万华化学集团股份有限公司2025 年半年度报告 公司代码：600309 公司简称：万华化学 万华化学集团股份有限公司 2025 年半年度报告 1 / 173 万华化学集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人廖增太、主管会计工作负责人李立民及会计机构负责人（会计主管 人员）聂辉强声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质 承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 整性 否 十、 重大 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report highlights a positive performance in the PEEK sector, with key companies such as Wanhua Chemical, Yangnong Chemical, and Hualu Hengsheng being recommended for investment. The focus is also on pesticide anti-involution strategies, particularly with Limin Co. [5][6] - The basic chemical sector has shown a weekly increase of 2.33%, outperforming the CSI 300 index by 1.1 percentage points [6][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is at 3814.15, with a 52-week high of 3814.15 and a low of 2687.54 [2] - Year-to-date performance shows the basic chemical index has decreased by 10.38%, while the CSI 300 index has increased by 21.22%, indicating a lag of 10.84 percentage points [18] Weekly Performance - The report notes significant stock price fluctuations, with notable increases in companies like Kexin New Energy (53.05%), Anli Co. (51.60%), and Xinhang New Materials (45.88%) [7][19] - Conversely, companies such as Lianhua Technology (-10.41%) and Cangzhou Dahua (-8.80%) experienced declines [8][21] Commodity Price Movements - Key commodities that saw price increases include formic acid (28.62%), broiler chicks (21.93%), and dichloromethane (17.50%) [9][24] - Notable price decreases were observed in commodities like sucralose (-28.00%) and eggs (-8.48%) [27][28] Key Company Ratings and Forecasts - Wanhua Chemical is rated "Buy" with a closing price of 60.8 CNY and a market cap of 190.33 billion CNY [11] - Yangnong Chemical is also rated "Buy" with a closing price of 64.7 CNY and a market cap of 26.23 billion CNY [11] - Other companies such as Hualu Hengsheng and Sailun Tire are similarly rated "Buy" with respective closing prices of 23.8 CNY and 13.1 CNY [11]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

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Group 1 - Hanwha Chemical has temporarily halted its TDI production due to equipment failure, marking the fourth major TDI production disruption globally this year [1] - The global TDI supply chain has been significantly impacted following incidents at Mitsui Chemicals, Wanhua Chemical's planned maintenance, and Covestro's force majeure event [1] - The top five TDI producers hold approximately 75% of the market share, indicating a highly concentrated industry where disruptions can lead to a "butterfly effect" [1] Group 2 - Hanwha's annual production capacity is 150,000 tons, accounting for about 5% of the global supply, which is expected to directly affect spot supply in the Asia-Pacific region [1] - Domestic TDI spot prices in China have surged above 16,000 yuan per ton, with some prices reaching as high as 17,000 yuan per ton, as major domestic producers have raised their TDI listing prices in August [1] - According to data from the China Chemical Market Research Institute, the average price of domestic TDI in August increased by 17.94% month-on-month and 16.69% year-on-year [1] Group 3 - Wanhua Chemical has a TDI production capacity of 1.11 million tons per year [1] - Cangzhou Dahua has a TDI production capacity of 160,000 tons per year [1] - The current disruptions in global TDI production capacity may lead to price increases exceeding expectations, potentially restoring profits for related companies [1]

Group 1: Analog Chips - Texas Instruments (TI) has announced a significant price increase for over 60,000 product models, with general materials rising by 15%-30% and high-end chips doubling in price, marking a rare large-scale adjustment in recent years [1] - The demand for automotive and industrial-grade high-end analog chips has surged over 25%, limiting the capacity allocated to consumer electronics [1] - The price hike by TI is expected to prompt domestic analog chip companies to follow suit, indicating a potential turning point for the industry [1] Group 2: TDI Market - Hanwha Chemical has temporarily halted TDI production due to equipment failure, marking the fourth major TDI production disruption globally this year [2] - The global TDI supply chain is heavily impacted, with TDI prices in China exceeding 16,000 yuan/ton, and some sources reaching 17,000 yuan/ton, reflecting a 17.94% month-on-month increase [2] - The concentrated nature of the TDI market means that production interruptions can lead to significant price fluctuations and potential profit recovery for related companies [2] Group 3: Electronic Skin Technology - Chengdu Humanoid Robot Innovation Center has launched the world's first AI neural network electronic skin, which offers unprecedented tactile perception capabilities [3] - The electronic skin technology is expected to find applications in robotics, medical monitoring, and other fields, with a projected global market size of approximately $6.3 billion by 2024, growing at a compound annual growth rate of over 17% [3] Group 4: Nuclear Fusion - Jiangxi Fusion New Energy Company introduced its hybrid fusion-fission reactor project "Spark One," aiming to achieve demonstration power generation by 2030 [4] - The project utilizes high-temperature superconducting technology and is expected to address several challenges faced by traditional fusion technology [4] - Nuclear fusion is viewed as a key to sustainable energy, offering a clean and virtually limitless energy source [4] Group 5: Hydrogen Energy - A 30MW pure hydrogen gas turbine energy storage demonstration project has commenced in Inner Mongolia, marking a significant breakthrough in hydrogen energy generation [5] - The project aims to establish a "green electricity to green hydrogen, green hydrogen to power" model, contributing to China's dual carbon goals [5] - The hydrogen energy sector is anticipated to become a trillion-level growth driver, supported by policy and technological advancements [5] Group 6: AI Computing Power - Huawei is set to unveil breakthrough technology in AI inference at an upcoming forum, which may reduce reliance on high-bandwidth memory (HBM) and enhance domestic AI model performance [6] - The demand for computing power is expected to rise alongside advancements in AI models, creating new commercial opportunities in AI applications [6] Group 7: Robotics - Beijing Economic-Technological Development Area has launched a plan to support the development of embodied intelligent robots, introducing ten measures to foster innovation in the sector [7] - The focus is on collaborative technology development, data-driven initiatives, and promoting new business models within the robotics industry [7] - The market for humanoid robots is projected to grow significantly, with estimates suggesting a global market size exceeding $150 billion by 2035 [8]

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened, highlighting China's position as the largest producer and consumer in the global chemical industry [1] - In the fine chemical sector, China's revenue accounts for 50% of the global market share [1] Group 2 - Comprehensive leading companies include Wanhua Chemical, the largest global MDI producer, and New Chemical Materials, which covers the entire industrial chain of polyurethane, petrochemicals, new materials, and fine chemicals [4] - Other leading companies in specific segments include Longbai Group, the world's largest titanium dioxide producer, and Yuntianhua, a domestic leader in phosphate resources [4][5] Group 3 - Potential companies include Yuanli Technology, which has the world's largest production capacity for dimethyl adipate, and Zhongyan Chemical, the global leader in sodium metal production [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Core Viewpoint - Wanhua Chemical is actively expanding its business by establishing new companies in various sectors, particularly in silicone materials and electronic chemicals, to strengthen its market position and enhance its product offerings [2][4]. Group 1: New Company Establishments - Wanhua Chemical has recently established three new companies to diversify its operations across five major industries [2]. - The first company, Hubei Xinghua Silicon Materials Co., Ltd., was established on June 19, 2025, with a registered capital of 50 million yuan, focusing on silicon material technology research and industrialization projects [2]. - The second company, Yantai Huaxing Silicon Materials Co., Ltd., was established on July 31, 2025, with a registered capital of 5 million yuan, specializing in high-performance sealing materials and synthetic materials [2]. - The third company, Yantai Wanmei New Materials Co., Ltd., was established on July 25, 2025, with a registered capital of 100 million yuan, focusing on the research and sales of synthetic materials and specialty chemicals [4]. Group 2: Industry Position and Production Capacity - Xingfa Group, a partner of Wanhua Chemical, has a leading position in the electronic chemicals industry, with significant production capacities for electronic-grade phosphoric acid, sulfuric acid, and other chemicals [3]. - As of the end of 2024, Xingfa Group's subsidiaries have established production capacities of 60,000 tons/year for electronic-grade phosphoric acid and 100,000 tons/year for electronic-grade sulfuric acid, among others [3]. - In the silicone materials sector, Xingfa Group has a designed production capacity of 600,000 tons/year for silicone monomers, making it a domestic leader [3]. Group 3: Strategic Collaborations and Market Expansion - Wanhua Chemical has formed strategic partnerships with Xingfa Group to establish several joint ventures in the phosphate chemical industry, enhancing its supply chain for lithium battery materials [4]. - The establishment of Yantai Huaxing Phosphate Chemical Co., Ltd. and other ventures aims to secure key raw materials for lithium iron phosphate production, thereby strengthening Wanhua's position in the battery materials market [4]. - The collaboration with Hefei Xinmei Materials, which acquired LG Chem's polarizer materials business, is expected to accelerate the localization of key optical materials [5].

Summary of Chemical Industry Conference Call Industry Overview - The chemical industry is nearing the end of a down cycle, with frequent accidents indicating increased operational pressure on companies. The second half of 2024 saw multiple accidents among leading firms, reflecting the impact of long-term losses on safety investments, suggesting the bottom of the cycle is approaching [1][2][3]. - Capital expenditure in the petrochemical sector has significantly decreased, with a projected decline of 20% for the entire year of 2024 and a 18% drop in Q1 2025. This reduction in new projects is expected to alleviate supply-demand pressure and create conditions for industry recovery [1][2][4]. - The shutdown of overseas production capacity has become a critical variable, with Europe shutting down 12 million tons of capacity. This, combined with reduced domestic capital expenditure and policy support, is expected to slow global supply growth and gradually digest demand, potentially marking a turning point in the cycle by Q4 of this year [1][3][4]. Key Points on Policy and Support - Increased government support is evident, with five ministries conducting surveys on production capacities over 20 years old, similar to supply-side reforms. This is expected to facilitate the exit of outdated facilities from the market, creating conditions for a new round of economic prosperity and enhancing safety and environmental standards in the industry [1][4][6]. - The government is also promoting enterprise management within industrial parks, effectively eliminating some small-scale outdated capacities, which will improve the overall safety and environmental standards of the industry [6]. Sub-industry Performance - Sub-industries such as refining, phosphate fertilizers, polycarbonate (PC), and polyester filament are expected to perform well due to low capacity growth rates (below 5%). The overall market environment is improving, which is likely to lead these sub-industries into a prosperous state [1][5]. - China holds over half of the global chemical production capacity, and moderate domestic growth alongside overseas reductions will benefit the development of these sub-industries [5]. Company-Specific Insights Wanhua Chemical - Wanhua Chemical's polyurethane business remains a stable profit source, while its petrochemical segment contributes less due to competitive pressures. The fine chemicals and new materials segment has significant potential for profit contribution through capacity expansion and customer development in the coming years [2][15][18]. - The company has seen substantial fixed asset increases, with fixed assets rising from 65.2 billion in 2021 to 180 billion in Q1 2025, indicating strong performance potential in the new cycle [10][11]. - Wanhua's MDI (Methylene Diphenyl Diisocyanate) market position is robust, holding a 34% global market share, and it is the largest producer. The company is expected to benefit from future demand growth in MDI applications, particularly in construction and energy-efficient solutions [25][29][30]. Financial Performance and Projections - Wanhua is projected to see significant earnings growth by 2026, with expected incremental profits ranging from 1 billion to 2 billion, driven by project expansions and market recovery [12][44]. - The company has undergone substantial capital expenditures totaling approximately 150-160 billion RMB, primarily from 2022 to 2024, which have yet to fully translate into profits due to industry downturns [20]. Market Dynamics and Challenges - The chemical industry faces challenges from aging production facilities, with many operating for over 20 years. The government is expected to implement policies to phase out these outdated facilities, which could significantly enhance industry profitability [7][8]. - Concerns regarding chemical product demand persist, particularly in light of potential anti-dumping measures from overseas markets. However, the overall demand for chemical products remains relatively inelastic due to their essential nature in daily life [9]. Conclusion - The chemical industry is on the cusp of a recovery phase, supported by reduced capital expenditures, government policies aimed at phasing out outdated capacities, and improving market conditions. Leading companies like Wanhua Chemical are well-positioned to capitalize on these trends, with significant growth potential in their core business segments.