证券代码：603225 证券简称：新凤鸣 公告编号：2025-121 新凤鸣集团股份有限公司 关于取消2025年第八次临时股东会的公告 特别提示 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。 一、 取消股东会的相关情况 1. 取消的股东会的类型和届次 2025年第八次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603225 | 新凤鸣 | 2025/12/23 | 二、 取消原因 新凤鸣集团股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召 开第六届董事会第四十三次会议，审议通过《关于启动新凤鸣（埃及）36 万吨/年功能性纤维项目的议案》，本议案尚需提交公司 2025 年第八次临时 股东会审议。 本次项目涉及的新凤鸣（埃及）36 万吨/年功能性纤维项目内容不变， 2. 取消股东会的召开日期：2025 年 12 月 29 日 3. 取消的股东会的股权登记日 但因埃及方面相关原因变化投资协议签署存在不确定性，不排除 ...

Core Viewpoint - The company Xin Feng Ming has reported a decrease in the number of shareholders and a significant change in stock performance, indicating a shift in investor sentiment and market dynamics [2] Group 1: Shareholder and Stock Performance - As of December 20, the number of shareholders for Xin Feng Ming was 18,137, a decrease of 1,620 from the previous period, representing a decline of 8.20% [2] - The closing price of Xin Feng Ming on December 23 was 18.29 yuan, reflecting an increase of 3.63%, with a cumulative increase of 13.11% since the concentration of shares began [2] - The stock experienced 8 days of increases and 2 days of decreases during this period [2] Group 2: Financing and Margin Data - The latest margin trading balance for Xin Feng Ming as of December 23 was 181 million yuan, with a financing balance of 174 million yuan [2] - The financing balance has decreased by 29.38 million yuan, a decline of 14.43% since the concentration of shares began [2] Group 3: Financial Performance - For the first three quarters, Xin Feng Ming achieved a total operating revenue of 51.542 billion yuan, representing a year-on-year growth of 4.77% [2] - The net profit for the same period was 869 million yuan, showing a year-on-year increase of 16.56% [2] - The basic earnings per share were 0.5800 yuan, with a weighted average return on equity of 4.92% [2] Group 4: Institutional Ratings - In the past month, Xin Feng Ming received buy ratings from two institutions [2] - The highest target price forecasted is 17.80 yuan, as reported by China International Capital Corporation on December 15 [2]

证券日报网讯12月24日，新凤鸣（603225）在互动平台回答投资者提问时表示，截至2025年12月19日， 公司的股东总数是18137户。 ...

Core Insights - The Egyptian government announced the signing of contracts for three large industrial projects in Ain Sokhna, with a total investment of approximately $1.15 billion [1] Group 1: Project Details - The first contract involves the construction of a polyester fiber and polymer integrated industrial park, with an investment exceeding $800 million, expected to have an annual production capacity of 1.08 million tons and create around 3,000 direct jobs [1] - The second contract pertains to the establishment of a comprehensive industrial park for the production of heavy truck tires and passenger car tires, with an anticipated investment of $190 million, expected to generate approximately 1,400 direct jobs [1] - The third contract focuses on the construction of a sanitary products manufacturing industrial park, with an estimated investment of $160 million, projected to create about 1,000 direct jobs [1]

Core Viewpoint - The Egyptian government announced the signing of contracts for three large industrial projects in Ain Sokhna, with a total investment of approximately $1.15 billion [1] Group 1: Project Details - The first contract involves the construction of a polyester fiber and polymer integrated industrial park, with an investment exceeding $800 million, expected to have an annual production capacity of 1.08 million tons and create around 3,000 direct jobs [1] - The second contract pertains to the establishment of a comprehensive industrial park for the production of heavy truck tires and passenger car tires, with an anticipated investment of $190 million, projected to generate about 1,400 direct jobs [1] - The third contract focuses on the construction of a sanitary products manufacturing industrial park, with an estimated investment of $160 million, expected to create approximately 1,000 direct jobs [1]

Group 1 - The core viewpoint of the news is that Xin Fengming has shown significant stock performance with a year-to-date increase of 59.59% and a recent rise of 7.47% over the last five trading days [1] - As of December 10, the number of shareholders for Xin Fengming decreased by 5.55% to 19,800, while the average circulating shares per person increased by 5.88% to 76,712 shares [2] - For the period from January to September 2025, Xin Fengming achieved a revenue of 51.542 billion yuan, representing a year-on-year growth of 4.77%, and a net profit attributable to shareholders of 0.869 billion yuan, up 16.53% year-on-year [2] Group 2 - Xin Fengming has distributed a total of 1.733 billion yuan in dividends since its A-share listing, with 720 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the ninth largest circulating shareholder of Xin Fengming, holding 16.7314 million shares as a new shareholder [3] - The company operates primarily in the production and sales of polyester filament, short fibers, and PTA, with its main business revenue composition being POY at 42.73%, PTA at 13.29%, and other segments contributing to the overall revenue [1]

东吴证券近日发布大炼化周报：国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。本周PX均价为838.6美 元/吨，环比+1.7美元/吨，较原油价差为400.0美元/吨，环比+15.7美元/吨，PX开工率为89.2%，环比 +0.0pct。 以下为研究报告摘要： 【相关上市公司】民营大炼化&涤纶长丝：恒力石化、荣盛石化、恒逸石化、桐昆股份、新凤鸣。 投资要点 【风险提示】1）项目实施进度不及预期；2）宏观经济增速下滑，导致需求复苏弱于预期；3）地缘风 险演化导致原材料价格波动；4）行业产能发生重大变化；5）统计口径及计算误差。（东吴证券 陈淑 娴,周少玟） 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2674元/吨，环比+104元/吨（环比 +4%）；国外重点大炼化项目本周价差为1305元/吨，环比-24元/吨（环比-2%）。 【聚酯板块】本周POY/FDY/DTY行业均价分别为6293/6536/7686元/吨，环比分别-111/-125/-61元/吨， POY/FDY/DTY行业周均利润为 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report focuses on the weekly data of the large refining and chemical industry, showing that the cost - side support has weakened and filament prices have declined. It also analyzes the price, profit, inventory, and other indicators of different sectors such as refining, polyester, and chemicals, and tracks the performance and profit forecasts of relevant listed companies [1][2]. 3. Summary According to Relevant Catalogs 3.1 Big Refining Weekly Data Briefing - **Stock Price and Market Value of Listed Companies**: The report tracks the stock price changes of six major private refining and chemical companies in the past week, month, three - month, one - year, and from the beginning of 2025 to the present. For example, the oil and petrochemical index rose 1.6% in the past week, while Rongcheng Petrochemical rose 5.1%. It also provides the stock price, total market value, and profit forecasts of these companies from 2024A to 2027E [7]. - **Oil Price and Refining Spread**: The average price of Brent crude oil this week was $60.1 per barrel, a decrease of $1.9 ( - 3.1%) compared to the previous week, and a decrease of 18.4% compared to the same period last year. The average price of WTI crude oil was $56.3 per barrel, a decrease of $2.0 ( - 3.4%) compared to the previous week, and a decrease of 20.1% compared to the same period last year. The spread of domestic refining projects this week was 2,673.8 yuan/ton, an increase of 104.3 yuan/ton (4.1%) compared to the previous week, and an increase of 6.7% compared to the same period last year. The spread of foreign refining projects was 1,305.4 yuan/ton, a decrease of 23.6 yuan/ton ( - 1.8%) compared to the previous week, and an increase of 26.5% compared to the same period last year [7]. - **Polyester Sector**: The average prices of POY, FDY, and DTY in the industry this week were 6,292.9 yuan/ton, 6,535.7 yuan/ton, and 7,685.7 yuan/ton respectively, with week - on - week decreases of 110.7 yuan/ton, 125.0 yuan/ton, and 60.7 yuan/ton. The weekly average profits were - 58.4 yuan/ton, - 162.7 yuan/ton, and 3.2 yuan/ton respectively, with week - on - week decreases of 75.4 yuan/ton, 84.9 yuan/ton, and 42.2 yuan/ton. The inventory days were 19.0 days, 24.3 days, and 24.9 days respectively, with week - on - week increases of 2.3 days, 2.1 days, and 1.0 days. The filament operating rate was 89.1%, a decrease of 0.7 percentage points compared to the previous week [2][8]. - **Refining Sector**: The prices of gasoline, diesel, and jet fuel in China and the United States decreased this week [2]. - **Chemical Sector**: The average price of PX this week was $838.6 per ton, an increase of $1.7 compared to the previous week, and the spread compared to crude oil was $400.0 per ton, an increase of $15.7 compared to the previous week. The PX operating rate was 89.2%, unchanged from the previous week [2]. 3.2 Big Refining Weekly Report - **2.1 Big Refining Index and Project Spread Trends**: The report may show the trends of the big refining index and project spreads, but specific data and analysis are not detailed in the provided text, only the titles of relevant charts are given [10][11]. - **2.2 Polyester Sector**: It mainly analyzes the price, profit, inventory, operating rate, and sales - to - production ratio of various products in the polyester sector, including PX, PTA, MEG, POY, FDY, DTY, polyester staple fiber, polyester bottle chips, etc. For example, it studies the relationship between the price of PX and crude oil, the profit of PTA, and the inventory of filament products [22][23]. - **2.3 Refining Sector**: It is divided into domestic, US, European, and Singaporean refined oil markets, analyzing the price and spread of gasoline, diesel, and jet fuel in these regions compared to crude oil [80][92]. - **2.4 Chemical Sector**: It analyzes the price and spread of various chemical products such as EVA photovoltaic materials, pure benzene, styrene, etc., compared to crude oil [129][130].

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry, but it provides insights into price trends and market conditions that could influence investment decisions. Core Insights - The report highlights that the downstream stocking demand for winter is nearing its end, with polyester filament experiencing slight inventory accumulation [1]. - Domestic key refining project price spread is reported at 2540.74 CNY/ton, with a week-on-week increase of 7.17 CNY/ton (0.28%), while the international price spread is at 1303.62 CNY/ton, showing a decrease of 27.50 CNY/ton (-2.07%) [2][3]. - Brent crude oil's average price for the week ending December 19, 2025, is noted at 60.08 USD/barrel, reflecting a week-on-week decline of 3.10% [2]. Refining Sector Summary - The report discusses geopolitical factors affecting oil prices, including negotiations between Ukraine and the U.S. and sanctions on Venezuelan oil, which have led to fluctuations in international oil prices [2]. - Domestic refined oil prices have slightly decreased, with improvements in price spreads. The average prices for diesel, gasoline, and aviation kerosene are reported as 6625.29 CNY/ton, 7641.71 CNY/ton, and 5800.48 CNY/ton, respectively [15]. - The report notes that the chemical sector has seen a general decline in chemical prices, with some products experiencing smaller declines relative to cost, leading to improved price spreads [2]. Chemical Sector Summary - In the polyester sector, the report indicates that the price of PX and MEG has slightly decreased, while PTA prices remain stable. The overall price trend in the polyester industry is downward due to weak demand and increased production capacity [2]. - The report mentions that the EVA market is seeing price declines as production resumes from maintenance, with the average price reported at 9778.57 CNY/ton [50]. - The report also highlights that the price of pure benzene remains stable, while styrene prices have decreased due to weak cost support, with the average price reported at 6614.29 CNY/ton [50].

Investment Rating - The report indicates a positive outlook for the petrochemical sector, with the overall performance of the sector outperforming the Shanghai Composite Index by 1.57% this week [9]. Core Insights - Oil prices have remained volatile, influenced by geopolitical developments, particularly the progress in Russia-Ukraine negotiations and the fluctuating situation in Venezuela, which has led to a widening discount on Venezuelan oil [14]. - The average operating rate of domestic refineries is stable at 75.11%, while the average refining profit for major refineries is reported at 613.88 CNY/ton, showing a decrease from the previous period [3]. - The polyester sector is experiencing weak demand as the year-end approaches, with expectations of reduced operating rates for weaving machines [3]. - The ethylene market remains stable, with domestic prices holding steady, while propylene prices have seen a slight decline due to ample supply [3]. Summary by Sections Market Overview - The petrochemical sector has outperformed the Shanghai Composite Index, with various indices showing mixed performance, such as the polyester index increasing by 4.65% [9][10]. Oil and Gas Sector - As of December 18, WTI crude oil is priced at 56.15 USD, down by 1.45 USD, while Brent crude is at 61.43 USD, down by 0.95 USD. The U.S. commercial crude oil inventory decreased by 1.274 million barrels [14]. - The U.S. active oil rig count increased by 1 to 414 rigs, indicating a slight uptick in exploration activity [14]. Refining Sector - The average refining profit for major refineries is reported at 613.88 CNY/ton, a decrease of 31.59 CNY/ton from the previous period [3]. - The average operating rate for major refineries is stable at 75.11% [3]. Polyester Sector - The average profit for polyester products shows a decline, with POY150D at 38.35 CNY/ton, down by 71.09 CNY/ton, and FDY150D at -166.66 CNY/ton, down by 81.13 CNY/ton [3]. - PTA processing fees have slightly decreased to 156.51 CNY/ton, indicating ongoing challenges in profitability within the sector [3]. Olefins Sector - Ethylene prices remain stable at 6172 CNY/ton, while propylene prices in Shandong have decreased to 5955 CNY/ton, reflecting a 2.22% decline [3].