Core Viewpoint - Wanhua Chemical's Q2 performance remained stable on a quarter-on-quarter basis, with governance improvements showing results [1] Financial Performance - In Q2 2025, the company's gross profit was 5.82 billion yuan, a decrease of 0.95 billion yuan compared to Q1 2025 [1] - Despite the decrease in gross profit, the company effectively managed expenses, resulting in a total profit reduction of only 0.185 billion yuan, with net profit attributable to shareholders remaining largely unchanged [1] Market Outlook - The company is expected to benefit from a rebound in MDI and TDI products once global macroeconomic conditions stabilize, which could help reverse the market's pessimistic outlook on the company [1] - Wanhua's long-term return on equity (ROE) and historical growth potential are highlighted as strong points, leading to a maintained valuation premium of 15% [1] Valuation - The target price is set at 96.36 yuan, corresponding to a 22 times price-to-earnings (PE) ratio for 2025, with a "Buy" rating maintained [1]

Summary of Wanhua Chemical Group Earnings Review Company Overview - **Company**: Wanhua Chemical Group (600309.SS) - **Market Cap**: Rmb197.5 billion / $27.5 billion - **Enterprise Value**: Rmb282.7 billion / $39.4 billion - **12-Month Price Target**: Rmb78.00 - **Current Price**: Rmb62.90 - **Upside Potential**: 24.0% [1][5] Key Financial Results - **2Q25 Net Profit**: Rmb3 billion, flat qoq but down 24% yoy [1] - **Gross Profit Margin (GPM)**: 12.2%, down 3.1 percentage points yoy and 3.5 percentage points qoq [17] - **Revenue**: Rmb47.83 billion, down 6% yoy but up 11% qoq [17] - **Operating Expenses**: Decreased by 8% yoy and 17% qoq [19] - **Free Cash Flow**: Positive Rmb2 billion, compared to an outflow of Rmb1.77 billion in 2Q24 [20] Segment Performance - **Polyurethane**: - Sales volume up 14% yoy, but price down 10% yoy [18] - GPM for polyurethane was 29.1% in 2Q25 [22] - **Petrochemicals**: - Sales down 12% yoy, with a price decline of 18% yoy [18] - GPM turned negative at -0.4% in 1H25 [18] - **Specialty Chemicals**: - Sales up 20% yoy, with a price decline of 11% yoy [18] - GPM was 22.1% in 2Q25 [22] Market Dynamics - **Tariff Impact**: MDI exports to the US were significantly affected by tariffs, with exports down 48% yoy [1][18] - **Price Spread Recovery**: Anticipated recovery in price spread entering 3Q25 due to tariff de-escalation and supply constraints from Covestro [2] - **Cyclical Recovery**: The worst seems over, but recovery may be gradual [1][2] Future Outlook - **Revised EPS Estimates**: 2025E-26E EPS estimates reduced by 31%-40% [3] - **Stock Valuation**: Trading below mid-cycle EV/EBITDA, indicating potential for recovery [3] - **Polyurethane Chain**: Positioned to benefit from cyclical recovery due to favorable supply/demand dynamics [3] Additional Insights - **Operational Efficiency**: Strong operational cash flow of Rmb9.95 billion, 3.3 times net profit generation [20] - **Debt Position**: Slight increase in net gearing ratio to 87.8% [20] - **Market Position**: Wanhua is ranked 3rd in M&A within the China Advanced Materials & Construction sector [5] Conclusion Wanhua Chemical Group's 2Q25 results reflect resilience amidst challenging market conditions, with a focus on operational efficiency and potential recovery in the polyurethane segment. The company is well-positioned for future growth, despite current headwinds from tariffs and pricing pressures.

Group 1 - The core viewpoint highlights the rapid growth of new business segments, while the ICT business faces temporary pressure, with a focus on the long-term potential of AI business for AsiaInfo Technology [3][4] - In the first half of 2025, AsiaInfo Technology reported revenue of approximately 2.598 billion RMB, a year-on-year decrease of 13.2%, primarily due to pressure on the ICT business [3] - The AI delivery business saw a remarkable increase, with revenue of 26 million RMB, a year-on-year growth of 7600%, and orders reaching 70 million RMB, a year-on-year increase of 7800% [3][4] Group 2 - New Yangfeng's half-year performance showed steady growth, with revenue of 9.398 billion RMB, a year-on-year increase of 11.63%, and net profit of 951 million RMB, up 28.98% [7][9] - The sales of new-type fertilizers significantly contributed to the performance, with revenue from phosphate fertilizers reaching 2.311 billion RMB, a year-on-year increase of 39.34% [9][10] - The company is expanding its capital expenditure in various projects, including phosphate mining and new energy initiatives, to enhance its product structure and market presence [13][14] Group 3 - Industrial Fulian's half-year report indicated revenue of 360.76 billion RMB, a year-on-year increase of 35.58%, and net profit of 12.113 billion RMB, up 38.61% [17][18] - The AI server revenue grew over 60%, with the GB200 series achieving production ramp-up, reflecting strong demand in the AI infrastructure market [19][20] - The company is expected to benefit from the increasing capital expenditure of major cloud service providers, particularly in AI cloud infrastructure [18][19] Group 4 - Hua Hong Semiconductor reported Q2 revenue of 566 million USD, a year-on-year increase of 18.3%, with a gross margin of 10.9% [23][24] - The company anticipates Q3 revenue between 620-640 million USD, indicating positive growth prospects despite depreciation pressures from new factory operations [25][26] - The semiconductor market is expected to recover, benefiting from increased wafer shipments and strategic partnerships [26] Group 5 - WanHua Chemical's half-year revenue was 90.9 billion RMB, a year-on-year decrease of 6.4%, with net profit of 6.12 billion RMB, down 25.1% [31][32] - The company is focusing on cost control and efficiency improvements to mitigate the impact of declining product margins [34] - WanHua is expanding its polyurethane production capacity, with several new projects underway to strengthen its market position [36][37]

丨证券研究报告丨 公司研究丨点评报告丨万华化学（600309.SH） [Table_Title] 盈利稳健，拐点趋势向上 报告要点 [Table_Summary] 公司发布 2025 半年报，2025H1 实现收入 909.0 亿元，同比变动-6.4%，归属净利润 61.2 亿 元，同比变动-25.1%，归属扣非净利润 62.4 亿元，同比变动-22.9%。2025Q2 实现收入 478.3 亿元，同比变动-6.0%，环比变动 11.1%，归属净利润 30.4 亿元，同比变动-24.3%，环比变动 -1.3%，归属扣非净利润 32.0 亿元，同比变动-19.3%，环比变动 5.4%。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 万华化学（600309.SH） cjzqdt11111 [Table_Title2] 盈利稳健，拐点趋势向上 [Table_Summary2] 事件描述 公司 ...

长江商报消息 ●长江商报记者 沈右荣 分季度看，2025年一、二季度，公司实现的营业收入分别为430.68亿元、478.34亿元，同比下降 6.70%、6.04%；归母净利润分别为30.82亿元、30.41亿元，同比下降25.87%、24.30%。 万华化学还同步披露了2025年半年度主要经营数据。数据显示，2025年上半年，公司聚氨酯系列产品实 现销售收入368.88亿元，石化系列产品和贸易实现销售收入 349.34亿元，精细化学品及新材料系列产品 实现销售收入156.28亿元。 全球最大的MDI和TDI供应商万华化学（600309.SH）经营业绩出现下滑。 8月11日晚，万华化学披露了2025年半年度业绩报告，上半年，公司实现营业收入909.01亿元，同比下 降6.35%；归母净利润61.23亿元，同比下降约25%。 业绩下滑与市场波动有关。2025年上半年，石化产能集中释放，石化产品价格承压。如山东正丁醇价格 6618元/吨，同比下跌了20.17%。此外，聚氨酯系列产品中，纯MDI产品，上半年下游需求偏弱；聚合 MDI产品，上半年冰冷、建筑行业需求不振，外销受到关税政策影响，出口订单下滑。 尽管业绩阶段 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and pricing pressures [3]. Financial Performance - In H1 2025, the company achieved revenue of 90.901 billion yuan, a year-on-year decrease of 6.35% - The net profit attributable to shareholders was 6.123 billion yuan, down 25.10% year-on-year - The net profit after deducting non-recurring items was 6.244 billion yuan, a decrease of 22.90% year-on-year - In Q2 2025, the company recorded revenue of 47.834 billion yuan, a year-on-year decrease of 6.04% but a quarter-on-quarter increase of 11.07% - The net profit attributable to shareholders for Q2 was 3.041 billion yuan, down 24.30% year-on-year and down 1.34% quarter-on-quarter [3][4]. Product Performance - In Q2 2025, the company saw an increase in sales volume for core products, including polyurethane, petrochemicals, and new materials, despite a decline in prices due to weak international demand and geopolitical tensions - The polyurethane business generated revenue of 18.46 billion yuan, with sales volume of 1.58 million tons, a year-on-year increase of 14.5%, but the average selling price decreased by 10.2% to 11,700 yuan/ton - The petrochemical business reported revenue of 18.61 billion yuan, with sales volume of 1.52 million tons, a year-on-year increase of 7.8%, while the average selling price fell by 18.0% to 12,200 yuan/ton - The fine chemicals and new materials business achieved revenue of 8.26 billion yuan, with sales volume of 650,000 tons, a year-on-year increase of 35.4%, but the average selling price decreased by 11.3% to 12,700 yuan/ton [4]. Cost Management - The company successfully reduced its expense ratio in Q2 2025 through budget management reforms and enhanced cost control - The expense ratio for Q2 was 4.08%, a decrease of 1.27 percentage points year-on-year and 2.63 percentage points quarter-on-quarter - The financial expense ratio was notably low at 0.04%, down 1.13 percentage points year-on-year and 1.30 percentage points quarter-on-quarter, benefiting from increased foreign exchange gains [4]. Project Development and Innovation - The company successfully launched its second ethylene unit with a capacity of 1.2 million tons per year, while the first unit is undergoing feedstock modification to significantly lower production costs - New product developments include the successful launch of the MS unit and the industrialization of tert-butylamine, expanding the specialty amine product chain - Progress has also been made in products such as sulfone polymers, bio-based 1,3-butanediol, and lithium iron phosphate - The company is advancing the development of next-generation MDI technology to enhance product cost competitiveness [5].

Group 1: Steel Industry - In July, the electrolytic aluminum capacity utilization rate reached 98.4%, marking a new high since 2012 [5] - The Ministry of Industry and Information Technology issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of backward production capacity on July 18, indicating potential recovery in steel sector profitability [5] - The stock price-to-book ratio (PB) of steel stocks is expected to recover alongside profitability [5] Group 2: Wanhuah Chemical (600309.SH) - For the first half of 2025, Wanhuah Chemical reported revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% [5] - In Q2 2025, the company achieved revenue of 47.834 billion yuan, a year-on-year decrease of 6.04%, but a quarter-on-quarter increase of 11.07% [5] Group 3: Guoguang Co., Ltd. (002749.SZ) - In the first half of 2025, Guoguang Co., Ltd. achieved revenue of 1.119 billion yuan, a year-on-year increase of 7.33%, and a net profit attributable to shareholders of 231 million yuan, up 6.05% [6] - In Q2 2025, the company reported revenue of 734 million yuan, a year-on-year increase of 8.47% and a quarter-on-quarter increase of 90.44% [6] Group 4: Aishuxin Co., Ltd. (600732.SH) - Aishuxin reported a revenue of 8.446 billion yuan for the first half of 2025, a year-on-year increase of 63.63%, with a net profit attributable to shareholders of -238 million yuan, indicating a narrowing loss [7] - In Q2 2025, the company achieved revenue of 4.311 billion yuan, a year-on-year increase of 62.77%, and a net profit of 63 million yuan, marking a return to profitability [7] Group 5: Huangshanghuang (002695.SZ) - For the first half of 2025, Huangshanghuang reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit attributable to shareholders increased by 26.90% to 77 million yuan [8] - In Q2 2025, the company achieved revenue of 538 million yuan, a year-on-year decrease of 10.72%, but net profit increased by 16.08% [8] Group 6: Yanjing Beer (000729.SZ) - Yanjing Beer reported revenue of 8.56 billion yuan for the first half of 2025, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.1 billion yuan, up 45.4% [8] - The company experienced a significant improvement in overall net profit margin due to effective sales expense management [8] Group 7: Haitai New Light (688677.SH) - In 2024, Haitai New Light reported revenue of 443 million yuan, a year-on-year decrease of 5.90%, with a net profit of 135 million yuan, down 7.11% [9] - In 2025, the company saw a 24.9% year-on-year increase in revenue in Q1, indicating a recovery as customer inventory levels decreased [9]

Core Insights - The report highlights an increase in institutional attention towards sectors such as electric equipment, non-bank financials, and public utilities, indicating a shift in market focus [4][5][6] - The electric vehicle market in Europe is experiencing significant growth, with major automakers like Volkswagen, Renault, and BMW reporting substantial increases in battery electric vehicle (BEV) sales [15][16] - The report emphasizes the resilience of the viscose staple fiber market, with stable demand and limited new capacity contributing to a tight supply-demand balance [11][12][13] Institutional Research Tracking - The report outlines a decrease in total institutional research activity across the A-share market, with a notable decline in the number of companies being researched compared to the previous year [5][6] - Key sectors receiving increased attention include electric equipment, non-bank financials, and public utilities, reflecting a shift in investor focus [4][6][7] Electric Vehicle Market Trends - European automakers are set to continue launching new electric vehicle models, which is expected to sustain the momentum of the electric vehicle market [16][17] - The report notes that the EU's carbon emission regulations are being adjusted, which may impact the pace of electric vehicle adoption but overall trends remain positive [17] Viscose Staple Fiber Market Analysis - The report indicates that the apparent consumption of viscose staple fiber is projected to grow, with 2023 and 2024 consumption expected to reach 3.81 million tons and 4.09 million tons respectively, reflecting year-on-year increases of 9.74% and 7.28% [11] - The industry is characterized by high capacity utilization rates, with the effective capacity utilization expected to remain above 80% due to stable demand and limited new capacity [12][13] Company-Specific Updates - The report provides updates on specific companies, such as Wanhua Chemical, which is expected to benefit from supply-side improvements in the chemical sector, maintaining a "buy" rating [28] - Action Education is noted for its stable operations and high dividend payout strategy, with a focus on AI-driven growth in the long term [32] Recommendations - The report suggests investment in companies like Sanyou Chemical and Biyuan Chemical, which are positioned to benefit from the ongoing trends in the viscose staple fiber and chemical markets [14][23] - In the electric vehicle sector, recommended stocks include CATL and Yiwei Lithium Energy, which are expected to gain from the growth in battery demand [17]

59只个股今日获机构买入型评级，万华化学最新评级被调高，13股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布79条买入型评级记录，共涉及59只个股。万华化学关 注度最高，共获6次机构买入型评级记录。 今日获机构买入型评级个股中，共有19条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有11股上涨空间超20%，海康威视上涨空间最高，8月12日东方证券 预计公司目标价为43.00元，上涨空间达47.01%，上涨空间较高的个股还有锦波生物、万华化学等，上 涨空间分别为43.57%、43.08%。 从机构评级变动看，今日机构买入型评级记录中，有13条评级记录为机构首次关注，涉及并行科技、丰 茂股份等13只个股。 市场表现方面，机构买入型评级个股今日平均上涨1.21%，表现强于沪指。股价上涨的有31只，涨停的 有光库科技等。涨幅居前的有三鑫医疗、协创数据、工业富联等，今日涨幅分别为14.24%、11.29%、 9.24%。跌幅较大的个股有煌上煌、奥比中光、锦波生物等，跌幅分别为9.97%、5.80%、5.33%。 | 688677 | 海泰新光 | 1 | 5.83 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable performance in Q2, with several self-developed technologies gradually being implemented. The long-term growth potential remains promising despite short-term profit pressures [4][6] - For H1 2025, the company achieved revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% year-on-year. Q2 alone saw revenue of 47.834 billion yuan, a year-on-year decrease of 6.04% but an increase of 11.07% quarter-on-quarter [4][5] - The company is expected to benefit from the recovery in the chemical sector and the launch of new projects, which will drive performance growth [4][6] Financial Performance Summary - In H1 2025, the polyurethane segment saw a year-on-year sales increase of 14.49%, while the petrochemical segment faced profit pressure. The average market prices for key products were approximately 18,800 yuan/ton for pure MDI, 16,700 yuan/ton for polymer MDI, 12,400 yuan/ton for TDI, and 7,800 yuan/ton for soft foam polyether [5] - The company’s revenue projections for 2025-2027 are 135.57 billion yuan (down 10.06%), 173.88 billion yuan, and 204.36 billion yuan, respectively, with corresponding EPS of 4.33 yuan (down 0.32), 5.55 yuan, and 6.53 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 14.5, 11.3, and 9.6 for the years 2025, 2026, and 2027, respectively [4][7] Technology and Market Position - The company has accelerated the conversion of various self-developed technologies, including successful industrialization of tert-butylamine and production of qualified sulfone polymers, enhancing its product offerings [6] - The company is expanding its high-value product lines, including battery materials and specialty amines, which are expected to support long-term growth [6]