Core Viewpoint - Longhua Chemical (301518) reported a decline in total revenue for the first half of 2025, but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 1.23 billion yuan, a decrease of 15.8% year-on-year [1] - Net profit attributable to shareholders was 41.13 million yuan, an increase of 62.71% year-on-year [1] - In Q2 2025, total revenue was 651 million yuan, down 18.52% year-on-year, while net profit was 22.43 million yuan, up 589.05% year-on-year [1] - Gross margin increased by 56.03% to 6.39%, and net margin rose by 93.1% to 3.34% [1] - Total operating expenses were 31.48 million yuan, accounting for 2.56% of revenue, an increase of 25.3% year-on-year [1] - Earnings per share rose to 0.30 yuan, a 66.67% increase year-on-year [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 3.85% last year, indicating weak capital returns [3] - Historical median ROIC since listing is 11.46%, suggesting better investment returns in the past [3] - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [3] Technological Development - Longhua Chemical has signed a joint development and licensing agreement with Econic for CO2 polyether catalyst technology [4] - The company is focusing on developing CO2 polyether production processes and applications, resulting in several patented technologies [4] - The CO2 polyether products developed have improved stability and environmental benefits, aligning with national green technology initiatives [4]

Group 1 - The core viewpoint of the article is that Changhua Chemical (301518.SZ) has reported its semi-annual results for 2025, highlighting the significant institutional ownership of its A-shares [1] - As of August 26, 2025, a total of 10 institutional investors hold 97.142 million shares of Changhua Chemical, representing 69.30% of the total share capital [1] - The top ten institutional investors include Jiangsu Changshun Group Co., Ltd., Zhangjiagang Huajin Enterprise Management Partnership (Limited Partnership), and Barclays Bank PLC, among others [1] - Compared to the previous quarter, the combined shareholding ratio of the top ten institutional investors has decreased by 1.57 percentage points [1] Group 2 - In terms of foreign investment, one new foreign institution disclosed its holdings this period, which is Barclays Bank PLC [2]

Group 1 - The core point of the article is that Changhua Chemical (SZ 301518) held its 18th meeting of the third board of directors on August 25, 2025, to review the internal control audit report for 2024 [1] - For the first half of 2025, Changhua Chemical's revenue composition was as follows: ordinary polymer polyols accounted for 65.34%, high-activity polymer polyols accounted for 26.68%, soft foam and CASE-type polyether polyols accounted for 6.8%, and other businesses accounted for 1.18% [1]

Core Viewpoint - Changhua Chemical (301518.SZ) reported a decrease in operating revenue for the first half of 2025, while net profit showed significant growth compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.23 billion yuan, representing a year-on-year decrease of 15.80% [1] - Net profit attributable to shareholders was 41.13 million yuan, reflecting a year-on-year increase of 62.71% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.28 million yuan, which is a year-on-year increase of 93.88% [1] - Basic earnings per share were 0.30 yuan [1]

Core Insights - Changhua Chemical (301518.SZ) reported a revenue of 1.23 billion yuan for the first half of 2025, representing a year-on-year decrease of 15.80% [1] - The net profit attributable to shareholders of the listed company was 41.13 million yuan, showing a year-on-year increase of 62.71% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.28 million yuan, reflecting a year-on-year growth of 93.88% [1] - The basic earnings per share stood at 0.30 yuan [1]

Core Viewpoint - Changhua Chemical (301518.SZ) reported a decrease in operating revenue for the first half of 2025, while net profit showed significant growth compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.23 billion yuan, representing a year-on-year decrease of 15.80% [1] - Net profit attributable to shareholders of the listed company was 41.13 million yuan, reflecting a year-on-year increase of 62.71% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.28 million yuan, which is a year-on-year increase of 93.88% [1] - Basic earnings per share were reported at 0.30 yuan [1]

东吴证券股份有限公司 关于长华化学科技股份有限公司 追加2025年度日常关联交易预计额度的核查意见 东吴证券股份有限公司（以下简称"东吴证券""保荐机构"）作为长华化学 科技股份有限公司（以下简称"长华化学""公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作》等相关法律法规和规范性文件的规定，就长华化学追加2025年度 日常关联交易预计额度有关事项进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司在同一控制下的不同关联方之间内部调剂使用(包括不同关联交易类别之间 的调剂)。具体交易内容和金额以签订的合同为准。本次追加日常关联交易额度 在公司董事会决策权限范围内，无需提交公司股东会审议。 （二）本次追加2025年预计日常关联交易类别和金额 注1：以上金额均为不含税金额，截至本半年度期末已发生金额为未经审计。 2：根据实际业务需要，在董事会审议通过的关联交易金额内，公司与子公司在同一控制 下的不同关联方之间内部调剂使用(包括不同关 ...

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立信中联审字[2025]D-1843 号 立信中联会计师事务所（特殊普通合伙） 长华化学科技股份有限公司 内部控制审计报告 LixinZhonglian CPAs (SPECIAL GENERAL PARTNERSHIP) 立信中联审字[2025]D-1843 号审计报告 立信中联会计师事务所（特殊普通合伙） L i x i n Z h o n g l i a n C P A s ( S P E C I A L G E N E R A L P A R T N E R S H I P ) 内部控制审计报告 立信中联审字[2025]D-1843 号 长华化学科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了长华化学科技股份有限公司（以下简称长华化学）2024 年 12 月 31 日的财务 报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是长华化学公司 董事会的责任。 二、注册会计师的责任 三、内部控制的固有局限性 内部控制具有固 ...

东吴证券股份有限公司 东吴证券股份有限公司（以下简称"东吴证券""保荐机构"）作为长华化学 科技股份有限公司（以下简称"长华化学""公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市 公司规范运作》等相关法律法规和规范性文件的规定，就长华化学开展以套期保值 为目的的远期结售汇业务有关事项进行了审慎核查，具体情况如下： 公司于 2025 年 8 月 25 日召开第三届董事会第十八次会议和第三届监事会第 十四次会议，审议通过了《关于开展以套期保值为目的的远期结售汇业务的议案》， 同意公司开展远期结售汇业务，只限于公司生产经营所使用的主要结算货币，主 要为美元等外币，公司远期结售汇业务任一时点的最高余额（含前述交易的收益 进行再交易的相关金额）不超过人民币 20,000.00 万元（或等值外币），预计动 用的交易保证金和权利金上限（包括为交易而提供的担保物价值、预计占用的金 融机构授信额度、为应急措施所预留的保证金等）不超过人民币 2,000.00 万元（或 等值外币）。具体情况如下： ...