| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-114 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 本次业绩说明会以网络方式举行，公司管理层就公司 2025 年前三季度业绩等情 况与投资者进行了互动交流。 二、说明会召开的时间、地点 本次说明会于 2025 年 11 月 20 日(星期四)上午 10:00－11:00 通过上海证券交易 所上证路演中心（网址：https://roadshow.sseinfo.com/）进行在线交流。 三、参加人员 公司：董事长兼总裁庄耀中先生；副总裁兼董事会秘书杨剑飞先生；财务总监 沈孙强先生；独立董事宋爱军女士等。 四、投资者参加方式 投资者以网络提问形式，就所关心的问题与公司参会人员进行了沟通交流。 关于 2025 年第三季度业绩说明会的公告 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。 一、说明会类型 特此公告。 新凤鸣集团股份有限公司董事会 20 ...

Group 1 - The core point of the news is that Xin Feng Ming's stock price dropped by 5.03% to 16.43 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 25.048 billion CNY [1] - Xin Feng Ming Group Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on February 22, 2000. The company was listed on April 18, 2017, and its main business involves the research, production, and sales of civilian polyester filament, short fibers, and PTA, which is one of its main raw materials [1] - The revenue composition of Xin Feng Ming's main business includes: POY 42.73%, PTA 13.29%, FDY 13.27%, short fibers 11.16%, DTY 10.16%, and others 4.72% [1] Group 2 - From the perspective of major fund holdings, one fund under Huaxia Fund has a significant position in Xin Feng Ming. The Huaxia Fuyuan Pension Target 2045 Three-Year Holding Mixed Initiation Fund (FOF) A (015682) reduced its holdings by 70,000 shares in the third quarter, holding a total of 300,000 shares, which accounts for 0.65% of the fund's net value, ranking as the fifth-largest holding [2] - The Huaxia Fuyuan Pension Target 2045 fund was established on June 24, 2022, with a current scale of 685 million CNY. Year-to-date returns are 12.52%, ranking 584 out of 1039 in its category, while the one-year return is 14.63%, ranking 497 out of 1017 [2] - The fund manager, Xu Liming, has a cumulative tenure of 18 years and 119 days, with the current total asset scale of 4.957 billion CNY. The best fund return during his tenure is 51.81%, while the worst is -31.03% [2]

Market Overview - The chemical fiber sector experienced a decline of 1.3% on November 19, with Cai Die Industrial leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Baogudi (300905) with a closing price of 33.59, up 2.75% and a trading volume of 63,400 shares [1] - Montai High-tech (300876) at 31.92, up 2.14% with 19,900 shares traded [1] - Major decliners included: - Cai Die Industrial (603073) at 19.31, down 5.11% with a trading volume of 28,000 shares [2] - Wanwei High-tech (600063) at 6.42, down 4.89% with 786,400 shares traded [2] Capital Flow - The chemical fiber sector saw a net outflow of 196 million yuan from institutional investors, while retail investors contributed a net inflow of 176 million yuan [2] - The detailed capital flow for selected stocks showed: - Baogudi (300905) had a net inflow of 27.05 million yuan from institutional investors [3] - Cai Die Industrial (603073) experienced a net outflow of 11.68 million yuan from institutional investors [3]

Group 1: Macro Economic Overview - The broad fiscal deficit is expected to remain within a controllable range, with October's general public budget revenue at 22,614 billion yuan, and expenditure at 17,761 billion yuan [7] - Tax revenue showed stable growth, with October's tax revenue totaling 20,700 billion yuan, reflecting an 8.6% year-on-year increase [8] - Fiscal expenditure in October decreased by 9.8% year-on-year, indicating a slowdown in spending growth, particularly in infrastructure-related expenditures [9] Group 2: Fixed Income Market Insights - The total bond custody amount at the Shanghai Clearing House reached 49.70 trillion yuan, with a monthly net increase of 10,427.42 billion yuan, indicating a significant rebound in bond market activity [13][14] - The increase in bond custody was primarily driven by negotiable certificates of deposit, which contributed a net increase of 7,214.10 billion yuan [15] - The overall leverage ratio in the bond market remained stable at 106.90%, with commercial banks showing an increase in leverage [17] Group 3: Banking Sector Analysis - Listed banks are under pressure to sell off AC (Asset Classification) bonds to realize floating profits, with a significant decline in AC account investment growth since 2024 [19] - It is estimated that listed banks sold approximately 2 trillion yuan in bonds to realize floating profits in the first three quarters of 2025, with state-owned banks having the highest floating profits [20] - For Q4 2025, it is projected that listed banks will need to sell around 900 billion yuan in bonds to maintain non-interest income levels [21] Group 4: Chemical Industry Outlook - The chemical industry is expected to enter a new prosperity cycle, driven by the end of capital expenditure and a recovering supply-demand balance [25][26] - The industry is witnessing a dual uplift in performance and valuation, with major chemical product prices at historically low levels, indicating potential for recovery [26] - The "anti-involution" measures are being implemented across various sectors, providing a framework for other sub-industries to follow, which may lead to further optimization of the supply-demand structure [27] Group 5: Electronics Sector Insights - Transsion Holdings, a leading brand in emerging markets, is focusing on high-end and AI-integrated products, with a projected net profit of 3.147 billion yuan for 2025 [29][30] - The company is expanding its market presence in Africa and other emerging regions, leveraging its brand and channel advantages [30][31] - The diversification into AIoT and home appliances is expected to create additional growth opportunities for the company [32]

Group 1 - The company held its sixth extraordinary general meeting on November 18, 2025, with no resolutions being rejected [2][3] - The meeting was legally convened and conducted in accordance with the Company Law and the company's articles of association [2][6] - All directors and supervisors attended the meeting, ensuring full representation [3] Group 2 - The company approved the proposal to absorb and merge its wholly-owned subsidiary, Tongxiang Zhongying Chemical Fiber Co., Ltd., to reduce management costs and optimize resource allocation [8][9] - The merger will result in the cancellation of Zhongying Chemical Fiber's independent legal status, with all assets, debts, and rights being inherited by the company [9][12] - The merger is not classified as a related party transaction or a major asset restructuring [9] Group 3 - The company plans to change the purpose of its repurchased shares from employee stock ownership to cancellation and reduction of registered capital, involving 5,388,291 shares [16][19] - The total share capital will decrease from 1,524,555,643 shares to 1,519,167,352 shares following the cancellation [20] - This decision is expected to have no significant impact on the company's financial status or operational results [21] Group 4 - The company will hold its seventh extraordinary general meeting on December 4, 2025, to discuss the approved proposals [29][57] - The meeting will utilize a combination of on-site and online voting methods [29][30] - Shareholders registered by the end of trading on November 28, 2025, will be eligible to attend the meeting [57]

Group 1: Company Announcements - Shengxin Lithium Energy plans to sign a cooperation framework agreement with Huayou Holding Group for lithium salt products, expecting to supply 221,400 tons from 2026 to 2030, which will enhance the company's market competitiveness and stability [1] - Zhongwen Media intends to use idle funds of 9.5 billion yuan to purchase financial products in 2026, with a subsidiary planning to invest up to 1.8 billion yuan [2] - Shengbang Co. has signed a framework agreement to acquire 60% of Wuxi Wok, which is expected to constitute a major asset restructuring [3] - Sun Riguo, the third-largest shareholder of Furui Co., has transferred 6.36% of the company's shares to his son, completing the transfer at a price of 4.995 yuan per share, totaling 301 million yuan [4] - China First Heavy Industries' chairman, Lu Wenjun, has been arrested for bribery, but the company's operations remain normal under the management of the executive team [5] Group 2: Market Activities - ST Zhengping's stock will be suspended for verification due to a significant price increase of 221.93% from September 1 to November 18, indicating a serious deviation from fundamentals [6] - Wihua New Materials plans to acquire 70% of Heyutai for 154 million yuan, while Xianghe Industrial intends to purchase 5% of Hezhixiang [7] - Tongsun Precision is offering shares at a price of 43.67 yuan each, and Jinkong Electric plans to transfer 51% of Tongying Thermal Power for 266 million yuan [8] Group 3: Investment and Cooperation - Jiemai Technology's subsidiary has signed a cooperation development framework agreement with Ningde New Energy Technology [8] - Xiamen Tungsten plans to invest 1.525 billion yuan to establish a wholly-owned subsidiary for producing high-performance low-cobalt battery materials [8] - Lianhuan Pharmaceutical is collaborating with Nanjing University for the joint development of anti-thrombotic small nucleic acid drugs with an investment of 15 million yuan [8]

Group 1 - The chemical sector experienced a significant pullback on November 18, with the chemical ETF (516020) declining by 3.46% and intra-day prices dropping over 4% [1] - Key stocks in the sector, including Tianqi Lithium and New Chemical Materials, faced substantial losses, with Tianqi Materials hitting the limit down and New Chemical Materials dropping by 11.22% [1] - Analysts suggest that the recent price corrections are normal, as the lithium battery materials sector is expected to see improved profitability in the coming year, indicating a potential rebound in demand and supply dynamics [3] Group 2 - The chemical ETF (516020) has seen significant net inflows, with over 3.52 billion CNY in net subscriptions over the last five trading days, indicating strong investor interest [3] - The current valuation of the chemical sector is relatively low, with the ETF's underlying index price-to-book ratio at 2.46, positioning it in the 44.23 percentile over the past decade, suggesting a favorable investment opportunity [3] - Future investment strategies should focus on sectors benefiting from de-involution, such as pesticides, urea, and organic silicon, as well as new materials like semiconductor materials and OLED materials, which are crucial for China's chemical industry development [4][5]

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-109 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 二、合并各方的基本情况 （一）合并方基本情况 新凤鸣集团股份有限公司 关于吸收合并全资子公司的公告 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。 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召开第六 届董事会第四十二次会议，审议通过了《关于吸收合并全资子公司的议案》，具体 内容如下： 一、吸收合并概述 为降低管理成本，进一步优化资源配置，公司拟吸收合并全资子公司桐乡市中 盈化纤有限公司（以下简称"中盈化纤"），本次吸收合并完成后，中盈化纤的全 部资产、债权、债务、合同关系、人员及其他一切权利与义务由公司承继，中盈化 纤将不再存续，其独立法人资格予以注销。 本次吸收合并不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形。本次吸收合并事项尚需提交公司股 ...

新凤鸣集团股份有限公司 根据 2025 年 11 月 18 日公司第六届董事会第四十二次会议决议，对新凤鸣 集团股份有限公司章程作如下修订： 新凤鸣集团股份有限公司 公司章程第六条原内容为： 第六条 公司注册资本为 152,455.4319 万元人民币。 第二十一条 公司股份总数为 152,455.4319 万股，全部为普通股。 现修改为： 章程修正案 第二十一条 公司股份总数为 151,916.6028 万股，全部为普通股。 现修改为： 第六条 公司注册资本为 151,916.6028 万元人民币。 公司章程第二十一条原内容为： 2025 年 11 月 18 日 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-111 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 关于变更公司注册资本暨修订《公司章程》的公告 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。 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日召开第 六届董事会第四十二次会议，审议通过了《关于变更公司注册资本暨修订<公司 章程>的议案》，现将相关事宜公告如下： 鉴于本次董事会审议通过的《关于变更公司回购专户 2022 年回购股份用途 并注销暨减少注册资本的议案》，公司拟注销回购专用证券账户中 2022 年回购方 案的剩余部分 5,388,291 股，并因此拟对《公司章程》中相关内容进行修改，同 时授权公司经营层办理工商变更登记等相关事宜。 具体修订内容如下： | | 修订前 | | | | 修订后 | | | | --- | --- | - ...