本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 义乌华鼎锦纶股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第3号行业信息披露：第十三号——化工》的要求，现将2025 年三季度化纤板块主要经营数据披露如下： 证券代码：601113 证券简称：华鼎股份 公告编号：2025-050 义乌华鼎锦纶股份有限公司 2025 年第三季度主要经营数据公告 | 主要产品 | 2025 | 年 1-9 | 月平均售价 | 2024 | 年 | 1-9 | 月平均售价 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元/吨） | | | | （元/吨） | | | | 锦纶长丝 | | | 16,418.10 | | | | 19,897.70 | -17.49 | （2）主要原材料的价格变动情况（不含税） | 主要原材料 | 2025 | 年 1-9 | 月采购均价 | 2024 | 年 1-9 | | 月采购均价 | ...

Core Viewpoint - Jilin Chemical Fiber (000420.SZ) reported a significant increase in revenue for the first three quarters of 2025, but experienced a substantial decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 4.019 billion yuan, representing a year-on-year growth of 43.62% [1] - The net profit attributable to shareholders of the listed company was 32.6475 million yuan, a decrease of 47.41% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 29.7412 million yuan, down 47.25% year-on-year [1] - Basic earnings per share stood at 0.0133 yuan [1]

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2025-098 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 | 主要产品 | 2025年1-9月不含税 平均售价（元/吨） | 2024年1-9月不含税平 均售价（元/吨） | 变动比率（%） | | --- | --- | --- | --- | | POY | 6,158.40 | 6,809.48 | -9.56 | | FDY | 6,427.37 | 7,713.69 | -16.68 | | DTY | 8,000.61 | 8,746.22 | -8.52 | | 短纤 | 6,071.59 | 6,584.98 | -7.80 | | PTA | 4,248.19 | 5,067.19 | -16.16 | 三、主要原材料价格波动情况 | 主要原料 | 2025年1-9月 不含税平均进价 | 2024年1-9月 不含税平均进价 | 变动比率（%） | | --- | --- | --- | --- | | | （元/吨） ...

Market Performance - The basic chemical index increased by 2.14% from October 18 to October 24, while the CSI 300 index rose by 3.24%, indicating that the basic chemical sector underperformed the CSI 300 by 1.11 percentage points, ranking 15th among all sectors [1][2] - The top-performing sub-industries included other chemical fibers (6.42%), adhesives and tapes (5.75%), rubber additives (5.70%), other rubber products (5.32%), and polyurethane (5.21%) [1][2] Chemical Prices - The top five products with the highest weekly price increases were hydrochloric acid (Shandong) at 450.00%, liquid chlorine at 400.00%, hydrochloric acid (Jiangsu) at 50.00%, domestic vitamin E at 17.95%, and international sulfur at 12.31% [3] - The top five products with the largest weekly price declines included octanol (-7.63%), propylene (-6.92%), acrylic acid (-6.11%), domestic vitamin D3 (-5.88%), and domestic vitamin B6 (-5.74%) [3] Industry Dynamics - The "14th Five-Year Plan" aims to promote high-quality development in the chemical industry, with a focus on optimizing and upgrading traditional industries, enhancing competitiveness in global industrial division, and fostering emerging pillar industries such as new energy and new materials [4] - The National Development and Reform Commission emphasized the need to accelerate the effective improvement of traditional industries and reasonable growth in quantity, which could lead to the emergence of several trillion-level markets [4] Regulatory Updates - The Ministry of Ecology and Environment announced the 2026 quota plan for ozone-depleting substances, including a total production quota of 151,416 tons for HCFCs, with a reduction of 3,000 tons (-2%) for HCFC-22 compared to 2025 [5][6] - The plan also includes the allocation of production quotas for HFCs based on types, with no restrictions on HFC varieties [5][6] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected as the supply-demand balance is restored; recommended companies include Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [7] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [7] - Other sectors of interest include tire manufacturing (recommended companies: Sailun Tire, Senqilin, Linglong Tire) and agricultural chemicals (recommended companies: Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, Yangnong Chemical) [7] - High-quality growth stocks to watch include Bluestar Technology, Shengquan Group, and Shandong Heda [7] Industry Rating - The basic chemical industry maintains an "overweight" rating [8]

Company Overview - Hengyi Petrochemical is a leading integrated enterprise in the "refining-chemical-fiber" industry chain, focusing on a strategic positioning of "one drop of oil, two strands of silk" [2] - The company has established a unique dual-main business model of "polyester + nylon" through the Brunei refining project, creating a closed-loop from crude oil processing to chemical fiber products [2][3] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 83.885 billion and a net profit attributable to shareholders of CNY 231 million, with a year-on-year net profit growth of 0.08% [4] - As of September 30, 2025, total assets amounted to CNY 111.51 billion, and net assets attributable to shareholders were CNY 24.458 billion [4] Southeast Asia Market Outlook - Southeast Asia is the largest net importer of refined oil globally due to insufficient infrastructure investment, despite having rich oil and gas resources [4] - The GDP growth rate for ASEAN is projected to maintain at 4.5% in 2025, with Indonesia at 5.1% and the Philippines and Vietnam at 6.1%, driving demand for refining products [4] - Oil demand in Southeast Asia is expected to rise from 5 million barrels per day to 6.4 million barrels per day by 2035, with the region projected to account for 25% of global energy demand growth in the next decade [4][6] Polyester Industry Trends - The company holds a leading position in polyester production, with a diverse range of products including long fibers, short fibers, and chips [7] - Domestic retail sales in China grew by 5% year-on-year, with clothing and textile categories increasing by 3.1% [7] - The polyester industry is expected to see a concentration of market share as outdated capacities are phased out and environmental regulations tighten [8][9] Brunei Refining Project - The second phase of the Brunei refining project is progressing smoothly, with updates to be provided through company announcements [10] Technology and Innovation - As of June 30, 2025, the company holds 566 effective patents, including 500 research and development patents [11] - The company is focusing on differentiated product promotion, with the proportion of differentiated fiber production reaching 27% in the first half of 2025 [11] Qinzhou Project - The Qinzhou project, with an annual capacity of 1.2 million tons of caprolactam and nylon, has successfully entered the trial production phase [12] - The project integrates advanced technologies and aims to optimize energy consumption and production costs [13] - It is expected to significantly enhance the company's competitive position in the nylon market and support high-quality development in the industry [13]

Core Insights - The company reported a total revenue of 83.885 billion yuan for Q3 2025, a decrease of 10.929 billion yuan compared to the same period last year, representing a year-on-year decline of 11.53% [1] - The net profit attributable to shareholders was 231 million yuan, with net cash inflow from operating activities at 340 million yuan, down 144 million yuan from the same period last year, marking a decline of 29.80% [1] Financial Ratios - The latest debt-to-asset ratio stands at 72.69%, ranking 22nd among disclosed peers, with an increase of 0.62 percentage points from the previous quarter and 0.72 percentage points from the same period last year [3] - The latest gross profit margin is 4.37%, ranking 19th among disclosed peers, while the return on equity (ROE) is 0.94% [3] - The diluted earnings per share (EPS) is 0.07 yuan [3] Efficiency Metrics - The total asset turnover ratio is 0.77 times, a decrease of 0.10 times compared to the same period last year, reflecting an 11.96% year-on-year decline [3] - The inventory turnover ratio is 5.92 times, ranking 14th among disclosed peers, with a decrease of 0.36 times from the same period last year, indicating a decline of 5.73% [3] Shareholder Structure - The number of shareholders is 37,900, with the top ten shareholders holding a total of 2.416 billion shares, accounting for 67.08% of the total share capital [3] - The largest shareholder is Zhejiang Hengyi Group Co., Ltd., holding 4.31 billion shares [3]

Core Viewpoint - Hengyi Petrochemical reported a net profit of approximately 231 million yuan for the first three quarters of 2025, despite a decline in revenue [1] Financial Performance - For the first three quarters of 2025, Hengyi Petrochemical achieved an operating revenue of approximately 83.885 billion yuan, representing a year-on-year decrease of 11.53% [1] - The net profit attributable to shareholders for the same period was approximately 231 million yuan, showing a slight year-on-year increase of 0.08% [1]

Overview of External Investment - The company plans to invest in a green differentiated fiber project with a total investment of 5.6 billion RMB [1][5] - The investment will be made by the company's wholly-owned subsidiary, Zhejiang Hengyong New Materials Co., Ltd., using self-owned or self-raised funds [1][5] - The project aims to produce 1.2 million tons of green differentiated fiber annually [1][5] Project Details - The project is located in the Tongxiang Economic Development Zone, Zhejiang Province, and will cover approximately 772.9 acres with a total construction area of 656,489.24 square meters [9] - The project will include the construction of various facilities such as polyester workshops, long filament workshops, and a wastewater treatment station [9] - The project is expected to generate an annual revenue of 976.968 million RMB and a profit of 52.651 million RMB, with a static investment payback period of 12.17 years [9] Market Positioning and Feasibility - The project is designed to adapt to the increasing competition and resource constraints in the chemical fiber industry, aiming to enhance product diversity and quality [7] - The selected technology and equipment for the project are considered advanced, with energy and water consumption levels meeting international clean production standards [8] Impact on the Company - The project aligns with national industrial planning and policy direction, promoting technological innovation and industrial upgrading in the chemical fiber sector [8] - The investment is expected to enhance the company's core competitiveness and optimize its product structure [8] Financial Aspects - The total investment of 5.6 billion RMB includes construction costs, interest during construction, and working capital [9] - The project will rely on bank loans and self-raised funds, which may pose financial risks if financing channels are restricted or interest rates rise [15] Approval and Implementation Risks - The project is currently in the early stages, with necessary approvals and land acquisition processes underway [6][10] - Potential delays in approvals or construction coordination issues could impact the project's timeline [10][11]

截至2025年10月29日收盘，桐昆股份(601233)报收于14.8元，上涨2.49%，换手率0.93%，成交量22.25万 手，成交额3.27亿元。 桐昆股份2025年三季报显示，前三季度主营收入673.97亿元，同比下降11.38%；归母净利润15.49亿 元，同比上升53.83%；扣非净利润13.03亿元，同比上升58.07%。2025年第三季度单季度主营收入 232.39亿元，同比下降16.51%；单季度归母净利润4.52亿元，同比上升872.09%；单季度扣非净利润2.49 亿元，同比上升417.97%。公司负债率为66.3%，投资收益7.64亿元，财务费用7.74亿元，毛利率 5.81%。 公司公告汇总 桐昆集团股份有限公司于2025年10月28日召开第九届董事会第二十次会议，审议通过使用闲置自有资金 进行国债回购交易的议案。公司拟使用总额不超过10亿元人民币的自有资金，在上海证券交易所及深圳 证券交易所开展1-182天期的国债回购交易，任一时点资金余额不超过该总额，额度有效期自董事会审 议通过之日起至2026年10月28日止。该事项旨在提高资金使用效率，增加运营收益，不影响公司正常经 营。国债 ...

Group 1 - The core viewpoint of the article is that Hengyi Petrochemical (000703.SZ) reported a decline in revenue for the first three quarters of the year, while showing a slight increase in net profit [1] Group 2 - The company's operating revenue for the first three quarters was 83.885 billion yuan, representing a year-on-year decrease of 11.53% [1] - The net profit attributable to shareholders of the listed company was 231 million yuan, reflecting a year-on-year increase of 0.08% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 78.7965 million yuan, which is a significant year-on-year increase of 273.30% [1]