ST晨鸣（000488.SZ）12月29日在投资者互动平台表示，目前公司除湛江基地以外已经实现全面复工复 产，湛江基地生产所用的主要原材料木片已陆续运至湛江厂区，正加快设备检修，计划年底前具备复产 条件。 目前已恢复生产的基地生产、销售情况良好，公司通过严格管控成本，在采购、生产、销售等 方面实行全链条精细化管理，以问题为导向补齐短板、强化弱项，实现产销平衡；公司将进一步加大非 主业资产处置力度，持续聚焦主业发展，把握市场机遇，通过优化产品结构、严控成本等措施，提升经 营效益，推动公司持续稳健发展。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好！公司此前推进的资产处置、子公司 复产及债务重组等举措，是市场关注的基本面改善核心抓手。目前部分动作已有阶段性进展，想请教两 点：一是上述事项是否存在超预期推进的情形？比如资产处置回款速度、复产产能爬坡节奏是否优于前 期规划？二是结合当前进展，公司对于满足摘帽条件的时间维度是否有更明确的内部研判？ ...

Group 1: Market News and Important Data - The price of light - sweet crude oil futures for October delivery on the New York Mercantile Exchange rose $1.58 to $65.59 per barrel, a gain of 2.47%; the price of Brent crude oil futures for November delivery in London rose 99 cents to $69.14 per barrel, a gain of 1.45%. The main SC crude oil contract closed up 1.14% at 495 yuan per barrel [1] - China's weekly crude oil data showed that crude oil arrival inventory decreased by 0.43 million barrels to 209.84 million barrels, a 0.21% decline; gasoline commercial inventory decreased by 0.41 million barrels to 88.22 million barrels, a 0.47% decline; diesel commercial inventory decreased by 2.67 million barrels to 102.52 million barrels, a 2.54% decline; total refined oil commercial inventory decreased by 3.08 million barrels to 190.73 million barrels, a 1.59% decline [1] - Russian President Putin said that it is possible to reach a consensus on ensuring Ukraine's security [1] - Russia and the US Foreign Ministry will hold consultations [1] - The US issued a sanctions notice against entities related to Iran, aiming to weaken Iran's ability to attack the US and its allies [1] Group 2: Investment Logic - Western sanctions on Iranian oil have limited impact on its exports. Iranian oil exports have remained resilient this year, basically the same as or slightly higher than last year. Due to the low operating rate of local refineries this year, some sensitive oil may be hoarded in storage tanks. In the future, to achieve production - sales balance, Iranian oil may either offer large discounts to refineries or cut exports and production as the current inventory hoarding is not sustainable and quota shortages will limit the absorption capacity of local refineries [2] Group 3: Strategy - The short - term driving force for oil prices is strong. Short - term strategy is to go long on diesel cracking (event - driven), and medium - term strategy is to hold short positions [3] Group 4: Risks - Downside risks include significant OPEC production increases and macro black swan events [3] - Upside risks include tightened supply of sanctioned oil (from Russia, Iran, Venezuela) and large - scale supply disruptions due to Middle East conflicts [3]

Group 1: Company Performance Overview - In Q1 2025, the company achieved revenue of approximately 7.29 billion CNY, representing a year-on-year increase of 7.96% [1] - The net profit attributable to shareholders was approximately 413 million CNY, a year-on-year decrease of 27.3% [2] - The net profit excluding non-recurring gains and losses was about 384 million CNY, down 33.81% year-on-year, primarily due to a decline in chemical product prices [2] Group 2: Market and Operational Adjustments - The company is actively adjusting production and sales strategies in response to market demand fluctuations and changes in oil prices [2] - The company emphasizes energy conservation and efficiency improvements to mitigate market risks and maximize economic benefits [1] Group 3: Dividend Policy - The profit distribution plan for 2024 proposes a cash dividend of 3.50 CNY per 10 shares (tax included), which has already been implemented [2] - Future dividend plans will consider operational performance, cash flow, and shareholder returns, adhering to regulatory requirements [2] Group 4: Competition and Market Strategy - The company signed a framework cooperation agreement with a subsidiary of Haohua Technology to address competition issues related to certain products [2] - The company will continue to monitor market trends and adjust strategies to maintain production and sales balance [2]