[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section outlines key disclaimers, risk warnings, and the company's dividend policy for the reporting period - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility[4](index=4&type=chunk) - The company advises investors to be aware of potential risks including industry fluctuations, policy changes, R&D failures, operational challenges, and force majeure events[4](index=4&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for this semi-annual period[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's profile and key financial performance indicators for the first half of 2025 [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue grew modestly while net profit attributable to shareholders declined significantly, though operating cash flow improved dramatically Financial Performance Summary | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,216,097,359.13 | 2,093,910,754.84 | 5.84% | | Net Profit Attributable to Shareholders (Yuan) | 13,724,413.32 | 32,978,516.71 | -58.38% | | Net Profit Attributable to Shareholders (Non-recurring Items Excluded) (Yuan) | -4,138,685.31 | 27,360,917.96 | -115.13% | | Net Cash Flow from Operating Activities (Yuan) | 379,526,497.97 | -9,343,872.78 | 4,161.77% | | Basic Earnings Per Share (Yuan/Share) | 0.02 | 0.05 | -60.00% | | Total Assets (Yuan) | 8,580,342,419.67 | 8,541,999,872.43 | 0.45% (vs. Prior Year-End) | | Net Assets Attributable to Shareholders (Yuan) | 2,308,285,210.40 | 2,294,445,620.37 | 0.60% (vs. Prior Year-End) | - Non-recurring gains and losses totaled **17.86 million yuan**, primarily from non-current asset disposals (12.30 million yuan) and government grants (8.91 million yuan), explaining the variance between net profit and adjusted net profit[23](index=23&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's business operations, core competencies, financial performance, and risk factors [Business Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates a synergistic business model across intelligent computing, electronics, and chemicals, with the electronics segment driving overall growth - The company's business structure is clearly defined by the synergistic development of its **intelligent computing, electronics, and chemical segments**, ensuring stable operations[26](index=26&type=chunk) Segment Performance | Segment | Operating Revenue (Billion Yuan) | Net Profit Attributable to Parent (Billion Yuan) | Revenue YoY Change | Revenue Mix | | :--- | :--- | :--- | :--- | :--- | | Chemical | 1.27 | -0.06 | -2.82% | 57.30% | | Electronics | 0.95 | 0.07 | +20.19% | 42.70% | | **Total** | **2.22** | **0.01** | **+5.84%** | **100%** | [Core Competency Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its diversified business portfolio, AI solution capabilities, and strategic positioning in the computing infrastructure market - The company has established a diversified business layout with **synergies between its chemical, electronics, and intelligent computing segments**, where the traditional chemical business provides stable cash flow to support technological transformation[32](index=32&type=chunk) - Through its subsidiary Superengine (an NVIDIA dual Elite partner), the company provides integrated AI solutions including servers, switches, and optical modules to various industries[34](index=34&type=chunk) - The company is actively expanding its computing power business by investing in infrastructure and focusing on operational management, positioning itself as a key enabler in the digital economy[35](index=35&type=chunk) [Analysis of Main Business Operations](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue growth was driven by the electronics segment, particularly intelligent computing products, despite rising operating expenses and a decline in chemical sales Key Financial Metrics Analysis | Financial Metric | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Primary Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 39,659,363.69 | 29,882,432.56 | 32.72% | Increased marketing and promotion fees | | Finance Expenses | 81,067,252.44 | 35,267,805.28 | 129.86% | Increased financing scale | | Net Operating Cash Flow | 379,526,497.97 | -9,343,872.78 | 4,161.77% | Improved cash collection | | Net Investing Cash Flow | -783,703,697.24 | -1,355,437,417.08 | 42.18% | Reduced procurement of computing equipment | Revenue Breakdown | Business/Product Category | Current Period Revenue (Yuan) | Revenue Mix | YoY Change | | :--- | :--- | :--- | :--- | | **By Industry** | | | | | Chemical Business | 1,269,830,570.66 | 57.30% | -2.82% | | Electronics Business | 946,266,788.47 | 42.70% | 20.19% | | **By Product** | | | | | Electronics - Intelligent Computing | 762,481,986.34 | 34.41% | 87.87% | | Electronics - Electronic Components | 153,195,240.25 | 6.91% | -50.04% | | **By Region** | | | | | Overseas | 229,496,094.42 | 10.36% | 856.80% | - The company updated its product classification methodology to more accurately reflect the rapid growth in revenue and profit from the intelligent computing business since its launch in 2023[42](index=42&type=chunk) [Analysis of Major Subsidiaries and Investees](index=16&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Subsidiary performance varied, with the AI business showing strong growth while traditional chemical and electronics segments faced market headwinds Subsidiary Performance Summary | Company Name | Main Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd | Chemical Products | 1,269,832,891.03 | -60,897,756.10 | | Changsha Shaoguang Semiconductor Co, Ltd | Military Products | 35,799,152.77 | 14,614,196.27 | | Viko Electronic Module (Shenzhen) Co, Ltd | Integrated Circuits | 117,396,087.48 | -6,098,589.74 | | Hangjin (Wuhan) Artificial Intelligence Technology Co, Ltd | Computing Services | 762,481,986.34 | 116,214,054.44 | - During the period, four new subsidiaries were established and an equity transfer was completed, with minimal impact on current overall operations and performance[60](index=60&type=chunk) [Risks and Countermeasures](index=17&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from industry cycles, policy changes, R&D, operations, and supply chain, which it addresses through diversification and proactive management Risk Management Overview | Risk Type | Risk Description | Countermeasure | | :--- | :--- | :--- | | Industry Fluctuation Risk | Persistently low chemical product prices may cause performance volatility in the chemical segment | Adopt flexible sales policies, implement refined cost controls, and deepen industrial synergy | | Policy Change Risk | Stricter environmental and energy-saving policies pose higher requirements for the chemical industry | Closely monitor policy dynamics, increase environmental investment, and develop green chemical processes | | R&D Failure Risk | High-tech fields like chip design carry the risk of technical development failures | Increase R&D investment, attract high-end talent, and collaborate with universities and research institutes | | Operational Risk | The intelligent computing center is in its early stages and requires close integration with application scenarios | Build a flexible, green, and energy-efficient computing platform to provide enabling solutions | | Force Majeure Risk | Advanced GPU servers for the intelligent computing business are subject to price volatility and delivery risks | Strengthen communication with upstream and downstream partners and optimize the supply chain to ensure dynamic security | [Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in corporate governance, management, and the company's environmental and social responsibility initiatives [Corporate Governance](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company experienced several changes in its board and senior management during the period and has decided against a semi-annual profit distribution - The company's board and senior management underwent multiple changes, including the election of Li Haibo, Shao Ziwei, and He Ying, and the departure of Wang Ming and Li Xinwei[66](index=66&type=chunk) - The company plans **no semi-annual cash dividend**, bonus shares, or conversion of capital reserves into share capital[67](index=67&type=chunk) [Environmental and Social Responsibility](index=18&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company's key subsidiary is subject to mandatory environmental disclosures, reflecting a commitment to sustainable and responsible operations - The company's main subsidiary, Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd, has been included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) [Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses significant events including commitments, litigation, related-party transactions, contracts, and share repurchases [Commitments](index=19&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The subsidiary Superengine is subject to a performance commitment for the 2023-2025 period, which is currently being fulfilled as planned - Subsidiary Superengine has committed to achieving a cumulative audited net profit of **no less than 160.7 million yuan** for the 2023-2025 period, with monetary compensation required if performance falls below 85% of the target (136.6 million yuan)[72](index=72&type=chunk) [Litigation and Integrity Status](index=20&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company has no material litigation, and its outstanding lawsuits are not expected to significantly impact operations or financial status - As of the reporting date, the company and its subsidiaries were involved in 19 pending lawsuits with a total amount of **35.83 million yuan**, representing 1.55% of net assets attributable to the parent, with no material impact expected[77](index=77&type=chunk) - The company, its controlling shareholder, and actual controller maintain a good integrity record, with no major administrative or criminal penalties, significant economic disputes, or unfulfilled commitments[79](index=79&type=chunk)[80](index=80&type=chunk) [Significant Related-Party Transactions](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has approved future financing and investment transactions with related parties but has not engaged in any significant operational related-party transactions - The company has received approval to conduct wealth management business of **up to 500 million yuan** with related party Huayuan Securities, though no transactions occurred during the period[87](index=87&type=chunk) - The company is authorized to secure loans of **up to 1 billion yuan** from related parties Hankou Bank and Hubei Financial Leasing, with loan interest of 5.77 million yuan incurred with Hubei Financial Leasing during the period[87](index=87&type=chunk)[88](index=88&type=chunk) [Significant Contracts and Guarantees](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's external guarantees are exclusively for its subsidiaries, with the total outstanding balance representing a significant portion of its net assets Guarantee Summary | Guarantee Details | Amount (Ten Thousand Yuan) | | :--- | :--- | | Approved guarantee limit for subsidiaries during the period | 876,500 | | Outstanding actual guarantee balance for subsidiaries at period-end | 444,980.3 | | Ratio of total actual guarantees to company's net assets | 192.78% | | Debt guarantee balance for guaranteed parties with asset-liability ratio over 70% | 261,971.19 | [Share Repurchase and Cancellation](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company completed its share repurchase plan and subsequently cancelled the repurchased shares, reducing its total share capital - The company completed its share repurchase, buying back **19,155,961 shares** for a total consideration of **392 million yuan**[102](index=102&type=chunk) - The company finalized the cancellation of these repurchased shares on June 4, 2025, resulting in a corresponding reduction in total share capital[103](index=103&type=chunk) [Changes in Share Capital and Shareholders](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital structure and provides an overview of its major shareholders [Changes in Share Capital](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased following the cancellation of repurchased shares during the reporting period - Due to the cancellation of repurchased shares, the company's total share capital decreased by **19,155,961 shares**, from 679 million to 660 million shares[108](index=108&type=chunk)[110](index=110&type=chunk) [Shareholder Information](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had over 118,000 shareholders at the end of the period, with the top shareholder holding a controlling interest through direct ownership and delegated voting rights - As of the end of the reporting period, the company had a total of **118,050 shareholders**[115](index=115&type=chunk) Top Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Wuhan New Energy Industry Development Co, Ltd | State-owned Legal Entity | 17.18% | 113,363,924 | None | | Xinyu Haoyue Information Technology Co, Ltd | Domestic Non-state-owned Legal Entity | 9.84% | 64,968,276 | Pledged 51,190,000 shares | | Hong Kong Securities Clearing Company Ltd | Overseas Legal Entity | 2.11% | 13,942,244 | None | - The second-largest shareholder, Xinyu Haoyue Information Technology Co, Ltd, has delegated all voting rights corresponding to its shares to the largest shareholder, Wuhan New Energy Industry Development Co, Ltd[115](index=115&type=chunk) [Bond-Related Matters](index=35&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any corporate bonds or related matters during the reporting period - The company had no bond-related matters during the reporting period[121](index=121&type=chunk) [Financial Report](index=36&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements, key accounting policies, and detailed notes to the financial statements [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements show total assets of 8.58 billion yuan, a debt-to-asset ratio of 67.9%, and positive operating cash flow of 380 million yuan for the first half of 2025 Key Financial Statement Data | Item | Closing Balance / Current Period Amount (Yuan) | | :--- | :--- | | **Consolidated Balance Sheet** | | | Total Assets | 8,580,342,419.67 | | Total Liabilities | 5,829,492,609.39 | | Equity Attributable to Parent Company Owners | 2,308,285,210.40 | | **Consolidated Income Statement** | | | Total Operating Revenue | 2,216,097,359.13 | | Net Profit | 55,938,059.82 | | Net Profit Attributable to Parent Company Shareholders | 13,724,413.32 | | **Consolidated Cash Flow Statement** | | | Net Cash Flow from Operating Activities | 379,526,497.97 | | Net Cash Flow from Investing Activities | -783,703,697.24 | | Net Cash Flow from Financing Activities | 359,068,052.32 | [Company Basic Information](index=54&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company operates in the chemical and electronics industries and is ultimately controlled by the Wuhan Municipal State-owned Assets Supervision and Administration Commission - The company's actual controller is the **Wuhan Municipal State-owned Assets Supervision and Administration Commission**[154](index=154&type=chunk)[156](index=156&type=chunk) - The company's business scope covers the chemical industry (sodium hydroxide, propylene oxide) and the electronics industry (IC manufacturing, design, packaging, and AI software development)[157](index=157&type=chunk)[158](index=158&type=chunk) [Significant Accounting Policies and Estimates](index=55&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements are prepared on a going-concern basis, adhering to PRC GAAP with key policies for credit losses, inventory, R&D, and revenue recognition - The company uses an **expected credit loss model** for impairment of receivables, applying a simplified approach to measure lifetime expected credit losses for receivables from revenue and lease contracts[191](index=191&type=chunk)[195](index=195&type=chunk) - R&D expenditures are expensed during the research phase and capitalized as intangible assets during the development phase if specific criteria are met[233](index=233&type=chunk) - Revenue is recognized when control of goods or services is transferred to the customer, with specific timing for chemical sales (customer pickup), electronics sales (customer acceptance), and services (over the service period)[246](index=246&type=chunk)[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=75&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Key balance sheet items include 900 million yuan in cash, 2.60 billion yuan in fixed assets, and a significant increase in construction in progress for cloud computing projects Key Asset Items | Asset Item | Closing Book Value/Balance (Yuan) | Impairment/Write-down Provision (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 900,045,399.18 | - | | Accounts Receivable | 691,862,041.65 | 80,199,464.61 | | Inventory | 730,429,956.85 | 138,281,670.71 | | Fixed Assets | 2,597,720,405.22 | 57,761,704.38 | | Construction in Progress | 809,602,739.53 | 6,343,797.83 | | Goodwill | 188,978,077.69 | 834,528,459.69 | Key Liability Items | Liability Item | Closing Balance (Yuan) | | :--- | :--- | | Short-term Borrowings | 1,490,917,108.55 | | Accounts Payable | 192,064,647.70 | | Long-term Borrowings | 504,447,041.66 | | Long-term Payables | 1,884,266,182.48 | - **Construction in progress** increased significantly to **810 million yuan** (from 411 million yuan at the beginning of the period), primarily driven by the cloud computing project, which had a closing balance of 683 million yuan[414](index=414&type=chunk)[416](index=416&type=chunk) [Other Submitted Data](index=176&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section discloses details of non-operating fund transfers between the company and its related parties [Related-Party Fund Transfers](index=176&type=section&id=%E4%B8%89%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%B8%8E%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%BE%80%E6%9D%A5%E6%83%85%E5%86%B5) Subsidiaries had a total non-operating fund balance of 1.32 billion yuan payable to the parent company at the end of the period Non-operating Fund Transfers with Subsidiaries | Counterparty Name (All are subsidiaries) | Nature of Transfer | Closing Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | | Hangjin Jinxi Chlor-Alkali Chemical Co, Ltd | Non-operating transfer | 15,695.83 | | Shenzhen Zhongdian Huaxing Electronic Technology Co, Ltd | Non-operating transfer | 6,330.2 | | Wuhan Navigation and Location Services Industrial Technology Research Institute | Non-operating transfer | 9.05 | | Hangjin (Wuhan) Artificial Intelligence Technology Co, Ltd | Non-operating transfer | 110,351.82 | | **Total** | **--** | **132,386.9** |

Group 1: China Shipbuilding - China Shipbuilding will resume trading on August 19, 2025, following a merger with China National Heavy Industry Group through a share exchange [1] - The company has a market capitalization exceeding 170 billion yuan and is expected to achieve a net profit of 2.8 billion to 3.1 billion yuan for the first half of 2025, representing a year-on-year growth of 98.25% to 119.49% [1] - The company focuses on its core business, with improved production efficiency and a favorable overall development trend in the shipbuilding industry, leading to performance growth [1] Group 2: TDI Market - TDI prices have surged, with a benchmark price of 16,066.67 yuan per ton as of August 18, 2025, reflecting a cumulative increase of 40.94% since the beginning of the second half of the year [3][5] - The price range for TDI in 2025 is projected to be between 10,400 yuan and 16,766.67 yuan per ton, with a maximum increase of 61.22% [3] - The recent price increase is attributed to a reduction in production capacity due to incidents at major production facilities, including a fire at Covestro and maintenance at Wanhua Chemical's subsidiary [5] Group 3: TDI-Related Companies - The A-share market has four main companies involved in TDI production: Wanhua Chemical, Cangzhou Dahua, Beihua Co., and Hanjin Technology [6] - Wanhua Chemical is the leading domestic TDI producer, with a total capacity of 147,000 tons per year after the completion of a new project [6] - Cangzhou Dahua maintains stable operations with an annual TDI capacity of 160,000 tons, while Beihua Co. does not produce TDI but is involved in TDI trading through a subsidiary [6][7]

Group 1 - The A-share market has four listed companies with TDI-related production capacity: Wanhua Chemical, Cangzhou Dahua, Beihua Co., and Hangjin Technology [1] - Wanhua Chemical is the domestic leader in TDI, with a TDI production capacity of 1.11 million tons per year as of the end of 2024; a second TDI project in Fujian with a capacity of 360,000 tons per year is expected to be completed and operational by May 2025, bringing total TDI capacity to 1.47 million tons per year [1] - Cangzhou Dahua currently has an annual TDI production capacity of 160,000 tons, with stable operation of its main production facilities and leading product quality and cost control in the industry; in the context of a tight TDI market supply and demand, the company maintains full-load operation of its facilities, achieving a balance between production and sales [1]

Core Viewpoint - The price of TDI (Toluene Diisocyanate) has been continuously rising, with a cumulative increase of 40.94% since the beginning of the second half of the year, attributed to a significant reduction in production capacity [1] Industry Summary - As of August 18, the benchmark price of TDI reached 16,066.67 CNY per ton [1] - The East China TDI market is currently stable, characterized by a strong willingness to maintain prices from the supply side and a tight supply situation [1] - The TDI market is expected to continue a strong consolidation trend in the short term [1] Company Summary - There are four main publicly listed companies in the A-share market with TDI-related production capacity: Wanhua Chemical, Cangzhou Dahua, Beihua Chemical, and Hanjin Technology [1] - Wanhua Chemical is identified as the domestic leader in TDI production [1]

8月18日，石油行业上涨0.93%，今日主力资金流出2.37亿元，成分股11只上涨，5只下跌。 主力资金净流出居前的分别为中国海油（1.44亿元）、广汇能源（7942.11万元）、*ST新潮（3592.69万 元）、广聚能源（3096.85万元）、中国石油（2726.69万元）。 序号代码名称最新价涨跌幅主力净流入主力净占比1002221东华能源9.313.334750.29万元13.2%2300839 博汇股份14.925.592187.29万元7.09%3600759洲际油气2.410.01086.94万元3.7%4000059华锦股份 5.330.381069.52万元7.37%5600028中国石化5.680.0656.32万元0.83%6603353和顺石油17.051.31446.14万 元7.94%7603798康普顿12.5-1.11385.02万元4.34%8000698沈阳化工4.121.23362.42万元5.68%9000637茂 化实华4.160.24246.60万元5.12%10600688上海石化2.860.35152.68万元1.38% 来源：金融界 ...

Mergers and Acquisitions - Huahong Company is planning to acquire controlling stakes in Shanghai Huali Microelectronics through a combination of issuing shares and cash payments to resolve competition issues related to its IPO [1] Performance Disclosure - Guangku Technology reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year increase of 41.58%, with a net profit attributable to shareholders of 51.87 million yuan, up 70.96% [2] - Huayou Cobalt disclosed a revenue of 37.2 billion yuan for the first half of 2025, showing a year-on-year growth of 23.78%, with a net profit of 2.711 billion yuan, an increase of 62.26% [3] - Guangli Micro reported a revenue of 246 million yuan for the first half of 2025, reflecting a year-on-year increase of 43.17%, with a net profit of 15.6842 million yuan, up 518.42% [4] Shareholding Changes - Nanwei Medical announced that its shareholder Zhongke Investment plans to reduce its stake by up to 2%, equating to a maximum of 3.7569 million shares [5] - Shandong Zhanggu reported that shareholders Niu Yusheng and Fang Shupeng completed their plan to reduce their holdings by approximately 700,000 shares, representing 0.225% of the total share capital [6] - Xuantai Pharmaceutical's controlling shareholder voluntarily committed not to reduce its stake for 24 months starting from August 25, 2025, to enhance investor confidence [7] Risk Matters - Guotai Environmental announced that its controlling shareholder and chairman Chen Baixiao has been placed under detention and is under investigation [8] - *ST Xinchao reported that a lawsuit has been adjudicated, and the company expressed regret for not disclosing relevant information during a management transition [9] - Shandong Zhanggu stated that there have been no significant changes in its operational situation or external environment despite a recent stock price fluctuation exceeding 20% [10]

Group 1 - The chemical sector is experiencing a pullback, with the chemical ETF (516020) showing a decline of 0.74% as of the report [1][2] - Key stocks in the sector, such as SanKe Tree and Guangdong Hongda, have seen declines exceeding 2%, while several others have dropped over 1%, negatively impacting the overall sector performance [1][2] - Current trends indicate that the supply-side reform in China's chemical industry may accelerate due to reduced capacity in Europe and a slowdown in new capacity expansion in China, potentially benefiting leading companies [1][3] Group 2 - Chinese chemical companies are solidifying their cost and efficiency advantages, with leading firms entering a long-term upward performance phase [3] - The chemical industry is currently operating at a relatively high capacity, with core product operating rates generally above 65%, which is more favorable compared to the oversupplied photovoltaic sector [3] - The chemical ETF (516020) is currently trading at a price-to-book ratio of 2.09, which is at a low point historically, suggesting a favorable long-term investment opportunity [3][4] Group 3 - The "anti-involution" trend is expected to be a key focus for the chemical supply-side narrative, with recommendations to pay attention to sectors with significant supply compression and leading companies [4] - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks [4][5] - Investors can also consider the chemical ETF linked funds (A class 012537/C class 012538) for exposure to the chemical sector [5]

Group 1 - The chemical sector experienced a rise on August 13, with the chemical ETF (516020) reaching a peak intraday increase of 0.6% and closing up 0.45% [1] - Key stocks in the sector included SanKe Tree, which surged by 8.06%, and Shengquan Group and Lianhong Xinke, both rising over 4% [1] - The chemical ETF has seen significant net subscriptions, with over 310 million yuan in net inflows across 15 of the last 20 trading days [1][3] Group 2 - The chemical sector is responding to a call for "anti-involution," with the China Nonferrous Metals Industry Association advocating for better collaboration across the lithium industry [3] - Analysts believe that the "anti-involution" initiative could mark a turning point for the chemical sector, with recent high-level meetings emphasizing this goal [3][4] - The chemical industry currently has a relatively high operating rate, with core products operating above 65%, indicating a healthier competitive landscape compared to other sectors like photovoltaics [4] Group 3 - The chemical ETF (516020) is tracking a specialized index with a price-to-book ratio of 2.09, which is at a low point historically, suggesting a favorable long-term investment opportunity [4] - The industry faces challenges such as overcapacity and intensified competition, but recent policies aim to optimize industry structure and encourage consolidation [5] - The ETF provides exposure to major market leaders and various sub-sectors within the chemical industry, making it a strategic investment vehicle for capturing growth opportunities [5]

Market Overview - On August 13, the chemical raw materials sector declined by 0.26%, with *ST Asia leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Hangjin Technology (code: 000818) with a closing price of 23.73, up 3.76% and a trading volume of 1.0289 million shares, totaling 2.44 billion yuan [1] - Tianyuan Co., Ltd. (code: 002386) closed at 5.39, up 2.67% with a trading volume of 0.3334 million shares, totaling 0.179 billion yuan [1] - Luyin Investment (code: 600784) closed at 6.97, up 2.50% with a trading volume of 0.2372 million shares, totaling 0.165 billion yuan [1] - Major decliners included: - *ST Asia (code: 000691) closed at 6.65, down 5.00% with a trading volume of 0.198 million shares, totaling 0.133 billion yuan [2] - Jiangsu Suoying (code: 600746) closed at 7.81, down 4.64% with a trading volume of 0.2944 million shares, totaling 0.229 billion yuan [2] - Xinjiang Daye (code: 600075) closed at 4.67, down 3.91% with a trading volume of 0.7733 million shares, totaling 0.364 billion yuan [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 345 million yuan from institutional investors, while retail investors saw a net inflow of 168 million yuan [2] - Key stocks with significant capital flow included: - Junzheng Group (code: 601216) with a net inflow of 1.121 million yuan from institutional investors [3] - Hangjin Technology (code: 000818) saw a net inflow of 69.6983 million yuan from retail investors [3] - Aokai Co., Ltd. (code: 300082) had a net inflow of 28.2008 million yuan from institutional investors [3]

证券之星消息，8月12日化学原料板块较上一交易日上涨0.05%，大洋生物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003017 | 大洋生物 | 34.87 | 10.00% | 7.58万 | | 2.58亿 | | 000818 | 航锦科技 | 22.87 | 4.24% | 75.80万 | | 17.15 Z | | 600075 | 新疆天业 | 4.86 | 2.53% | 117.43万 | | 5.62亿 | | 920489 | 佳先股份 | 23.30 | 1.97% | 8.66万 | | 2.04亿 | | 000683 | 博源化工 | 5.90 | 1.72% | 81.28万 | | 4.76亿 | | 663299 | 示盐井神 | 10.98 | 1.48% | 8.35万 | | 9129.13万 | | ...