证券代码：600309 证券简称：万华化学 公告编号：临 2025-63 号 万华化学集团股份有限公司 关于持股 5%以上股东减持计划实施完毕暨减持结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况 减持计划的实施结果情况 公司于 2025 年 8 月 1 日披露了"万华化学持股 5%以上股东减持股份计划公告"（公告 编号：临 2025-46 号），股东合成国际将根据市场价格情况，自减持计划公告之日起 15 个交 易日之后的 3 个月内通过集中竞价及/或大宗交易方式减持不超过公司总股本 0.54%的股份。 公司于 2025 年 10 月 31 日接到合成国际通知，本次减持计划已实施完毕，在减持期间，合 计减持公司股份 16,999,947 股，占公司股份总数的 0.54%。 | 股东名称 | Prime Partner International | Limited | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 ...

Core Viewpoint - Wanhua Chemical (600309.SH) has completed a share reduction plan, selling a total of 16.9999 million shares, which represents 0.54% of the company's total shares [1] Summary by Categories Company Actions - The company received a notification from Synthesia International regarding the completion of the share reduction plan on October 31, 2025 [1] - The total number of shares reduced during this period was 16.9999 million [1] Shareholder Impact - The reduction of shares accounts for 0.54% of the total shares outstanding of Wanhua Chemical [1]

Core Viewpoint - Wanhua Chemical announced that its shareholder, Synthesis International, completed a share reduction plan, selling 16,999,947 shares, which is 0.54% of the company's total share capital, resulting in a decrease in their holding to 4.98% [1] Summary by Relevant Sections - **Share Reduction Details** - Synthesis International planned to reduce its holdings by up to 0.54% of the total share capital starting from August 1, 2025, within three months after the announcement [1] - The reduction was completed by October 31, with shares sold at a price range of 61.08 to 69.79 yuan per share, totaling 1.115 billion yuan [1] - **Post-Reduction Holdings** - After the completion of the share reduction, Synthesis International's ownership in Wanhua Chemical decreased to 4.98% [1]

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Core Viewpoint - Wanhua Chemical is a leading global player in the polyurethane industry, with a strong focus on isocyanate products and a differentiated advantage in technology and the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Wanhua Chemical achieved a revenue of 144.226 billion yuan, ranking first in the industry, significantly higher than the second-ranked Yinuowei at 5.577 billion yuan [2] - The main business composition includes polyurethane series at 36.888 billion yuan (40.58%), petrochemical series at 34.934 billion yuan (38.43%), fine chemicals and new materials at 15.628 billion yuan (17.19%), and others at 11.33 billion yuan (12.46%) [2] - The net profit for the same period was 10.088 billion yuan, also ranking first in the industry, far exceeding Yinuowei's 164 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wanhua Chemical's debt-to-asset ratio was 64.57%, down from 67.19% year-on-year but still above the industry average of 37.87% [3] - The gross profit margin for the same period was 13.44%, a decrease from 15.38% year-on-year and below the industry average of 14.96% [3] Group 3: Executive Compensation - Chairman Liao Zengtai's salary for 2024 is 1.7237 million yuan, an increase of 559,400 yuan from 2023 [4] - President Kou Guangwu's salary for 2024 is 5.0982 million yuan, a decrease of 187,100 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.49% to 243,600 [5] - The average number of circulating A-shares held per shareholder increased by 10.16% to 12,900 [5] Group 5: Analyst Ratings and Future Projections - Changjiang Securities maintains a "Buy" rating, projecting net profits for 2025-2027 to be 12.18 billion, 16.34 billion, and 20.23 billion yuan respectively [6] - Dongwu Securities also maintains a "Buy" rating, adjusting net profit projections for 2025-2027 to 12.7 billion, 16.1 billion, and 18.1 billion yuan, with year-on-year growth rates of -3%, +27%, and +13% respectively [6]

Group 1 - The chemical sector showed strong performance on October 31, with the Chemical ETF (516020) rising by 1.82% after reaching a peak increase of 2.34% during trading [1][2] - Lithium battery stocks led the gains, with companies like Enjie and New Chemical Materials seeing significant increases, including a limit-up for Enjie and over 10% rise for New Chemical Materials [1] - The lithium battery industry is experiencing a recovery, with lithium hexafluorophosphate prices rebounding by 113% from their low earlier in the year, indicating strong demand [1][2] Group 2 - The Chemical ETF (516020) is currently at a relatively low price-to-book ratio of 2.28, which is at the 38.24% percentile over the past decade, suggesting good long-term investment potential [3] - Future prospects for the basic chemical industry look promising, with strong performance expected in electronic chemicals and potassium fertilizers, driven by demand expansion and domestic substitution [4] - The solid-state battery industry is also advancing, with recent breakthroughs in technology and production capacity, indicating a growing market [1][4] Group 3 - The Chemical ETF (516020) tracks the CSI segmented chemical industry theme index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks like Wanhua Chemical and Salt Lake Shares [5] - The ETF provides a diversified approach to investing in the chemical sector, including exposure to leading companies in phosphates, fluorine chemicals, and nitrogen fertilizers [5]

Core Insights - The company reported a revenue of 144.23 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 9.16 billion yuan, down 17.5% year-on-year [1] - In Q3 2025, the company achieved a revenue of 53.32 billion yuan, reflecting a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5% [1] Group 1: Financial Performance - For Q3 2025, the net profit attributable to shareholders was 3.03 billion yuan, a year-on-year increase of 4.0% but a slight quarter-on-quarter decrease of 0.2% [1] - The company’s gross margin and net margin for Q3 2025 were 12.8% and 6.3%, with changes of +0.6 percentage points and -0.7 percentage points respectively [2] - The company’s operating expenses ratio decreased by 0.3 percentage points year-on-year but increased by 1.4 percentage points quarter-on-quarter [2] Group 2: Business Segments - In Q3 2025, the sales volume for the polyurethane, petrochemical, fine chemicals, and new materials segments changed by +9.9%, +32.6%, and +30.0% year-on-year, respectively [2] - Revenue from these segments experienced year-on-year changes of -2.8%, +8.9%, and -16.6%, respectively, due to declining product prices [2] Group 3: Market Conditions and Future Outlook - The company anticipates improvements in profitability for certain products in Q4 2025, with MDI and TDI prices expected to stabilize due to ongoing supply constraints [3] - The company is expanding its fine chemicals and new materials segments, successfully launching several key technologies and products [3] - The company plans to reduce its capital expenditure significantly in 2025 to 25.24 billion yuan, which is expected to lead to improved cash flow [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 144.23 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.3%. The net profit attributable to shareholders was 9.16 billion yuan, down 17.5% year-on-year [2][6]. - In Q3 2025, the company achieved a revenue of 53.32 billion yuan, representing a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5%. The net profit for the quarter was 3.03 billion yuan, up 4.0% year-on-year but down 0.2% quarter-on-quarter [2][6]. - The company is experiencing a bottom consolidation phase, with potential for upward movement as it navigates through current market challenges [6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 144.23 billion yuan, a decrease of 2.3% year-on-year. The net profit attributable to shareholders was 9.16 billion yuan, down 17.5% year-on-year. The net profit excluding non-recurring items was 9.10 billion yuan, a decrease of 16.7% year-on-year [2][6]. - In Q3 2025, the company reported a revenue of 53.32 billion yuan, which is a 5.5% increase year-on-year and an 11.5% increase quarter-on-quarter. The net profit for the quarter was 3.03 billion yuan, reflecting a 4.0% increase year-on-year but a slight decrease of 0.2% quarter-on-quarter [2][6]. Business Segments - The company’s three main business segments—polyurethane, petrochemicals, and fine chemicals—showed varying performance. Year-on-year sales growth was 9.9% for polyurethane, 32.6% for petrochemicals, and 30.0% for fine chemicals, while revenue was impacted by price declines [12]. - The company is focusing on expanding its fine chemicals and new materials sectors, with successful launches of several key products and technologies [12]. Future Outlook - The company plans to reduce its capital expenditures significantly in 2025, which is expected to improve cash flow as operational performance stabilizes [12]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 12.18 billion yuan, 16.34 billion yuan, and 20.23 billion yuan, respectively [12].

Group 1 - The chemical ETF (516020) experienced a fluctuation in trading, with a decrease of 0.39% and a transaction volume of 63.75 million yuan, while the fund's latest scale reached 2.735 billion yuan [1] - Among the constituent stocks, Hangzhou Oxygen Plant saw a strong performance with a limit-up, while Duofuduo and Tianci Materials followed with increases of 5.77% and 4.13% respectively. Conversely, Shengquan Group, Yara International, and Yangnong Chemical showed weaker performance with declines of 5.82%, 3.86%, and 3.81% respectively [1] - Wanhua Chemical reported a record high revenue for Q3 2025, with a net profit increase of 4% year-on-year to 3 billion yuan, indicating robust growth in its core business. Baofeng Energy's profit for the first three quarters reached 8.95 billion yuan, with a year-on-year increase of over 97%, primarily due to capacity release and cost optimization [1] - According to Everbright Securities, the basic chemical industry is at a critical stage of technological self-reliance and domestic substitution, with sectors like semiconductor materials and OLED organic materials benefiting from demand expansion and policy support [1] Group 2 - Zhongyin International noted that the basic chemical industry is undergoing quality upgrades driven by policy support, with recommendations to strengthen global competitiveness and develop strategic industries like new materials [2] - The chemical ETF (516020) and its linked funds passively track a segmented chemical index, with the top ten weighted stocks including Wanhua Chemical, Salt Lake Co., Juhua Co., Tianci Materials, and others [2]

Group 1 - The carbon-neutral ETF Southern (159639) increased by 0.77%, with trading volume expanding rapidly. The index it tracks, the China Shanghai Environmental Exchange Carbon Neutral Index, rose by 0.50% [1] - Key constituent stocks such as Arctech (up 10.65%), Hangyang (up 7.12%), Sungrow (up 5.17%), Hunan Yueneng (up 4.20%), and Jiangxi Copper (up 4.17%) showed significant gains [1] - The Ministry of Ecology and Environment held a press conference on October 29, announcing the implementation of the first central document in China's carbon market, aimed at accelerating the construction of a national carbon market [1] Group 2 - Guotai Junan Securities highlighted the release of the "Energy Conservation and New Energy Vehicle Technology Roadmap 3.0," predicting high growth in domestic new energy vehicle sales by 2025, which will drive demand for batteries and materials [1] - The solid-state battery industry is progressing, with XINWANDA launching a new generation polymer all-solid-state battery with an energy density of 400 Wh/kg [1] - In the photovoltaic sector, the investment theme remains focused on "anti-involution," with expectations that domestic high-power modules will drive an increase in module prices [1] Group 3 - The National Development and Reform Commission's draft implementation plan for renewable energy consumption targets includes non-electric renewable energy, marking a shift towards multi-energy collaborative consumption [2] - This policy creates a regulatory market space for the green hydrogen, ammonia, and alcohol industries, enhancing the certainty and long-term expectations for industry development [2] - The carbon-neutral ETF Southern closely tracks the China Shanghai Environmental Exchange Carbon Neutral Index, which includes 100 listed companies with significant contributions to carbon neutrality [2]