●会议召开方式：上证路演中心网络互动 登录新浪财经APP 搜索【信披】查看更多考评等级 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个别及连带责任。 重要内容提示： ●会议召开时间：2025年08月25日（星期一）15:00-16:00 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） ●投资者可于2025年08月18日（星期一）至08月22日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱stocks@whchem.com进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 万华化学集团股份有限公司（以下简称"公司"）已于2025年8月12日发布公司2025年半年度报告，为便 于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年08月25日 （星期一）15:00-16:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针 ...

Group 1 - The company, Wanhua Chemical Group Co., Ltd., will hold a half-year performance briefing on August 25, 2025, from 15:00 to 16:00 [1] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1] - Investors can submit questions for the briefing from August 18 to August 22, 2025, and the company will address commonly asked questions during the session [1] Group 2 - The briefing will feature key personnel including the CEO, Vice President and Secretary of the Board, and an independent director [1] - After the briefing, investors can access the main content and details of the session through the Shanghai Stock Exchange Roadshow Center [1]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

证券代码：600309 证券简称：万华化学 公告编号：临 2025-49 号 万华化学集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 08 月 18 日（星期一）至 08 月 22 日（星期五）16:00 前登录上证路演 中心网站首页点击"提问预征集"栏目或通过公司邮箱 stocks@whchem.com 进行提问。公司 将在说明会上对投资者普遍关注的问题进行回答。 万华化学集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 12 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 08 月 25 日（星期一）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the polyurethane sector, this week, the average prices of pure MDI, polymer MDI, and TDI were 17,940 yuan/ton, 15,790 yuan/ton, and 16,004 yuan/ton respectively, with week - on - week changes of +100 yuan/ton, - 130 yuan/ton, and - 392 yuan/ton. Their respective gross profits were 4,572 yuan/ton, 3,479 yuan/ton, and 4,497 yuan/ton, with week - on - week changes of +152 yuan/ton, +2 yuan/ton, and - 358 yuan/ton [2]. - In the oil, gas, and olefin sector: ① This week, the average prices of ethane, propane, steam coal, and naphtha were 1,102 yuan/ton, 3,966 yuan/ton, 495 yuan/ton, and 4,059 yuan/ton respectively, with week - on - week changes of - 28 yuan/ton, +68 yuan/ton, +0 yuan/ton, and - 69 yuan/ton. ② The average price of polyethylene was 7,777 yuan/ton, a week - on - week decrease of 3 yuan/ton. The theoretical profits of ethylene cracking, CTO, and naphtha cracking to produce polyethylene were 1,343 yuan/ton, 1,911 yuan/ton, and 102 yuan/ton respectively, with week - on - week changes of +25 yuan/ton, - 3 yuan/ton, and +66 yuan/ton. ③ The average price of polypropylene was 7,000 yuan/ton, unchanged from the previous week. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were 53 yuan/ton, 1,596 yuan/ton, and - 32 yuan/ton respectively, with week - on - week changes of - 60 yuan/ton, +0 yuan/ton, and +69 yuan/ton [2]. - In the coal chemical sector, this week, the average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,289 yuan/ton, 1,750 yuan/ton, 4,095 yuan/ton, and 2,205 yuan/ton respectively, with week - on - week changes of - 134 yuan/ton, - 23 yuan/ton, +70 yuan/ton, and - 7 yuan/ton. Their respective gross profits were 359 yuan/ton, 67 yuan/ton, - 190 yuan/ton, and - 91 yuan/ton, with week - on - week changes of - 149 yuan/ton, - 32 yuan/ton, +82 yuan/ton, and - 10 yuan/ton [2]. - Relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and New Hope Liuhe [2]. 3. Summary by Relevant Catalogs 3.1 Basic Chemical Weekly Data Briefing - **Related Company Price Change Tracking**: As of August 15, 2025, the basic chemical index had a weekly increase of 2.5%, a monthly increase of 8.7%, a three - month increase of 13.0%, a one - year increase of 39.9%, and a year - to - date increase of 19.1%. Among the related companies, Wanhua Chemical had a weekly increase of 3.6%, a monthly increase of 14.0%, a three - month increase of 9.5%, a one - year decrease of 9.2%, and a year - to - date decrease of 10.5%. Baofeng Energy had a weekly increase of 0.3%, a monthly decrease of 2.0%, a three - month decrease of 0.6%, a one - year increase of 5.7%, and a year - to - date decrease of 5.3%. Satellite Chemical had a weekly decrease of 0.4%, a monthly increase of 8.5%, a three - month increase of 4.9%, a one - year increase of 23.2%, and a year - to - date increase of 3.9%. Hualu Hengsheng had a weekly increase of 2.7%, a monthly increase of 14.2%, a three - month increase of 17.8%, a one - year increase of 14.1%, and a year - to - date increase of 14.8%. New Hope Liuhe had a weekly increase of 0.7%, a monthly increase of 4.9%, a three - month increase of 2.9%, a one - year increase of 19.5%, and a year - to - date increase of 7.2% [8]. - **Related Company Profit Tracking**: As of August 15, 2025, for Wanhua Chemical, with a stock price of 63 yuan and a total market value of 197.2 billion yuan, the归母 net profits for 2024A, 2025E, 2026E, and 2027E were 13.033 billion yuan, 13.676 billion yuan, 16.777 billion yuan, and 19.539 billion yuan respectively, with corresponding PEs of 15.1, 14.4, 11.8, and 10.1, and a PB of 2.0 in 2025E. Similar data are provided for other companies such as Baofeng Energy, Satellite Chemical, Hualu Hengsheng, and New Hope Liuhe [8]. - **Polyurethane Industry Chain**: This week, the average price of pure MDI was 17,940 yuan/ton, a week - on - week increase of 100 yuan/ton, with a seven - year quantile of 21%, and a gross profit of 4,572 yuan/ton, a week - on - week increase of 152 yuan/ton, with a seven - year quantile of 60%. Similar data are presented for polymer MDI and TDI [8]. - **Oil, Gas, and Olefin Industry Chain**: - **Raw Material Prices**: This week, the average price of ethane was 21 cents/gallon (1,102 yuan/ton), a week - on - week decrease of 0.54 cents/gallon (28 yuan/ton), with a ten - year quantile of 31% (39%). Similar data are provided for propane, NYMEX natural gas, Brent crude oil, naphtha, steam coal, and methanol [8]. - **Profit Comparison of Different Routes**: For ethylene cracking to produce polyethylene, the profit was 1,343 yuan/ton, a week - on - week increase of 25 yuan/ton, a decrease of 24 yuan/ton compared to the beginning of the year, and a decrease of 346 yuan/ton year - on - year. Similar profit data are presented for other routes such as naphtha cracking and CTO [8]. - **C2 and C3 Segments and Coal Chemical Industry Chain**: Detailed price, price change, quantile, and profit data are provided for various products in the C2 segment (e.g., ethylene, HDPE), C3 segment (e.g., propylene, polypropylene), and coal chemical industry chain (e.g., coking coal, coke, traditional coal chemical products, and new materials) [10]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: No specific content provided in the given text other than the mention of the topic [12]. - **Polyurethane Sector**: The report presents the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and profit data of polymer MDI, TDI, and pure MDI [17][18][21]. - **Oil, Gas, and Olefin Sector**: It includes the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, and crude oil, as well as the profit data of different production routes such as ethane cracking to produce polyethylene, PDH to produce polypropylene, coal - based production of PE and PP, and naphtha - based production of PE and PP [25][26][34]. - **Coal Chemical Sector**: The report shows the price trends of domestic coking coal, coke, acetic acid, DMF, synthetic ammonia, urea, octanol, caprolactam, adipic acid, and PA6, as well as their corresponding profit data [42][49][54].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that polyester filament enterprises are reducing production to support prices, leading to a decline in industry inventory [4][21] - The market for glyphosate and glufosinate is experiencing tight supply, which is expected to continue driving price increases [4][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 0.09% this week [16] - The CCPI (China Chemical Product Price Index) reported 4034 points, down 0.49% from last week [19] Key Industry Insights - Polyester filament prices increased by 1.50% to 6,750 CNY/ton, with a price spread expansion of 11.95% [4][21] - Glyphosate prices rose to an average of 26,699 CNY/ton, up 1.14% from the previous week [4][24] - Glufosinate prices remained stable at around 44,500 CNY/ton, with a stable supply situation [4][26] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][29] - Beneficiary stocks include Jiangshan Co., Hebang Biotechnology, and Xin'an Chemical [6][28] Product Tracking - Viscose staple fiber prices increased by 0.78% to 12,950 CNY/ton [31] - The price of ammonium phosphate remained stable, while urea prices decreased by 1.85% to 1,747 CNY/ton [41][42]

Core Viewpoint - Covestro has signed an agreement to acquire Vencorex, a subsidiary of PTTGC, which includes production bases in Thailand and the USA, expected to be completed by the end of 2025, indicating confidence in the coatings and adhesives business despite recent performance pressures [2][5] Group 1: Acquisition Details - The acquisition involves Vencorex's production capacities of 79,000 tons/year of HDI monomer and 24,000 tons/year of HDI derivatives in France, along with 12,000 tons/year in both the USA and Thailand [2] - Vencorex is undergoing judicial reorganization due to challenges from the European energy crisis following the Russia-Ukraine conflict [2] Group 2: Competitive Landscape - Wanhua Chemical has also proposed to acquire Vencorex's specialty isocyanate business in France, with a transaction value of approximately €1.2 million and a commitment to invest €19 million by 2027 [4] - The acquisition of Vencorex by both Covestro and Wanhua indicates a strategic division of the company between the two chemical giants, with Wanhua focusing on Europe and Covestro on Asia [5] Group 3: Market Capacity and Trends - Wanhua Chemical's total HDI capacity is projected to reach 200,000 tons/year, while Covestro's capacity stands at 190,000 tons/year [6] - Emerging players like Meirui New Materials have rapidly ascended to become the third-largest in the HDI sector, with a capacity of 100,000 tons/year and plans for an additional 200,000 tons [6] - HDI is a critical component in polyurethane coatings, adhesives, and sealants, with significant applications in the automotive sector, which is the largest market [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to maintain stable operations by compensating for price declines with increased volume, supported by new projects that will drive growth [1] - Despite a decline in revenue and net profit in the first half of 2025, the company has shown resilience in production and sales volume, with significant capacity expansions completed [5] - The company has a strong capital expenditure plan, with investments exceeding 100 billion yuan annually since 2018, ensuring long-term growth potential [5] Financial Performance Summary - Revenue for 2025 is projected at 1,988.63 billion yuan, with a growth rate of 9.2% [2] - Net profit for 2025 is estimated at 135.19 billion yuan, reflecting a growth rate of 3.7% [2] - Earnings per share (EPS) is expected to be 4.31 yuan for 2025, with a price-to-earnings (PE) ratio of 15 [2] - The company reported a total revenue of 909.01 billion yuan in the first half of 2025, down 6.35% year-on-year, with a net profit of 61.23 billion yuan, down 25.10% year-on-year [5] - The overall gross margin for the first half of 2025 was 13.84%, a decrease of 2.57 percentage points year-on-year [5] Capacity Expansion and New Projects - The company has completed significant capacity expansions, including the MDI facility in Fujian, which increased capacity from 400,000 tons/year to 800,000 tons/year, and the new ethylene project in Yantai with a capacity of 1.2 million tons/year [5] - New projects in high-performance materials and other segments are expected to contribute to future growth [5] Financial Ratios and Projections - The company’s debt-to-asset ratio is projected to be 61.7% in 2025, indicating a stable financial structure [6] - Return on equity (ROE) is expected to be 11.8% in 2025, reflecting the company's ability to generate profit from shareholders' equity [6] - The net profit margin is projected to be 7.2% in 2025, indicating profitability despite market challenges [6]

格隆汇8月15日｜华鑫证券研报指出，万华化学业绩短期承压，多元化布局提升竞争力。作为聚氨酯全 球龙头，万华化学拥有全球最大的MDI和TDI产能。2025上半年公司聚氨酯业务实现营业收入368.88亿 元，同比增长4.04%，占总营业收入的40.58%，然毛利率同比下降0.47pct。公司积极布局POE弹性体、 电池材料等新兴领域，虽然精细化学品及新材料板块目前营收占比较小，但增长潜力较大，有望成为公 司未来的重要盈利增长点。公司还坚持产品差异化战略，开发多个高附加值POE、聚烯烃、尼龙12、改 性材料新品，拓展细分市场，助力新业务能力提升。尽管盈利能力承压，公司核心业务的现金回流能力 依然稳健，能够稳定产生正向现金流，公司短期业绩承压，但聚氨酯产品在国内的稀缺性地位不改，新 产能投产后将进一步巩固公司龙头地位。给予"买入"投资评级。 ...