Core Viewpoint - The A-share market has seen a significant increase in companies forecasting mid-term losses, with 139 companies predicting losses and 152 companies expecting a decline in net profits, indicating a growing trend of financial distress among listed firms [1][2]. Group 1: Company Performance - Among the 152 companies forecasting a decline in net profits, 10 companies expect a drop exceeding 1000%, with 9 of them shifting from profit to loss [2][4]. - China National Chemical Corporation (中化国际) anticipates a mid-term loss between 807 million to 949 million yuan, a staggering decline of 6649.8% to 7805.58% compared to the previous year [4][5]. - AOC Technology (冠捷科技), a leading global display manufacturer, projects a mid-term loss of 450 million to 490 million yuan, attributing the decline to intensified competition and rising costs [5]. Group 2: Notable Companies with Declining Profits - Hangzhou Steel (杭钢股份) forecasts a mid-term net loss of approximately 111 million yuan, representing a 204.63% decline year-on-year, despite a significant stock price increase earlier in the year [6][7]. - Yuanlong Yatu (元隆雅图) expects a mid-term net loss of 5 million to 10 million yuan, a decline of 119.39% to 138.78%, transitioning from profit to loss [8]. - Zhongke Jin Cai (中科金财) anticipates a mid-term net loss of 75 million to 105 million yuan, with a year-on-year decline of 51.43% to 112% [8]. Group 3: Market Reactions - Following the announcement of poor performance forecasts, Yuanlong Yatu experienced a significant drop in stock price, hitting the daily limit down [9].

Core Viewpoint - Zhonghua International (600500) is facing significant financial challenges, with expected net losses for the first half of 2025 due to a sluggish industry environment and low chemical product prices [2][4] Group 1: Financial Performance - The company anticipates a net profit loss of between 8.07 billion to 9.49 billion yuan for the first half of 2025, with a non-operating profit loss of 7.61 billion to 8.95 billion yuan [2][4] - In the same period last year, the net profit attributable to the parent company was 12.32 million yuan, with earnings per share of 0.003 yuan [2] - The decline in profitability is attributed to a persistently low chemical product price index and the inability to reverse losses despite efforts to increase sales and reduce costs [2] Group 2: Business Segment Performance - The basic raw materials and intermediates segment is expected to see revenue growth of approximately 25%-35% and sales volume growth of 30%-45%, with a slight increase in gross margin [2] - The high-performance materials segment is projected to experience a revenue decline of 3%-8%, but with an increase in gross margin of 3-8 percentage points [2] - The polymer additives segment is expected to see a revenue decline of 13%-20%, with gross margin remaining stable [2] - The chemical materials marketing and other segments are anticipated to have a revenue decline of 10%-15%, with gross margin also remaining stable [2] Group 3: Corporate Governance - The 6th meeting of the 10th Board of Directors was held on July 11, 2025, with all 7 directors present, meeting legal requirements [3] - The meeting approved two key resolutions: adjustments to the members of the board's professional committees and the establishment of a market value management system [3]

Core Viewpoint - China National Chemical Corporation (Sinochem International) expects a significant net loss for the first half of 2025, with net profit attributable to shareholders ranging from -76,067 million to -89,490 million yuan, indicating a challenging financial outlook due to low product prices and operational difficulties [1][6]. Performance Forecast - The company anticipates a net profit attributable to shareholders of -80,675 million to -94,911 million yuan for the first half of 2025, with a net profit excluding non-recurring items expected to be between -76,067 million and -89,490 million yuan [1]. - The forecast has not been audited by registered accountants [1]. Previous Year Comparison - In the same period last year, the net profit attributable to shareholders was 1,232 million yuan, while the net profit excluding non-recurring items was -82,525 million yuan [1]. - Earnings per share for the previous year were 0.003 yuan [1]. Reasons for Expected Loss - The primary reason for the expected loss is the impact of the main business operations, with product prices remaining at historical lows despite efforts to enhance operational capabilities [1]. - The company is focusing on improving operational management through marketing, production efficiency, and cost reduction in the supply chain [1]. Business Segments Overview - The company operates in five main segments: basic raw materials and intermediates, high-performance materials, polymer additives, chemical materials marketing, and other segments [3]. - The basic raw materials segment includes products like epoxy chloropropane and caustic soda, while high-performance materials include epoxy resins and ABS [3]. Production and Cost Management - The company has implemented strategies to increase production efficiency, achieving a 13% year-on-year increase in capacity utilization and a 2.4% reduction in production costs [2]. - Efforts to optimize procurement and logistics have resulted in a 3.5% decrease in procurement costs and a 4.2% reduction in logistics costs [2]. Market Conditions and Challenges - The company faces challenges in various product markets, with prices for key products like acetone and ABS declining due to market conditions [5]. - The ABS segment has seen a 2% decrease in revenue, while the aramid fiber segment has experienced a 23% drop in product prices [5]. Non-Operating Losses - The company has recognized losses related to the bankruptcy of a subsidiary, which has impacted its financial results [5]. - There has been a significant reduction in government subsidies compared to the previous year, further affecting profitability [5].

| 证券代码：600500 | 证券简称：中化国际 | 编号：2025-037 | | --- | --- | --- | | 债券代码：138949 | 债券简称：23中化K1 | | | 债券代码：241598 | 债券简称：24中化K1 | | 中化国际（控股）股份有限公司 第十届董事会第六次会议决议公告 3.董事会审计与风险委员会：程凤朝（主席）、刘文委员、钱明星委员； 4.董事会薪酬与考核委员会：蒋惟明（主席）、胡斌委员、程凤朝委员； 5.董事会可持续发展委员会：张学工（主席）、庞小琳委员、程凤朝委员、 蒋惟明委员、钱明星委员。 表决结果：7 票同意，0 票反对，0 票弃权。 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。 中化国际（控股）股份有限公司（以下简称"公司"）第十届董事会第六次 会议于 2025 年 7 月 11 日以通讯表决的方式召开。会议应到董事 7 名，实到董 事 7 名，出席会议董事超过全体董事的半数。会议符合《公司法》《公司章程》 及《董事会议事规则》的有关规定。经认真讨论，会议审议通过以 ...

| 证券代码：600500 | 证券简称：中化国际 | | | 编号：2025-038 | | --- | --- | --- | --- | --- | | 债券代码：138949 | 债券简称：23 | 中化 | K1 | | | 债券代码：241598 | 债券简称：24 | 中化 | K1 | | 中化国际（控股）股份有限公司 2025 年半年度业绩预告 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： 中化国际（控股）股份有限公司（以下简称"公司"或"中化国际"）预计 2025 年半年度实现归属于母公司所有者的净利润为-80,675 万元到-94,911 万 元；归属于母公司所有者的扣除非经常性损益的净利润为-76,067 万元到 -89,490 万元。 一、 本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经初步测算，预计公司 2025 年半年度实现归属于母公司所有者的净利润为 -80,675 万元到-94,911 万元 ...

Group 1 - The company Sinochem International (600500) expects to achieve a net profit attributable to the parent company owners of between -807 million and -949 million yuan for the first half of 2025 [1] - The net profit attributable to the parent company owners, after deducting non-recurring gains and losses, is projected to be between -761 million and -895 million yuan [1]

Core Viewpoint - The global largest phenol and acetone producer, INEOS, plans to permanently shut down its phenol production facility in Gladbeck, Germany, due to high energy costs and punitive carbon tax policies in Europe, which have diminished its competitiveness against imports from China and global oversupply [1][2]. Group 1: Industry Impact - The closure of INEOS's facility, which had an annual production capacity of 650,000 tons of phenol and 400,000 tons of acetone, is indicative of a broader trend of potential shutdowns in the European phenol industry due to energy competitiveness issues [2]. - Domestic phenol prices are currently at historical lows, with the average price in East China at 6,550 CNY/ton as of July 7, 2023, and a projected average of 7,026 CNY/ton for the first half of 2025 [1][2]. - The domestic phenol industry is experiencing a slowdown in production capacity growth, with effective capacity increasing from 3.33 million tons/year in 2021 to 6.57 million tons/year by 2024, but the compound annual growth rate (CAGR) is expected to drop to 3.57% in 2024 [2][3]. Group 2: Domestic Market Dynamics - The apparent consumption of domestic phenol is projected to grow from 3.08 million tons in 2021 to 5.24 million tons in 2024, with a CAGR of 19.37% [3]. - Domestic phenol imports have decreased significantly from 52.23 thousand tons to 24.96 thousand tons, reflecting a CAGR of -21.82%, while exports have also declined from 13.51 thousand tons to 7.91 thousand tons, with a CAGR of -16.35% [3]. - Despite the overall decline in imports and exports, a notable increase in export volume is expected in 2024, with a growth rate of 184.81% [3]. Group 3: Investment Opportunities - The anticipated exit of overseas core phenol production capacity is expected to stimulate domestic production and sales growth, benefiting domestic phenol and acetone producers [4]. - Key domestic companies with phenol production capacities include Weiyuan Co. (440,000 tons/year), Huayi Group (160,000 tons/year), Wanhua Chemical (400,000 tons/year), and Sinochem International (400,000 tons/year) [4]. - Investment focus is recommended on related stocks: Weiyuan Co. (600955.SH), Huayi Group (600623.SH), Sinochem International (600500.SH), and Wanhua Chemical (600309.SH) [4].

Investment Rating - The report maintains a "Buy" rating for the companies involved in the phenol industry, specifically recommending companies such as Weiyuan Co., Huayi Group, Sinochem International, and Wanhua Chemical [4][5]. Core Insights - The domestic phenol industry is expected to recover as overseas production capacity is being shut down, particularly in Europe, due to high energy costs and carbon tax policies [2][3]. - Domestic phenol prices are currently at their lowest since June 2023, with an average price of 6,562 RMB/ton in July 2025, compared to historical averages of 8,859 RMB/ton in 2021 and 10,023 RMB/ton in 2022 [1][2]. - The effective production capacity of domestic phenol has increased significantly from 3.33 million tons/year in 2021 to 6.57 million tons/year in 2024, with a compound annual growth rate (CAGR) of 25.43% [2]. Summary by Sections Price Trends - The average price of domestic phenol in the first half of 2025 is projected to be 7,026 RMB/ton, indicating a downward trend from previous years [1]. - Historical price data shows a significant decline from 10,023 RMB/ton in 2022 to 7,914 RMB/ton in 2024 [1]. Production Capacity and Consumption - Domestic phenol production capacity growth has slowed, with a CAGR of 3.57% expected in 2024, down from 37.99% between 2021 and 2023 [2]. - Apparent consumption of domestic phenol has increased from 3.08 million tons in 2021 to 5.24 million tons in 2024, with a CAGR of 19.37% [2]. Import and Export Dynamics - Domestic phenol imports have decreased significantly from 522,300 tons in 2021 to 249,600 tons in 2024, reflecting a CAGR of -21.82% [2]. - Exports have also declined from 135,100 tons in 2021 to 79,100 tons in 2024, although a notable increase of 184.81% is expected in 2024 [2]. Investment Recommendations - The report suggests that the exit of overseas phenol production capacity will likely boost domestic production and sales, benefiting companies in the sector [3]. - Key companies to watch include Weiyuan Co. (440,000 tons/year), Huayi Group (160,000 tons/year), Wanhua Chemical (400,000 tons/year), and Sinochem International (400,000 tons/year) [3].

Group 1 - The core stock price of Sinochem International (600500) closed at 3.86 yuan on July 4, 2025, down 0.52% with a turnover rate of 0.48% and a trading volume of 170,800 shares, amounting to a total transaction value of 66.1298 million yuan [1] - On July 4, the net inflow of main funds into Sinochem International was 1.4109 million yuan, accounting for 2.13% of the total transaction value, while retail investors had a net outflow of 661,400 yuan, representing 1.0% of the total transaction value [2][4] Group 2 - Sinochem International held its third extraordinary general meeting of shareholders on July 4, 2025, in Beijing, with 422 attendees representing 1,974,277,018 shares, which is 55.0164% of the total voting shares [2] - The voting results showed that Hu Bin received 1,964,851,915 votes (99.5226%) and Liu Wen received 1,961,195,814 votes (99.3374%), both were elected [2] - The meeting was confirmed as legally valid by lawyers from Beijing Tianyuan Law Firm, ensuring compliance with the Company Law and Articles of Association [2][4]

Company Overview - As of July 4, 2025, Sinochem International (600500) closed at 3.86 CNY, a 1.05% increase from the previous week's 3.82 CNY [1] - The stock reached a high of 3.91 CNY on July 2, 2025, and a low of 3.81 CNY on June 30, 2025 [1] - The current total market capitalization is 13.852 billion CNY, ranking 17th out of 169 in the chemical products sector and 1155th out of 5149 in the A-share market [1] Recent Developments - The third extraordinary general meeting of shareholders for 2025 was successfully held on July 4, 2025, in Beijing [1] - A total of 422 shareholders and proxies attended, representing 1,974,277,018 shares with voting rights, accounting for 55.0164% of the total voting shares [1] - The meeting was chaired by Chairman Zhang Xuegong and complied with the Company Law and Articles of Association [1] Voting Results - New directors Hu Bin and Liu Wen were successfully elected with significant support: Hu received 1,964,851,915 votes (99.5226%) and Liu received 1,961,195,814 votes (99.3374%) [1] - For shareholders holding less than 5% of shares, Hu received 16,300,437 votes in favor (64.7111%), while Liu received 12,644,336 votes in favor (50.1967%) [1] - The meeting was legally validated by lawyers from Beijing Tianyuan Law Firm, confirming the legality of the meeting's procedures and results [1]