证券代码：002493 证券简称：荣盛石化 公告编号：2025-048 荣盛石化股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、修改、否决议案的情况。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 3、公司于 2025 年 8 月 23 日在《证券时报》《中国证券报》和公司指定信 息披露网站巨潮资讯网上刊登了《关于召开 2025 年第二次临时股东大会的通知》 （公告编号：2025-046）。 一、会议召开情况和出席情况 （一）召开情况 1、召开时间： 现场会议时间为：2025 年 9 月 16 日 14:30 开始。 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 16 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 9 月 16 日 9:15—15:00。 2、现场会议召开地点：杭州市萧山区益农镇浙江荣盛控股集团大楼十二楼 会议室。 ...

广东信达律师事务所 股东大会法律意见书 中国深圳福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, SHENZHEN, CHINA 电话(Tel.)：(86 755)88265288 传真(Fax.)：(86 755)88265537 电子邮件(Email）：info@sundiallawfirm.com 网址(Website)：www.sundiallawfirm.com 1 关于荣盛石化股份有限公司 2025年第二次临时股东大会的 法律意见书 信达会字[2025]第291号 致：荣盛石化股份有限公司 广东信达律师事务所（以下简称"信达"）接受荣盛石化股份有限公司 （以下简称"公司"）委托，指派信达律师出席公司2025年第二次临时股东大 会（以下简称"本次股东大会"），对本次股东大会的合法性进行见证，并出 具本《广东信达律师事务所关于荣盛石化股份有限公司2025年第二次临时股东 大会的法律意见书》（以下简称"《股东大会法律意见书》"）。 本《股东大会法律意 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][18]. Core Views - The company's performance is under short-term pressure, but it is continuously expanding its industrial chain and deepening international cooperation, which is expected to gradually improve its performance [9][10]. - The petrochemical industry is currently experiencing low profit levels, with the refining and PTA sectors dragging down overall performance. However, policies aimed at reducing "involution" competition are anticipated to promote a recovery in the petrochemical and filament industries [3][8]. Financial Summary - For the first half of 2025, the company reported a revenue of 148.63 billion yuan, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 0.602 billion yuan, down 29.82% year-on-year [1][2]. - The overall gross margin for the first half of 2025 was 13.29%, an increase of 0.89 percentage points compared to the same period in 2024 [2]. - The company’s operating cash flow for the first half of 2025 was 7.587 billion yuan, a decrease of 9.60% year-on-year [2]. Industry Analysis - The petrochemical and polyester fiber industries reported revenues of 128.90 billion yuan and 11.13 billion yuan, respectively, with year-on-year changes of -10.18% and +31.53% [3]. - The refining sector's revenue decreased by 12.42%, while the chemical sector saw a slight increase of 5.46% [3]. - The report highlights that the overall profit in the petrochemical industry remains low, with pressures on revenue expected to persist in the short term due to slowing downstream demand and fluctuations in crude oil prices [3]. Future Projections - The company is projected to achieve revenues of 331.43 billion yuan, 355.91 billion yuan, and 365.94 billion yuan for the years 2025, 2026, and 2027, respectively [10]. - The net profit attributable to shareholders is expected to be 1.915 billion yuan, 3.450 billion yuan, and 4.513 billion yuan for the same years [10]. - The report anticipates that the company's earnings per share (EPS) will increase to 0.19 yuan, 0.34 yuan, and 0.45 yuan over the next three years [10].

Group 1 - The price spread for domestic key refining projects this week is 2579 CNY/ton, an increase of 97 CNY/ton (up 4% week-on-week) [1][2] - The price spread for foreign key refining projects this week is 1197 CNY/ton, an increase of 63 CNY/ton (up 6% week-on-week) [1][2] - The average price of PX this week is 835.6 USD/ton, a decrease of 7.0 USD/ton week-on-week, with a price spread compared to crude oil of 350.3 USD/ton, an increase of 1.7 USD/ton [3] Group 2 - In the polyester sector, the average prices for POY, FDY, and DTY are 6789, 7079, and 8021 CNY/ton respectively, with week-on-week changes of -82, -68, and -29 CNY/ton [2] - The weekly average profits for POY, FDY, and DTY are 108, 34, and 63 CNY/ton respectively, with week-on-week changes of -5, +5, and +31 CNY/ton [2] - The inventory days for POY, FDY, and DTY are 19.3, 27.6, and 31.1 days respectively, with week-on-week changes of +1.9, +1.2, and +1.4 days [2] Group 3 - The operating rate for PX is 85.9%, an increase of 1.2 percentage points week-on-week [3] - The operating rate for long filaments is 91.3%, a decrease of 0.2 percentage points week-on-week [2] - The weaving machine operating rate is 62.4%, unchanged week-on-week [2] Group 4 - Key listed companies in the private refining and polyester filament sector include Hengli Petrochemical, Rongsheng Petrochemical, Hengyi Petrochemical, Tongkun Co., and Xin Fengming [4]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Cautiously Optimistic" investment rating [3][4]. Core Insights - OPEC's actual production increase is lower than expected, leading to an anticipated stable oil price range of $60-70 per barrel in the medium term [4][5]. - The upstream sector shows signs of recovery with oil prices rising, while drilling day rates remain stable [4][24]. - The refining sector is experiencing mixed results, with some product margins improving while others decline [4]. - The polyester sector is expected to see a recovery in profitability as supply and demand dynamics improve [4][18]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $66.99 per barrel, a week-on-week increase of 2.27%, while WTI futures rose by 1.33% to $62.69 per barrel [4][24]. - U.S. commercial crude oil inventories increased by 2.42 million barrels to 425 million barrels, remaining 4% lower than the five-year average [24][25]. - The number of active U.S. drilling rigs increased by 2 to 539, although this is a decrease of 51 rigs year-on-year [35][38]. Refining Sector - The Singapore refining margin for major products decreased to $16.66 per barrel, down by $1.41 from the previous week [4]. - The price spread between gasoline and WTI crude oil fell to $18.30 per barrel, down by $2.48 from the previous week [4]. - The report suggests that refining profitability may improve as economic recovery progresses [4]. Polyester Sector - PTA prices have declined, with the average price in East China at 4606.6 CNY per ton, down 2.02% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [4][18]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials [4][18]. - In the refining sector, it suggests monitoring quality companies like Hengli Petrochemical and Sinopec [4][18]. - For upstream exploration and production, it highlights companies like CNOOC and China National Petroleum Corporation as having strong prospects [4][18].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report presents a weekly analysis of the large refining and chemical industry, highlighting that the cost - end support is weak, and filament prices are under pressure. It provides detailed data on various segments such as refining, polyester, and chemicals, as well as the performance of related listed companies [1][3]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **6 Major Private Refining Companies' Performance** - **Stock Price Changes**: As of September 12, 2025, the stock prices of private refining companies showed different trends. For example, New Fengming had a weekly increase of 7.1%, while Hengli Petrochemical had a weekly decrease of 1.4% [9]. - **Earnings Forecast**: The report provides the net profit forecasts of these companies from 2024 to 2027. For instance, the expected net profit of Rongsheng Petrochemical in 2025 is 2.616 billion yuan [9]. - **Oil Prices and Refining Spreads** - **International Crude Oil**: The average price of Brent crude oil this week was 66.5 dollars/barrel, a decrease of 1.2 dollars/barrel (-1.8%) compared to last week, and a year - on - year decrease of 6.6%. The average price of WTI crude oil was 62.6 dollars/barrel, a decrease of 1.5 dollars/barrel (-2.4%) compared to last week, and a year - on - year decrease of 7.9% [9]. - **Refining Spreads**: The spread of domestic key large refining projects this week was 2,579.4 yuan/ton, a week - on - week increase of 96.5 yuan/ton (+3.9%); the spread of foreign key large refining projects was 1,197.0 yuan/ton, a week - on - week increase of 62.6 yuan/ton (+5.5%) [9]. - **Polyester Sector** - **Product Prices and Profits**: The average prices of POY, FDY, and DTY this week were 6,789.3 yuan/ton, 7,078.6 yuan/ton, and 8,021.4 yuan/ton respectively, with week - on - week decreases of 82.1 yuan/ton, 67.9 yuan/ton, and 28.6 yuan/ton. The weekly average profits of POY, FDY, and DTY were 107.8 yuan/ton, 34.3 yuan/ton, and 62.8 yuan/ton respectively, with week - on - week changes of - 4.5 yuan/ton, +5.0 yuan/ton, and +31.0 yuan/ton [10]. - **Inventory and Operating Rates**: The inventories of POY, FDY, and DTY were 19.3 days, 27.6 days, and 31.1 days respectively, with week - on - week increases of 1.9 days, 1.2 days, and 1.4 days. The operating rate of filament was 91.3%, a week - on - week decrease of 0.2 pct [10]. - **Refining Sector** - **Domestic Refined Oil**: This week, the prices of domestic gasoline and diesel decreased [3]. - **US Refined Oil**: This week, the prices of US gasoline, diesel, and jet fuel decreased [3]. - **Chemical Sector** - **PX**: The average price of PX this week was 835.6 dollars/ton, a week - on - week decrease of 7.0 dollars/ton. The spread between PX and crude oil was 350.3 dollars/ton, a week - on - week increase of 1.7 dollars/ton. The operating rate of PX was 85.9%, a week - on - week increase of 1.2 pct [3]. 3.2 Big Refining Weekly Report - **Big Refining Index and Project Spread Trends** - **Market Performance of Six Private Big Refining Companies**: The report presents the market performance trends of six private big refining companies from 2020 to 2025, including Hengli Petrochemical, Rongsheng Petrochemical, etc. [16][17] - **Refining Spreads and Oil Prices**: It shows the historical trends of domestic and foreign big refining project spreads and Brent oil prices from 2020 to 2025 [20][22] - **Polyester Sector** - **Raw Material and Product Prices**: It presents the price trends of crude oil, PX, PTA, MEG, etc., as well as the price and profit trends of various polyester products such as POY, FDY, DTY, polyester staple fiber, and polyester bottle chips from 2020 to 2025 [24][26][38] - **Operating Rates and Inventories**: It shows the operating rate trends of PX, PTA, MEG, filament, and polyester staple fiber from 2020 to 2025, as well as the inventory trends of PTA, filament, and polyester staple fiber [33][56][76] - **Sales and Production Rates**: It presents the sales and production rate trends of filament and polyester staple fiber in the Jiangsu - Zhejiang region from 2020 to 2025 [49][72] - **Refining Sector** - **Domestic Refined Oil**: It shows the price trends of domestic gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [85][94] - **US Refined Oil**: It shows the price trends of US gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [99][107] - **European Refined Oil**: It shows the price trends of European gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [112][121] - **Singapore Refined Oil**: It shows the price trends of Singapore gasoline, diesel, and jet fuel and their spreads with crude oil from 2020 to 2025 [126][134] - **Chemical Sector** - **Chemical Product Prices**: It shows the price trends of various chemical products such as polyethylene LLDPE, homopolymerized polypropylene, EVA, styrene, acrylonitrile, PC, MMA, etc., and their spreads with crude oil from 2020 to 2025 [140][148]

Core Viewpoint - The leading private refining companies in China, including Hengli Petrochemical, Hengyi Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, reported a decline in revenue and net profit for the first half of 2025, primarily due to industry cyclicality, narrowing product price spreads, and intense competition [2][3]. Group 1: Company Performance - All four companies reported a decline in operating income, with a combined net profit of approximately 4.27 billion yuan, down nearly 40% year-on-year [2]. - Hengli Petrochemical led with a net profit of 3.05 billion yuan, a decrease of over 24% year-on-year [2]. - Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical reported net profits of 602 million yuan, 386 million yuan, and 227 million yuan, respectively, with year-on-year changes of -29.82%, +21.24%, and -47.32% [2]. Group 2: Industry Challenges - The industry is experiencing a "involution" competition, leading to increased production and sales without corresponding profit increases, resulting in declining profit margins since 2021 [3]. - Major products from the four companies saw over half of their revenues decline in the first half of the year, with Rongsheng Petrochemical's revenue from refining and PTA products decreasing by 12.4% and 39.6%, respectively [3]. - Hengyi Petrochemical and Dongfang Shenghong also experienced around 20% year-on-year declines in refining product revenues [3]. Group 3: Strategic Adjustments - Dongfang Shenghong benefited from the rapid development of the global photovoltaic industry, achieving profit growth through its focus on new energy materials, particularly photovoltaic-grade EVA products [4]. - Companies are adjusting their product structures to cope with market competition, with Rongsheng Petrochemical's "reduce oil and increase chemicals" strategy leading to a 5.46% increase in chemical product revenue [5]. - Hengyi Petrochemical is optimizing its polyester product structure, increasing the proportion of differentiated fibers to 27% and accelerating the development of high-end biodegradable fibers [5]. Group 4: International Market Impact - Companies with significant overseas business exposure faced substantial revenue declines, with Hengyi Petrochemical's overseas revenue dropping nearly 15% to 24.38 billion yuan [5]. - Rongsheng Petrochemical's overseas revenue fell over 33% to 14.97 billion yuan, nearly ten times the decline in domestic revenue [5]. - Hengli Petrochemical highlighted challenges posed by U.S. tariffs, which significantly compressed profit margins and disrupted global textile supply chains [5]. Group 5: Cost Management - Companies indicated that fluctuations in raw material prices, particularly crude oil, pose risks to operations, despite some cost relief in the first half of the year [6]. - Companies are focusing on refined cost control and dynamic analysis to manage procurement strategies effectively and mitigate the impact of raw material price volatility [6].

Core Viewpoint - The petrochemical industry is facing significant challenges, with major private refining companies reporting declines in both revenue and net profit due to market saturation and intense competition, leading to a "production increase without profit increase" scenario [4][5]. Group 1: Company Performance - Four major private refining companies, Hengli Petrochemical, Hengyi Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, reported a combined net profit of approximately 4.27 billion yuan, a nearly 40% decline year-on-year [3]. - Hengli Petrochemical led with a net profit of 3.05 billion yuan, down over 24% year-on-year, while Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical reported net profits of 602 million yuan, 386 million yuan, and 227 million yuan, respectively, with year-on-year changes of -29.82%, +21.24%, and -47.32% [3][5]. - Dongfang Shenghong was the only company among the four to achieve net profit growth, benefiting from its investments in the renewable energy materials sector, particularly in photovoltaic-grade EVA products [5]. Group 2: Market Environment - The petrochemical industry is experiencing a cyclical downturn, characterized by narrowing product price differentials and ineffective cost transmission, compounded by fierce internal competition [3][4]. - The industry has seen a cumulative increase of over 50% in production capacity and output for various petrochemical products over the past five years, leading to oversupply in the market [4]. Group 3: Revenue Trends - Over half of the main products from the four major private refining companies saw revenue declines in the first half of the year, with Rongsheng Petrochemical's revenue from refining and PTA products decreasing by 12.4% and 39.6%, respectively [5]. - Hengyi Petrochemical and Dongfang Shenghong also experienced approximately 20% declines in revenue from refining products, while Hengyi's chemical, PTA, and polyester products saw revenue reductions of 15.2%, 21.3%, and 4.24% [5]. Group 4: Strategic Adjustments - Companies are focusing on product structure adjustments to cope with market challenges, with Rongsheng Petrochemical's "reduce oil and increase chemicals" strategy yielding a 5.46% increase in chemical product revenue [6]. - Hengyi Petrochemical is optimizing its polyester product structure, increasing the proportion of differentiated fibers to 27%, and accelerating the development of high-end biodegradable fibers [6]. Group 5: International Business Impact - Companies with significant overseas business exposure, such as Hengyi Petrochemical, reported substantial revenue impacts, with overseas revenue declining nearly 15% to 24.38 billion yuan, exceeding the domestic revenue decline of 12.6% [6]. - The U.S. tariff policies have posed severe challenges for export-oriented companies, compressing profit margins and affecting global supply chain stability [6].