Core Points - The announcement details the implementation of the 2023 Restricted Stock Incentive Plan, specifically the first grant of the second vesting period and the results of the first vesting period for reserved grants [1][2] - A total of 1,096 individuals are eligible for stock vesting, with 1,017 from the first grant and 105 from the reserved grant, after accounting for those who voluntarily forfeited their rights [1][2] Group 1: Incentive Plan Overview - The 2023 Restricted Stock Incentive Plan was approved at the third extraordinary general meeting of shareholders in 2023, targeting directors, senior management, core technical personnel, and other individuals deemed necessary for motivation [2][3] - The vesting period for the granted restricted stocks is a maximum of 60 months, with specific conditions for transfer, pledge, or other encumbrances before vesting [2][3] Group 2: Vesting Arrangement - The vesting arrangement for the first grant includes three periods: 30% after 12 months, 30% after 24 months, and 40% after 36 months from the grant date [3] - The reserved grant follows a similar structure, with 50% vesting after 12 months and another 50% after 24 months from the reserved grant date [4] Group 3: Performance Assessment - The performance assessment for the first grant spans three fiscal years (2023-2025), with specific revenue targets set for each year: 25.62 billion for 2023, 61.53 billion for 2024, and 108.22 billion for 2025 [7][8] - The company must meet these performance targets for the restricted stocks to vest, with the actual revenue figures being the basis for determining the vesting percentage [7][8] Group 4: Individual Performance Criteria - Individual performance is assessed based on a comprehensive coefficient, with varying vesting percentages depending on the score achieved: 100% for scores above 0.9, down to 0% for scores below 0.6 [8] - The actual vesting amount for each individual is calculated by multiplying the planned vesting amount by the company-level and individual-level vesting ratios [8] Group 5: Approval and Adjustments - The board of directors and supervisory board have approved the necessary resolutions for the implementation of the incentive plan, including adjustments to the list of recipients and the number of shares granted [9][10] - The total number of restricted stocks granted is approximately 9.89 million, with 7.91 million for the first grant and 1.98 million reserved [11][12]

Core Viewpoint - ST Ningke (600165) expects a net loss attributable to shareholders of the listed company in the range of -200 million to -160 million yuan for the first half of 2025, with a net profit excluding non-recurring gains and losses estimated between -150 million to -110 million yuan [1] Group 1 - The primary reason for the expected loss is the insufficient capacity release of its subsidiary, Ningxia Zhongke Biological New Materials Co., Ltd [1] - Fixed asset depreciation and the operational costs of public auxiliary facilities are fixed expenses that cannot be diluted [1] - The current period includes provisions for litigation costs related to false statements made to investors [1]

Report Industry Investment Rating - The investment strategy for PVC is to short on rallies, with an outlook of oscillating downward [1] Core View of the Report - The upstream calcium carbide price is stable. The PVC operating rate continues to decline, and downstream demand is weak. The Indian BIS policy is extended, and the anti - dumping policy may limit exports. Social inventory is increasing, and the real - estate market improvement needs time. With new capacity coming online and weak demand, PVC faces significant pressure and is expected to oscillate at a low level in the near term [1] Summary by Relevant Catalogs Strategy Analysis - The strategy is to short on rallies. The PVC operating rate is down 0.47 percentage points to 76.97%, and downstream operating rate is also low. The Indian BIS policy is extended, and the anti - dumping policy may limit exports. Social inventory is increasing, and the real - estate market improvement is slow. New capacity is about to be put into production, and demand is not substantially improved, so PVC has great pressure [1] Futures and Spot Market Conditions - The PVC2509 contract decreased 0.50% to close at 4980 yuan/ton, with an increase of 34,568 lots in open interest to 967,347 lots [2] Basis - On July 11, the mainstream price of calcium carbide - based PVC in East China rose to 4840 yuan/ton. The V2509 contract closed at 4980 yuan/ton, with a basis of - 140 yuan/ton, strengthening by 80 yuan/ton [3] Fundamental Tracking Supply - Some PVC plants are under maintenance, and the operating rate decreased 0.47 percentage points to 76.97%. New capacity of 250,000 tons/year has been put into operation in 2025, and another 1.1 million tons/year is expected to be put into operation in July [4] Demand - Real - estate data showed slight improvement in 2025 from January to May, but year - on - year figures are still negative. The year - on - year decline in investment, sales, and completion area is large. The weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased 38.17% week - on - week and is at the lowest level in the same period over the years [5] Inventory - As of the week of July 10, PVC social inventory increased 5.37% week - on - week to 623,600 tons, 34.15% less than the same period last year, and the inventory is still relatively high [6]

Core Viewpoint - Jineng Technology (603113.SH) expects a significant increase in net profit for the first half of 2025, projecting a growth of 155.77% to 165.07% year-on-year, driven by increased sales volume and revenue of main products, improved gross margins of olefins and coke, reduced financial expenses, and increased investment income [1] Summary by Categories Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 24 million to 28 million yuan for the first half of 2025 [1] Revenue Drivers - Key factors contributing to the profit increase include higher production and sales volumes, as well as revenue growth from main products [1] - The gross margin for olefins and coke has improved, further supporting the profit growth [1] Cost Management - A reduction in financial expenses has positively impacted the net profit [1] - Increased investment income has also contributed to the overall profit growth [1]

Group 1 - The company, Shenzhen Rongda Photoelectric Technology Co., Ltd., has received approval from the China Securities Regulatory Commission to issue 9,047,089 shares of ordinary stock (A shares) through a simplified procedure, which will be listed on January 15, 2025 [1] - The total share capital of the company will increase from 304,755,788 shares to 366,367,572 shares after the issuance and the subsequent capital increase plan [1][2] - The company plans to distribute profits for the year 2024 by increasing the share capital through a capital reserve, with a proposal to convert 60,951,157 shares based on a ratio of 2 shares for every 10 shares held [1] Group 2 - Four shareholders have committed to not transferring their subscribed shares for a period of six months following the listing of the newly issued shares [2] - The company has confirmed that there have been no violations of the commitments made by the shareholders regarding the lock-up period [2][5] - The structure of the share capital before and after the release of the lock-up period shows a decrease in the proportion of restricted shares from 39.46% to 36.50% and an increase in unrestricted shares from 60.54% to 63.50% [4] Group 3 - The sponsor has verified that all shareholders have strictly adhered to their lock-up commitments and that the timing and quantity of the released shares comply with relevant regulations [4][5] - The company has ensured that the information disclosed regarding the release of the lock-up shares is true, accurate, and complete [5]

Summary of Key Points Core Viewpoint - The company, Qingdao Haitai Technology Molding Technology Co., Ltd., is utilizing raised funds to increase capital in its wholly-owned subsidiary, Haitai New Materials, to implement a project for producing 150,000 tons of polymer new materials annually [1][4][12]. Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds, raising a net amount of approximately RMB 391.38 million after deducting issuance costs of RMB 5.20 million [1][2]. - The funds were deposited into a special account and are subject to a tripartite supervision agreement with the underwriter and the bank [2][11]. Investment Project Details - The total investment for the project is RMB 503.16 million, with RMB 391.38 million allocated from the raised funds [3]. - Previous capital increases to Haitai New Materials included RMB 90 million for the same project, raising its registered capital from RMB 10 million to RMB 100 million [3][4]. Recent Capital Increase Plans - The company plans to invest an additional RMB 150 million into Haitai New Materials, with RMB 10 million added to registered capital and RMB 140 million to capital reserves [5]. - Haitai New Materials will use a total of RMB 230 million (including previous investments) to further capitalize its subsidiary, Haitai (Anhui) [5]. Subsidiary Information - Haitai New Materials was established in August 2022 with a registered capital of RMB 170 million, focusing on new material technology research and production [8]. - Haitai (Anhui) was established in January 2024 with a registered capital of RMB 70 million, also engaged in similar new material activities [9]. Financial Data - As of 2024, Haitai New Materials reported total assets of RMB 2.15 billion and a net profit of -RMB 394.06 million [7]. - Haitai (Anhui) reported total assets of RMB 768.45 million with a net profit of -RMB 16.59 million for the same period [10]. Impact of Capital Increase - The capital increase is deemed necessary for the successful implementation of the project and aligns with the company's long-term development strategy [6][12]. - The board and supervisory committee have approved the capital increase, confirming it does not alter the investment direction or project content [13][14]. Fund Management - The company has established a special account for managing the raised funds, ensuring compliance with relevant regulations and protecting investor interests [11].

Group 1 - The State Intellectual Property Office of China has granted a patent for a "wastewater treatment system" to China National Offshore Oil Corporation Chemical Co., Ltd. and China National Offshore Oil Corporation Hegang Coal Chemical Co., Ltd. The patent was announced with the authorization number CN223087715U, and the application date was August 2024 [1] - The wastewater treatment system includes a sequence of connected units: a biochemical unit, a reclaimed water unit, and an advanced oxidation unit. The biochemical unit consists of multiple connected biochemical treatment pools [1] - The reclaimed water unit features a series of connected ultrafiltration membrane devices and reverse osmosis membrane devices. The outlet of the biochemical unit connects to the inlet of the ultrafiltration device, and the reverse osmosis product water connects to the circulating water system [1] Group 2 - China National Offshore Oil Corporation Chemical Co., Ltd. was established in 2000, with a registered capital of 461 million RMB. The company has invested in 18 enterprises and participated in 2,959 bidding projects, holding 206 patents and 12 trademark registrations [2] - China National Offshore Oil Corporation Hegang Coal Chemical Co., Ltd. was founded in 2006, with a registered capital of 233.56 million RMB. The company has invested in 1 enterprise and participated in 1,378 bidding projects, holding 38 patents and 6 trademark registrations [2]

Report Title - Methanol: Port Inventory Accumulation, Price Under Pressure - 20250711 [1] Core Viewpoint - The price of methanol is under pressure due to factors such as port inventory accumulation, weak downstream demand, and limited cost support [3][4] Summary by Content Price - The spot price of methanol at ports has declined, with Jiangsu's price ranging from 2370 to 2480 yuan/ton and Guangdong's from 2390 to 2470 yuan/ton. The inland market shows a weak and volatile trend, with the price in the northern line of Ordos ranging from 1963 to 2010 yuan/ton and the receiving price in Dongying from 2225 to 2265 yuan/ton [3] Supply - The domestic methanol production this week reached 1,909,928 tons, a decrease of 77,148 tons from last week. The device capacity utilization rate was 84.75%, a 3.89% decline from the previous week. There were new maintenance devices and some devices resumed operation. In terms of port inventory, the inventory in East China increased by 61,000 tons, while that in South China decreased by 15,800 tons [3] Downstream Demand - Methanol downstream demand showed a differentiated trend this week. The overall operation rate of olefins slightly increased, the capacity utilization rate of dimethyl ether remained unchanged at 5.19%, the capacity utilization rate of glacial acetic acid decreased slightly, the operation rates of chlorides and formaldehyde decreased, and the MTBE load increased. In the next period, the capacity utilization rates of olefins, acetic acid, chlorides, and MTBE are expected to increase, while that of formaldehyde is expected to decline, and dimethyl ether will remain basically the same [4] Market Outlook - On the supply side, the overall supply may increase slightly, and port inventory may accumulate, putting pressure on prices. On the demand side, MTO demand will increase slightly, and attention should be paid to the commissioning of new devices in the acetic acid field. Other traditional downstream demands have limited fluctuations. On the cost side, the coal market is consolidating horizontally, and gas - based methanol is continuously losing money [4]

Core Viewpoint - Yifeng New Materials Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 844 million yuan for various projects, including high-refractive optical resin materials and digital construction [1][4]. Company Overview - Yifeng New Materials, formerly known as Shandong Yifeng Biochemical Environmental Protection Co., Ltd., changed its name in November 2021 after withdrawing its previous IPO application for the Sci-Tech Innovation Board [3]. - The company focuses on organic sulfur chemistry and optical new materials, producing key products such as thiourea and polysulfide materials [6][10]. Financial Performance - The company reported a decline in revenue from 714 million yuan in 2022 to 625 million yuan in 2023, with a further drop to 602 million yuan in 2024 [15][16]. - The net profit for the years 2022, 2023, and 2024 was approximately 135 million yuan, 137 million yuan, and 139 million yuan, respectively, indicating minimal growth [17]. Investment Projects - The planned investment projects include: - High-refractive optical resin materials project: 419.26 million yuan - High-end functional materials cyclic olefin project: 137.97 million yuan - R&D center construction project: 134.48 million yuan - Digital construction project: 112.88 million yuan - Marketing channel construction project: 39.67 million yuan [5]. Market Position - Yifeng New Materials holds a 5.33% market share in the global polysulfide curing agent market, with an estimated market size of 992 million yuan in 2024 [8]. - The company is a leading producer of thiourea, with a 26.40% market share in a global market valued at approximately 851 million yuan in 2024 [8]. Shareholding Structure - The major shareholders include Ma Yunsheng (32.45%) and Wan Chunling (12.66%), with the Ma family collectively holding nearly 50% of the company [23][24]. - The company has undergone shareholding changes, including instances of shareholding representation, which have been resolved [22][23]. R&D and Innovation - Yifeng New Materials has invested in R&D, with expenses of 22.07 million yuan in 2024, representing 3.67% of its revenue [22]. - The company holds 148 domestic patents and has participated in setting international standards for thiourea [21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PX is in a unilateral volatile market, with a trend strength of 0. Suggest a positive spread arbitrage for the monthly spread and short PXN01 at high levels. The supply - demand pattern is tight, but PXN valuation is high and the trend is weak [1][7]. - PTA should focus on the production cut situation of filament factories. It is recommended to conduct a reverse spread arbitrage for the monthly spread and go long MEG while shorting PTA. The trend strength is 0. The basis has fallen to single - digits, and the supply will be marginally loose from mid - July, with the possibility of continuous inventory accumulation [1][7]. - MEG is in a low - inventory, unilateral volatile market, with a trend strength of 1. The cost - end coal price is strong, and it is recommended to conduct a positive spread arbitrage for the basis and monthly spread, and not to chase short on the unilateral valuation [1][7]. Summary by Directory Market Overview - **PX**: A 700,000 - ton PX unit in Southeast Asia is gradually resuming its load after a reduction in late June due to an olefin - end fault. Another 530,000 - ton PX unit in Southeast Asia stopped for maintenance in early July, 15 days ahead of schedule, and is expected to restart in mid - August, with a pure benzene production capacity of about 300,000 tons [3]. - **PTA**: In mainland China, the load of Yisheng Hainan and Yisheng Dalian PTA units has returned to normal, and the PTA load has reached 79.7% as of Thursday. The current operating rate is around 85.8%. A 1.5 - million - ton PTA unit in Taiwan, China has restarted after a maintenance that started in early June [3]. - **MEG**: From July 7th to July 13th, the arrival quantities at Zhangjiagang, Taicang, and Ningbo ports are about 31,000 tons, 37,000 tons, and 28,000 tons respectively, with a total planned arrival at major ports of about 96,000 tons. As of July 10th, the overall operating load of ethylene glycol in mainland China is 67.57% (a 1.06% increase from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation (syngas) method is 73.13% (a 3.79% increase from the previous period). Since June 1st, 2025, the ethylene glycol production capacity base in mainland China has been adjusted to 29.175 million tons, and the total production capacity of syngas - to - ethylene glycol is 10.96 million tons [5]. - **Polyester**: The load of polyester is in a fluctuating decline. As of Thursday this week, the polyester load in mainland China is around 88.9%. A 600,000 - ton polyester unit in Huzhou has restarted after a short - term maintenance. The sales of polyester filaments in Jiangsu and Zhejiang on the 10th were temporarily weak, with an average sales - to - production ratio of 50% - 60% by 3:30 pm. The sales of direct - spinning polyester staple fibers on the 10th improved moderately compared to the 9th, with an average sales - to - production ratio of 63% by 3:00 pm [5][6]. Trend Strength - PX trend strength: 0 [7]. - PTA trend strength: 0 [7]. - MEG trend strength: 1 [7]. Price and Spread Data - **Futures**: The closing prices, price changes, price change percentages, and monthly spreads of PX, PTA, MEG, PF, and SC futures are provided, along with the price changes compared to the previous day [2]. - **Spot**: The prices and price changes of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent are presented [2]. - **Spot Processing Fees**: The prices and price changes of PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread are given [2].