% year-on-year, impacting the overall performance of the refining segment [6]. - The chemical products segment, including PTA and polyester films, also faced revenue declines, with PTA revenue down 39.59% [6][7]. Group 3: Investment and Financial Pressure - The company is investing over 100 billion in multiple projects to transition to high-value-added sectors, but this has led to a high debt burden, with a debt-to-asset ratio of 75.12% [1][9]. - As of mid-2023, short-term borrowings reached 462.74 billion, with a funding gap of 733.07 billion due to a 22.53% decrease in cash reserves [9]. - The company's stock price has significantly declined, dropping nearly 70% from its peak in early 2021, reflecting the ongoing financial challenges [9].