Group 1 - The company held its second board meeting of the seventh session on July 25, 2025, with all seven directors present, complying with relevant laws and regulations [2] - The board approved the proposal for correcting prior accounting errors and retrospective adjustments with unanimous support [3] - The board emphasized that the corrections align with accounting standards and improve the quality of financial information disclosure [3][4] Group 2 - The supervisory board also convened on July 25, 2025, with all three supervisors present, meeting legal requirements [7] - The supervisory board approved the same proposals regarding accounting error corrections and the rectification report from the Guangxi Securities Regulatory Bureau [8] - The supervisory board will monitor the implementation of corrective measures to enhance the company's operational standards and financial management [9] Group 3 - The company received a directive from the Guangxi Securities Regulatory Bureau on July 4, 2025, requiring corrective actions within 30 days [23] - The company acknowledged issues found during inspections and has actively worked on rectifying management and internal control weaknesses [24] - The company will continue to enhance governance and compliance to prevent similar issues in the future [29] Group 4 - The company reported specific financial adjustments due to prior accounting errors, including reductions in revenue and costs for the years 2021 to 2024 [12][14] - The adjustments will not affect the total assets, liabilities, net assets, net profit, or cash flow of the company [13][15] - The company expressed regret for any inconvenience caused to investors and committed to improving governance and operational standards [20]

Core Viewpoint - The European chemical industry is facing a prolonged downturn, with no short-term recovery in sight due to persistent supply overcapacity and structural challenges in the ethylene market [2][4]. Industry Overview - Over the past 18 months, the European chemical sector has experienced a wave of steam cracker shutdowns and downstream capacity consolidation, reflecting the ongoing weakness in the ethylene market [2]. - High raw material costs, low profit margins from naphtha cracking, and competition from low-priced imports have pressured the industry, leading to the closure or planned shutdown of six steam cracker facilities in Europe [2][3]. Company Actions - Saudi Basic Industries Corporation (SABIC) announced the closure of its ethane cracker in Wilton, UK, on June 25, 2023, indicating a potential exit from the European market [2]. - Dow Chemical also announced plans to close its steam cracker in Germany by Q4 2027 due to structural challenges [2]. Market Dynamics - The demand for steam cracker capacity is expected to rise globally, with raw material demand projected to increase from 432 million tons in 2024 to 610 million tons by 2034 [3]. - Ethylene production from ethane and naphtha routes is expected to be approximately 74 million tons each in 2024, with ethane production projected to reach 101 million tons by 2034 [3]. Regional Competitiveness - European steam crackers lack competitiveness compared to lower-cost regions due to high energy and raw material costs and a bleak demand outlook [3][5]. - As of the end of 2024, the operating rate of European steam crackers is expected to be around 75%, necessitating a reduction of approximately 2 million tons per year of ethylene capacity to achieve a 90% operating rate [4]. Price Trends - The production profit and price of ethylene in Europe are expected to remain under pressure for the remainder of the year, with spot prices fluctuating around €790 per ton since the end of 2022 [4]. - In July 2023, ethylene prices fell to €563 per ton, marking a ten-year low outside of the COVID-19 pandemic period [4]. Market Sentiment - European ethylene producers are gradually losing their global competitive edge due to structural changes in demand, leading to reduced operating rates to avoid exacerbating supply overcapacity [5]. - The uncertainty surrounding tariff policies has further dampened the confidence of European ethylene companies, causing many market participants to delay significant actions [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The theme of the chemical sector recently is the rectification expectation of plants in operation for over 20 years, with the capacity of such methanol plants in China accounting for 8%. Overseas methanol plants are operating at a high level, leading to high pressure on China's imports and a rapid increase in port inventories. Some MTO plants' maintenance plans have not been implemented, and attention should be paid to the progress of production cuts in late July. The short - term situation at ports remains weak. In the inland area, coal - based methanol plants are undergoing short - term centralized maintenance, with the operating rate at a short - term low but expected to recover gradually by the end of the month. The traditional downstream shows strong demand, and inland plant inventories have decreased again, maintaining a situation where the inland market is stronger than the port market [2] Summary by Directory 1. Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main contract, methanol basis in different regions relative to the main futures contract, and inter - period spreads such as between methanol 01 and 05, 05 and 09, 09 and 01 futures contracts [6][20][22] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads such as Taicang methanol - CFR China, as well as price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [24][25][31] 3. Methanol Operation and Inventory - Figures show methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants) [33][34][40] 4. Regional Price Differences - Figures present price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [38][46][49] 5. Traditional Downstream Profits - Figures display production margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][53][59] Market Data Inland - Q5500 Ordos steam coal is 450 yuan/ton (+10). Inner Mongolia coal - based methanol production profit is 615 yuan/ton (-13). Inner Mongolia northern line methanol price is 1990 yuan/ton (+8), with a basis of 179 yuan/ton (-39); Inner Mongolia southern line is 1990 yuan/ton (+0). Shandong Linyi is 2300 yuan/ton (+13), with a basis of 89 yuan/ton (-34). Henan is 2160 yuan/ton (-10), with a basis of - 51 yuan/ton (-56). Hebei is 2190 yuan/ton (+0), with a basis of 39 yuan/ton (-46). Longzhong's inland factory inventory is 352340 tons (-4560), and northwest factory inventory is 218000 tons (-10000). Inland factory pending orders are 243119 tons (+21879), and northwest factory pending orders are 113600 tons (+13600) [1] Ports - Taicang methanol is 2398 yuan/ton (+13), with a basis of - 13 yuan/ton (-33). CFR China is 273 US dollars/ton (-2), and the East China import spread is - 18 yuan/ton (+11). Changzhou methanol is 2395 yuan/ton; Guangdong methanol is 2400 yuan/ton (+15), with a basis of - 11 yuan/ton (-31). Longzhong's total port inventory is 790200 tons (+71300), Jiangsu port inventory is 454000 tons (+59000), Zhejiang port inventory is 180000 tons (+4500), and Guangdong port inventory is 106000 tons (-6000). The downstream MTO operating rate is 85.10% (+0.27%) [2] Regional Price Differences - Lubei - Northwest - 280 spread is - 15 yuan/ton (-8), Taicang - Inner Mongolia - 550 spread is - 142 yuan/ton (+6), Taicang - Lunan - 250 spread is - 152 yuan/ton (+1), Lunan - Taicang - 100 spread is - 198 yuan/ton (-1), Guangdong - East China - 180 spread is - 178 yuan/ton (+2), and East China - Sichuan - Chongqing - 200 spread is - 2 yuan/ton (+13) [2] Strategies - Unilateral: Wait and see - Inter - period: Do reverse arbitrage when the MA09 - 01 inter - period spread is high - Cross - variety: Narrow the spread of PP2601 - 3MA2601 when the spread is high [3]

【现货方面】 7月21日，华东市场苯乙烯整体走高，港口库存高位运行，承压基差快速回落，下游需求跟进疲软，买 盘观望，以合约采购为主，苯乙烯行业利润尚且维持，行业开工较好，货源供应充裕。据PEC统计，至 收盘现货7340-7410，7月下7360-7420（8合约+110~130），8月下7350-7410（08合约+105~115），9月 下7320-7380（09合约+135~140），单位：元/吨。 【利润方面】 7月21日，一体化苯乙烯装置利润至347元/吨附近，非一体化苯乙烯装置利润至271元/吨附近。 【供需方面】 苯乙烯供应：截至7月17日，苯乙烯整体产量在35.87万吨（-0.41万吨），开工率至78.3%（-0.91%）。 苯乙烯库存：7月21日，江苏苯乙烯港口样本库存总量：15.07万吨，较上周期增加1.22万吨；商品量库 存在5.62万吨，较上周期增加1.12万吨。 苯乙烯下游：截至7月17日，EPS产能利用率53.18%（+2.12%）；PS产能利用率50.6%（-0.5%）；ABS 产能利用率65.9%（+0.5%）。 【行情展望】 苯乙烯行业利润维持情况下，苯乙烯开工高位运行；近期随 ...

从基本面看，7 月烧碱检修产能较 6 月减少明显，7 月检修主要集中在西北、华东。同时，烧碱 7-8 月 份新增产能或达到 110 万吨，因此供应压力会逐步增加，不过厂家在出口方面存在超卖情况，新增产能压力 基本被出口消化。需求端，非铝需求淡季，支撑偏弱，氧化铝的烧碱库存中性，出口方向支撑强，低价补库 意愿较强。 2025 年 7 月 21 日 烧碱：旺季仍有期待 | chenjiaxin2@gtht.com 投资咨询从业资格号：Z0020481 | 陈嘉昕 | | --- | --- | | 【基本面跟踪】 | | | 烧碱基本面数据 | | | 山东最便宜可交割 09合约期货价格 山东现货32碱折盘面 基差 现货32碱价格 | | | 2469 840 2625 156 | | | 资料来源：隆众资讯，国泰君安期货 | | | 【现货消息】 | | | 以山东地区为基准，今日山东液碱市场局部持稳观望，高度碱有前期订单支撑下，库存低位，但涨价后 高价走货不佳。低度碱高价走货放缓，各厂走货表现不一，整体库存出现累库，个别高价出现回落。 | | | 【市场状况分析】 | | | 宏观方面，短期国内受反内卷影响， ...

Core Viewpoint - The company has approved two significant investment projects aimed at expanding its operations in the chemical industry, with a total estimated investment of 900 million RMB [3][12][20]. Group 1: Meeting Details - The second meeting of the fifth board of directors was held on July 18, 2025, via telecommunication, with all seven directors present [2]. - The meeting was convened in accordance with the relevant regulations of the Company Law and the company's articles of association [2]. Group 2: Investment Projects Overview - The company plans to invest in two projects: a biomass (rice husk) silica comprehensive utilization project with an annual production capacity of 100,000 tons (initial phase of 50,000 tons) and a松厚剂 project with an annual production capacity of 30,200 tons [3][12]. - The total estimated investment for both projects is 900 million RMB, with 700 million RMB allocated for the biomass silica project and 200 million RMB for the松厚剂 project [3][8][9]. Group 3: Funding and Implementation - The funding for these projects will come from the company's own funds or other self-raised funds [9][12]. - A wholly-owned subsidiary will be established in the local area to operate these projects [3][12]. Group 4: Project Impact - The investment is expected to leverage the resources and industrial support of the economic development zone, enhancing the company's operational capabilities and market competitiveness [20].

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Do reverse spreads on the MA09 - 01 inter - period spread when it is high [3] - Inter - variety: Narrow the PP01 - 3MA01 spread when it is high [3] Core View - Overseas methanol production remains at a high level, resulting in significant pressure on Chinese imports and a continuous inventory build - up at ports. The short - term reality at ports is weak, but the market anticipates a substantial scale of overseas gas - based methanol maintenance in the fourth quarter, leading to an optimistic long - term outlook. Inland coal - based methanol is undergoing short - term maintenance, reducing supply. Although the traditional downstream formaldehyde market is in a seasonal off - season, the开工 rates of MTBE and acetic acid are decent, indicating strong inland demand. As a result, the inventory build - up rate at inland methanol factories is slow, and the inland market is stronger than the port market [2] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - period spreads between different methanol futures contracts [6][10][21] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of inland coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam, and CFR China [25][33] 3. Methanol Production and Inventory - Information on methanol port total inventory, MTO/P production rate (including integrated plants), inland factory sample inventory, and China's overall methanol production rate (including integrated plants) is provided [35][37] 4. Regional Price Differences - The report provides data on regional price differences, such as the price difference between northern Shandong and the northwest, East China and Inner Mongolia, Taicang and southern Shandong, and other regions [39][45][48] 5. Traditional Downstream Profits - Figures display the production margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [55][57]

Group 1 - The European Union (EU) has announced three independent proposals aimed at addressing the risks of "weaponization" of critical supply chains and enhancing economic self-sufficiency [1] - The proposals include a chemical industry action plan, a medical strategy, and a reserve strategy, all targeting the EU's reliance on China [1] - The chemical industry action plan focuses on strengthening trade defenses against alleged dumping, subsidies, and overcapacity of Chinese chemical products [1] Group 2 - The medical strategy aims to reduce the EU's dependence on Chinese-manufactured pharmaceuticals, diagnostic equipment, and personal protective equipment [1] - The reserve strategy emphasizes prioritizing "trusted suppliers" when procuring critical goods, reflecting a systematic response to global supply chain vulnerabilities [1] - EU Commission President Ursula von der Leyen highlighted the need to rebalance economic relations with China, reduce risks, and advance global diplomatic issues, including climate change [1] Group 3 - The previous "de-risking" policy primarily targeted China, with the intent to lower dependency on the Chinese market [3] - The current EU leadership is expected to implement measures based on previous risk assessments, indicating a shift from principles to actionable policies [3] - The EU's approach to economic issues is increasingly influenced by political and ideological considerations, rather than purely economic logic [3]

Performance Forecast - The company expects a net profit attributable to shareholders of the listed company for the first half of 2025 to be between 43 million and 48 million yuan, representing a year-on-year increase of 64% to 83% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 43.4 million and 48.4 million yuan, also reflecting a year-on-year growth of 60% to 78% [1] Reasons for Performance Change - The anticipated increase in net profit is attributed to a significant rise in gross profit compared to the same period last year [1] Financial Data Communication - The financial data related to this performance forecast is based on preliminary calculations by the company's finance department and has not been audited by a registered accounting firm [1] Performance Assessment Goals - The performance assessment target for the year 2025 is a cumulative operating revenue of no less than 11.5 billion yuan from 2021 to 2025 [2] - Based on the revenue situation for the first half of 2025 and forecasts for the second half, the company is unlikely to meet the annual performance assessment target [2] Stock Incentive Expenses - After adjusting for the stock incentive expenses for 2025, which are not amortized in the reporting period, the amortized stock incentive expenses are approximately -7.69 million yuan, which has increased the profit for the reporting period [2]

Core Viewpoint - The company QiXiang Tengda (002408) expects a significant decline in net profit for the first half of 2025, with projections ranging from 19 million to 28.5 million yuan, representing a decrease of 79.49% to 86.33% compared to the same period last year [1] Financial Summary - The net profit attributable to shareholders is projected to be between 19 million and 28.5 million yuan, down from 139 million yuan in the same period last year [1] - The net profit after excluding non-recurring gains and losses is expected to be between 18 million and 27 million yuan, reflecting a year-on-year decline of 78.3% to 85.53% [1] - The basic earnings per share are anticipated to be between 0.01 yuan and 0.01 yuan, compared to 0.05 yuan in the previous year [1] Influencing Factors - The decline in performance is attributed to several factors, including geopolitical conflicts, uncertainty in tariff policies, weak downstream demand in the domestic chemical industry, and intensified competition within the industry [1]