卫星化学股份有限公司 第 5 条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： (一) 会议的召集、召开程序是否符合法律、行政法规、本规则和公司 1 章程的规定； 第 1 条 为提高卫星化学股份有限公司（下称"公司"）股东会议事效率，保证 股东会会议程序及决议的合法性，充分维护全体股东的合法权益，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、《上市公司股东会规则》《上市 公司治理准则》等相关法律、行政法规、规范性文件及本公司章程（下 称"公司章程"）的规定，制定本规则。 第 2 条 股东会是公司全体股东所组成的最高权力机构和最高决策机构，公司应 当严格按照公司章程及本规则的相关规定召开股东会，保证股东能够依 法行使权利。 第 3 条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第 4 条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当 于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现 《公司法》第一百一十三条规定的应当召开临时股东会的情形时，临时 股东会应当在 2 个月内召开。 股东会议事规则 ...

卫星化学股份有限公司 | 修订前 | 修订后 | | --- | --- | | (十五) 审议股权激励计划和员工持股计划； | （2） 交易标的（如股权）涉及的资产净额占 | | (十六) 审议批准以下交易事项（公司受赠现金 | 上市公司最近一期经审计净资产的 50％以上，且绝 | | 资产除外）： | 对金额超过 5,000 万元，该交易涉及的资产净额同 | | （1） 交易涉及的资产总额占上市公司最近一 | 时存在账面值和评估值的，以较高者为准； | | 期经审计总资产的 50%以上，该交易涉及的资产总额 | （3） 交易标的（如股权）在最近一个会计年 | | 同时存在账面值和评估值的，以较高者作为计算数 | 度相关的营业收入占上市公司最近一个会计年度经 | | 据； | 审计营业收入的 50％以上，且绝对金额超过 5,000 | | （2） 交易标的（如股权）涉及的资产净额占 | 万元； | | 上市公司最近一期经审计净资产的 50％以上，且绝 | （4） 交易标的（如股权）在最近一个会计年 | | 对金额超过 5,000 万元，该交易涉及的资产净额同 | 度相关的净利润占上市公司最近一个会计年度经审 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-042 卫星化学股份有限公司 关于续聘会计师事务所的公告 卫星化学股份有限公司（以下简称"公司"）于2025年10月24日召开第五届 董事会第十二次会议，审议通过了《关于续聘会计师事务所的议案》，同意续聘 天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）为公司 2025年度审计机构，现将相关情况公告如下： 一、拟续聘会计师事务所事项的基本情况 （一）机构信息 | 事务所名称 | | | | 天健会计师事务所（特殊普通合伙） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 年 2011 | 月 7 18 | 日 | 组织形式 | | 特殊普通合伙 | | | 注册地址 | | | | 浙江省杭州市西湖区灵隐街道西溪路 | 128 | 号 | | | 首席合伙人 | 钟建国 | | | 上年末合伙人数量 | | 241 | 人 | | 上年末执业人员 | | | 注册会计师 | | | 2,356 | 人 | | 数量 | | | 签署过证券服务业务 ...

1、股东大会届次：2025年第一次临时股东大会。 2、股东大会的召集人：卫星化学股份有限公司董事会。 证券代码：002648 证券简称：卫星化学 公告编号：2025-043 卫星化学股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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、召开会议的基本情况 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有 关规定。 4、会议时间： （1）现场会议时间：2025年11月10日14:30； （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025年11月10日9:15—9:25，9:30—11:30，13:00—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11月10日9:15至15:00的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025年11月3日。 7、出席 ...

Core Viewpoint - Satellite Chemical reported a decline in revenue and net profit for Q3 2025, indicating potential challenges in the market despite a year-to-date growth in revenue and net profit [1] Financial Performance - For Q3 2025, the company achieved revenue of 11.311 billion yuan, a year-on-year decrease of 12.15% [1] - The net profit attributable to shareholders for Q3 2025 was 1.011 billion yuan, down 38.21% year-on-year [1] - Basic earnings per share for Q3 2025 stood at 0.3 yuan [1] - For the first three quarters of 2025, the company reported revenue of 34.771 billion yuan, reflecting a year-on-year increase of 7.73% [1] - The net profit attributable to shareholders for the first three quarters was 3.755 billion yuan, showing a year-on-year growth of 1.69% [1] - Basic earnings per share for the first three quarters was 1.11 yuan [1]

证券代码：002648 证券简称：卫星化学 公告编号：2025-040 卫星化学股份有限公司 第五届董事会第十二次会议决议的公告 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、会议召开情况 二、会议审议情况 卫星化学股份有限公司（以下简称"公司"）第五届董事会第十二次会议通 知于2025年10月19日以邮件方式送达公司全体董事。本次会议于2025年10月24 日以现场表决与通讯表决相结合的方式召开，会议应出席的董事9人，实际出席 的董事9人。 本次会议由公司董事长杨卫东先生主持，公司监事和高级管理人员列席了会 议。本次会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、行政法规、部门规章、规范性文件和《卫星化学股份有限公司章程》（以 下简称《公司章程》）等规定。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 4、审议通过了《关于续聘会计师事务所的议案》 经与会董事认真审议、充分讨论，以记名投票方式表决，会议审议通过了以 下议案： 1、审议通过了《关于 2025 年第三季度报告的议案》 公司董事会编制的公司 2025 年第三季度 ...

Core Insights - Satellite Chemical reported a third-quarter revenue of 11.311 billion, a year-on-year decrease of 12.15% [1] - The net profit for the third quarter was 1.011 billion, reflecting a year-on-year decline of 38.21% [1] - For the first three quarters, the revenue reached 34.771 billion, showing a year-on-year growth of 7.73% [1] - The net profit for the first three quarters was 3.755 billion, with a year-on-year increase of 1.69% [1] Financial Performance - Third-quarter revenue: 11.311 billion, down 12.15% year-on-year [1] - Third-quarter net profit: 1.011 billion, down 38.21% year-on-year [1] - Year-to-date revenue (first three quarters): 34.771 billion, up 7.73% year-on-year [1] - Year-to-date net profit (first three quarters): 3.755 billion, up 1.69% year-on-year [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥11,310,555,015.04, a decrease of 12.15% compared to the same period last year[5] - Net profit attributable to shareholders was ¥1,011,312,653.59, down 38.21% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥1,341,803,641.13, a decrease of 27.63% compared to the previous year[5] - The basic earnings per share were ¥0.30, reflecting a decline of 38.78% year-on-year[5] - Operating profit for the current period was ¥4,376,384,019, showing a slight increase from ¥4,233,300,494 in the previous period[19] - Net profit for the current period was ¥3,754,583,941.98, up from ¥3,687,535,990.91, representing a growth of 1.8%[20] - Earnings per share (EPS) for the current period was ¥1.11, consistent with the previous period's EPS of ¥1.10[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥69,718,879,751.96, an increase of 2.07% from the end of the previous year[5] - Total current assets amount to ¥15,074,454,958.61, a decrease from ¥15,498,536,547.38 at the beginning of the period[14] - Total non-current assets increased to ¥54,644,424,793.35 from ¥52,806,673,667.58[14] - Total liabilities decreased to ¥37,659,128,233.44 from ¥38,000,485,258.24, indicating a reduction of 0.9%[16] - Non-current liabilities totaled ¥19,076,805,098.56, down from ¥22,628,101,893.79, a decrease of 15.5%[16] - The company's total equity increased to ¥32,059,751,518.52 from ¥30,304,724,956.72, reflecting a growth of 5.8%[16] Cash Flow - The company reported a net cash flow from operating activities of ¥6,621,187,829.21, an increase of 16.28% year-to-date[5] - Operating cash flow for the current period reached ¥6,621,187,829.21, an increase of 16.3% compared to ¥5,694,274,725.48 in the previous period[23] - Total cash inflow from operating activities was ¥38,859,168,737.36, up from ¥37,861,437,341.03, reflecting a growth of 2.6%[23] - Cash outflow from investing activities totaled ¥1,339,460,368.21, a decrease of 44.9% from ¥2,423,416,106.70 in the previous period[23] - Net cash flow from investing activities was -¥966,738,278.08, improving from -¥2,147,021,509.03 year-over-year[23] - Cash inflow from financing activities was ¥1,669,078,695.04, down significantly from ¥9,119,167,770.18 in the previous period[23] - Net cash flow from financing activities was -¥7,027,196,186.17, compared to -¥2,916,662,104.97 in the previous period, indicating a worsening situation[23] - The ending cash and cash equivalents balance was ¥6,937,354,123.51, compared to ¥6,682,841,714.74 at the end of the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 89,384[11] - Zhejiang Satellite Holding Co., Ltd. holds 34.60% of the shares, amounting to 1,165,589,005 shares[11] Operational Changes - Accounts receivable increased by 61.62% to ¥1,336,815,866.44, primarily due to short-term business transactions[9] - Prepayments rose significantly by 161.70% to ¥345,613,898.49, attributed to increased material payments[9] - The company experienced a significant decrease in short-term borrowings by 66.58%, amounting to ¥471,343,357.16[9] - Cash and cash equivalents decreased to ¥7,080,689,670.47 from ¥8,507,129,007.41[13] - Accounts receivable increased to ¥1,336,815,866.44 from ¥827,156,419.78[13] - Inventory increased to ¥4,560,672,802.26 from ¥4,397,583,301.67[13] - The company has a significant increase in derivative financial assets, totaling ¥254,013,217.07 compared to ¥409,120,487.81 previously[13] Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[16] Tax and Other Payments - The company reported a decrease in tax payments to ¥680,978,095.04 from ¥1,138,014,198.17, a reduction of 40.1%[23] - Cash received from other operating activities increased to ¥1,361,638,827.09 from ¥699,376,043.88, a growth of 94.7%[23] Audit Information - The company did not conduct an audit for the third quarter financial report[25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of ethylene glycol continued to decline this week. Although the fundamentals of ethylene glycol have not undergone significant adjustments, the intensification of Sino - US trade frictions has led to a significant increase in market risk - aversion sentiment. Polyester demand shows no outstanding performance, with stable operation and neutral pick - up. Yulong Petrochemical's supply has gradually entered the market, resulting in sufficient on - site spot liquidity. - Next week's prediction: On the cost side, the bearish fundamentals of crude oil will continue to suppress price performance and limit the rebound and repair space, with overall fluctuations. On the supply side, the operation rate remains high, but as coal prices rise and squeeze profits, the coal - based operation rate may decline later. On the demand side, the domestic market demand remains strong, but the issuance of new export orders is slow, and the weaving market lacks confidence in the future market. In terms of port inventory, there are more ethylene glycol vessel arrivals this month, the polyester operation rate is relatively stable, and the downstream pick - up volume from ports remains neutral. - Overall, it is expected that ethylene glycol will operate at a low level, in the range of 3950 - 4100 yuan/ton, and it is recommended to stay on the sidelines [6]. 3. Summary by Relevant Catalogs 3.1盘面及现货情况 (Disk and Spot Conditions) - **Disk Trend**: Continued to decline. This week, the trading volume was 751,900 lots, and the open interest was 340,400 lots (- 87,000 lots). The closing price of the MEG main contract on October 20 was 4003 yuan/ton, a decrease of 108 yuan/ton compared to the closing price of 4111 yuan/ton on October 13, with an overall change of - 2.63%. The settlement price on October 20 was 4030 yuan/ton, a decrease of 82 yuan/ton compared to the settlement price of 4112 yuan/ton on October 13, with an overall change of - 1.99% [8][12][14]. - **Spot Market**: For domestic spot, the higher transaction price was 4196 (October 13), and the lower transaction price was 4071 (October 17). From October 12 - 18, the weekly price data showed that in Fujian it was 4171 yuan/ton (- 59), in Zhangjiagang it was 4130.5/ton (- 27.83), and in Dongguan it was 4171 yuan/ton (- 59). The foreign - market price was 488.2 US dollars/ton (- 3.47). This week's average basis was 91 yuan/ton, compared with last week's average of 90.33 yuan/ton. The domestic and foreign markets of ethylene glycol remained inverted, with an overall level of 70 - 100 US dollars/ton [15]. 3.2 MEG装置、库存及生产利润情况 (MEG Device, Inventory, and Production Profit Situation) - **Device Operation Rate**: The overall operation rate from October 14 - 20 was 70.93%, compared with 70.22% from October 9 - 13. The oil - based operation rate was 76.31%, the coal - based operation rate was 62.95%, and the methanol - based operation rate was 62.43%. There were various device changes during the week, including maintenance of Zhonghai Shell and Tongliao Jinmei devices, restart of Satellite, Tianye, Guoneng Yulin, and Meijin devices, and Yulong Petrochemical's device resumed operation after a short - term shutdown. Hengli and Far Eastern Union slightly increased their device loads [19][22][24]. - **Production Profit**: Due to the significant rebound in thermal coal prices, the profit of coal - based ethylene glycol production has dropped significantly. The current profits of MTO, coal - based, and ethylene - based production routes are - 1687.74 yuan/ton, 90.26 yuan/ton, and - 124.34 US dollars/ton respectively, compared with the previous period's - 1607.16 yuan/ton, 261.94 yuan/ton, and - 122.23 US dollars/ton [31][33]. - **Port Inventory**: As of October 16, the MEG port inventory was 475,500 tons, an increase of 70,000 tons compared with the previous period, with a month - on - month change of 15.51%. Among them, Zhangjiagang had 194,500 tons (an increase of 9,000 tons), Jiangyin had 60,000 tons (an increase of 10,000 tons), Taicang had 136,000 tons (an increase of 71,000 tons), Ningbo had 82,000 tons (an increase of 2,000 tons), and Shanghai and Changshu had 3,000 tons (a decrease of 22,000 tons). The polyester operation load was generally stable, and the port pick - up was neutral [35][37][38]. 3.3 Fundamental Analysis - **Cost Side**: Oil prices still lack substantial positive factors, and the bearish fundamentals will continue to suppress price performance and limit the rebound and repair space. The polyester operation rate has a narrow fluctuation range, and there is no new production capacity in the market, so the market supply is mostly stable [44][46]. - **Polyester Product Situation**: The average weekly load of polyester factories was 89.38%, and the average weekly load of Jiangsu and Zhejiang looms was 68.22%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 6571 yuan/ton, 7804 yuan/ton, and 6754 yuan/ton respectively, down 1.47%, 0.82%, and 1.13% compared with the previous period. The average price of polyester staple fiber in the East China market this period was 6326 yuan/ton, down 93 yuan/ton or - 1.45% compared with the previous period. The negotiation range of polyester bottle chips in the East China region was 5600 - 5730 yuan/ton, with an average price of 5710.00 yuan/ton this week, down 2.14% compared with the previous period [48]. - **Weaving Market**: New export orders are issued slowly, and the weaving market lacks confidence in the future market. With the drop in temperature in the north, the online sales of autumn and winter textile and clothing have accelerated, driving the sales of thick fabrics such as autumn and winter fleece and woolen fabrics. The operating rates of warp - knitting enterprises have steadily increased. As of October 16, the operating rates of water - jet looms in Wujiang, Changxing, Xiaoshao, and the warp - knitting operating rates in Haining and Changshu have shown different changes [52][54]. - **Polyester Downstream**: The raw material inventory of polyester downstream is at a low level, and the rigid demand is gradually increasing. From October 13 - 17, the average weekly polyester sales were estimated to be 70%. The filament production enterprises have continued to accumulate inventory, and the end - of - month shipment pressure is gradually increasing. As of October 16, the filament inventory decreased, with the average inventory days of POY, FDY, and DTY being 16.80 days, 26.10 days, and 31.50 days respectively [55][57][59].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, highlighting potential recovery in polyester profitability and favorable conditions for leading refining companies [15]. Core Views - IEA has raised its crude oil production forecast, while OPEC's production has significantly increased, indicating a continued oversupply in the market despite low demand [3][12]. - The upstream sector is experiencing a decline in oil prices, but day rates for self-elevating drilling rigs are on the rise, suggesting a potential for increased profitability in oil services [18]. - The refining sector is facing mixed results, with overseas refined oil crack spreads declining, while olefin price spreads show variability [49]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $61.29 per barrel, a decrease of 2.30% week-on-week, while WTI prices also saw a similar decline [18]. - As of October 10, U.S. commercial crude oil inventories increased by 3.524 million barrels, indicating a growing supply [20]. - The number of U.S. drilling rigs remained stable at 548, with a slight increase of 1 rig from the previous week [31]. Refining Sector - The Singapore refining margin for major products decreased to $19.58 per barrel, down by $0.47 from the previous week [51]. - The U.S. gasoline RBOB-WTI spread increased to $17.19 per barrel, reflecting a slight upward trend despite historical averages being higher [56]. Investment Recommendations - The report suggests focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials due to expected recovery in profitability [15]. - It also recommends high-quality refining companies like Hengli Petrochemical and Sinopec, anticipating improved competitive dynamics in the refining sector [15]. - For upstream exploration and development, companies like CNOOC and China National Petroleum are highlighted for their resilience against declining oil prices [15].