Report Industry Investment Rating - Not provided Core Views - The crude oil market has become pessimistic after OPEC+ plans to increase production, and traders generally expect lower oil prices. PX valuation has weakened, but the supply-demand pattern is tight due to upcoming new PTA plant launches and high polyester factory operation rates. It is recommended to partially close positions and focus on long PX short Brent. For PX, 11-01 calendar spread is in contango, and 1-5 is in backwardation. Also, for 01/05, long PX short PTA is suggested [10]. - For PTA, the cost side is weakening, and the valuation has declined. The support for PTA processing margin is weak. Despite the high polyester operation rate, PTA is in a destocking pattern, but there is significant future supply pressure. It is advisable to continue monitoring the 11-01 contango position and the PTA01/05 processing margin compression position [10]. - The market is focusing on the commissioning progress of Yulong Petrochemical. The 01 contract faces significant pressure. It is recommended to focus on the 1-5 backwardation. Near - month spot has low inventory and strong basis. The unilateral price is in a weak and volatile market [11]. Summary by Related Catalogs Futures Prices - The closing prices of PX, PTA, MEG, PF, and SC futures were 6778, 4688, 4302, 6370, and 489.2 respectively. The price changes were 6770, -10, -17, 6, and 3, with percentage changes of 0.12%, -0.21%, -0.39%, 0.09%, and 0.62% [2]. - The 11-1 spread of PX was 60, PTA 11-1 was -14, MEG 1-5 was -48, PF 11-12 was 14, and SC 11-12 was 1.7 [2]. Spot Prices - The spot price of PX CFR China was 838.33 dollars/ton, PTA in East China was 4620 yuan/ton, MEG spot was 4422 yuan/ton, naphtha MOPJ was 604 dollars/ton, and Dated Brent was 66.3 dollars/barrel [2]. - The PX - naphtha spread was 233.75 dollars/ton, PTA processing margin was 131.77 yuan/ton, short - fiber processing margin was 208.61 yuan/ton, bottle - chip processing margin was 69.09 yuan/ton, and MOPJ naphtha - Dubai crude spread was -6.01 dollars/ton [2]. Market Dynamics - PX: The naphtha price declined slightly. PX prices were stable, with some spot transactions. The supply from the Middle East is limited due to strong gasoline demand. China's Fujia Dahua plans to shut down its 700,000 - ton/year No. 2 PX production line for maintenance [4][6]. - PTA: Some PTA plants in China restarted, and the PTA load reached 76.8%. A 110 - million - ton PTA plant in South China plans to conduct maintenance in mid - to - late October [7]. - MEG: The overall operating load in China was 74.91%, with the syngas - to - MEG operating load at 76.69%. An Xinjiang 150,000 - ton/year syngas - to - MEG plant shut down, and an Iranian 400,000 - ton/year MEG plant is restarting [7][8]. - Polyester: The operating load of domestic polyester industrial yarn was about 75%, and the overall polyester load in China reached about 91.6%. The sales of polyester filaments in Jiangsu and Zhejiang were weak, and the sales of direct - spun polyester staple fibers were mixed [8]. Trend Intensity - The trend intensities of PX, PTA, and MEG were all 0, indicating a neutral view [9].

Market Performance - The new materials sector experienced a decline this week, with the new materials index falling by 0.31%, underperforming the ChiNext index by 2.67% [1][2] - Over the past five trading days, the synthetic biology index decreased by 0.51%, semiconductor materials dropped by 4.74%, and specialty chemicals fell by 1.54%. In contrast, biodegradable plastics saw a slight increase of 0.02%, while industrial gases declined by 1.20%. Battery chemical products surged by 13.36% [1][2] Price Tracking - Amino acids prices showed the following changes: valine at 12,750 CNY/ton (-1.92%), arginine at 22,900 CNY/ton (-1.08%), tryptophan at 39,500 CNY/ton (-4.82%), and methionine at 22,050 CNY/ton (-0.68%) [3] - Prices for biodegradable materials remained stable: PLA (FY201 injection grade) at 17,800 CNY/ton, PLA (REVODE201 blow film grade) at 17,200 CNY/ton, PBS at 17,800 CNY/ton, and PBAT at 9,850 CNY/ton [3] - Vitamin prices were as follows: Vitamin A at 64,000 CNY/ton (unchanged), Vitamin E at 64,500 CNY/ton (-1.53%), Vitamin D3 at 227,500 CNY/ton (unchanged), calcium pantothenate at 40,500 CNY/ton (unchanged), and inositol at 26,000 CNY/ton (unchanged) [3] - Industrial gases and wet electronic chemicals prices remained unchanged: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 5,600 CNY/ton [3] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton (unchanged), polyester industrial yarn at 8,500 CNY/ton (-2.30%), and aramid at 102,700 CNY/ton (+17.62%). The export average price for polyester tire cord fabric in July was 16,353 CNY/ton (-0.61%) [3] Investment Opportunities - The DAC project has been included in Shanghai's 2025 key technology research and development plan, highlighting opportunities in domestic DAC adsorbents and equipment [4] - The recognition and strong support from various government levels for DAC technology mark a significant milestone in addressing climate change and promoting green energy development [5] - The establishment of a thousand-ton demonstration project will provide valuable engineering data and operational experience for future commercial projects, potentially enhancing DAC product performance and reducing capture costs [5] - Companies to watch for key adsorbent materials and related equipment include Blue Sky Technology, Jianlong Micro-Nano, Xizhuang Co., China Energy Construction, GCL-Poly, and United Water [5]

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, indicating strong financial performance and growth potential in its operations, particularly in Vietnam and the differentiated polyester industrial yarn sector [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.921 billion yuan, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 296 million yuan, up 56.16% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 1.468 billion yuan, a year-on-year decrease of 1.85% but a quarter-on-quarter increase of 1.06%, with a net profit of 156 million yuan, reflecting a year-on-year growth of 36.14% and a quarter-on-quarter increase of 12% [1]. Growth Drivers - The revenue from the Vietnam base increased by 196% year-on-year, driven by the successful operation of the differentiated polyester industrial filament project and favorable tax policies [2]. - The company’s products have seen a rise in differentiation rates, and a green sustainable product matrix has been established, with commercial supply of recycled industrial yarns [2]. - The company is expanding its production capacity in Vietnam, with plans for new projects that are expected to generate significant revenue and profit upon completion [2]. Industry Trends - The polyester industrial yarn industry is experiencing improved gross margins for standard yarns, with a reported gross profit of 624 yuan per ton, an increase of 762 yuan year-on-year [3]. - The demand for automotive yarns is strong, driven by the growth of the electric vehicle market and inventory replenishment needs from overseas tire manufacturers [3]. Research and Development - The company is advancing in new materials technology, including breakthroughs in PPS, LCP, PEEK, PLA, and RAYON fibers, positioning itself as a provider of integrated high-tech solutions [3][4]. - The research institute has made progress in core technologies and industrialization, with plans for customized product development in response to industry needs [3]. Investment Outlook - The company is projected to achieve revenues of 5.907 billion yuan, 6.119 billion yuan, and 6.414 billion yuan from 2025 to 2027, with corresponding net profits of 595 million yuan, 650 million yuan, and 706 million yuan, indicating strong growth potential [5]. - The earnings per share (EPS) are expected to be 0.51 yuan, 0.56 yuan, and 0.61 yuan, with a price-to-earnings (PE) ratio of 12.33, 11.30, and 10.40 times, respectively [5].

Investment Rating - The report upgrades the investment rating of the company to "Buy-B" [1][7] Core Views - The company achieved a net profit growth of 56% year-on-year in the first half of 2025, with total revenue reaching 2.921 billion yuan, an increase of 1.55% [1] - The revenue from the Vietnam base grew by 196% year-on-year, indicating strong performance and growth potential in the new materials sector [1][3] - The company is transitioning towards becoming a platform-type new materials enterprise, with significant advancements in product technology and commercialization [5][6] Financial Performance - In the first half of 2025, the company reported a revenue of 2.921 billion yuan and a net profit of 296 million yuan [1] - For Q2 2025, the company achieved a revenue of 1.468 billion yuan, a decrease of 1.85% year-on-year, but a net profit of 156 million yuan, reflecting a year-on-year increase of 36.14% [1] - The company forecasts revenues of 5.907 billion yuan, 6.119 billion yuan, and 6.414 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 595 million yuan, 650 million yuan, and 706 million yuan [7][9] Market Data - As of September 1, 2025, the closing price of the company's stock was 6.14 yuan, with a market capitalization of 7.136 billion yuan [3] - The company has a basic earnings per share (EPS) of 0.26 yuan and a diluted EPS of 0.26 yuan [3][4] Industry Insights - The polyester industrial yarn industry is experiencing improved gross margins, with the average gross profit per ton of ordinary yarn increasing by 762 yuan year-on-year [4] - The demand for automotive yarns is strong, driven by the rapid growth of the new energy vehicle market and the replenishment needs of overseas tire manufacturers [4]

Financial Performance - The company achieved a revenue of 2.921 billion CNY in the first half of 2025, representing a year-on-year growth of 1.55% [3] - Net profit attributable to shareholders reached 296 million CNY, a significant increase of 56.16% [3] - Deducting non-recurring gains and losses, the net profit was 345 million CNY, up by 84.88% [3] - The net cash flow from operating activities was 447.4 million CNY, showing a remarkable growth of 183.43% [3] - The core products, polyester industrial filament and tire cord fabric, contributed 71.49% of total revenue [3] Business Strategy - The company focuses on three main business areas: polyester industrial filament, plastic materials, and tire cord fabric [3] - It aims to optimize its customer structure, targeting mid-to-high-end clients to provide high-quality products and services [3] - The company is committed to product structure optimization and differentiation strategies, with over 70% of its main business in polyester (PET) materials [3] Future Outlook - The company plans to enhance its R&D investment in high-performance materials and strengthen its core technology capabilities [3] - Capital expenditures in the next three years will focus on expanding overseas production capacity and developing new material products [4] - The company is advancing projects in new materials, including PPS fiber materials, which have already achieved mass production [4] Market Dynamics - The Vietnam factory reported a net profit of 125 million CNY in the first half of 2025, reflecting a year-on-year growth of 197% [3] - The company anticipates a rational price adjustment in the U.S. market due to the impact of global trade policies [3] Corporate Governance - The company has established clear performance targets and internal assessment mechanisms for its research institute [4] - It emphasizes cautious investment and acquisition strategies, focusing on core business and knowledge system development [4]

Core Viewpoint - The chemical industry is expected to experience a recovery in the pesticide sector following a recent explosion incident at Youdao Chemical, which has prompted heightened safety inspections across the industry [1][3]. Group 1: Chemical Industry Overview - The recent explosion at Youdao Chemical involved the synthesis of chlorantraniliprole, which includes hazardous processes such as nitration and diazotization [1][3]. - The State Council has taken the incident seriously and is overseeing safety checks, which may lead to the elimination of non-compliant production capacities in the pesticide sector [1][3]. Group 2: Investment Opportunities - Companies with strong performance in the upcoming semi-annual reports are highlighted, including Shengquan Group, Hailide, Zhuoyue New Energy, and Ruile New Materials, which are expected to benefit from favorable market conditions [2]. - Shengquan Group is positioned as a key domestic supplier of electronic resins for AI servers, with anticipated performance improvements due to increased server shipments [2]. - Hailide, a leader in the industrial polyester filament sector, is expected to benefit from the ongoing U.S. tariff conflicts [2]. - Zhuoyue New Energy is projected to see performance growth due to new projects and product launches [2]. - Ruile New Materials has announced a significant expected increase in net profit for the first half of 2025, driven by substantial growth in its pharmaceutical segment [2]. Group 3: Phosphate Fertilizer Market - The phosphate fertilizer export window is opening, with exports expected to occur in phases from May to September 2025, potentially alleviating domestic overcapacity issues [3]. - The total export quota for phosphate fertilizers in 2025 is expected to decrease compared to the previous year, which may help maintain profitability for companies with phosphate mineral resources, such as Yuntianhua [3].

证券代码：603382 证券简称：海阳科技 公告编号：2025-015 海阳科技股份有限公司 2025 年第二季度主要经营数据公告 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。 海阳科技股份有限公司（以下简称"公司"）根据上海证券交易所《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》的有 关规定和披露要求，将公司 2025 年第二季度主要经营数据披露如下（均不含税）： 注：尼龙 6 切片销量低于产量，主要为部分产品作为内部下游产品原料所致。 二、主要产品和原材料的价格变动情况 主要产品 2025 年 4-6 月 产量(吨) 2025 年 4-6 月 销量(吨) 2025 年 4-6 月 营业收入 （元） 尼龙 6 切片 78,948.54 64,824.65 643,445,912.48 锦纶 6 帘子布 12,078.51 12,468.46 221,147,343.70 涤纶帘子布 12,083.33 11,713.94 167,038,955.02 一、主要产品的产量、销量及收入实现情况 ...

Report Summary 1) Report Industry Investment Ratings - PX: Trend is strong, recommend long on dips and focus on the 11-1 calendar spread [6] - PTA: Unilateral trend is strong, focus on the 9-1/10-1 calendar spread [7] - MEG: Trend is strong, exit the 9-1 reverse calendar spread [7] 2) Core Views - PX follows the rise of PTA due to unexpected PTA plant shutdowns and the recovery of polyester demand in the peak season, forming a positive feedback loop and showing a short - term strong trend [6] - PTA's 8 - 9 month balance sheet shows significant inventory drawdown due to an unexpected plant shutdown, and with the increase in polyester plant operation rate, it will enter a tight - balance pattern, so 9-1/10-1 calendar spreads are favorable [7] - MEG has a tight spot supply with high basis, and low recent arrivals benefit the near - month contracts, but there are clear upside pressures from future new capacity, so no short - term chasing of long positions [7] 3) Summary by Related Catalogs Market Dynamics - **PX**: On the 21st, the price of PX increased significantly, with two 10 - month Asian spot transactions at 854 and 855, and two 11 - month Asian spot transactions at 849 and 851. The estimated price of PX on the 21st was 854 dollars/ton, up 17 dollars from the 20th [3] - **PTA**: A 250 - million - ton PTA plant in South China shut down for maintenance on the 21st, and another 250 - million - ton plant is expected to shut down around August 23rd for over a month. As of Thursday, the PTA load was 71.6%, and the operating rate was around 77.4% [3] - **MEG**: As of August 21st, the overall operating load of ethylene glycol in mainland China was 73.16% (up 6.77% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 81.25% (up 0.78% from the previous period) [5] - **Polyester**: There were no changes in the whole polyester plants this week, but the local plant loads increased, and the overall polyester load in mainland China was around 90% as of Thursday. The operating load of major domestic polyester industrial yarn manufacturers remained stable, and the overall theoretical operating load of domestic polyester industrial yarn recovered to around 71% [5] Price and Spread Data | Futures | PX | PTA | MEG | PF | SC | | --- | --- | --- | --- | --- | --- | | Yesterday's Closing Price | 6958 | 4860 | 4473 | 6614 | 490.9 | | Change | 6844 | 82 | - 4 | 110 | 8.1 | | Change Rate | 1.67% | 1.72% | - 0.09% | 1.69% | 1.68% | | Month Spread (Yesterday's Closing Price) | 162 | - 14 | - 54 | - 42 | - 6.2 | | Month Spread (Change) | 74 | 42 | - 4 | 20 | 0.7 | | Spot Price (Yesterday) | 852.33 dollars/ton | 4830 yuan/ton | 4518 yuan/ton | 584.5 dollars/ton | 68.12 dollars/barrel | | Spot Price (Change) | 14.33 | 144 | 16 | 9 | 0.57 | | Spot Processing Fee (Yesterday) | 255.5 | 197.31 | 175.93 | 27.32 | - 6.01 | | Spot Processing Fee (Change) | 2.5 | - 10.67 | 43.46 | 4.44 | 0 | [2] Trend Intensity - PX trend intensity: 1 (indicating a "strong" view) [6] - PTA trend intensity: 1 (indicating a "strong" view) [6] - MEG trend intensity: 1 (indicating a "strong" view) [6] Sales Data - On the 21st, the overall sales of polyester yarn in Jiangsu and Zhejiang were fair, with an average sales rate of around 70% by 3:30 pm [5] - On the 21st, the sales of direct - spun polyester staple fiber improved, with an average sales rate of 89% by 3:00 pm [6]

Report Summary Industry Investment Ratings - PX: Unilateral trend is weakly bearish [7] - PTA: Unilateral trend is weakly bearish [7] - MEG: Unilateral trend is weakly bearish and in a weak oscillation [7] Core Views - PX: From late August, pay attention to the recovery of terminal orders, and PXN has short - term support [7] - PTA: Hold the mid - term strategy of going long on MEG and short on PTA. With low processing fees, focus on unplanned production cuts and the positive spread of September - January contracts. Supply decreases while demand increases as polyester operating rate rises to 89.4% [7] - MEG: Hold the mid - term strategy of going long on MEG and short on PTA. Keep the September - January spread in the range of - 50 to 0; pay attention to the reverse spread of January - May contracts. The sharp decline in coal prices yesterday had a negative impact on the chemical sector [7] Market Dynamics - **PX**: On August 14, the price of PX decreased. One October Asian spot was traded at $824. The end - of - session physical goods had no negotiation for September, and October was negotiated at $820/825, with an asking price of $825 for November. The PX price was affected by the weak sentiment in the broader commodity market despite the rise of crude oil and naphtha [3] - **PTA**: Some PTA producers are turning from loss to profit, and the tight supply of PX has slightly eased. This week, the 1.5 - million - ton Taihua and 2.25 - million - ton Yisheng plants stopped, while the 2.5 - million - ton Weilian Chemical and 2.2 - million - ton Jiaxing Petrochemical plants restarted. As of Thursday, the PTA load was 76.4%, and the operating rate was around 82.3% [4] - **MEG**: Two MEG plants in East China with a total annual capacity of 1.9 million tons stopped for 1 - 2 days due to an accident. As of August 14, the overall operating load of ethylene glycol in mainland China was 66.39% (down 2.01% from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 80.47% (up 5.34% from the previous period) [4][5] - **Polyester**: A 300,000 - ton polyester plant in Huzhou has restarted, mainly producing polyester filament. As of Thursday, the overall theoretical operating load of domestic polyester industrial yarn has recovered to about 71%. The overall polyester load has increased, and as of Thursday, the polyester load in mainland China was around 89.4%. The sales of polyester filament in Jiangsu and Zhejiang on the 14th were weak overall, with an average sales rate of 30% - 40%. The sales of direct - spun polyester staple fiber on the 14th were average, with an average sales rate of 49% [5][6] Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing Price | Previous Day's Closing Price | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX Main | 6614 | - 26 | - 2.51% | PX9 - 1 | 72 | 80 | - 8 | | PTA Main | 4666 | - 39 | - 0.55% | PTA9 - 1 | - 26 | - 34 | 8 | | MEG Main | 4367 | - 76 | - 0.89% | MEG9 - 1 | - 47 | - 50 | 3 | | PF Main | 6338 | - 4 | - 1.18% | PF9 - 1 | - 74 | - 82 | 8 | | SC Main | 485.5 | - 4 | - 0.82% | SC9 - 10 | - 3.6 | - 1.1 | - 2.5 | | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 824 | 831 | - 7 | | PTA East China (yuan/ton) | 4646 | 4692 | - 46 | | MEG Spot | 4465 | 4488 | - 23 | | Naphtha MOPJ | 571 | 563.5 | 7.5 | | Dated Brent ($/barrel) | 68.28 | 66.91 | 1.38 | | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 261.17 | 268.67 | - 7.5 | | PTA Processing Fee | 187.85 | 162.08 | 25.77 | | Short - Fiber Processing Fee | 161.38 | 137.24 | 24.14 | | Bottle - Chip Processing Fee | 42.77 | 19.7 | 23.07 | | MOPJ Naphtha - Dubai Crude Spread | - 6.01 | - 6.01 | 0 | [2]

1. Report Industry Investment Ratings - PX: Weak trend, hold 9 - 1 reverse calendar spread [2][9] - PTA: Go long on the calendar spread when it's low, weak unilateral trend [2][9] - MEG: Go long on MEG and short PTA/PX [2][9] 2. Core Views of the Report - PX supply - demand is marginally weak due to potential PTA unplanned maintenance reducing demand [9] - PTA has sufficient spot supply with weak basis, and low processing fees may lead to unplanned changes in operation rates. Current supply - demand is weak on both sides [9] - MEG may see a decline in imports in September due to overseas maintenance plans. It's stronger than PTA/PX, and traders focus on basis long - spread and calendar spread short - spread positions [9] 3. Summary by Related Catalogs Market Overview - **PX**: On August 7, PX price fell following the decline in upstream crude oil and naphtha. The PX - naphtha spread widened. There were bids and offers but no deals [5][6] - **PTA**: A 120 - million - ton PTA plant in East China restarted. The PTA operation rate was around 76.2% on Thursday, and about 82.0% calculated by another method [6] - **MEG**: A 300,000 - ton/year syngas - to - ethylene glycol plant in Shanxi started maintenance for about 20 days. The overall operation rate in mainland China was 68.40% (down 0.6% from the previous period) [6][7] - **Polyester**: The overall polyester operation rate in mainland China recovered to around 88.8%. The sales of polyester filaments and staple fibers on the 7th were weak [7] Trend Intensity - PX trend intensity: - 1 (weak) [8] - PTA trend intensity: - 1 (weak) [8] - MEG trend intensity: 0 (neutral) [8] Views and Suggestions - **PX**: Hold 9 - 1 reverse calendar spread as supply - demand remains weak [9] - **PTA**: Go long on the calendar spread when it's low. The unilateral price trend is weak due to current supply - demand situation [9] - **MEG**: Go long on MEG and short PTA. Pay attention to the ratio of warehouse receipts to positions during the contract roll - over [9]