Group 1 - The stock price of Jiahuan Energy is reported at 8.92 yuan, down 1.22% from the previous trading day, with a trading range of 9.09 yuan to 8.89 yuan and a total transaction amount of 182 million yuan [1] - Jiahuan Energy's main business includes the production and sales of basic chemical products and energy supply, and it is one of the important chemical companies in China located in Zhejiang Province [1] - The company recently announced a semi-annual distribution plan for 2025, proposing a cash dividend of 2 yuan for every 10 shares to all shareholders, with a total expected cash distribution of 265 million yuan, representing 45.66% of its net profit, marking the 26th cash distribution since its listing [1] Group 2 - On August 11, the net outflow of main funds was 22.54 million yuan, with a cumulative net outflow of 37.98 million yuan over the past five days [1]

| 利润息额 | 658. 425, 693.67 | 593, 794, 476. 90 | 0. 1088 | | --- | --- | --- | --- | | 归属于上市公司股 | 580, 592, 815. 78 | 529, 565, 976. 34 | 9.64 | | 东的净利润 | | | | | 归属于上市公司股 东的扣除非经常性 | 529,251,941.98 | 520, 430, 445. 63 | 1. 70 | | 损益的净利润 | | | | | 经营活动产生的现 | 302, 643, 429, 98 | 716, 258, 046. 37 | -57.75 | | 金流量净额 | | | | | 加权平均净资产收 | 5.62 | 5.27 | 增加0.35个百分点 | | 益率(%) | | | | | 基本每股收益(元/ | 0. 4301 | 0. 3823 | 12.50 | | 股) | | | | | 稀释每股收益(元/ | 0. 4301 | 0. 3823 | 12. 50 | | 股) | | | | 半年报显示，嘉化能源脂肪醇（酸）系列产品表现亮 ...

Group 1 - On August 8, Jiayuan Energy had a financing purchase amount of 0.12 billion, ranking 1148th in the two markets [1] - The financing repayment amount on the same day was 0.14 billion, resulting in a net sell of 2.72 million [1] - Over the last three trading days (August 6-8), Jiayuan Energy received financing purchases of 0.33 billion, 0.23 billion, and 0.12 billion respectively [1] Group 2 - On August 8, the company had a short selling of 69,500 shares, with a net sell of 59,200 shares [1]

行 业 研 究 2025 年 08 月 08 日 投资评级：看好（维持） 行业走势图 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 2025-08 基础化工 沪深300 数据来源：聚源 相关研究报告 《中共中央政治局会议再度明确"反 内卷"决心，国家发改委将对内卷行 业展开摸底调查—化工行业周报》 -2025.8.3 《多国政策支持生物燃料行业发展， 行业景气度向上—行业点评报告》 -2025.8.1 《农药行业开展"正风治卷"三年行 动，看好供给优化助力盈利修复、景 气反转—行业点评报告》-2025.7.28 ——行业深度报告 氯碱盈利已触底，PVC 亏损严重，反内卷政策推动下行业盈利有望修复。2025 年 7 月 1 日，中央财经委员会第六次会议明确强调，依法依规治理企业低价无序竞 争，推动落后产能有序退出。从氯碱行业上市公司 2024 年利润情况看，在我们统计 的 14 家上市企业中，6 家企业的氯碱业务处于盈亏平衡或者亏损的状态，可能非上 市公司的情况更差。据我们测算，2025 年 7 月，片碱行业平均盈利约为 1,053 元/吨、 PVC 行业平均亏 ...

核心产品涨价，嘉化能源（600273）（600273.SH）业绩增长。 8月5日晚间，嘉化能源发布中报，2025年上半年，嘉化能源实现营业收入50.06亿元，同比增长8.31%； 实现净利润5.81亿元，同比增长9.64%。 长江商报记者注意到，业绩增长主要是因为公司主要产品脂肪醇（酸）系列产品销售均价同比上涨 64.22%，带来销售收入增长。 当日，嘉化能源还发布2025半年度分配预案，拟10派2元（含税），预计派现金额合计为2.65亿元，占 净利润比例为45.66%。 这是嘉化能源上市以来，累计第26次派现。嘉化能源2014年以来累计派现金额超过53亿元。 上半年营收净利双双增长 化工板块中，脂肪醇（酸）系列产品产量达16.26万吨，该系列产品因原材料价格持续高位运行，销售 均价同比上涨64.22%，实现销售收入23.19亿元，较上年同期增长60.21%。聚氯乙烯产量为17.98万吨， 受宏观经济形势影响，价格持续走低，实现销售收入7.06亿元，较上年同期下降15.9%。烧碱（折百） 产量16.11万吨，价格同比上涨11.23%，但受国家政策等因素影响，实现销售收入4.07亿元，较上年同 期下降8.73% ...

| 营业收入 | 5,006, 307, 063, 64 | 4,622, 312, 423. 59 | 8. 31 | | --- | --- | --- | --- | | 利润总额 | 658, 425, 693, 67 | 593, 794, 476. 90 | 10. 88 | | 归属于上市公司股东的净利润 | 580. 592. 815. 78 | 529, 565, 976. 34 | 9. 64 | | 归属于上市公司股东的扣除非 | 529, 251, 941, 98 | 520, 430, 445. 63 | 1. 70 | | 经常性损益的净利润 | | | | | 经营活动产生的现金流量净额 | 302, 643, 429, 98 | 716, 258, 046. 37 | -57.75 | | | 本报告期末 | 上年度末 | 本报告期末比 上年度末增减 | | | | | (%) | | 归属于上市公司股东的净资产 | 10, 281, 302, 277, 54 | 10. 114. 750. 747. 10 | 1.65 | | 总资产 | 13, 916, 655, 762. ...

Summary of Jiahua Energy's Conference Call Company Overview - **Company**: Jiahua Energy - **Industry**: Energy and Chemical Industry Key Points and Arguments 1. **Revenue and Profit Growth**: In Q2 2025, Jiahua Energy reported revenue from fatty acids and fatty alcohols exceeding 40%, reaching 2.323 billion yuan, with a net profit of 170 million yuan, although gross margin slightly declined [2][7] 2. **PVC Business Performance**: PVC business generated 700 million yuan in revenue but incurred a loss of approximately 70 million yuan, primarily due to losses in Q1 and Q2 [2][7] 3. **Steam Business**: Steam revenue was 850 million yuan with a net profit of 180 million yuan, showing a slight increase in gross margin and a year-on-year sales growth of about 10% [2][9] 4. **Steam Pricing Mechanism**: The pricing mechanism for steam has shifted towards monthly adjustments, maintaining a gross margin between 28% and 32% [9] 5. **Production Capacity**: The theoretical steam production capacity is 22.6 million tons, but current demand has not reached this limit [10] 6. **Caustic Soda Capacity Expansion**: After the completion of caustic soda upgrades, effective production capacity is expected to increase from 400,000 tons to 500,000 tons [12] 7. **New Projects Timeline**: The second phase of fatty alcohol production is delayed to late October due to import delays, while the second phase of PVC is expected to start trial operations by the end of September [11] 8. **Asset Impairment**: The company faced asset impairment mainly related to the hydrogen peroxide business, leading to a write-down of over 20 million yuan [14] 9. **Carbon Trading Revenue**: The company generated over 30 million yuan in non-operating income from carbon trading, with a significant decrease in price per ton compared to the previous year [15] 10. **Market Demand and Production Capacity**: Jiahua Energy can potentially double its production capacity for fatty alcohols and fatty acids if market demand is sufficient [19] Additional Important Information 1. **Business Model**: Jiahua Energy operates a circular economy model, linking traditional businesses to achieve stable revenue and profit [5] 2. **Product Portfolio**: The company produces various products, including glycerin and oleic acid, with fatty alcohols and fatty acids being the most profitable [20] 3. **Q2 Margin Decline**: The decline in gross margin in Q2 was attributed to the widening price gap of pure products, although there are signs of improvement for Q3 [21] 4. **Accounts Receivable Financing**: An increase in accounts receivable financing was noted, primarily due to a new financing lease project worth 200 million yuan [25] 5. **Improvement in Huanghua Operations**: The operational performance of Huanghua improved compared to last year, driven by recovery in the downstream agricultural chemical sector [26]

Core Viewpoint - The company reported a steady performance in its 2025 semi-annual report, with revenue and net profit showing positive year-on-year growth, indicating resilience in its operations despite macroeconomic challenges [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 5.006 billion yuan, up 8% year-on-year, and a net profit attributable to shareholders of 581 million yuan, up 10% year-on-year [1]. - In Q2 2025, the company recorded revenue of 2.645 billion yuan, a 5% increase year-on-year, but a net profit of 305 million yuan, which represents a 4% decline year-on-year [1]. - The gross margin for Q2 2025 was 16.5%, unchanged year-on-year, while the expense ratio was 5.1%, an increase of 0.1 percentage points year-on-year [1]. Business Segments Performance - Revenue growth varied across different business segments in H1 2025: - Fatty alcohol (acid) +60% - PVC -14% - Sulfonated pharmaceuticals +38% - Sulfur +58% - Steam -2% - Photovoltaic power -11% - Dock loading and unloading -21% [1]. - Sales volume changes were as follows: - Fatty alcohol -2% - PVC -1% - Sulfonated pharmaceuticals +34% - Sulfur +12% - Steam +10% - Photovoltaic power -4% - Dock loading and unloading -5% [1]. - Price changes year-on-year were: - Fatty alcohol +64% - PVC -13% - Sulfonated pharmaceuticals +3% - Sulfur +41% - Steam -10% - Photovoltaic power -8% - Dock loading and unloading -17% [1]. Strategic Initiatives - The company is focusing on its core industry advantages in cogeneration, ensuring high production capacity of its main facilities, and pursuing key project construction and technological upgrades to enhance future growth potential [1]. - The company's circular economy advantages are becoming more prominent in the context of moderate macroeconomic growth, demonstrating its anti-cyclical capabilities [1]. Shareholder Returns - The company has implemented a proactive and stable dividend policy, proposing a cash dividend of 2 yuan per 10 shares, totaling approximately 265 million yuan, which represents 45.66% of net profit [2]. - As of the end of July, the company had repurchased 21,526,100 shares, accounting for 1.59% of total share capital, with a total expenditure of nearly 186 million yuan [2]. - The company is accelerating the construction of its second-phase projects for fatty alcohol and PVC, with expectations for trial production in the second half of the year, which may enhance future performance [2]. Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 1.26 billion yuan, 1.44 billion yuan, and 1.57 billion yuan for the years 2025 to 2027, maintaining a "strong buy" rating [3].

Core Insights - In total, 10 companies released their semi-annual reports for 2025 on August 6, with all reporting year-on-year net profit growth, and 9 showing revenue growth, while 1 company experienced a decline in revenue [1] - Among these companies, 9 achieved simultaneous growth in both net profit and revenue, with two companies reporting a doubling of their performance, the highest being Nanji Guang with a net profit increase of 982.43% [1] Company Performance Summary - **Nanji Guang (300940)**: - Earnings per share: 0.3274 - Net profit: 72.89 million - Net profit growth: 982.43% - Revenue: 397.51 million - Revenue growth: 244.67% [1] - **Hui Sheng (300871)**: - Earnings per share: 0.6622 - Net profit: 117.18 million - Net profit growth: 325.88% - Revenue: 822.20 million - Revenue growth: 88.45% [1] - **Siwei Liekong (603508)**: - Earnings per share: 0.8000 - Net profit: 303.55 million - Net profit growth: 59.76% - Revenue: 689.19 million - Revenue growth: 23.35% [1] - **Zhongchong (002891)**: - Earnings per share: 0.6841 - Net profit: 203.05 million - Net profit growth: 42.56% - Revenue: 2432.19 million - Revenue growth: 24.32% [1] - **Haiguangxin (688041)**: - Earnings per share: 0.5200 - Net profit: 1201.45 million - Net profit growth: 40.78% - Revenue: 5464.24 million - Revenue growth: 45.21% [1] - **Dongmu (600114)**: - Earnings per share: 0.4200 - Net profit: 260.91 million - Net profit growth: 37.61% - Revenue: 2929.74 million - Revenue growth: 24.51% [1] - **Jinaobo (002917)**: - Earnings per share: 0.2534 - Net profit: 86.73 million - Net profit growth: 20.91% - Revenue: 82.48 million - Revenue growth: 10.47% [1] - **Changhonghua (000404)**: - Earnings per share: 0.3696 - Net profit: 257.26 million - Net profit growth: 13.42% - Revenue: 6627.89 million - Revenue growth: -1.52% [1] - **Jiuzhou Pharmaceutical (603456)**: - Earnings per share: 0.5900 - Net profit: 525.83 million - Net profit growth: 10.70% - Revenue: 2870.95 million - Revenue growth: 3.86% [1] - **Jiahua Energy (600273)**: - Earnings per share: 0.4301 - Net profit: 580.59 million - Net profit growth: 9.64% - Revenue: 5006.31 million - Revenue growth: 8.31% [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue for H1 2025 reached 5.006 billion yuan, a year-on-year increase of 8.31%, driven by significant price increases in key products such as fatty alcohols [2][3] - The net profit attributable to shareholders for H1 2025 was 581 million yuan, up 9.64% year-on-year, benefiting from the recovery in downstream demand for sulfonated pharmaceutical products and improved price differentials in caustic soda [2][3] - The company is focusing on shareholder returns, maintaining a dividend payout ratio around 50% and actively repurchasing shares [4] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 17.42%, an increase of 0.49 percentage points year-on-year, and a net profit margin of 11.60%, up 0.13 percentage points year-on-year [1] - In Q2 2025, the company reported revenue of 2.645 billion yuan, a year-on-year increase of 4.55% and a quarter-on-quarter increase of 12.06% [1] - The average return on equity for H1 2025 was 5.62%, an increase of 0.35 percentage points year-on-year [1] Future Outlook - The company is expanding its fatty alcohol production capacity with a new project expected to contribute to earnings in the second half of 2025 [3] - The price differential for fatty alcohols has significantly improved, with an average price difference of 4,206 yuan/ton in Q3 2025, a quarter-on-quarter increase of 31.83% [3] - Revenue projections for 2025-2027 are estimated at 10.596 billion, 11.957 billion, and 13.050 billion yuan, respectively, with net profits expected to reach 1.216 billion, 1.395 billion, and 1.574 billion yuan [9]