Core Viewpoint - The company, 聚合顺, is actively addressing challenges such as intensified industry competition, weak downstream demand, and external trade disruptions while focusing on strengthening its core business and expanding its international market presence [1]. Company Overview - 聚合顺 is a national-level high-tech enterprise specializing in the research, production, and sales of nylon 6 chips, with a focus on maintaining a competitive edge through technological and management advantages [2]. - The company has established multiple production bases across Zhejiang, Shandong, and Hunan, and has developed a systematic production planning, supply chain, and management system over its ten years of operation [2]. Business Performance - For the first half of 2025, the company produced 299,268.46 tons of nylon chips, a year-on-year increase of 13.21%, and sold 293,195.21 tons, up 11.46% [1]. - The nylon 6 chip business accounts for over 95% of the company's main revenue, with fiber-grade chips contributing 65.60% and engineering plastic-grade chips 30.64% [1]. - The company's export revenue grew by over 65% year-on-year, with a significant international market presence in countries like India, South Korea, and Brazil [1]. Industry Context - The nylon chip industry is experiencing rapid capacity expansion, with an expected capacity of 8.5 million tons by the end of 2025, reflecting a 10% year-on-year increase [3]. - The industry faces oversupply pressures, with production expected to reach approximately 7 million tons against a consumption of about 6.4 million tons [3]. - The upstream caprolactam (CPL) capacity is projected to reach 7.4 million tons in 2025, with a year-on-year growth of nearly 7%, leading to a supply-demand imbalance and declining prices [3]. Strategic Initiatives - The company is advancing into high-end nylon chips, with plans to optimize its production projects to include various new nylon materials, enhancing product diversity and value [4]. - The company is also collaborating with China Tianchen to share interests in the PA66 market, with plans for an 80,000-ton PA66 project in Zibo, aiming for long-term growth [4]. - The company has a strong market position in differentiated products and has accumulated extensive customer resources, which are expected to enhance its competitiveness despite current industry pressures [5].

聚合顺 20250828 摘要 2025 年第二季度，公司营收同比下降 22%，扣非净利润同比大降 61.33%，受下游需求及己内酰胺价格波动影响，为近五年同期最具挑 战时期，但模拟加回成本变动后，与一季度理论差异不大。 公司通过调整产品结构应对市场变化，7 月对杭州本部传统尼龙 6 项目 进行结构化调整，推出共聚尼龙 6/66 及双六纺丝新产品线，并计划 9 月推出高温尼龙 67 小型产品线，预计 10-11 月双六纺丝产品线逐步推 向市场。 上半年海外业务增长显著，占总销售额 11%，印度占比 48%，巴西 21%，韩国 11%。国内市场竞争激烈，公司主动扩展海外市场，增益 海外收入。 中国尼龙切片已占全球 80%以上份额，规模和成本优势明显。预计下半 年中国企业海外市场将有增量，包括日本头部服装品牌和国内食品包材 企业。 二季度尼龙切片产量略增，但己内酰胺价格同比变动近 30%，导致尼龙 切片价格下滑 26%，加工费承压。7 月己内酰胺价格已开始回升，公司 将逐步调整应对。 Q&A 2025 年上半年公司经营情况如何？ 2025 年上半年，公司面临来自上游产能供应、内部产能释放以及下游需求疲 软等多方面 ...

据证券之星公开数据整理，近期聚合顺(605166)发布2025年中报。根据财报显示，聚合顺净利润同比下 降27.6%。截至本报告期末，公司营业总收入30.3亿元，同比下降13.87%，归母净利润1.11亿元，同比 下降27.6%。按单季度数据看，第二季度营业总收入14.67亿元，同比下降21.93%，第二季度归母净利润 2983.09万元，同比下降63.87%。 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为12.11%，资本回报率强。去年的净利率为5.1%，算上全部成本 后，公司产品或服务的附加值一般。从历史年报数据统计来看，公司上市以来中位数ROIC为 预付款项变动幅度为-36.82%,原因:本期末预付供应商货款金额较上年期末有所减少。 递延所得税资产变动幅度为57.97%,原因:可抵扣暂时性差异增加。 应交税费变动幅度为-66.2%,原因:本期期末应交所得税余额较上年年末减少。 营业收入变动幅度为-13.87%,原因:本期产品单价较上期有所下降。 营业成本变动幅度为-13.1%,原因:本期主要原材料单价较上期有所下降。 销售费用变动幅度为80.64%,原因:本期子公司业务招待费增加。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to fluctuations in raw material prices and weak downstream demand [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.03 billion yuan, a year-on-year decrease of 13.87% [1] - The net profit attributable to shareholders was 111 million yuan, down 27.60% year-on-year [1] - The net profit after deducting non-recurring items was 109 million yuan, a decrease of 26.01% year-on-year [1] - In Q2 2025, revenue was 1.47 billion yuan, a year-on-year decline of 21.93% and a quarter-on-quarter decline of 6.11% [1] - The net profit attributable to shareholders in Q2 was 30 million yuan, down 63.87% year-on-year and 63.07% quarter-on-quarter [1] - The net profit after deducting non-recurring items in Q2 was 32 million yuan, a decrease of 61.33% year-on-year and 58.41% quarter-on-quarter [1] Industry Dynamics - The fluctuation in raw material prices, particularly the increase in pure benzene prices, led to a rise in caprolactam prices, which subsequently weakened procurement willingness in the downstream market [2] - In Q2 2025, the average price of caprolactam was 9,193 yuan/ton, a decrease of 12.65% compared to Q1 [2] - The PA6 chip average price in Q2 2025 was 10,270 yuan/ton, also down 12.65% from Q1 [2] - The nylon chip industry is expected to reach a production capacity of 8.5 million tons and a production volume of 7 million tons by the end of 2025, with demand at 6.4 million tons [2] - The company has a competitive edge in high-end nylon chip segments and has adjusted its production projects to align with market conditions [2] Future Outlook - The company is expected to enhance its competitiveness with the completion of new production bases and capacities [2] - The company has a long-term positive outlook despite current industry pressures, supported by its experience in nylon 6 polymerization and the introduction of nylon 66 products [3] - Projected net profits for 2025, 2026, and 2027 are estimated at 350 million, 456 million, and 553 million yuan, respectively, with corresponding PE ratios of 11, 9, and 7 [3]

聚合顺（605166.SH）2025 年半年报点评 25Q2 利润短期承压，中长期核心主线奠基长期价值 2025 年 08 月 28 日 ➢ 事件：2025 年 8 月 27 日，聚合顺发布 2025 年半年报。2025H1，公司实 现营收 30.30 亿元，同比下降 13.87%；实现归母净利润 1.11 亿元，同比降低 27.60%；实现扣非后归母净利润 1.09 亿元，同比降低 26.01%。其中，2025Q2， 公司实现营收 14.67 亿元，同比降低 21.93%，环比降低 6.11%；实现归母净利 润 0.30 亿元，同比降低 63.87%，环比降低 63.07%；实现扣非后归母净利润 0.32 亿元，同比降低 61.33%，环比降低 58.41%。 ➢ 原料价格波动+下游需求疲软系公司业绩变动主因。2025 年年初，受到上 游纯苯价格上涨的影响，己内酰胺价格有所上涨，春节前后，受下游需求端传导 的影响，己内酰胺采购意愿有所减弱；进入 2025Q2，由于贸易壁垒增加了下游 需求的不确定性，叠加高库存影响，己内酰胺价格出现大幅下跌，据百川盈孚数 据，2025Q2 己内酰胺均价为 9193 元/吨，环 ...

据证券之星公开数据整理，近期聚合顺（605166）发布2025年中报。根据财报显示，聚合顺净利润同比 下降27.6%。截至本报告期末，公司营业总收入30.3亿元，同比下降13.87%，归母净利润1.11亿元，同 比下降27.6%。按单季度数据看，第二季度营业总收入14.67亿元，同比下降21.93%，第二季度归母净利 润2983.09万元，同比下降63.87%。 递延所得税资产变动幅度为57.97%,原因:可抵扣暂时性差异增加。 应交税费变动幅度为-66.2%,原因:本期期末应交所得税余额较上年年末减少。 营业收入变动幅度为-13.87%,原因:本期产品单价较上期有所下降。 营业成本变动幅度为-13.1%,原因:本期主要原材料单价较上期有所下降。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率7.4%，同比减9.98%，净利率4.09%，同 比减21.42%，销售费用、管理费用、财务费用总计224.47万元，三费占营收比0.07%，同比增147.28%， 每股净资产6.1元，同比增10.23%，每股经营性现金流0.36元，同比增95.12%，每股收益0.35元，同比减 27.08% | 项目 | 20 ...

上 市 公 司 基础化工 2025 年 08 月 27 日 聚合顺 (605166) ——外部扰动叠加库存影响致短期业绩承压，进军特种尼 龙切片再绘成长曲线 报告原因：有业绩公布需要点评 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,168 | 3,030 | 6,366 | 8,425 | 8,956 | | 同比增长率（%） | 19.1 | -13.9 | -11.2 | 32.4 | 6.3 | | 归母净利润（百万元） | 300 | 111 | 285 | 507 | 613 | | 同比增长率（%） | 52.7 | -27.6 | -5.0 | 77.9 | 20.8 | | 每股收益（元/股） | 0.95 | 0.35 | 0.91 | 1.61 | 1.95 | | 毛利率（%） | 8.1 | 7.4 | 8.4 | 10.1 | 10.9 | | ROE（%） | 15.6 | 5.7 | 13.1 | 18.9 ...

2025年8月27日，聚合顺(605166.SH)发布2025年半年度报告。截至2025年8月26日，共有12个机构投资 者披露持有聚合顺A股股份，合计持股量达1.02亿股，占聚合顺总股本的32.48%。其中，前十大机构投 资者包括温州永昌控股有限公司、海南永昌新材料有限公司、中国工商银行股份有限公司-交银施罗德 趋势优先混合型证券投资基金、华夏基金-招商银行-华夏基金星熠价值1号集合资产管理计划、中国建 设银行股份有限公司-富国优化增强债券型证券投资基金、国泰君安君得诚混合、华夏专精特新混合发 起式A、国泰鑫利一年持有期混合A、国泰民安增利债券A、国泰君安周期精选混合发起A，前十大机构 投资者合计持股比例达32.47%。相较于上一季度，前十大机构持股比例合计下跌了5.13个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即交银趋势混合A，持股减少占比达 2.44%。本期较上一季度新披露的公募基金共计2个，包括富国优化增强债券A/B、中庚小盘价值股票。 本期较上一季未再披露的公募基金共计21个，主要包括交银启诚混合A、交银瑞元三年定期开放混合、 招商量化精选股票发起式A、国寿安保稳荣混合A、交 ...

智通财经APP讯，聚合顺(605166.SH)披露2025年半年度报告，报告期公司实现营收30.3亿元，同比下降 13.87%;归母净利润1.11亿元，同比下降27.6%;扣非净利润1.09亿元，同比下降26.01%;基本每股收益0.35 元。 ...

证券日报网讯 8月26日晚间，聚合顺发布公告称，公司第四届董事会第五次会议审议通过了《关于公司 2025年半年度报告及其摘要的议案》等多项议案。 （文章来源：证券日报） ...