Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 90.72 billion RMB for H1 2025, a year-over-year decrease of 0.35%, while the net profit attributable to shareholders was 3.10 billion RMB, an increase of 9.26% year-over-year [1]. - The company has seen strong growth in overseas revenue, with a 28.8% year-over-year increase, while domestic revenue decreased by 8.9% [2]. - The company has increased its mid-term dividend payout ratio to 19.7%, reflecting a commitment to shareholder returns [1]. Summary by Sections Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 9.86%, a year-over-year increase of 0.11 percentage points [2]. - The revenue breakdown for H1 2025 includes chemical engineering at 74.8 billion RMB, infrastructure at 9.1 billion RMB, environmental governance at 0.5 billion RMB, industrial and new materials at 4.8 billion RMB, and modern services at 0.8 billion RMB [2]. - The company’s operating cash flow was negative 10 billion RMB, primarily due to a decrease in net funds from the financial company's repurchase business [3]. Order and Project Development - The company signed new orders totaling 206.1 billion RMB in H1 2025, a year-over-year increase of 1.2%, with the chemical sector contributing 160 billion RMB, up 6.5% year-over-year [4]. - The company has actively pursued high-value projects, including coal-to-olefins and coal-to-oil projects [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 6.126 billion RMB, 6.473 billion RMB, and 6.810 billion RMB respectively [5]. - The target price has been adjusted to 11.03 RMB, based on a price-to-earnings ratio of 11x for 2025 [5].

Core Viewpoint - China Chemical achieved revenue of 90.7 billion yuan in H1 2025, a slight decrease of 0.3% year-on-year, while net profit attributable to shareholders was 3.1 billion yuan, an increase of 9%, meeting expectations [1] Financial Performance - The company's non-recurring profit was 3 billion yuan, a decrease of 2%, with the slower growth attributed to higher non-operating expenses and significant losses from changes in the fair value of financial assets compared to the same period last year [1] - The construction segment showed improved profitability, with significant cash flow improvement in Q2 [1] Market Position and Orders - The company demonstrated strong report quality, with negative net capital contribution highlighting its advantageous position in the supply chain [1] - New signed orders showed positive marginal growth, supported by sustained overseas demand and accelerated domestic projects in Xinjiang's coal chemical sector, as well as the "anti-involution" trend expected to bolster domestic order support [1] - Overseas orders achieved steady growth with a 154% year-on-year increase from January to July 2024, despite a high base [1] Industry Outlook - The acceleration of domestic coal chemical projects in Xinjiang and the "anti-involution" trend are anticipated to drive industry profitability improvements and enhance capital expenditure willingness for relocations and renovations [1] - As a leading player in chemical construction, the company is expected to be a core beneficiary of these trends [1]

Group 1 - The stock price of China Chemical increased by 2.09% on August 26, reaching 8.30 CNY per share, with a trading volume of 516 million CNY and a market capitalization of 50.687 billion CNY [1] - Year-to-date, the stock price has risen by 2.42%, with a 6.22% increase over the last five trading days, a 2.67% increase over the last 20 days, and a 10.76% increase over the last 60 days [1] - The main business revenue composition of China Chemical includes 81.89% from chemical engineering, 11.08% from infrastructure, 4.71% from industrial operations, 1.19% from environmental governance, 0.84% from modern services, and 0.29% from other supplementary services [1] Group 2 - As of June 30, the number of shareholders for China Chemical was 93,300, a decrease of 11.48% from the previous period, while the average circulating shares per person increased by 12.45% to 64,756 shares [2] - For the first half of 2025, China Chemical reported operating revenue of 90.722 billion CNY, a year-on-year decrease of 0.35%, and a net profit attributable to shareholders of 3.102 billion CNY, a year-on-year increase of 9.26% [2] - Since its A-share listing, China Chemical has distributed a total of 9.958 billion CNY in dividends, with 3.305 billion CNY distributed in the last three years [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a steady revenue growth in the first half of 2025, with total revenue of 90.7 billion yuan, a slight decrease of 0.3% year-on-year, while net profit attributable to shareholders increased by 9% to 3.1 billion yuan, in line with expectations [1] - The overseas business showed significant growth, with foreign revenue increasing by 29% to 26.6 billion yuan, while domestic revenue fell by 9% [1] - The company plans to distribute a cash dividend of 610 million yuan, representing 19.69% of net profit attributable to shareholders [1] Financial Performance - The company's gross margin for the first half of 2025 was 9.6%, an increase of 0.2 percentage points year-on-year, with improvements in the construction segment [2] - Operating cash flow showed a net outflow of 10 billion yuan, but there was a significant improvement in cash flow in Q2, with a net inflow of 5.1 billion yuan, an increase of 29% year-on-year [2] - The company has a low interest-bearing debt ratio of 6.4%, with cash and cash equivalents amounting to 37.2 billion yuan, indicating a strong liquidity position [2] Order Intake and Future Outlook - New contracts signed from January to July 2025 totaled 224.8 billion yuan, a year-on-year increase of 4.4%, with a notable acceleration in growth since May [3] - The company is expected to benefit from the ongoing overseas market demand and domestic projects in Xinjiang's coal chemical sector, which may enhance order support [3] - Forecasted net profits for 2025-2027 are 6.41 billion, 7.27 billion, and 8.09 billion yuan, respectively, with corresponding EPS of 1.05, 1.19, and 1.32 yuan [3][5]

Group 1 - The company's net profit attributable to shareholders for H1 2025 increased by 9.26% year-on-year, aligning with expectations [1] - Total revenue for H1 2025 was 90.72 billion, a slight decrease of 0.35% year-on-year, while the net profit was 3.1 billion [1] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, marking its first interim dividend [1] Group 2 - The chemical engineering segment reported revenue of 74.8 billion, up 1.21% year-on-year, with a gross margin increase of 0.3 percentage points to 10.2% [2] - The infrastructure segment saw a revenue decline of 10.0% year-on-year, totaling 9.11 billion, but with a gross margin increase of 1.3 percentage points to 7.1% [2] - Domestic revenue was 63.5 billion, down 8.9% year-on-year, while international revenue increased by 28.8% to 26.6 billion [2] Group 3 - The company's operating cash flow for H1 2025 was -10.03 billion, with a year-on-year increase in cash outflow of 5.46 billion [3] - The company is focusing on high-end chemicals and advanced materials, aiming to establish a second growth curve through innovative projects [3] - Profit forecasts for 2025-2027 are maintained at 5.99 billion, 6.59 billion, and 7.12 billion respectively, with corresponding PE ratios of 8X for 2025 and 2026, and 7X for 2027 [3]

Core Viewpoint - The company has proposed a mid-term profit distribution plan, aiming to enhance investor confidence and improve its market image, based on its strong profitability and strategic planning for shareholder returns [2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of 1.00 RMB (including tax) for every 10 shares held, based on the total share capital registered on the equity distribution record date [1][2]. - As of the announcement date, the total share capital is 6,106,877,362 shares, leading to a total cash dividend distribution of 610,687,736.20 RMB (including tax), which represents a certain percentage of the net profit attributable to shareholders for the first half of 2025 [2]. Decision-Making Process - The company's board of directors approved the profit distribution plan during a meeting held on August 22, 2025, with a unanimous vote of 7 in favor and none against [3]. - The plan aligns with the company's profit distribution policy and previously disclosed shareholder return strategies, and it will be submitted for approval at the shareholders' meeting [3].

Core Viewpoint - The report highlights the financial performance and operational strategies of China National Chemical Engineering Co., Ltd. for the first half of 2025, showcasing a slight decline in revenue but an increase in net profit, alongside a focus on innovation and international expansion [1][2][3]. Financial Performance - The company reported a total revenue of approximately 90.42 billion RMB, a decrease of 0.21% compared to the same period last year [7]. - Total profit reached approximately 3.96 billion RMB, reflecting an increase of 8.07% year-on-year [7]. - Net profit attributable to shareholders was approximately 3.10 billion RMB, up 9.26% from the previous year [7]. - The company plans to distribute a cash dividend of 1.0 RMB per 10 shares, amounting to approximately 610.69 million RMB, which represents 19.69% of the net profit for the first half of the year [1]. Business Overview - The company operates primarily in the chemical engineering sector, providing comprehensive solutions including engineering, procurement, and construction (EPC) services [3][6]. - The main business segments include chemical engineering, infrastructure, environmental governance, and new materials, with chemical engineering being the core revenue driver [6][8]. - The company has a strong presence in both domestic and international markets, with significant projects in over 80 countries [3]. Operational Highlights - The company secured new contracts worth approximately 2.06 billion RMB in the first half of 2025, with a notable increase in domestic contracts [13]. - The chemical engineering segment generated approximately 74.81 billion RMB in revenue, accounting for 83.06% of total revenue, with a year-on-year growth of 1.21% [6][8]. - The infrastructure segment saw a decline in revenue by 10.02% due to project completions, while environmental governance revenue dropped significantly by 54.58% [6][8]. Industry Trends - The chemical engineering industry is experiencing a shift towards low-carbon technologies and sustainable practices, driven by national policies and market demands [8][10]. - The infrastructure sector is supported by government initiatives aimed at enhancing quality and expanding investment in new infrastructure projects [9]. - The environmental governance market is expected to grow, with increasing regulatory focus on pollution control and resource management [10][11]. Strategic Initiatives - The company is focusing on innovation and technology development, with plans to enhance its research capabilities and foster partnerships with academic institutions [15][16]. - An international expansion strategy is being implemented, with significant projects signed in regions such as Southeast Asia and Africa [14][15]. - The company aims to optimize its operational efficiency through digital transformation and improved project management practices [16][17].

公司代码：601117 公司简称：中国化学 中国化学工程股份有限公司 中国化学工程股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 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。 中国化学工程股份有限公司2025 年半年度报告摘要 | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 变更 | | --- | --- | --- | --- | | 前股票简称 | | | | | A股 上海证券交易所 | | 中国化学 601117 | 不适用 | | 联系人和联系方式 | | 董事会秘书 | 证券事务代表 | | 姓名 | 朱今风 | | 谭华 | | 电话 | 010-59765697 | 010-59765540 | | | 办公地址 | 北京市东城区东直门内大街2号 | | 北京市东城区东直门内 | | 大街2号 | | | | | 电子信箱 | zhujf@cncec.com.cn | tanhua@cncec.com.cn | | | | | 单位：元 | 币种：人民币 | | | | ...

三是发展新质生产力，加强科技创新能力建设方面，公 司坚持"灯火通明搞科研""灯火通明促转化"，加快打造 "创新中国化学"。创新体系更加完善。聚焦科技创新组织 召开"新春第一会"，全面点燃创新热情。制定重大科技攻 关项目管理办法，大力实施 PMO 项目管理法以及"赛马" "揭榜挂帅"攻关机制。深入推进"百—万—百万"科技人 才培养工程，积极探索柔性引才和联合育才，人才对科技创 新的支撑作用不断增强。创新资源加速聚集。持续拓宽"T" 的来源，赴欧洲与知名专利商和工程公司开展技术交流合作， 吸引一批全球领先的专利商和工程公司主动来访交流，签署 多份战略合作协议和谅解备忘录，技术整合能力明显提升。 强化"产学研用"一体化创新，加强与知名高校联合攻关， 协同创新能力不断增强。创新课题进展顺利。积极融入国家 创新体系，获得多项国家级研发项目，稳步推进"星火计划" 实施，重大项目对科技创新牵引作用不断增强。创新成效不 断显现。推动优势技术转化为现实效益。天辰公司双氧水法 环氧丙烷、成达公司绿色低碳纯碱等 5 项技术分别入选工信 与制定并发布国标 7 项、行标 5 项，行业话语权持续提升。 四是增进投资者沟通，提升价值实现能 ...

Group 1 - China Chemical announced that its subsidiary Tianchen Engineering Co., Ltd. has signed an EPC contract for a 300,000 tons/year soda ash project in Indonesia with PT Pupuk Kalimantan Timur [1] - The contract is a joint venture with PT Enviromate Technology International, and a parent company support agreement has been established to ensure project execution [1] - As of June 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to 6.544 billion yuan, which represents 10.51% of the latest audited net assets [1] Group 2 - For the year 2024, the revenue composition of China Chemical is as follows: Chemical Engineering 81.55%, Infrastructure 11.04%, Other Industries 4.69%, Environmental Governance 1.19%, and Modern Services 0.84% [2] Group 3 - As of the latest report, the market capitalization of China Chemical is 49.6 billion yuan [3]