EASTERN SHENGHONG(SZ:000301) Xin Lang Zheng Quan·2025-10-30 15:10Core Viewpoint - Dongfang Shenghong is a leading domestic energy and chemical enterprise with a comprehensive advantage in petrochemical and chemical new materials, particularly in the polyester filament sector [1] Group 1: Business Performance - In Q3 2025, Dongfang Shenghong reported revenue of 92.162 billion yuan, ranking 5th in the industry, significantly lower than China National Petroleum's 2,169.256 billion yuan and China Petroleum & Chemical's 2,113.441 billion yuan [2] - The main business composition includes other petrochemical and chemical new materials at 37.184 billion yuan (61.04%), refining products at 11.462 billion yuan (18.82%), and polyester filament at 10.77 billion yuan (17.68%) [2] - The net profit for the same period was 110 million yuan, ranking 6th in the industry, which is substantially lower than the industry leaders [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 82.26%, a decrease from 83.92% year-on-year but still above the industry average of 62.74% [3] - The gross profit margin was 9.92%, an increase from 8.58% year-on-year, yet still below the industry average of 13.42% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.60% to 73,300, while the average number of circulating A-shares held per shareholder increased by 13.12% to 90,100 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.6156 million shares [5] Group 4: Executive Compensation - The chairman, Miao Hangen, received a salary of 2.086 million yuan in 2024, a slight decrease from 2.0986 million yuan in 2023 [4] Group 5: Future Outlook - The company is expected to achieve revenues of 124.2 billion, 131.652 billion, and 136.918 billion yuan from 2025 to 2027, with net profits of 796 million, 1.134 billion, and 1.532 billion yuan respectively [5] - Business highlights include the addition of 400,000 tons/year EVA capacity, expected completion of a 100,000-ton POE industrial facility by Q3 2025, and the establishment of an AI division [5][6]