未来五年，环球工程将充分借助上海电气集团和潞安化工集团在管理、市场、资金、技术等方面的优 势，依托核心技术，以"绿色化工、低阶煤热解、焦化"为锚，全力提升高端能源、现代化工、绿色化工 板块的综合实力和核心竞争力，迅速发展成为全球油气与化工工程解决方案的引领者，全力打造国内一 流、国际知名的高技术工程服务企业。 甲子匠心 环球新章 回望山河，功成丰碑致敬历史。六十年磨砺，锋芒毕露；六载融合，新章初启。 峥嵘岁月风雨兼程 (1965年—1985年) 六十载风雨兼程，一甲子春华秋实。上海电气集团国控环球工程有限公司(以下简称环球工程)是上海电 气集团股份有限公司(以下简称上海电气集团)的控股子公司。其前身是成立于1965年的山西省化工设计 院。该公司从山西省轻化厅小化肥设计室、山西省煤化局化工设计室、山西省化工设计室、山西省化工 设计院、山西国控环球工程有限公司一路蜕变而来，距今已有六十年历史。 环球工程现已形成集绿色化工、焦化、现代煤化工、精细化工、基础设施及环保产业于一体的工程业务 新格局，国内业务覆盖20多个省、市、自治区，海外业务已拓展至东南亚、南亚、北美、非洲、欧洲等 地区。 ●1965年，黄土高原的工业 ...

Core Insights - The article discusses the breakthrough in Fischer-Tropsch synthesis, a nearly century-old process that converts syngas (a mixture of carbon monoxide and hydrogen) into valuable chemical products, including liquid fuels and olefins, which remains a backbone of the global energy and chemical industry [1][2] Group 1: Technology and Innovation - Researchers have discovered a method to significantly reduce carbon dioxide emissions during the Fischer-Tropsch synthesis by adding a trace amount of halogenated methane (e.g., bromomethane) at a concentration of 20 parts per million (ppm), which reduces CO2 generation from 30% to less than 1% under specific conditions [2][3] - The addition of bromine atoms creates a protective layer on the catalyst's surface, effectively altering the reaction environment and preventing unwanted side reactions, thus enhancing the efficiency of the process [3] Group 2: Environmental Impact - This innovation addresses the challenge of high carbon emissions in the Fischer-Tropsch synthesis, providing a new pathway for the green transformation of carbon resources such as coal, natural gas, and biomass in alignment with China's carbon neutrality goals [2][3] - The technique not only improves the efficiency of traditional energy industries but also has the potential to be applied to other catalytic systems, indicating a significant shift in carbon resource utilization strategies [3]

（作者为中国科学院院士、北京大学化学与分子工程学院教授） 在化工领域，有一项用了近百年的"老工艺"——费托合成。它的本事，是把一氧化碳和氢气混合而成 的"合成气"，转化成液体燃料和烯烃等有价值的化工产品。自20世纪20年代被发明以来，这项技术就成 为煤炭、天然气、生物质，甚至二氧化碳等"含碳资源"转变为能源产品的重要工具。如今，它依然是全 球能源化工领域的骨干成员。 如果把合成气比作"积木"，费托合成的任务就是把这些积木拼成燃料分子或化工原料。而铁基催化剂就 是这项拼装工作的"熟练工"。它便宜、好用，适合像煤炭这类"氢少碳多"的原料，因此在我国化工装置 中几乎是标配。但这个"工匠"也有老问题，它常常走"岔路"：要么让水和一氧化碳结合变成氢气和二氧 化碳，要么让两个一氧化碳自己"抱团"生成二氧化碳和碳黑。这两条偏路，导致每生产3份产物，就有 一份碳以二氧化碳的形式流失。即使通过回收尾气的手段，也很难把碳损降得更低。 要多产烯烃，又少排二氧化碳，这一直是道难题。现在，科研人员找到了一种听起来近乎"魔法"的解 法：往气里加一点"料"——百万分之一量级的卤代甲烷（比如溴甲烷）。这个量有多小？差不多是一缸 水里加了一滴 ...

Core Viewpoint - The signing of the investment agreement for the annual production of 180,000 tons of green methanol project aims to establish a benchmark in the green methanol industry and create a closed-loop industrial chain involving renewable energy, biomass utilization, green chemicals, and port logistics [1] Group 1 - The project involves Longi Green Energy, Zhongsheng Technology Group, Lianyungang Port Holding Group, and the Lianyungang Ganyu District People's Government [1] - The project is expected to be completed by the third quarter of 2027 [1] - It will help local farmers manage approximately 1.2 million acres of straw waste annually, increasing their income by over 300 million yuan [1]

围绕能效与安全这两个氯碱装置运行的关键问题，旭化成在交流中介绍，公司将继续推进并优化已广受市场好评的低能耗电解槽、离子交换膜及电极的研发 与应用。同时，通过数字化和AI技术，为客户提供优化运行建议，实现更高效的生产、更高的安全性与稳定性。 11月5日，第八届中国国际进口博览会（以下简称"进博会"）在国家会展中心（上海）隆重开幕。本届进博会共有155个国家、地区和国际组织参与，4108家 境外企业参展，展览面积超过43万平方米，参展企业数量与展览规模均创历史新高。作为中国面向世界的重大开放平台，进博会已成为全球企业展示创新成 果、拓展合作机遇的重要窗口，也彰显了中国持续推动高水平对外开放的决心与信心。 在本届进博会"技术装备展区"内，旭化成集团以 "赋能多元材料，共创新质生产力"为参展主题，重点展示其在低碳绿能与氯碱工业领域的最新成果。其 中，氯碱工业一站式解决方案"AlkaNexus"首次亮相，成为展区焦点。期间，中国能源网代表应邀与旭化成相关负责人就行业绿色转型、能效优化及本地化 合作进行了深入交流。 一站式解决方案引领行业升级 在离子交换膜事业迎来50周年之际，旭化成正式发布全新品牌——"AlkaNexu ...

Financial Data and Key Metrics Changes - In Q3 2025, consolidated recurring EBITDA was $150 million, a 104% increase compared to the previous year [7] - Operating cash consumption was approximately $62 million, with a cash position of about $1.3 billion at the end of the quarter, sufficient to cover debt maturities over the next 27 months [7][20] - Corporate leverage stood at approximately 14.7x at the end of Q3 2025, primarily due to lower EBITDA over the last twelve months [21] Business Line Data and Key Metrics Changes - In Brazil, the utilization rate at petrochemical plants was lower due to a scheduled shutdown, with recurring EBITDA of $205 million, a 35% increase from the previous quarter [10] - The utilization rate of the green ethylene plant was 40%, down 31 percentage points from the previous quarter, impacted by lower demand from Asian markets [11] - The United States and Europe segment saw a higher utilization rate due to normalization of operations, but results remained negative due to weakened demand [12] Market Data and Key Metrics Changes - The global macroeconomic scenario in 2025 was marked by moderate growth, decelerating inflation, and high interest rates, impacting industrial activity and resin processing demand [8][9] - Most international petrochemical spreads fell to historically low levels due to excess installed capacity and weakened demand [9] - In Brazil, resin sales decreased due to higher polyethylene imports and lower polypropylene demand, although this was offset by increased sales of key chemicals [10] Company Strategy and Development Direction - The company is focused on implementing a global resilience and transformation program to generate sustainable value and mitigate cash consumption [22] - The transformation program includes initiatives to optimize naphtha-based production, increase gas base flexibility, and migrate to renewable products [22] - The company plans to expand the Rio de Janeiro plant's capacity, adding 220,000 tonnes per year of ethylene capacity, with an estimated investment of BRL 4.2 billion [30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the prolonged downturn in the petrochemical industry, with expectations of a challenging environment until at least 2030 [36][38] - The company anticipates a modest recovery in the petrochemical sector towards the end of the decade, driven by structural excess supply and moderate demand growth [38] - Management emphasized the importance of resilience initiatives to mitigate the impacts of the downturn and ensure competitiveness [40] Other Important Information - The company signed an agreement related to the Alagoas geological event, with a total payment of BRL 1.2 billion, of which BRL 139 million has already been paid [18] - The company has established 79 action plans globally, with the potential to capture around $400 million in EBITDA and $500 million in cash generation for 2025 [23] - The chlor soda plant in Alagoas was hibernated to enhance the competitiveness of PVC production by importing EDC [28] Q&A Session Summary Question: When will a decision on the restructuring be made? - The company is currently completing diagnostics and discussions regarding its capital structure, with no options discarded or confirmed at this time [50][51] Question: What was the main economic driver for weak volumes this quarter? - The demand for resins is closely tied to Brazilian GDP, with a projected drop of about 4% for PE and PP in the coming months, but a 3% growth expected for PVC due to the sanitation law [53][55] Question: What is the timeline and expected impact of the Transforma Rio project? - The project will begin its engineering phase now and is expected to be completed by 2028 or 2029, potentially adding just under $200 million per year to EBITDA [58][59] Question: What is the status of the agreement in Alagoas? - The agreement involves a total payment of BRL 1.2 billion over ten years, with initial installments aligned with the company's projected financial condition [63][64] Question: How does the company view the impact of movements in China on the market? - China is expected to increase its ethylene and propylene production significantly, which will impact global supply and demand dynamics, leading to a prolonged downward cycle [78][79]

Core Viewpoint - The company focuses on energy and chemical logistics, primarily storing petrochemical products, and aims to become a benchmark enterprise for sustainable development in the industry [1] Group 1: Business Focus - The company specializes in the storage of petrochemical products, including refined oil, alcohols (including methanol), and other liquid chemicals [1] - Key storage facilities include Taicang Yanghong, Nantong Yanghong, Changzhou Hongchuan, and the affiliated company Changjiang Petrochemical, all designated methanol delivery warehouses by Zhengzhou Commodity Exchange [1] Group 2: Strategic Direction - The company has not yet initiated green methanol storage operations but is committed to extending its business into new energy and green chemicals [1] - The long-term strategic development direction is to become a sustainable industry benchmark [1] Group 3: Environmental Initiatives - All storage facilities are constructed and operated in accordance with national environmental standards, employing measures to reduce VOC emissions [1] - The company has implemented a green upgrade with oil and gas recovery systems and is advancing clean energy transformation through distributed photovoltaic projects [1] - Existing hardware facilities meet the storage requirements for green methanol [1]

Core Viewpoint - The article highlights the significant progress of Fujian Hengxin Green Technology Co., Ltd.'s green chemical recycling project, which is the world's first large-scale chemical recycling project for Nylon 6, expected to be operational by Q1 2026 [2][4]. Project Details: Technological Innovation and Industrial Value - The total investment for the Lianjiang Hengxin green chemical recycling project is 379 million yuan, with a domestic equipment localization rate of 90% [4]. - This project utilizes proprietary nylon chemical recycling technology, transforming waste textiles like fishing nets and fabrics into high-quality regenerated polyamide 6 chips through depolymerization, purification, and polymerization processes [4]. - The project aims for an annual production capacity of 7,000 tons and will establish a complete closed-loop recycling system for polyamide 6, significantly reducing carbon emissions by 80% compared to traditional physical recycling methods [4]. Global Regenerated Nylon Market Overview - According to Textile Exchange data, the global regenerated nylon market is still in its infancy, with a nylon fiber production of approximately 6.21 million tons in 2022, of which only 130,000 tons are regenerated nylon, resulting in a penetration rate of just 2.02% [5]. - If the penetration rate of regenerated nylon reaches that of polyester, the potential demand could rise to 920,000 tons, indicating a vast market opportunity [5]. Current Market Status - In 2024, the global regenerated nylon production is projected to be around 200,000 tons, accounting for approximately 2.3% of total nylon production [6]. - The growth of the regenerated nylon market has been slow due to technical challenges, raw material quality and availability, and investment needs [6]. - There are currently few global suppliers of regenerated nylon, with a particularly scarce number of suppliers using chemical recycling methods, including only a handful of certified companies [6].

Core Insights - Cambridge University scientists have developed a new type of solar "artificial leaf" that efficiently converts carbon dioxide (CO2) and sunlight into valuable chemical raw materials like formate, marking a significant advancement in green chemistry [1][2] - The chemical industry accounts for approximately 6% of global carbon emissions, and there is a strong push towards decarbonizing this sector to establish a sustainable green chemical system [1] Group 1 - The new device is a biohybrid system that combines organic semiconductors with biological enzymes, effectively simulating photosynthesis [1] - Previous designs of artificial leaves faced limitations such as reliance on synthetic catalysts or inorganic semiconductors, which had low light absorption efficiency and potential toxicity [1] - The breakthrough involves a hybrid device that directly converts sunlight, water, and CO2 into formate, which has applications in oil drilling fluids, flavor synthesis, pharmaceutical intermediates, and organic catalytic reactions [1] Group 2 - The new device features two main advantages: the organic semiconductor is tunable and non-toxic, while the biological catalyst offers high selectivity and efficiency [2] - This marks the first application of organic semiconductors as light-capturing components in such biohybrid systems, representing a key step towards a new generation of environmentally friendly "artificial leaves" [2] - The research team aims to further optimize the design to extend the device's lifespan and enhance its capability to synthesize a wider variety of chemicals [2]

Industry Overview - The fine chemical industry is crucial to modern industrial systems, impacting China's core competitiveness in high-end sectors such as pharmaceuticals, electronics, and new materials [1] - China is the largest producer of fine chemical products globally, with a significant industrial scale [1] - The fine chemical industry in China is projected to reach a scale of 39,555 billion yuan in 2024, representing a year-on-year growth of 7.5%, significantly outpacing the global average [1] Company Insights - Haier Financial Leasing is actively involved in the fine chemical sector, providing comprehensive financial solutions including financing, investment, and operations to clients across 28 provinces in China [1] - M Company, a leading domestic producer of 2-ethyl anthraquinone, has achieved a significant technological breakthrough by developing a new production process in collaboration with a well-known domestic university, reducing production costs by 5,000 yuan per ton [6] - M Company has invested over 200 million yuan in a new project for 2-ethyl anthraquinone, which is expected to reach a total production capacity of 8,000 tons [6] Project Development - With the financial support from Haier Financial Leasing, M Company's 2-ethyl anthraquinone project has successfully commenced production, maintaining an operating rate of over 90% [7] - The new product demonstrates superior stability and uniformity, with chlorine and sulfur content meeting top industry standards [7] - M Company's market share is anticipated to increase from 20% to 50% upon full production, enhancing its profitability and industry position while contributing to the circular economy and sustainable development [7] Financial Support - Haier Financial Leasing identified M Company’s critical phase of "technology upgrade - capacity release" and customized a 10 million yuan sale-leaseback solution to alleviate short-term liquidity pressure [8] - The financial support facilitated the transition of M Company's new technology from concept to reality, enabling significant advancements in production capabilities [8]