Core Viewpoint - Dongfang Shenghong (000301) is expected to turn a profit in 2025, with a projected net profit of 100 million to 150 million yuan, compared to a loss of 229.68 million yuan in the previous year, indicating a significant turnaround in financial performance [1][4][6]. Performance Disclosure Highlights - The company forecasts a net profit attributable to shareholders of 100 million to 150 million yuan for 2025, marking a recovery from the previous year's loss of 229.68 million yuan [1][6]. - The net profit, excluding non-recurring gains and losses, is expected to be a loss of 51.2 million to 56.2 million yuan, which is an improvement compared to the previous year [1][6]. - The 1,600,000 tons/year Shenghong integrated refining project is operating smoothly, and the company has improved its overall profitability through optimized procurement strategies, enhanced industrial synergy, and product structure adjustments [1][6]. Institutional Research Highlights - The company has a sulfur production capacity of 60,000 tons/year, and the rising sulfur market price positively impacts its business [2][4]. - The company benefits from the depreciation of the RMB, which helps reduce the procurement costs of its main raw material, crude oil, processed at an annual capacity of 1,600,000 tons [2][4]. - The company has a diverse product portfolio, including over 1 million tons of aromatics capacity, and is positioned as a leader in the domestic market for several chemical products [3]. Company Announcements Summary - The controlling shareholder and its concerted parties reduced their holdings of "Shenghong Convertible Bonds" by 5,291,968 shares, accounting for 10.58% of the total issuance [4][6]. - The company will hold its second extraordinary general meeting on February 6, 2026, to discuss the election of the board of directors and amendments to the articles of association [7].

Pendle Finance Overview - Pendle Finance is presented as a protocol generating revenue from printing revenue in markets for major blue-chip assets like ETH, BTC, and stablecoins [1] - TokenTerminal data indicates Pendle generated $33 million in revenue in 2025 [1] - Pendle is positioned as a DeFi-native yield engine with real fees, real users, and clear alignment between the protocol and its holders [2] Market Position - Pendle is ranked 3 by revenue across the entire Money Market sector, behind Aave and Spark [1] - Pendle v2 combines TradFi primitives with crypto-native yield narratives [1] - Pendle is often one of the first places liquidity moves to when a new yield narrative appears [1] Revenue Distribution - 80% of protocol revenue flows to vePENDLE holders [3] - 10% of protocol revenue is retained by the treasury [3] - 10% of protocol revenue funds protocol operations [3]

Market Performance - BMX 上涨 34.3%，成为 CEX 代币涨幅第一名 [1] - Crypto Insights 列出过去 7 天增长最高的 CEX 代币，包括 BMX、HSK、FTT、CRO、PT、WXT 和 BNB [1] Trading & Investment Opportunity - 报告提示交易者抓住 BMX 的上涨势头进行交易 [1] - 报告鼓励用户选择或评论他们偏好的交易所 [1]