1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - High - sulfur fuel oil: In the third quarter, the supply pressure is slightly less than expected. The demand for feedstock is favorable due to the peak season of refined oil and the increase in fuel oil consumption tax deduction in China. The seasonal power - generation demand is gradually declining, and attention should be paid to the import logistics changes in Egypt and Saudi Arabia [5][63]. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand has no specific driving force. The spot premium fluctuates. Attention should be paid to the export logistics changes of low - sulfur fuel oil in the near term, the adjustment and issuance rhythm of low - sulfur quotas [63]. 3. Summary According to the Directory 3.1 First Part: Preface Summary 3.1.1 Market Review - High - sulfur fuel oil: In July, it was suppressed by high near - term supply and inventory. The spot premium and cracking in Singapore fluctuated at low levels. The demand for power generation in the Middle East and Egypt decreased, while the feedstock demand in China began to pick up slightly after the tax reform. The market expected an increase in high - sulfur heavy raw materials [4]. - Low - sulfur fuel oil: It maintained a weak oscillating market in July. The low - sulfur cracking followed the gasoline cracking and continued to decline. The short - and medium - term supply was abundant with an expected increase. The demand had no specific positive drivers, and shipping demand was affected by macro - tariff and geopolitical issues [4]. 3.1.2 Market Outlook - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected. The demand for feedstock is expected to increase, and attention should be paid to the power - generation demand and import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the downstream demand remains weak [5]. 3.1.3 Strategy Recommendation - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [6][63]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - High - sulfur fuel oil: Similar to the previous review, it was affected by supply and demand factors, with the spot premium and cracking in Singapore declining [10]. - Low - sulfur fuel oil: Maintained a weak oscillation. The short - and medium - term supply was abundant, and the demand was affected by macro and geopolitical issues [10]. 3.2.2 Supply Overview - High - sulfur fuel oil: - Russia: The refinery offline capacity was increased twice in July, and the export was at a very low level in the same period. The sanctions from Europe and the United States were gradually intensified [19][20]. - Mexico: The high - sulfur supply decreased significantly, and the Olmeca refinery's secondary device was gradually put into operation [23]. - Middle East: The high - sulfur export was stable at a low level, and the export to the pan - Singapore region decreased significantly [27]. - Low - sulfur fuel oil: - South Sudan: The supply of low - sulfur heavy raw materials has recovered stably, and the 8 - month loading tenders have increased compared with July [43][44]. - Middle East Al - Zour Refinery: The low - sulfur export is expected to remain at a stable high level, and the supply to the pan - Singapore region has increased month - on - month [46]. - Nigeria Dangote Refinery: The RFCC device is still unstable in operation, and low - sulfur export tenders are continuously issued [49]. 3.2.3 Demand Overview - High - sulfur fuel oil: - Marine fuel demand: It is stably supported, and the marginal increase comes from the stable growth of the number of ships with desulfurization towers [33]. - Feedstock demand: The increase in the domestic consumption tax deduction ratio supports the subsequent feedstock demand, and the import is expected to recover stably [36]. - Power - generation demand: The power - generation demand in Egypt remains high, and the demand in the Middle East is expected to be strong in July and then decline gradually [39][40]. - Low - sulfur fuel oil: - Marine fuel demand: It is stable, and the low - sulfur fuel oil loading in Singapore and other places has certain fluctuations [52]. - Domestic production and demand: The domestic bonded low - sulfur production is stable, and attention should be paid to the quota conversion news [53]. 3.2.4 Inventory and Valuation No information provided in the report. 3.3 Third Part: Future Outlook and Strategy Recommendation - High - sulfur fuel oil: The supply pressure in the third quarter is slightly less than expected, and the demand for feedstock is expected to increase. Attention should be paid to the import logistics in Egypt and Saudi Arabia. - Low - sulfur fuel oil: The supply continues to rise, and the demand has no specific drivers. Attention should be paid to the export logistics and quota adjustment [63]. - Strategy Recommendation: - Unilateral: Wait and see. Pay attention to geopolitical and macro - disturbances. - Arbitrage: Pay attention to the digestion rhythm of high - sulfur spot in the near term and wait and see. - Options: None [63].

两融数据显示，该股最新融资余额为33.80亿元，近5日减少2.76亿元，降幅为7.56%。（数据宝） 7月30日恒力石化大宗交易一览 进一步统计，近3个月内该股累计发生20笔大宗交易，合计成交金额为6.62亿元。 证券时报·数据宝统计显示，恒力石化今日收盘价为16.10元，上涨3.67%，日换手率为0.51%，成交额为 5.77亿元，全天主力资金净流入621.63万元，近5日该股累计上涨1.45%，近5日资金合计净流出1914.19 万元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 931.57 | 14998.28 | 16.10 | 0.00 | 华泰证券股份有限公司南 | 广发证券股份有限公司南 | | | | | | 京长江路证券营业部 | 京水佑岗证券营业部 | 恒力石化7月30日大宗交易平台出现一笔成交，成交量931.57万股，成交金额1.50亿元，大宗交易成交价 为 ...

Core Points - International Industry (000159) closed at 5.86 yuan on July 25, 2025, up 2.81% from 5.7 yuan the previous week, with a market cap of 2.817 billion yuan [1] - The company reported a decrease in shareholder accounts by 1,009 to 45,000, a reduction of 2.19%, with an average holding of 10,700 shares per account [1] Financial Performance - For the first half of 2025, International Industry reported a main revenue of 946 million yuan, a year-on-year decrease of 49.96%, while net profit attributable to shareholders increased by 17.16% to 24.7698 million yuan [2] - In Q2 2025, the company’s main revenue was 587 million yuan, down 50.46% year-on-year, but net profit attributable to shareholders rose by 25.0% to 16.1569 million yuan [2] - The company’s debt ratio stands at 41.81%, with financial expenses amounting to 23.2689 million yuan and a gross margin of 11.08% [2] Corporate Announcements - The 6th meeting of the 9th Board of Directors was held on July 23, 2025, where the 2025 semi-annual report was approved unanimously [3] - The board also appointed Liu Kemi as the securities affairs representative to assist the board secretary [3]

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]

Summary of the Conference Call for Unified Co., Ltd. Company Overview - The conference call was hosted by Unified Co., Ltd. to discuss the 2024 annual and 2025 Q1 performance reports [1] - The management team included General Manager Li Jia and Financial Officer Yue Peng [1] Key Financial Performance - **2024 Financial Results**: - Revenue reached 2.314 billion CNY, a year-on-year increase of 3.35% [4] - Main business revenue was 2.305 billion CNY, also up by 3.4% [4] - Total profit was 415.87 million CNY, with net profit at 313.88 million CNY [4] - **2025 Q1 Financial Results**: - Revenue was 747 million CNY, a slight decrease of 1.28% year-on-year [11] - Net profit for Q1 was 41.36 million CNY, up by 4.81% from the previous year [11] - Gross margin improved to 21.74%, an increase of 1.77 percentage points [19] Market and Product Highlights - **Sales Growth**: - Total sales volume exceeded 200 million liters, a growth of 4.7% year-on-year [4] - The company focused on expanding its market presence through innovative marketing and product optimization [4] - **Low-Carbon and New Energy Products**: - Unified Co. is committed to low-carbon solutions, launching various products for the new energy sector, including special oils for electric vehicles and energy storage [5] - The company achieved a leading position in global low-carbon lubricant sales [5] International Expansion - Unified Co. has successfully entered international markets, including countries like the UAE, Mexico, and Nigeria, aligning with national strategies for overseas expansion [6] Research and Development - R&D investment increased by 149.9% year-on-year, focusing on low-carbon and new energy technologies [6] - The T-Lab laboratory developed 27 new products related to low-carbon lubricants and energy storage, with 17 patents filed [7] Sustainability and ESG Initiatives - The company aims to reduce carbon emissions, achieving a 31.82% reduction in 2024 [10] - Unified Co. has received recognition for its ESG practices, improving its rating from BB to BBB and aiming for AA in 2024 [10] Future Strategy - Plans to deepen low-carbon initiatives and expand globally, with a focus on technological innovation and collaboration with industry standards organizations [12][13] - Continued commitment to using renewable energy, with expectations that solar power will cover 60% of the Beijing plant's electricity needs by 2025 [13] Operational Efficiency - Supply chain efficiency improved, with a response rate of 96.8% [9] - Inventory turnover rate optimized to 13.53 times per year, with a reduction in procurement costs by 2.7% [9] Conclusion - Unified Co. is positioned for growth through strategic market expansion, innovative product development, and a strong commitment to sustainability and ESG principles, aiming for high-quality development in the future [21]

Company Overview - Founded in 2005, the company specializes in green chemicals with a production base located in the Ningbo Petrochemical Economic and Technological Development Zone, a key area for the petrochemical industry in China [2][3] - The company has established a wholly-owned subsidiary in Wuxi, focusing on the liquid cooling industry [2][3] Core Technologies and Production Capacity - The company has localized the application of Shell technology and developed several core technologies, establishing a research and innovation moat [3] - With two major production bases, the annual production capacity can reach 1 million tons, and the company has self-sufficient hydrogen production capabilities [3] Product Range and Applications - Main products include specialty oils, base oils, white oils, fuel oils, and asphalt, widely used in energy storage materials, ship refueling, lubricating oil processing, and rubber processing [3] - Continuous development of new products will expand application scenarios [3] Market Strategy and Innovation - The company has set up branches in Beijing, Singapore, and Zhoushan Free Trade Zone to quickly grasp global fuel information trends and link global procurement channels [3] - It is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] Safety and Environmental Initiatives - Significant investments in safety and environmental protection from the outset, resulting in a factory with no odor and energy-saving effects that exceed industry standards [3] - Recognized as a national green factory and a national industrial product green design demonstration enterprise [3] Talent Acquisition - The company has gathered a management team with outstanding professional capabilities and rich practical experience across manufacturing, research and development, and safety and environmental protection [3] Subsidiary Establishment - Two wholly-owned subsidiaries, Ningbo Qihang New Materials Technology Co., Ltd. and Ningbo Qicheng New Materials Technology Co., Ltd., were established with a capital of RMB 1 million each, focusing on chemical-related businesses [4] Stock Issuance and Fund Utilization - The company plans to issue A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with funds primarily for working capital and repaying bank loans [4] Industry Collaboration - Recent discussions with industry leaders focused on the company's transformation and development path in the context of industrial change, particularly in the liquid cooling sector [4] Liquid Cooling Sector Development - The company aims to leverage the explosive growth in national computing power demand by establishing a liquid cooling company and building a professional team to capture development opportunities [4] Financial Reporting - The company will release its semi-annual report on August 26, 2025, detailing the second-quarter profits [4]

荣盛石化（002493）公告，截至本公告披露日，控股股东荣盛控股通过深交所交易系统以集中竞价方式 累计增持公司股份7369.59万股，占目前公司总股本的0.73%，增持金额约为6.17亿元。本次增持计划尚 未实施完毕，荣盛控股将继续按照增持计划增持公司股份。 ...

Group 1 - The stock of Delisted Haiyue (600387) increased by 1.08% today, with a turnover rate of 5.97% and a transaction amount of 22.86 million yuan, showing a fluctuation of 5.43% [2] - The stock was listed on the Shanghai Stock Exchange's daily trading information due to delisting arrangements, with a net buying amount of 7.07 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 20.45 million yuan, with a buying amount of 13.76 million yuan and a selling amount of 6.69 million yuan, resulting in a net buying of 7.07 million yuan [2] Group 2 - The largest buying brokerage was Guosen Securities Co., Ltd. Shaoxing Branch, with a buying amount of 5.73 million yuan, while the largest selling brokerage was Huachuang Securities Co., Ltd. Shanghai Jingzhou Road Securities Brokerage, with a selling amount of 3.27 million yuan [2] - Over the past six months, the stock has been listed on the daily trading information 20 times, with an average price drop of 1.05% the next day and an average drop of 2.39% over the following five days [2] - The stock saw a net inflow of 2.98 million yuan in main funds today, with a significant single net inflow of 4.46 million yuan and a large single fund outflow of 1.48 million yuan, totaling a net inflow of 9.69 million yuan over the past five days [2] Group 3 - The company's Q1 report released on April 30 showed a total revenue of 524 million yuan, representing a year-on-year growth of 12.75%, while the net profit was -14.08 million yuan [2]

Group 1: Company Performance and Strategy - In 2024, the company's performance faced pressure, but Q1 2025 showed significant improvement in profit, both year-on-year and quarter-on-quarter [2] - The company is actively adjusting its product structure, focusing on special oils and new chemical materials, enhancing product quality and value [2] - The introduction of transformer oil aims to expand its application to energy storage battery cooling and large computing center immersion cooling [2] Group 2: Cost Management and Efficiency - The company is accelerating global sourcing and improving procurement efficiency through an information system [2] - It has optimized its processing trade model to explore international markets, becoming the only private refinery operating bonded high-sulfur fuel oil [3] - The company is implementing cost reduction strategies across three dimensions: people, goods, and venues, to stabilize operations [3] Group 3: Product Performance - Overall product performance is balanced, with fuel oil series having a significant market share and export ratio [3] - The company is closely monitoring raw material prices and utilizing hedging strategies to mitigate profit impacts from market fluctuations [3] Group 4: Competitive Advantages - The company benefits from its location in a key chemical park, providing low logistics costs and proximity to major markets [4] - It has established a strong R&D foundation, including partnerships with leading institutions and a provincial engineering technology center [4] - The company has made significant investments in safety and environmental standards, achieving national-level green factory recognition [4] Group 5: Future Developments - The change in controlling shareholder to a state-owned platform is expected to enhance capital strength and reduce debt ratios [4] - The company has been recognized for its digital transformation, with multiple awards for its smart manufacturing initiatives [4] - The establishment of Wuxi Extreme Liquid Cooling Technology Co., Ltd. aims to capitalize on the growing demand for computing power cooling solutions [5]

Summary of BoHui Co., Ltd. Conference Call Company Overview - BoHui Co., Ltd. is located in Ningbo Zhenhai, with its production base in the Ningbo Chemical Park, a national first-class chemical park. The company specializes in deep processing of fuel oil and specialty oils, including transformer oil, lubricating base oil, heat transfer oil, and furnace fuel oil. The company operates in various sectors such as rubber processing, asphalt processing, and photovoltaic new materials. It is listed on the Shenzhen Stock Exchange [2][3]. Key Points and Arguments Profit Improvement in Q1 2025 - The profit improvement in Q1 2025 is attributed to several factors: - Shift in business model from domestic sales to international trade, leveraging the export advantages of the Zhoushan Free Trade Zone [2][3]. - Product structure optimization, including the development of transformer oil and positioning for the cooling needs of computing servers [2][3]. - Technical upgrades to enhance raw material stability and product added value, leading to improved capacity utilization [2][4]. - Internal management cost optimization, including reduced management costs and streamlined processes [2][4]. Product Performance - High-sulfur fuel oil and fuel oils numbered 5-7 performed well, with an increasing export ratio. White oil and base oil remained stable, while asphalt production may be paused due to poor initial demonstration performance, with flexibility to adjust production based on market demand [2][5]. Raw Material Price Volatility Management - BoHui Co., Ltd. manages raw material price volatility through inventory adjustments and hedging strategies. If import prices are too high, the company may reduce purchase volumes. A dedicated team is established for futures trading to mitigate price risks during the procurement to sales cycle [2][6][7]. Competitive Advantages - The company has several competitive advantages: - Advanced technology using the Dutch jump process, leading to high technical content and a shorter establishment time for the second plant [2][8]. - Significant investment in safety and environmental protection, reducing regulatory risks [2][8]. - International presence with branches in Singapore and a trading company in Beijing, enhancing procurement and market intelligence [2][8]. - Strong product R&D and quality control capabilities, ensuring stable product performance [2][8]. - A cash-on-delivery sales model that accelerates cash flow [2][9]. Impact of State-Owned Shareholder Change - The change of the controlling shareholder to a state-owned platform is expected to enhance the company's stability, increase funding availability, deepen business channels, improve employee welfare, and adjust strategic layouts for quality and scale enhancement [2][9][10]. Digital Transformation - BoHui Co., Ltd. has made significant investments in digitalization, achieving recognition as a future factory in Zhejiang Province and a national-level intelligent manufacturing demonstration factory. However, due to poor performance in 2025, future digital investment plans remain uncertain [2][18]. Market and Tax Policy Impacts - The change in the consumption tax policy for refined oil from amount-based to production-based has impacted the company's overall capacity [2][13]. The company plans to adjust production structures in response to the underperformance of asphalt products and aims to enhance the yield of high-value white oil products through technical upgrades [2][14][15]. Future Plans - Currently, BoHui Co., Ltd. does not have plans to expand into overseas markets but aims to establish more international cooperation for raw material procurement, focusing on direct sourcing from suppliers in the Middle East and Singapore [2][20][21]. Other Important Information - The BoYue New Materials project was closed due to funding constraints and potential policy adjustments, with the government refunding the land costs [2][11]. The company is focusing on stabilizing existing business segments before expanding [2][11]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic adjustments, product performance, competitive advantages, and future outlook.