Company Overview - Hengli Petrochemical Co., Ltd. is located in Dalian, Liaoning Province, and was established on March 9, 1999, with its listing date on August 20, 2001. The company specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as the production and sales of steam and electricity, PTA production and sales, and refining and petrochemical businesses [1]. Financial Performance - As of June 30, 2025, Hengli Petrochemical reported a revenue of 103.944 billion yuan, a year-on-year decrease of 7.68%. The net profit attributable to shareholders was 3.050 billion yuan, down 24.08% year-on-year [2]. - The company has cumulatively distributed 25.573 billion yuan in dividends since its A-share listing, with 7.039 billion yuan distributed over the past three years [3]. Stock Performance - On September 3, Hengli Petrochemical's stock price decreased by 2.05%, trading at 17.22 yuan per share, with a total market capitalization of 121.213 billion yuan. The stock has increased by 15.57% year-to-date, with a 0.23% decline over the last five trading days, a 12.92% increase over the last 20 days, and a 19.25% increase over the last 60 days [1]. - The company had 74,400 shareholders as of June 30, 2025, a decrease of 0.75% from the previous period, with an average of 94,588 circulating shares per shareholder, an increase of 0.75% [2]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 239 million shares, an increase of 23.2252 million shares compared to the previous period [3]. Business Segmentation - The main revenue composition of Hengli Petrochemical includes refining products (45.92%), PTA (31.10%), polyester products (19.24%), and others (3.73%) [1].

Group 1 - The core viewpoint of the news is that Hengli Petrochemical's stock has shown significant price increases and positive trading activity, indicating investor interest and potential growth in the company [1][2]. - As of August 28, Hengli Petrochemical's stock price increased by 2.03% to 17.61 CNY per share, with a total market capitalization of 123.96 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 18.19%, with notable gains of 4.76% in the last five trading days, 13.98% in the last twenty days, and 21.36% in the last sixty days [1]. Group 2 - For the first half of 2025, Hengli Petrochemical reported a revenue of 103.94 billion CNY, a year-on-year decrease of 7.68%, and a net profit attributable to shareholders of 3.05 billion CNY, down 24.08% compared to the previous year [2]. - The company has distributed a total of 25.57 billion CNY in dividends since its A-share listing, with 7.04 billion CNY distributed over the last three years [3]. - As of June 30, 2025, the number of shareholders decreased by 0.75% to 74,400, while the average number of circulating shares per person increased by 0.75% to 94,588 shares [2][3].

Core Viewpoint - Yuxing Co., Ltd. (300305.SZ) reported a decline in overall production capacity utilization and a decrease in the production and sales volume of polyester films due to multiple factors including capacity release in the polyester film industry, intensified competition, and supply-demand imbalance [1] Company Summary - The overall production capacity utilization of the company remained low during the reporting period [1] - The production and sales volume of polyester films experienced a decline [1] Industry Summary - The polyester film industry is facing challenges such as capacity release, increased competition, and supply-demand imbalance, which are impacting the performance of companies within the sector [1]

行业 MEG 日报 日期 2025 年 08 月 27 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Company Overview - Hengli Petrochemical Co., Ltd. is located in Dalian, Liaoning Province, and was established on March 9, 1999, with its listing date on August 20, 2001. The company specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as the production and sales of steam and electricity, PTA production and sales, and refining and petrochemical businesses [1]. Financial Performance - As of June 30, 2025, Hengli Petrochemical reported a revenue of 103.944 billion yuan, a year-on-year decrease of 7.68%. The net profit attributable to shareholders was 3.050 billion yuan, down 24.08% compared to the previous year [2]. - The company has cumulatively distributed 25.573 billion yuan in dividends since its A-share listing, with 7.039 billion yuan distributed over the past three years [3]. Stock Performance - On August 25, Hengli Petrochemical's stock price increased by 2.05%, reaching 17.45 yuan per share, with a trading volume of 358 million yuan and a turnover rate of 0.30%. The total market capitalization stood at 122.832 billion yuan [1]. - Year-to-date, the stock price has risen by 17.11%, with a 15.41% increase over the last five trading days, an 11.08% increase over the last 20 days, and an 18.71% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hengli Petrochemical was 74,400, a decrease of 0.75% from the previous period. The average number of circulating shares per person increased by 0.75% to 94,588 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fifth largest, holding 239 million shares, an increase of 23.2252 million shares from the previous period [3]. Business Segmentation - The main revenue composition of Hengli Petrochemical includes refining products (45.92%), PTA (31.10%), polyester products (19.24%), and others (3.73%) [1]. - The company is classified under the Shenwan industry as part of the petroleum and petrochemical sector, specifically in refining and trade [1].

Company Overview - Hengli Petrochemical Co., Ltd. is located in Dalian, Liaoning Province, and was established on March 9, 1999, with its listing date on August 20, 2001 [1] - The company specializes in the research, production, and sales of polyester fibers, polyester films, and related products, as well as the production and sales of steam and electricity; it also engages in PTA production and sales, refining, and petrochemical businesses [1] - The main revenue composition includes refining products (45.77%), PTA (28.83%), polyester products (17.68%), and others (7.72%) [1] Stock Performance - As of August 22, Hengli Petrochemical's stock price increased by 2.14%, reaching 17.17 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 0.11%, resulting in a total market capitalization of 120.86 billion CNY [1] - Year-to-date, the stock price has risen by 15.23%, with a 13.18% increase over the last five trading days, a 9.50% increase over the last 20 days, and a 16.17% increase over the last 60 days [1] Financial Performance - For the period ending March 31, Hengli Petrochemical reported a revenue of 57.046 billion CNY, a year-on-year decrease of 2.34%, and a net profit attributable to shareholders of 2.051 billion CNY, down 4.13% year-on-year [2] - The company has cumulatively distributed 25.573 billion CNY in dividends since its A-share listing, with 7.039 billion CNY distributed over the past three years [3] Shareholder Information - As of March 31, the number of shareholders for Hengli Petrochemical was 75,000, a decrease of 8.28% from the previous period, with an average of 93,882 circulating shares per shareholder, an increase of 9.03% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 216 million shares, a decrease of 8.8883 million shares compared to the previous period [3]

Group 1 - The stock price of Doushan New Materials remained stable at 5.79 yuan as of August 18, 2025, with a trading volume of 266,509 hands and a transaction amount of 154 million yuan [1] - Doushan New Materials specializes in the research, production, and sales of new materials such as polyester films and optical films, which are widely used in packaging, electronics, and construction [1] - The company announced on August 18 that it will continue to deepen strategic cooperation with leading domestic and international enterprises to enhance product market penetration [1] Group 2 - Doushan New Materials revealed that its foreign business is expected to achieve sales revenue of 1.197 billion yuan in 2024, accounting for 20.26% of total operating revenue [1] - The company plans to rationally allocate production capacity based on market demand and continuously improve its talent incentive mechanism [1] - On the same day, the main funds of Doushan New Materials experienced a net outflow of 14.589 million yuan, with a cumulative net outflow of 59.9246 million yuan over the past five days [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The PTA industry is nearing the end of its expansion phase, with a projected new capacity of 8.7 million tons in 2025, while the demand for PTA products is expected to continue growing due to steady demand from downstream applications such as polyester fibers, bottle sheets, and films [6][31][32] Supply Side Summary - The domestic PTA industry's effective capacity increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with a compound annual growth rate (CAGR) of 12.5% [12][14] - As of August 2025, the industry concentration ratio (CR7) reached 76%, indicating a high level of market concentration and pricing power among leading companies [15][16] - The expansion of PTA capacity is expected to slow down, with 870,000 tons of new capacity planned for 2025, and an additional 800,000 tons planned for 2026 and beyond [19][20] Demand Side Summary - The primary demand for PTA comes from polyester fibers and films, with polyester fibers accounting for 71% of the demand and bottle sheets for 23% [26][28] - The apparent consumption of PTA in China increased from 42.36 million tons in 2019 to 65.58 million tons in 2024, with a CAGR of 9.13% [28][30] - Exports of PTA have been increasing, reaching 4.418 million tons in 2024, which is approximately 6.3% of the total domestic production [29][30] Profitability Forecast and Investment Recommendations - The report anticipates a gradual recovery in PTA product profitability as the supply-side dynamics improve and demand continues to rise [31] - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., Ltd. Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [32][33]

Group 1 - Longhua New Materials' controlling shareholder plans to reduce holdings by up to 1% of the company's shares, amounting to a maximum of 4.3 million shares [1] - Qingdao Double Star reported a net loss of 186 million yuan in the first half of 2025, with revenue of 2.272 billion yuan, a year-on-year decrease of 0.31% [2] - Huakang Clean's controlling shareholder and chairman is under investigation and has been placed under detention, with the general manager temporarily taking over the chairman's responsibilities [4] Group 2 - Century Tianhong's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling a maximum of 10.9837 million shares [5] - Caesar Travel's shareholder plans to reduce holdings by up to 3% of the company's shares, with a maximum of 16.0379 million shares through various methods [7] - Zhang Xiaoqin's shareholder plans to reduce holdings by up to 540,100 shares, representing 0.36% of the total share capital after excluding repurchased shares [9] Group 3 - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [11] - Hangxin Technology's borrowings increased by 201 million yuan, exceeding 20% of the net assets at the end of the previous year [12] - Aileda's three executives plan to collectively reduce holdings by up to 149,100 shares [13] Group 4 - Iceberg Refrigeration reported a net profit of 79.5411 million yuan in the first half of 2025, a year-on-year increase of 1.29% [14] - Jindan Technology's director plans to reduce holdings by 1.5 million shares, accounting for 0.66% of the total share capital [15] - Heshun Technology's shareholder plans to reduce holdings by up to 655,300 shares, representing 0.82% of the total share capital [18] Group 5 - Tianshi Technology's shareholder plans to reduce holdings by up to 5.928 million shares, accounting for 3% of the total share capital [19] - Yuhuang Jinlead plans to raise up to 400 million yuan through a private placement to its controlling shareholder [20] - China Shenhua reported coal sales of 24.3 million tons in July, a year-on-year decrease of 5.5% [21] Group 6 - Jialitu's controlling shareholder plans to reduce holdings by up to 541,800 shares, representing 1% of the total share capital [22] - Wanlin Logistics' controlling shareholder and related parties plan to reduce holdings by up to 599,200 shares, accounting for 1% of the total share capital [23] - Xueqi Electric plans to acquire 65% of Hefei Shengbang's equity for 47.45 million yuan [24] Group 7 - Wantong Development plans to invest 854 million yuan to acquire 62.98% of Shuduo Technology [26] - Ganhua Science and Technology plans to acquire 65% of Xi'an Ganxin Technology for 388 million yuan [28]

Core Viewpoint - The U.S. Department of Commerce has initiated a third sunset review investigation on anti-dumping duties for polyester film imported from China and the UAE, indicating ongoing scrutiny of trade practices in this sector [1] Group 1: Investigation Details - The U.S. International Trade Commission is conducting a third sunset review investigation on the potential industry harm from imports of polyester film from China and the UAE [1] - The investigation will assess whether the removal of current anti-dumping measures would lead to substantial harm to the U.S. domestic industry within a reasonably foreseeable period [1]