值得一提的是，恒力石化也是国内资本市场上少有的一直坚持高比例现金分红回报投资者的上市公司， 公司在今年还实施了首次"年度+中期"分红，加大回报投资者力度。2016年上市后，恒力石化已累计实 现现金分红261亿元，占分红期间累计归母净利润的40.43%，大幅超过了公司同期从资本市场所募集的 资金。 尽管面临外部宏观需求整体偏弱的环境，但恒力石化通过灵活调整产品结构，持续强化成本管控，积极 应对市场变化与成本波动，令业绩保持在同行业领先水平。 证券时报记者 孙宪超 恒力石化(600346)10月27日晚间披露2025年第三季度报告，今年前三季度，公司实现营业收入1573.84亿 元，归母净利润50.23亿元，实现经营性现金流201.34亿元。其中，第三季度单季度盈利19.72亿元，同 比增长81.47%，相比二季度，盈利也实现环比大幅改善。 "后续随着企业盈利能力加快修复和现金分红能力持续增强，公司也将持续完善'长期、稳定、可持 续'的股东价值回报机制，让股东长期分享公司的发展成果。"恒力石化表示。 ...

Core Insights - Hengli Petrochemical reported a revenue of 157.38 billion yuan and a net profit attributable to shareholders of 5.02 billion yuan for the first three quarters of 2025, with a significant net profit of 1.97 billion yuan in Q3, marking an 81.47% year-on-year increase and substantial quarter-on-quarter improvement [1] - The company has maintained strong operational resilience by flexibly adjusting its product structure and enhancing cost control in response to weak external macro demand [1] Group 1 - Hengli Petrochemical is one of the earliest private large-scale refining and chemical enterprises in China, with a comprehensive capacity including a 20 million tons/year integrated refining project and various chemical production facilities [1] - The company has established a modern industrial system that integrates "world-class chemical refining" and "modern coal chemical" projects, supporting a "big chemical" strategic platform through deep integration of oil and coal [1] - Hengli Petrochemical has a well-established capacity layout in downstream chemical new materials, including differentiated fibers, functional films, engineering plastics, and biodegradable new materials [1] Group 2 - The company is focused on enhancing its cost advantages through continuous internal cost reduction and efficiency improvement, alongside high-value-added technological upgrades and boutique project construction [2] - Hengli Petrochemical has a diverse product structure, including oil-related aromatics, olefins, and coal chemical products, as well as a rich downstream product layout in industrial and functional materials [2] - The company has implemented a high cash dividend policy, returning 26.1 billion yuan to investors since its restructuring, which is 40.43% of the cumulative net profit during the same period [2]

Core Viewpoint - Hengli Petrochemical reported strong financial performance in Q3 2025, with a significant year-on-year profit increase despite challenging macroeconomic conditions [1][2]. Financial Performance - For the first three quarters of the year, Hengli Petrochemical achieved operating revenue of 157.384 billion yuan and a net profit attributable to shareholders of 5.023 billion yuan, with operating cash flow of 20.134 billion yuan [1]. - In Q3 alone, the company recorded a profit of 1.972 billion yuan, representing an 81.47% year-on-year increase and a substantial improvement compared to Q2 [1]. Operational Strategy - The company has maintained a leading position in the industry by flexibly adjusting its product structure and enhancing cost control in response to market changes and cost fluctuations [1][2]. - Hengli Petrochemical employs a strategy of "oil when suitable, ethylene when suitable, aromatic when suitable, and chemical when suitable," allowing it to prioritize high-margin products [2]. Industry Position and Capabilities - As one of the earliest private large-scale refining enterprises in China, Hengli Petrochemical has established a modern industrial system with integrated capacities, including a 20 million tons/year refining project and various chemical production facilities [1]. - The company has a comprehensive product layout in downstream chemical new materials, including differentiated fibers, functional films, engineering plastics, and biodegradable materials [1]. Competitive Advantages - Hengli Petrochemical possesses strategic advantages in full industry chain development, comprehensive operational capabilities, high-end R&D-driven market competitiveness, and efficient management through smart and lean practices [2]. - The company has implemented continuous cost improvements and accelerated the construction of high-value-added projects, reinforcing its cost advantage [2]. Shareholder Returns - Hengli Petrochemical is noted for its commitment to high cash dividends, having distributed a total of 26.1 billion yuan in cash dividends since its listing, which is 40.43% of the cumulative net profit during the same period [3]. - The company plans to enhance its shareholder value return mechanism, ensuring long-term, stable, and sustainable returns as profitability and cash dividend capacity improve [3].

国泰海通董事长朱健表示，公司积极践行"以投资者为本"的发展理念，有效保护投资者特别是中小投资 者合法权益，坚持打造"长期、稳定、可持续"的股东价值回报机制，增强分红稳定性、持续性和可预期 性，坚持一年多次分红，保持高比例的分红水平。 ...