ZHENGDANCHEM(SZ:300641) Chang Jiang Shang Bao·2025-08-03 23:35Core Viewpoint - Zhengdan Co., Ltd. continues to show growth in operating performance despite a slowdown in revenue growth, with significant increases in net profit driven by rising product prices [2][4][5]. Financial Performance - In the first half of 2025, Zhengdan achieved operating revenue of 1.429 billion yuan, a year-on-year increase of 3.37%, and a net profit attributable to shareholders of 630 million yuan, up 120.35% [3][5]. - The company's net profit margin reached 44.09%, doubling compared to the same period last year, while operating cash flow net amount was approximately 869 million yuan, increasing over 12 times year-on-year [6][9]. Product Performance - The sales revenue from acid anhydrides and esters reached 1.263 billion yuan, a year-on-year increase of 24.34%, primarily due to higher average selling prices [5][8]. - The company’s main product, TMA (trimellitic anhydride), saw significant growth in both sales volume and price due to increased overseas demand following the permanent closure of a U.S. TMA production line [4][8]. Market Position and Future Outlook - Zhengdan plans to distribute a mid-term dividend of 158 million yuan, marking the first time the company has issued a mid-term dividend since its listing [11]. - Despite a decline in stock price in 2025, institutional investors remain optimistic, with several increasing their holdings in the company during the second quarter of 2025 [12][13]. Operational Efficiency - The company has successfully developed a range of specialty fine chemicals, enhancing its supply chain and cost advantages [7]. - Zhengdan's asset-liability ratio stood at a low 3.40% as of June 30, 2025, indicating strong financial health [10].