沧州大化股份有限公司2025年第一季度报告

Core Viewpoint - The company, Cangzhou Dahua Co., Ltd., has released its first-quarter report for 2025, highlighting significant changes in product prices and market conditions, which may impact future financial performance [13][17]. Financial Data Summary - The first-quarter financial statements are unaudited, and the company has confirmed the accuracy and completeness of the financial information provided [3][5]. - The company has not identified any non-recurring gains or losses that would significantly impact the financial results [3][4]. Shareholder Information - The total number of shareholders and the status of major shareholders have been reported, but no significant changes have been noted in the shareholding structure [4][5]. Product and Price Changes - TDI prices experienced a brief increase in January due to pre-holiday stockpiling, followed by a decline, reaching a low of 12,000 RMB/ton in March, the lowest in four years [13][14]. - The price of ion-exchange membrane caustic soda rose in January and February due to increased demand from the aluminum industry but fell significantly in March due to reduced production loads [13][14]. - Polycarbonate (PC) prices showed a downward trend after the Spring Festival, with a notable decline of 500-700 RMB/ton [13][14]. - Bisphenol A prices fluctuated due to supply and demand dynamics, with an overall decrease compared to the same period last year [13][14]. Raw Material Price Changes - Toluene prices showed a downward trend in the first quarter, influenced by fluctuations in crude oil prices and supply-demand changes [15][16]. - Phenol prices experienced a mixed trend, with average prices fluctuating due to the widening price gap with pure benzene [15][16]. - Acetone prices initially rose but later fell due to insufficient demand despite tight supply conditions [15][16].