格隆汇1月28日丨双星新材(002585.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损3.8亿元-5.3亿元，扣除非经常性损益后的净利润为亏损4.45亿元-5.9亿元。 2025年，聚酯薄膜行业产能进一步释放，低价内卷式竞争持续，产品销售价格下降，叠加公司新线投 产，产能仍处爬坡阶段，折旧摊销增幅较大，产品单位成本增加。基于谨慎性原则，按照《企业会计准 则》要求,计提了资产减值准备，综上因素致经营业绩仍为亏损。 ...

每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，双星新材1月28日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润-53000万 元至-38000万元。业绩变动主要原因是，2025年，聚酯薄膜行业产能进一步释放，低价内卷式竞争持 续，产品销售价格下降，叠加公司新线投产，产能仍处爬坡阶段，折旧摊销增幅较大，产品单位成本增 加。基于谨慎性原则，按照《企业会计准则》要求计提了资产减值准备，综上因素致经营业绩仍为亏 损。 （记者 曾健辉） ...

南财智讯1月28日电，双星新材发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-38,000万元—-53,000万元，即净亏损3.80亿元—5.30亿元；2025年，聚酯薄膜行业产能进一步释放， 低价"内卷"式竞争持续，产品销售价格下降，叠加公司新线投产，产能仍处爬坡阶段，折旧摊销增幅较 大，产品单位成本增加。基于谨慎性原则，按照《企业会计准则》要求，计提了资产减值准备，综上因 素致经营业绩仍为亏损。 ...

格隆汇1月28日丨裕兴股份(300305.SZ)公布，预计2025年归属于上市公司股东的净利润-29,000万元 ～-22,000万元，扣除非经常性损益后的净利润-30,000万元～-23,000万元。（1）报告期内，功能聚酯薄 膜行业下游需求偏弱，订单减少，导致公司整体营业收入有所下滑。由于行业供需失衡，竞争加剧，导 致聚酯薄膜产品的市场价格持续下滑，同时公司部分中厚型薄膜生产线开工不足，新产品转型升级过程 中又受新产品批量小、良率不高、产能爬坡等因素影响，导致公司产品的生产成本有所上升，使得公司 的营业毛利率较上年度有所下降。（2）报告期内可转债利息费用计提金额约 3,580 万元。 ...

裕兴股份公告，预计2025年度净利润为负值，预计净利润为-2.9亿元至-2.2亿元。公司2025年度业绩亏 损的原因主要系：报告期内，功能聚酯薄膜行业下游需求偏弱，订单减少，导致公司整体营业收入有所 下滑。由于行业供需失衡，竞争加剧，导致聚酯薄膜产品的市场价格持续下滑，同时公司部分中厚型薄 膜生产线开工不足，新产品转型升级过程中又受新产品批量小、良率不高、产能爬坡等因素影响，导致 公司产品的生产成本有所上升，使得公司的营业毛利率较上年度有所下降。 ...

1月26日，恒力石化盘中上涨2.03%，截至09:37，报26.68元/股，成交9921.22万元，换手率0.05%，总市 值1878.03亿元。 资金流向方面，主力资金净流出328.01万元，特大单买入226.44万元，占比2.28%，卖出219.15万元，占 比2.21%；大单买入1650.87万元，占比16.64%，卖出1986.17万元，占比20.02%。 截至9月30日，恒力石化股东户数6.73万，较上期减少9.54%；人均流通股104566股，较上期增加 10.55%。2025年1月-9月，恒力石化实现营业收入1573.84亿元，同比减少11.46%；归母净利润50.23亿 元，同比减少1.61%。 分红方面，恒力石化A股上市后累计派现261.36亿元。近三年，累计派现76.02亿元。 机构持仓方面，截止2025年9月30日，恒力石化十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2.04亿股，相比上期减少3558.18万股。华泰柏瑞沪深300ETF（510300）位居第十大流通 股东，持股3577.83万股，为新进股东。 责任编辑：小浪快报 恒力石化今年以来股价涨18.42%，近5 ...

炼化新风"吹起"荣盛石化 有色板块飙升后，其"近邻"化工板块也正逐步成为市场焦点。最近七个月以来，民营炼化头部企业荣盛 石化涨近70%，市值回升已经超五百亿元。但值得一提的是，即便荣盛石化表现如此"给力"，身为其股 东的沙特阿美依然浮亏超百亿。 荣盛石化正在"回血"。 1月22日，荣盛石化收涨逾4%，股价再创年内新高，总市值上升到1351亿元。至此，从2025年6月23日 算起，这家民营炼化龙头已经"静悄悄"地上涨了接近70%，市值回升近543亿元。 据了解，随着油价波动逐步"区间化"叠加"反内卷"推进，国内炼化行业景气度自2025年下半年以来逐渐 上行，致使荣盛石化也慢慢迎来复苏。不过，即便如此，身为荣盛石化重要股东的沙特阿美依然身处亏 损泥潭。 2023年，沙特阿美全资子公司AOC斥资246亿元成为荣盛石化股东，拿下公司10.13亿股股份。彼时，不 差钱且更加注重业务效应的沙特阿美付出了约九成溢价，这也意味着其一开始就是以亏损开局。 此后，荣盛石化一度跌跌不休，最多时沙特阿美一度亏损约168亿。截至发稿，沙特阿美持有荣盛石化 市值大约有137亿元，整体亏损依然高达约109亿元。 资料显示，荣盛石化旗下炼化 ...

Summary of the Conference Call for Hengli Petrochemical Company Overview - **Company**: Hengli Petrochemical - **Industry**: Petrochemical Key Points and Arguments Financial Performance and Strategy - Hengli Petrochemical has significantly improved the profitability of industrial yarns, with prices recovering from a low of 700-800 RMB to around 3,000 RMB, benefiting from the petrochemical industry's anti-involution strategy [2][3] - The company plans to enter a debt reduction cycle starting in 2026, with a goal to reduce the debt ratio from 76% to approximately 60% within 3-4 years while maintaining stable dividends and advancing new capacity investments [2][5][16] - Capital expenditures are expected to substantially conclude by 2025, with a focus on utilizing strong operating cash flow to lower the debt ratio [5][6] Industry Dynamics - The Chinese petrochemical industry holds a competitive advantage globally due to high integration levels, cost competitiveness, and a favorable product structure, leading to the gradual exit of traditional production hubs in Europe, Japan, and South Korea [2][7] - The PX (paraxylene) industry is influenced by refining and gasoline products, with global refinery capacity optimization and rapid downstream PTA (purified terephthalic acid) expansion expected to maintain a tight supply-demand situation [2][9] Market Trends and Pricing - PTA prices have rebounded since late October 2025, with a price difference of approximately 300 RMB/ton, indicating some improvement in profitability, although not fully restored [2][10] - The polyester film industry has seen gradual profitability improvements since Q4 2025, with collaborative self-discipline among nine companies stabilizing the profit landscape [2][13][14] Future Development Focus - Hengli Petrochemical's future development priorities include reducing the debt ratio, maintaining stable dividends, and advancing new projects such as fine chemical parks and functional film production lines [2][8] - The company aims to optimize existing operations to enhance efficiency in response to changing market conditions [2][8] Supply Chain and Production Capacity - The supply side of the PX industry is constrained due to the lack of new refinery approvals in China and the aging of overseas refineries, compounded by carbon neutrality policies and geopolitical factors [2][9] - The overall global refining capacity is being optimized, but the rapid expansion of PTA is tightening supply further, with no significant new aromatic chain facilities expected in the near term [2][9] Collaboration and Industry Measures - The petrochemical industry is shifting towards reducing vicious competition and controlling supply to improve profit margins, with Hengli Petrochemical actively promoting anti-involution measures in PTA and industrial yarns [2][4][12] Engineering and Project Updates - As of Q3 2025, Hengli Petrochemical has approximately 33.7 billion RMB in construction projects, primarily in fine chemical parks and production lines, expected to complete the transition to fixed assets by mid-2026 [2][11] Additional Important Insights - The collaboration among companies in the polyester film sector has led to a stabilization of profitability, with a focus on optimizing processes to achieve better financial outcomes [2][13][14] - The overall outlook for the olefins sector remains positive, supported by diverse supply sources and strong demand across various applications, despite the cyclical nature of the market [2][15]

Group 1 - The core point of the article highlights the recent stock performance of Hengli Petrochemical, which saw a decline of 2.02% on January 12, with a current price of 22.75 CNY per share and a total market capitalization of 160.14 billion CNY [1] - As of January 12, the company experienced a net outflow of main funds amounting to 74.20 million CNY, with significant selling pressure observed [1] - The stock has shown a year-to-date increase of 0.98%, with notable gains of 3.36% over the past five trading days, 22.11% over the past 20 days, and 36.06% over the past 60 days [1] Group 2 - As of September 30, the number of shareholders for Hengli Petrochemical was 67,300, reflecting a decrease of 9.54% from the previous period, while the average circulating shares per person increased by 10.55% to 104,566 shares [2] - For the period from January to September 2025, the company reported a revenue of 157.38 billion CNY, a year-on-year decrease of 11.46%, and a net profit attributable to shareholders of 5.02 billion CNY, down 1.61% year-on-year [2] - The company has distributed a total of 26.14 billion CNY in dividends since its A-share listing, with 7.60 billion CNY distributed over the past three years [3] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Hengli Petrochemical included Hong Kong Central Clearing Limited as the fifth largest shareholder, holding 204 million shares, a decrease of 35.58 million shares from the previous period [3] - Huatai-PB CSI 300 ETF is noted as a new entrant among the top ten circulating shareholders, holding 35.78 million shares [3]

Group 1 - The core viewpoint of the news is that Hengli Petrochemical's stock has experienced fluctuations, with a recent decline of 2.06% and a total market capitalization of 164.01 billion yuan [1] - As of January 9, the stock price is reported at 23.30 yuan per share, with a trading volume of 265 million yuan and a turnover rate of 0.16% [1] - The company has seen a year-to-date stock price increase of 3.42%, with significant gains over the past 20 days (23.02%) and 60 days (38.03%) [1] Group 2 - As of September 30, the number of shareholders for Hengli Petrochemical is 67,300, a decrease of 9.54% from the previous period, while the average circulating shares per person increased by 10.55% to 104,566 shares [2] - For the period from January to September 2025, the company reported a revenue of 157.38 billion yuan, a year-on-year decrease of 11.46%, and a net profit attributable to shareholders of 5.02 billion yuan, down 1.61% year-on-year [2] Group 3 - Hengli Petrochemical has distributed a total of 26.14 billion yuan in dividends since its A-share listing, with 7.60 billion yuan distributed over the past three years [3] - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 204 million shares, a decrease of 35.58 million shares from the previous period [3] - Huatai-PB CSI 300 ETF is a new entrant among the top ten circulating shareholders, holding 35.78 million shares [3]