（文章来源：证券日报） 证券日报网讯 9月17日晚间，恒力石化发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.08元（含税），股权登记日为2025年9月23日，除权（息）日及现金红利发放日均为2025年9月24日。 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The asphalt market is operating weakly, and attention should be paid to shipments in Shandong. The trend strength of asphalt is -1, indicating a bearish outlook [1][7] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: On September 7, 2025, the closing price of BU2510 was 3,467 yuan/ton, down 0.03%, and the night - session closing price was 3,426 yuan/ton, down 1.18%. The closing price of BU2511 was 3,437 yuan/ton, down 0.15%, and the night - session closing price was 3,396 yuan/ton, down 1.19%. The trading volume of BU2510 was 86,667 lots, a decrease of 41,415 lots, and the open interest was 54,826 lots, a decrease of 16,035 lots. The trading volume of BU2511 was 248,029 lots, an increase of 58,519 lots, and the open interest was 241,397 lots, an increase of 3,727 lots. The total market asphalt warehouse receipts were 65,360 lots, with no change [1] - **Spread Data**: The basis (Shandong - 10) was 63 yuan/ton, a decrease of 9 yuan from the previous day; the 10 - 11 inter - period spread was 30 yuan/ton, an increase of 4 yuan; the Shandong - South China spread was 0, a decrease of 10; the East China - South China spread was 170 yuan/ton, with no change [1] - **Spot Market Data**: The Shandong wholesale price was 3,530 yuan/ton, a decrease of 10 yuan; the Yangtze River Delta wholesale price was 3,700 yuan/ton, with no change. As of September 4, the refinery operating rate was 40.22%, an increase of 6.69% from September 1; the refinery inventory rate was 26.45%, a decrease of 0.29% from September 1 [1] 3.2 Market Information - **Production**: From August 29 to September 4, 2025, the weekly total output of domestic asphalt was 526,000 tons, a month - on - month increase of 27,000 tons (5.4%) and a year - on - year increase of 90,000 tons (20.6%). The cumulative output from January to September was 2.1669 billion tons, a year - on - year increase of 201,400 tons (10.2%) [10] - **Inventory**: As of September 4, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 717,000 tons, a 4.1% increase from September 1. The refinery warehouses in the East China region had obvious inventory accumulation. The total inventory of 104 domestic asphalt social warehouses was 1.709 million tons, a 0.6% decrease from September 1. The social warehouses in the Northeast region had obvious inventory reduction [10]

Core Viewpoint - Hengli Group, the controlling shareholder of Hengli Petrochemical, has released 13.5 million shares from pledge, representing 0.64% of its holdings and 0.19% of the company's total share capital [1] Shareholding Summary - Hengli Group and its concerted parties currently hold a total of 5.311 billion shares, accounting for 75.45% of the total shares [1] - The cumulative pledged shares amount to 1.805 billion shares, which is 33.99% of their holdings and 25.65% of the company's total share capital [1] - After the release of the pledged shares, Hengli Group has 1.168 billion shares still under pledge, representing 55.60% of their holdings and 16.59% of the company's total share capital [1] Future Financing Plans - The decision on whether the released shares will be used for subsequent pledge financing will depend on the funding arrangements, and the company will continue to disclose relevant information [1]

Core Viewpoint - The commitment from the controlling shareholder, Maoming Port Group Co., Ltd., provides strong support for Maohua Shihua's upcoming issuance of shares to specific targets, signaling positive market sentiment and stabilizing investor confidence [1][2]. Group 1 - Maohua Shihua convened the 10th temporary meeting of the 13th board of directors on August 29, 2025, to review and approve the proposal for the issuance of shares to specific targets for the year 2025 [1]. - Maoming Port Group has committed not to reduce its holdings in Maohua Shihua shares from six months prior to the board resolution date until the date of the commitment letter [1]. - If the share issuance is completed and Maoming Port Group holds a certain percentage of voting rights in Maohua Shihua, it will not transfer or delegate the management of the shares acquired through this issuance for 18 months [1]. Group 2 - The commitment includes adherence to restrictions on shares obtained through stock dividends or capital reserve transfers until the lifting of the share restriction period [1]. - Should the restriction period conflict with the latest regulatory opinions or requirements, Maoming Port Group will adjust accordingly [1]. - Any reduction of shares after the restriction period must comply with relevant laws and regulations, and violations of the commitment will result in legal liabilities [1].

Core Viewpoint - The company has established a shareholder return plan for the next three years (2025-2027) to enhance transparency and operational feasibility in profit distribution, ensuring reasonable returns for all shareholders [1][2]. Group 1: Considerations for the Plan - The company focuses on strategic goals and sustainable development while considering operational realities, shareholder demands, social capital costs, external financing environments, and cash flow [1]. - The plan emphasizes a scientific, continuous, and stable profit distribution policy that prioritizes reasonable returns to shareholders while ensuring the company's sustainable health [1][2]. Group 2: Specific Dividend Return Plan - The company will distribute dividends in cash, stock, or a combination of both, based on current profitability, cash flow, development stage, and funding needs [1][2]. - The minimum dividend payout ratio for the next three years will be at least 30% of the average distributable profit, contingent on sufficient cash flow for normal operations and long-term development [2][3]. - If the company's performance grows rapidly, the board may propose stock dividends in addition to the minimum cash dividends, depending on annual profitability and cash flow [2]. Group 3: Decision-Making Procedures - The annual profit distribution proposal will be drafted by management and the board, considering the company's articles of association, profitability, funding needs, and shareholder return plan, and will be submitted for shareholder approval [3][4]. - The board must carefully evaluate the timing, conditions, and minimum ratios for cash dividends, with independent directors required to provide clear opinions [3][4]. - The company will actively communicate with shareholders, especially minority shareholders, to gather their opinions and address their concerns regarding the dividend proposals [3][4]. Group 4: Oversight and Review Mechanisms - The audit committee will supervise the execution of the dividend policy and shareholder return plan, ensuring compliance with decision-making procedures [4][5]. - Any adjustments to the profit distribution policy must prioritize shareholder protection and require thorough justification and adherence to decision-making protocols [5]. Group 5: Implementation and Governance - The shareholder return plan will be reviewed at least every three years, with potential adjustments based on shareholder feedback and independent directors' opinions [5]. - The plan will take effect upon approval by the company's shareholders and will be interpreted by the board [5].

Core Points - The article outlines the fundraising management system of Maoming Petrochemical Shihua Co., Ltd, emphasizing the need for compliance with national laws and regulations, as well as the Shenzhen Stock Exchange's rules [1][2][3] - The company is required to use raised funds prudently and ensure that their usage aligns with the commitments made in the issuance application documents [1][2] - The management system mandates that raised funds must be stored in dedicated accounts and used exclusively for specified purposes, with strict oversight and reporting requirements [3][4][5] Fundraising Management - The company must establish a dedicated account for raised funds, which should not be mixed with other funds or used for unrelated purposes [3][4] - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank holding the funds, detailing the management and usage of the funds [4][5] - The board of directors is responsible for ensuring the effective implementation of the fundraising management system [2][5] Fund Usage - Funds raised should primarily be used for the company's main business operations, and high-risk investments are prohibited [6][7] - The company must ensure the authenticity and fairness of fund usage, preventing misuse by controlling shareholders or related parties [6][7] - Any changes to the intended use of funds or the investment projects must be approved by the board and disclosed to shareholders [8][12] Monitoring and Reporting - The company’s accounting department must maintain detailed records of fund usage, and internal audits should be conducted quarterly [40][41] - The board must regularly review the progress of fundraising projects and report any significant discrepancies in fund usage [41][42] - Independent auditors must verify the annual report on fund management and usage, providing assurance on compliance with regulations [19][20]

Financial Performance - The company reported a total operating revenue of 1.48 billion yuan, a year-on-year decrease of 22.83% [1] - The net profit attributable to the parent company was -82.66 million yuan, an increase of 12.15% year-on-year [1] - In Q2, the operating revenue was 692 million yuan, down 4.42% year-on-year, while the net profit attributable to the parent company was -47.59 million yuan, up 5.02% year-on-year [1] Profitability Metrics - The gross profit margin was 2.09%, a decrease of 56.51% year-on-year [1] - The net profit margin was -6.11%, down 34.89% year-on-year [1] - The total of selling, administrative, and financial expenses was 108 million yuan, accounting for 7.3% of revenue, a decrease of 2.52% year-on-year [1] Cash Flow and Debt - The cash flow per share was 0.03 yuan, a decrease of 84.15% year-on-year [1] - The company has a cash and cash equivalents to current liabilities ratio of 30.18% [4] - The interest-bearing debt ratio has reached 38.87% [4] Historical Performance - The company's median ROIC over the past 10 years was 5.09%, with the worst year being 2023, which had a ROIC of -3.19% [3] - The company has reported losses in 4 out of its 36 annual reports since its listing [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating income of 1.48 billion yuan, representing a year-on-year decrease of 22.83% [1] - The net profit attributable to shareholders of the listed company was -82.66 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -80.12 million yuan [1] - The basic earnings per share were -0.16 yuan [1]

Group 1 - The core point of the article is that 康普顿 (603798.SH) reported a decline in total operating revenue for the first half of 2025, while net profit attributable to shareholders increased significantly [1] Group 2 - The company achieved total operating revenue of 575 million yuan, representing a year-on-year decrease of 4.95% [1] - The net profit attributable to shareholders was 53.73 million yuan, showing a year-on-year increase of 16.91% [1] - The basic earnings per share were reported at 0.21 yuan [1]

Core Viewpoint - Unified Corporation (统一股份) reported a positive financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.332 billion yuan, a year-on-year increase of 5.01% [1]. - Net profit attributable to shareholders was 33.546 million yuan, up 48.0% year-on-year [1]. - The gross profit margin improved to 20.83%, reflecting a 7.6% increase from the previous year [1]. - The net profit margin rose to 2.51%, marking a 40.77% increase year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 193 million yuan, accounting for 14.51% of revenue, a decrease of 5.56% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.17 yuan, a rise of 48.31% compared to the previous year [1]. - Operating cash flow per share was 0.95 yuan, up 14.13% year-on-year [1]. - The company's net asset value per share was 2.42 yuan, reflecting a 9.4% increase [1]. Changes in Financial Items - Cash and cash equivalents decreased by 54.12% due to repayments of long-term and short-term loans totaling approximately 674 million yuan [2]. - Accounts receivable increased by 20.20%, attributed to outstanding settlements at the reporting period's end [2]. - Long-term borrowings decreased by 42.11% as a result of repaying 300 million yuan in loans [3]. - Sales revenue growth of 5.01% was driven by effective market expansion and product optimization [3]. Cash Flow Analysis - Net cash flow from operating activities increased by 14.13%, supported by higher sales and tax refunds [4]. - Net cash flow from investing activities saw a significant decline of 1562.11% due to investments in bank financial products and land payments [5]. - Net cash flow from financing activities improved by 51.56%, influenced by reduced bank loan repayments and capital injections from subsidiaries [5]. Business Model and Investment Considerations - The company's return on invested capital (ROIC) was 6.15%, indicating average capital returns with historical volatility [6]. - The business model relies heavily on research and marketing efforts, necessitating a thorough examination of these drivers [6]. - Current cash flow and debt levels warrant attention, with a cash ratio of 23.18% and a debt-to-asset ratio of 29.15% [6].