Investment Rating - The investment rating for the company is "Buy" (Maintain) [2][7][17] Core Insights - The company reported a stable revenue growth with a proposed cash dividend of RMB 0.4747 per share, totaling approximately RMB 2.05 billion, resulting in a dividend payout ratio of 100% [7] - The company’s revenue for 2025 was RMB 31.71 billion, a year-on-year increase of 4.6%, while the net profit attributable to shareholders was RMB 2.05 billion, up 10.9% year-on-year [7] - The company is expected to achieve net profits of RMB 2.21 billion, RMB 2.31 billion, and RMB 2.47 billion for 2026, 2027, and 2028 respectively, with growth rates of 7.6%, 4.7%, and 7.0% [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: RMB 30.33 billion - 2025: RMB 31.71 billion - 2026E: RMB 33.22 billion - 2027E: RMB 34.61 billion - 2028E: RMB 36.03 billion [6][8] - The net profit attributable to ordinary shareholders is projected as follows: - 2024: RMB 1.85 billion - 2025: RMB 2.05 billion - 2026E: RMB 2.21 billion - 2027E: RMB 2.31 billion - 2028E: RMB 2.47 billion [6][8] - The company’s return on equity (ROE) is expected to improve from 13.80% in 2024 to 17.62% in 2028 [6][8] Business Performance - The company’s food business showed steady growth, while the beverage segment faced short-term pressure due to intensified competition and external factors [7] - In 2025, the revenue breakdown was as follows: - Beverages: RMB 19.47 billion (up 1.2%) - Food: RMB 10.49 billion (up 5.0%) - Others: RMB 1.75 billion (up 60.1%) [7] - The company’s gross profit margin improved to 33.2% in 2025, up 0.7 percentage points year-on-year [7]

Group 1: Report Overview - The report is an Anliang Futures commodity research report on the plastic futures monthly report for March 2026 [1][4] - The core view is that in February, the polyethylene market had weak supply and demand, with a pattern of "continuing to decline before the Spring Festival, briefly rising after the festival and then falling back". In March, the supply side will enter a new structural adjustment cycle, the demand side support is expected to gradually appear, and the cost side uncertainty increases. The price will mainly operate in a range [6] Group 2: Supply Side 2.1 Supply and Production in February - In February, the domestic polyethylene market supply showed a pattern of total decline, utilization rate increase, and overall regional strengthening. The total output decreased to 290,586 tons, and the LLDPE output was 133,200 tons [8] - The polyethylene maintenance loss in February decreased by 35.36% to 275,300 tons, and the linear variety maintenance volume decreased by 9.48% to 79,650 tons [8] - The overall capacity utilization rate of polyethylene in February was 87.6007%, a 3.7655% increase. The capacity utilization rates of major domestic production areas all increased [9] 2.2 Inventory in February - At the end of February, the total inventory of PE production enterprises rose to 579,700 tons, a 256,700 - ton increase. The LLDPE production enterprise inventory was 252,400 tons, a 126,000 - ton increase [12] - The PE social inventory at the end of February was 597,800 tons, a 118,200 - ton increase. The LLDPE social inventory was 235,750 tons, a 42,430 - ton increase [13] 2.3 Import in February - At the end of February, the international LLDPE prices showed a pattern of widespread increase with differentiated amplitudes. The import cost in the Chinese market increased [16] - In February, China's polyethylene import volume was 1.041 million tons, a 79,000 - ton decrease. The average monthly import profit of each variety weakened [17][18] 2.4 Outlook for March - In March, there will be no new capacity put into production in China, and the number of new maintenance devices will increase compared to February, and the supply side will enter a new structural adjustment cycle [9] Group 3: Demand Side 3.1 February Situation - In February, the overall downstream enterprise start - up rate of polyethylene was 21.6%, a 18.26% decrease. The start - up rates of the agricultural film and packaging film industries decreased significantly [21] - At the end of February, the raw material inventories of major downstream industries of polyethylene decreased. The raw material inventory available days of agricultural film and packaging film enterprises decreased [22] - In February, the polyethylene downstream market was significantly affected by the Spring Festival, with seasonal weakening of demand. After the festival, the demand recovery was slow and the support for the market was limited [24] 3.2 Outlook - With the start of spring plowing and the gradual recovery of packaging and daily necessities consumption, the demand side support is expected to gradually appear [6][24][33] Group 4: Process Cost and Profit 4.1 Cost in February - In February, the oil - based polyethylene cost showed an oscillating upward trend, reaching 7,662.4286 yuan/ton at the end of the month, a 267 - yuan/ton increase [26] - The coal - based polyethylene cost steadily recovered, reaching 6,510 yuan/ton at the end of the month, a 15 - yuan/ton increase [27] 4.2 Profit in February - In February, the profits of polyethylene production enterprises generally weakened. The oil - based enterprise loss increased to 1,029.5714 yuan/ton, and the coal - based enterprise profit decreased to 34.2857 yuan/ton [29] 4.3 Spread in February - In February, the spreads between polyethylene and related varieties narrowed significantly. The average spread of PE - PVC:05 contract was 1,796.14 yuan/ton, a 83.61 - yuan/ton decrease, and the average spread of PE - PP:05 contract was 84.43 yuan/ton, a 97.82 - yuan/ton decrease [30] Group 5: Summary - In March, the supply side will enter a new structural adjustment cycle, the demand side support is expected to gradually appear, and the cost side uncertainty increases. The price will mainly operate in a range, and the short - term fluctuations may be amplified by geopolitical events [33]

Group 1: Report's Core View - Market competition intensifies, crude oil prices drop significantly, PX market trading is sluggish with prices plummeting, and polyester downstream procurement halts [2] - Asian naphtha cracking runs smoothly, the spread between MX and naphtha narrows from $88/ton last week to $85/ton, and the spread between PX and MX drops to $132, supporting PX short - process profit [2] - The US - Asia MX arbitrage window widens to $185, but there is no news of shipments from South Korea to the US [2] - Domestic large - scale PTA plants conduct rotational inspections, PTA production in China declines, PTA basis in China weakens, and demand is stable [2] - Polyester's operating load rebounds to 91%, PTA performs weakly due to weak crude oil, and bottle chips and short fibers continue to fluctuate with costs [2] Group 2: Price and Index Changes PTA and MEG - PTA spot price drops from 4500 to 4490, a decrease of 10; PTA closing price drops from 4584 to 4534, a decrease of 50 [2] - MEG domestic price drops from 4224 to 4206, a decrease of 18; MEG closing price drops from 4158 to 4100, a decrease of 58 [2] Short Fibers - 1.4D direct - spun polyester short fiber price drops from 6460 to 6425, a decrease of 35; short - fiber basis increases from 137 to 165, an increase of 28 [2] - 11 - 12 spread drops from 60 to 38, a decrease of 22; polyester short - fiber cash flow increases from 240 to 246, an increase of 6 [2] Bottle Chips - Polyester bottle chip prices in the Jiangsu - Zhejiang market range from 5700 - 5840 yuan/ton, with the average price dropping 25 yuan/ton from the previous workday [2] - Various types of bottle chips (e.g., East China water bottle chips, hot - filled polyester bottle chips) see price drops of 23 [2] - Bottle chip spot processing fee drops from 503 to 495, a decrease of 8.42 [2] Others - T32S pure polyester yarn price remains at 10300, T32S pure polyester yarn processing fee increases from 3840 to 3875, an increase of 35 [2] - Polyester - cotton yarn 65/35 45S price remains at 16350, polyester - cotton yarn profit increases from 1586 to 1609, an increase of 23.21 [2] Group 3: Operating Load and Sales - Direct - spun short - fiber load (weekly) drops from 94.40% to 93.90%, a decrease of 0.01 [3] - Polyester short - fiber sales rate drops from 67.00% to 66.00%, a decrease of 1.00% [3] - Polyester yarn startup rate (weekly) remains at 63.50% [3] - Regenerated cotton - type load index (weekly) increases from 51.00% to 51.50%, an increase of 0.01 [3]

Group 1 - PTA futures main contract experienced a fluctuation upward, reaching a peak of 4548.00 yuan, closing at 4546.00 yuan with a rise of 1.97% [1] - Supply side remains under pressure due to maintenance of facilities post-holiday, while demand from polyester maintains a high operating rate, although terminal weaving operating rates are weak [2] - Overall, the supply-demand situation for PTA is acceptable, with a continued inventory reduction pattern [2] Group 2 - Ningzheng Futures suggests a transitional observation for PTA, noting a significant decline in downstream weaving and texturing operating rates by 54% and 72% respectively [3] - Expectations for polyester operating rates to decline after May, indicating a potential weakening in PTA supply-demand dynamics [3] - Guoxin Futures indicates that PTA will primarily follow cost fluctuations, with seasonal declines in terminal weaving loads but high polyester operating rates still present [4] Group 3 - The market is experiencing significant supply reduction due to multiple facility maintenance, leading to accelerated inventory depletion [4] - Trade war news is becoming less tense, with attention on future negotiation progress [4] - Recommendations include short-term low buying strategies based on cost fluctuations, particularly focusing on oil price trends [4]