Group 1 - The company reported a revenue of 502 million yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to the parent company was 39.53 million yuan, marking a turnaround from a loss to profit year-on-year [1] - The non-recurring net profit was 38.55 million yuan, also indicating a shift from loss to profit compared to the previous year [1] - The basic earnings per share were 0.0369 yuan [1]

Core Viewpoint - Zhongyida (600610.SH) reported a decline in revenue for the first half of 2025, but achieved a net profit attributable to shareholders, indicating a turnaround despite challenging market conditions [1] Financial Performance - The company achieved operating revenue of 502 million yuan, a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders was 39.53 million yuan, marking a turnaround from previous losses [1] Product Performance - The average price of the neopentyl glycol series products increased by 27.96% compared to the same period last year, while production remained stable and sales volume slightly decreased, leading to a sales revenue increase of 16.32% [1] - The trimethylolpropane series products faced a 13% price decline due to industry overcapacity and weak downstream demand, with sales revenue decreasing by 13.09% year-on-year [1] - Alcohol and DDGS feed products experienced price declines due to overcapacity in the alcohol industry and sluggish livestock farming, resulting in a 49.70% decrease in sales revenue for alcohol production [1]

[Definitions](index=4&type=section&id=Definitions) This section provides definitions of key terms used throughout the report for clarity - The reporting period is defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) Definitions of Common Terms | Term | Meaning | | :--- | :--- | | 中国证监会 | China Securities Regulatory Commission | | 上交所 | Shanghai Stock Exchange | | 公司、本公司、本企业、中毅达 | Guizhou Zhongyida Co., Ltd. | | 报告期 | January 1, 2025, to June 30, 2025 | [Company Profile and Key Financial Indicators](index=4&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and acronym, and legal representative - The company's Chinese name is Guizhou Zhongyida Co., Ltd., abbreviated as Zhongyida, with Shen Miao as the legal representative[14](index=14&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, and email, to facilitate investor communication - The Board Secretary is Zhu Xinggang, and the Securities Affairs Representative is Zhao Wenlong; both can be contacted at Unit 905, Block A, Financial Street Helen Center, No. 440 Helen Road, Hongkou District, Shanghai[15](index=15&type=chunk)[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address, with the most recent change to Room 201, Office Building, Wengfu Industrial Park, Macangping, Fuquan City, Qiannan Buyi and Miao Autonomous Prefecture, Guizhou Province - The company's registered address changed on March 15, 2022, to Room 201, Office Building, Wengfu Industrial Park, Macangping, Fuquan City, Qiannan Buyi and Miao Autonomous Prefecture, Guizhou Province[17](index=17&type=chunk) - The company's office address is Unit 905, Block A, Financial Street Helen Center, No. 440 Helen Road, Hongkou District, Shanghai, and its website is www.shanghaizhongyida.com[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the designated newspaper and website for the company's information disclosure, as well as the location for the semi-annual report, with no changes during the reporting period - The company's designated newspaper for information disclosure is 'Shanghai Securities News', and the website for publishing semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section lists the company's stock types, listing exchanges, stock abbreviations, and codes, including A-shares and B-shares Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A股 | 上交所 | 中毅达 | 600610 | | B股 | 上交所 | 中毅达B | 900906 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the reporting period, showing a turnaround to profitability with significant growth in net profit and net asset size Key Accounting Data (Jan-Jun 2025) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 501,779,926.66 | 565,343,854.89 | -11.24 | | 利润总额 | 49,581,893.88 | -14,980,001.71 | 不适用 | | 归属于上市公司股东的净利润 | 39,534,923.95 | -15,730,077.51 | 不适用 | | 经营活动产生的现金流量净额 | 66,061,637.41 | 39,659,887.90 | 66.57 | | 归属于上市公司股东的净资产（期末） | 107,284,620.43 | 66,299,663.21 | 61.82 | | 总资产（期末） | 1,006,864,511.98 | 1,015,373,956.45 | -0.84 | Key Financial Indicators (Jan-Jun 2025) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | 基本每股收益（元／股） | 0.0369 | -0.0147 | 不适用 | | 稀释每股收益（元／股） | 0.0369 | -0.0147 | 不适用 | | 加权平均净资产收益率（%） | 45.55 | -100.11 | 增加145.66个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 44.42 | -108.17 | 增加152.59个百分点 | - The company achieved a turnaround to profitability, primarily due to increased gross profit margin driven by rising prices of core pentaerythritol series products, and reasonable adjustments to production plans for alcohol and other facilities with negative gross margins, reducing losses[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling RMB 981,690.92, primarily including government grants and non-current asset disposal gains/losses Non-Recurring Gains/Losses Items (Jan-Jun 2025) | Non-Recurring Gains/Losses Item | Amount (RMB) | | :--- | :--- | | 非流动性资产处置损益 | -60,136.15 | | 计入当期损益的政府补助 | 1,409,900.68 | | 除上述各项之外的其他营业外收入和支出 | -163,069.34 | | 减：所得税影响额 | 205,004.27 | | 合计 | 981,690.92 | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, industry, and strategic initiatives [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This section elaborates on the overview, cyclicality, and policy changes of the polyol, edible alcohol, and co-product industries, as well as the company's main business, product uses, operating model, market position, and performance drivers - The company's main business is the production and sale of fine chemical products, primarily including pentaerythritol series, trimethylolpropane series, edible alcohol, and DDGS feed[37](index=37&type=chunk) - The polyol industry is affected by increased demand for environmentally friendly coatings downstream, leading to rising demand and sales prices for high-content pentaerythritol; trimethylolpropane capacity growth intensifies market competition[32](index=32&type=chunk) - The edible alcohol industry has a 4-5 year cyclicality, with profitability influenced by raw material prices and policies; DDGS feed prices are affected by the aquaculture cycle, grain prices, and alcohol production capacity[32](index=32&type=chunk) - The company's pentaerythritol production facility has an annual capacity of **43,000 tons**, ranking second domestically, demonstrating significant capacity scale and technological advantages[42](index=42&type=chunk) [(I) Industry Development](index=7&type=section&id=(I)%20Industry%20Development) This section introduces the basic situation and main uses of the polyol industry (pentaerythritol, trimethylolpropane) and edible alcohol and co-products (DDGS feed) - Pentaerythritol is an important fine chemical product used in alkyd resins, synthetic lubricants, flame retardants, etc., and is a green and environmentally friendly organic chemical product[29](index=29&type=chunk)[30](index=30&type=chunk) - Trimethylolpropane is mainly used in UV-curable coatings, polyurethane curing agents, alkyd resins, etc., and also in synthetic aviation lubricants and plasticizers[30](index=30&type=chunk) - Edible alcohol is primarily used in food, medical, and daily chemical industries; DDGS feed is a co-product of corn alcohol production, used as a feed ingredient due to its high protein content[30](index=30&type=chunk)[31](index=31&type=chunk) [(II) Industry Cyclicality and Changes](index=8&type=section&

中毅达8月25日披露的半年报显示，公司上半年实现营业收入5.02亿元，同比下降11.24%；归属于上市 公司股东的净利润3953.49万元，上年同期亏损1573.01万元；基本每股收益0.0369元。 ...

2025年8月25日，贵州中毅达股份有限公司召开第九届董事会第十二次会议、第九届监事会第十次会 议，审议通过《关于计提资产减值准备的议案》。基于审慎性原则，公司及下属子公司对各项资产进行 检查和减值测试，当期计提资产减值准备和信用减值准备合计530.61万元，其中存货跌价减值损失 220.12万元，应收票据坏账损失306.59万元，应收账款坏账损失3.90万元。本次计提将减少公司2025年 半年度合并报表利润总额530.61万元。 ...

Group 1 - The company Zhongyida (600610.SH) reported a revenue of 502 million yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The company achieved a net profit of 39.53 million yuan, marking a turnaround from loss to profit compared to the previous year [1] - The increase in the gross profit margin was driven by the rising prices of the company's core product, the pentaerythritol series, due to market conditions [1]

Group 1 - The stock price of Zhongyida closed at 13.85 yuan on August 21, down 0.09 yuan, a decline of 0.65% from the previous trading day [1] - During the trading session, the stock experienced a rapid rebound, with an increase of over 2% within 5 minutes, reaching a high of 14.35 yuan [1] - The total trading volume for the day was 1.336 billion yuan, with a turnover rate of 13.73% [1] Group 2 - Zhongyida operates in the chemical raw materials sector, focusing on the research, production, and sales of fine chemical products [1] - The company is headquartered in Guizhou and is a constituent of the Shanghai Stock Connect, also possessing margin trading qualifications [1] Group 3 - On August 21, the net outflow of main funds from Zhongyida was 135 million yuan, accounting for 1.38% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 83.0884 million yuan, representing 0.85% of the circulating market value [1]

Market Overview - The chemical raw materials sector increased by 1.85% on August 20, with Jinniu Chemical leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Jinniu Chemical (600722) closed at 6.80, rising by 10.03% with a trading volume of 1.0539 million shares and a transaction value of 685 million [1] - Other notable performers included: - Zhongyida (600610) at 13.94, up 5.37% [1] - ST Yatai (000691) at 7.67, up 5.07% [1] - Huiyun Titanium Industry (300891) at 11.06, up 4.83% [1] - Jiangtian Chemical (300927) at 28.95, up 3.28% [1] Capital Flow - The chemical raw materials sector saw a net inflow of 188 million from main funds, while retail investors experienced a net outflow of 125 million [1] - Specific stock capital flows included: - Zhongyida with a main fund net inflow of 104 million [2] - Jinniu Chemical with a main fund net inflow of 85.88 million [2] - Huiyun Titanium Industry with a main fund net inflow of 11.81 million [2]

Core Viewpoint - The China Securities report indicates a 4.51% increase in the CITIC Basic Chemical Industry Index for July 2025, ranking 13th among 30 CITIC primary industries, with a recommendation to focus on pesticide, organic silicon, and polyester filament industries in August 2025 [1][2][5] Market Review - In July 2025, the CITIC Basic Chemical Industry Index outperformed the Shanghai Composite Index by 0.77 percentage points and the CSI 300 Index by 0.96 percentage points, with a year-on-year increase of 41.50%, surpassing the Shanghai Composite Index by 13.06 percentage points and the CSI 300 Index by 16.24 percentage points [2] Sub-industry and Stock Performance - Among 33 CITIC tertiary sub-industries in July 2025, 26 experienced gains, with modified plastics, polyurethane, and civil explosives leading the way with increases of 16.69%, 14.01%, and 12.09% respectively. Conversely, nylon, fluorochemicals, and lithium battery chemicals saw declines of 3.99%, 1.26%, and 1.25% respectively [3] - Out of 523 stocks in the basic chemical sector, 310 rose while 211 fell, with the top gainers being Xinwei New Materials (1083.42%), Dongcai Technology (84.92%), and Honghe Technology (58.84%). The largest declines were seen in Jiyuan Group (-26.23%), Keheng Co. (-25.78%), and Zhongyida (-23.69%) [3] Product Price Tracking - In July 2025, international oil prices continued to rise, with WTI crude increasing by 6.37% to $69.26 per barrel and Brent crude by 7.28% to $72.53 per barrel. Among 319 tracked products, 103 saw price increases, with TDI, trichloromethane, and coking coal leading the gains at 43.29%, 32.79%, and 32.56% respectively. However, 177 products experienced price declines, with the largest drops in methyl acrylate (-24.08%) and butyl acrylate (-10.61%) [4] Industry Investment Recommendations - The industry maintains a "market perform" investment rating, anticipating a potential improvement in certain sub-industries as the chemical industry's anti-involution policies take effect, particularly in the pesticide, organic silicon, and polyester filament sectors for August 2025 [5]

Group 1 - The stock price of Zhongyida closed at 13.87 yuan on August 7, an increase of 0.45 yuan from the previous trading day [1] - The opening price on that day was 13.31 yuan, with a highest point of 14.14 yuan and a lowest point of 13.24 yuan [1] - The total trading volume for the day was 1.1357 million hands, with a total transaction amount of 1.566 billion yuan [1] Group 2 - Zhongyida's main business is the production and sales of chemical raw materials, and the company is registered in Guizhou Province [1] - According to public information, the company achieved a turnaround in its mid-year performance for 2025, moving from a loss to profitability [1] Group 3 - On August 7, Zhongyida experienced a rapid rebound at 10:10 AM, with a rise of over 2% within 5 minutes, and the transaction amount reached 299 million yuan at that time [1] - The net outflow of main funds on that day was 18.4697 million yuan, while the cumulative net inflow of main funds over the past five trading days was 33.3627 million yuan [1]