恒力石化股份有限公司 关联交易管理制度（2025 年修订） 第一章 总则 第一条 为规范恒力石化股份有限公司（以下简称"公司"）关联交易行为， 根据《中华人民共和国公司法》 第四条 具有以下情形之一的法人或其他组织为公司的关联法人： 《中华人民共和国证券法》 《上海证券交易所股票 上市规则》（以下简称"《上市规则》"）《上海证券交易所上市公司自律监管指引 第 5 号——交易与关联交易》和《恒力石化股份有限公司章程》（以下简称"公 司章程"）的规定，制订本制度。 第二条 本公司与关联人发生的关联交易应当遵循以下基本原则： （一）诚实信用、平等、自愿、等价、有偿的原则； （二）公平、公开、公允的原则； （三）不损害公司及非关联股东合法利益的原则； （四）关联董事、关联股东回避表决原则。 第二章 关联人及关联交易 第三条 公司的关联人包括关联法人（或者其他组织）和关联自然人。 （三）关联自然人直接或者间接控制的、或者担任董事（不含同为双方的独 立董事）、高级管理人员的，除本公司、控股子公司及控制的其他主体以外的法 人或其他组织； （一）直接或间接地控制本公司的法人或其他组织； （二）由前项所述法人或其他组织直接或间 ...

新《办法》亮点在于，成品油批发、仓储环节用备案制替代审批制；将批发商与零售市场进行"硬隔 离"，并严控油品合法性来源；以及对市场参与者实施全链条监管举措。 为应对近年来我国成品油市场的新情况、新问题，商务部近日印发《成品油流通管理办法》（下称《办 法》），完善成品油流通管理体制机制，新《办法》将于9月1日起实施。 成品油是关系国计民生的基础性和战略性资源。当前，我国成品油流通行业正处于高质量发展的关键节 点。一方面，国内汽柴油消费逼近达峰拐点，需求快速下滑使生产企业和零售终端面临较大转型约束和 资产贬值压力；另一方面，随着石油流通领域"放管服"改革持续深化，国内成品油生产企业数量及供应 能力持续提升，但同时也形成了长期供应过剩局面，流通环节出现未纳税、非合规产品侵蚀市场现象。 中国石化经济技术研究院研究员张硕曾公开撰文指出，自2007年成品油批发市场开放后，国内成品油市 场形成以国有石油公司为主导，国外大石油公司和国内民营企业积极参与的多元格局。各市场主体价格 战竞争导致实际批发价远低于政府设定的最高限价，批零价差扩大；油票分离带来的转票、变票、虚开 发票、倒票等偷逃税款的不法行为长期存在，采购、调和与销售非 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、回购股份基本情况 恒逸石化股份有限公司（以下简称"公司"或"恒逸石化"）于2024年10月22日召开的第十二届董事会第十 五次会议审议通过了《关于以集中竞价交易方式回购公司股份方案（第五期）的议案》。同意公司使用 自有资金及股票回购专项贷款资金，以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 12,500万元，不超过人民币25,000万元；回购价格为不超过人民币9.00元/股；回购期限为公司自董事会 审议通过本回购方案之日起12个月内，具体内容详见公司在巨潮资讯网上披露的《关于以集中竞价交易 方式回购股份方案（第五期）暨取得金融机构股票回购专项贷款的公告》（公告编号：2024-110）、 《关于以集中竞价交易方式回购股份（第五期）的回购报告书》（公告编号：2024-111）。由于公司注 销完成回购股份，本次回购价格上限由不超过人民币9.00元/股调整为不超过人民币8.94元/股，具体内 容详见公司在巨潮资讯网上披露的《关于调整股份回购价格上限的公告》 ...

| | | | 第一部分 前言概要 | | 2 | | --- | --- | --- | | 【行情回顾】 | | 2 | | 【市场展望】 | | 2 | | 【策略推荐】 | | 2 | | 第二部分 基本面情况 | | 3 | | 一、行情回顾 | | 3 | | 二、供应概况 | | 5 | | 三、需求概况 | | 8 | | 四、库存与估值 11 | | | | 第三部分 后市展望及策略推荐 15 | | | | 免责声明 16 | | | 能化板块研发报告 燃料油 8 月报 2025 年 7 月 31 日 高硫近端充裕现货压制，低硫偏弱震荡 第一部分 前言概要 【行情回顾】 7 月高硫燃料油市场整体受近端高供应和高库存压制，新加坡高硫现货 贴水及裂解低位震荡。需求端交易中东及埃及旺季发电需求回落，中国进料 需求在税改下刚刚开始小幅回升。供应端，市场预期在地缘冲突缓和和欧佩 克增产背景下高硫重质原料回升。 7 月低硫燃料油维持弱势震荡行情。低硫裂解跟随汽油裂解持续下行， 低硫现货贴水在 7 月中下旬也维持 5 美金/吨以下同期低位水平震荡。短中 期供应充裕并存在继续增长预期。需求端无具体利好驱动 ...

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]

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]