渤海化学(600800) - 2025 Q2 - 季度业绩预告

Current Period Performance Forecast The company forecasts a substantial net loss for H1 2025, with unaudited net profit attributable to shareholders ranging from -RMB 380 million to -RMB 340 million H1 2025 Performance Forecast | Item | Projected Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -380 million to -340 million | | Non-recurring Net Profit Attributable to Shareholders | -378 million to -338 million | - This performance forecast represents preliminary estimates by the company's finance department and has not been audited by a certified public accountant[4] Prior Period Performance Comparison Compared to H1 2024, the company's H1 2025 loss is projected to widen, with H1 2024 net loss at RMB 315.52 million and EPS at -RMB 0.28 H1 2025 Performance Forecast vs H1 2024 Actual Performance | Item | H1 2025 (Projected) | H1 2024 (Actual) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (million RMB) | -380 to -340 | -315.52 | Loss Widened | | Non-recurring Net Profit Attributable to Shareholders (million RMB) | -378 to -338 | -320.51 | Loss Widened | | Earnings Per Share (RMB) | - | -0.28 | - | Analysis of Projected Loss Causes The projected loss primarily stems from overcapacity and weak demand in the chemical and PDH industries, compounded by high propane raw material costs due to tariffs and declining propylene prices, resulting in persistent negative gross margins, while new materials projects remain under construction and are not yet revenue-generating Market and Operational Pressures The company faces triple pressure from industry supply-demand imbalance, high propane raw material costs, and declining propylene prices, with import tariffs increasing propane costs and propylene average selling prices decreasing by 3.31% year-over-year, leading to negative gross margins for core businesses and significant losses - The chemical industry, particularly the PDH (Propane Dehydrogenation) sub-sector, faces challenges of overcapacity and weak demand, leading to market supply-demand imbalance[6] Key Product and Raw Material Price Changes (H1 2025 vs H1 2024) | Item | H1 2025 Average Price | H1 2024 Average Price | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Propylene Selling Price (RMB/ton) | 6,607.09 | 6,833.08 | -3.31% | | Raw Material Propane CP Index (USD/ton) | 616.67 | - | Persistently High | - Due to declining product selling prices and high raw material costs, the gross margin for the company's main product, propylene, remains persistently negative, resulting in operating profit losses[6] New Project Construction Status The company's new acrylic ester and superabsorbent resin materials project is in the final stages of construction and has not yet commenced operations or generated revenue, thus unable to offset losses from core businesses - The company's new acrylic ester and superabsorbent resin materials project is currently in the final phase of construction and has not yet generated economic benefits[6] Risk Warning The company emphasizes that this performance forecast is a preliminary calculation based on current operations and states there are no significant uncertainties that could affect its accuracy - This performance forecast is a preliminary calculation made by the company's finance department based on its professional judgment, and the data remains unaudited[7] Other Notes The company advises investors that final financial data will be based on the officially disclosed H1 2025 semi-annual report and recommends exercising caution and rational investment decisions - The company advises that specific financial data will be subject to the officially disclosed H1 2025 semi-annual report, reminding investors to be aware of investment risks[8]