SDHH(SZ:000822) Mei Ri Jing Ji Xin Wen·2025-08-05 15:54Core Viewpoint - Shandong Haihua is making a significant investment of 2.32 billion yuan to acquire a 29% stake in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., amidst declining synthetic soda market conditions and increasing pressure on its own operations [2][4][9]. Group 1: Company Financial Performance - In 2024, Shandong Haihua's total revenue is projected to be approximately 6.01 billion yuan, a decrease of 29.5% year-on-year, with a net profit attributable to shareholders of about 39.22 million yuan, down 96.24% [4][5]. - The company reported a net loss of approximately 37.76 million yuan when excluding non-recurring gains and losses [5]. - In the first quarter of 2025, revenue is expected to be around 1.02 billion yuan, a decline of 44.46% year-on-year, with a net loss of about 66.52 million yuan, down 142.75% [6]. Group 2: Industry Context and Strategic Shift - The synthetic soda industry is facing challenges due to high costs and environmental pressures, leading to overcapacity, while natural soda is gaining traction due to its lower costs and simpler production processes [4][8]. - Shandong Haihua's investment in natural soda is seen as a strategic move to diversify and stabilize its revenue streams in response to the declining synthetic soda market [9][12]. Group 3: Investment Details and Implications - The investment in Zhongyan Soda Industry involves a total project investment of approximately 26.1 billion yuan, with Shandong Haihua contributing 2.32 billion yuan to the registered capital of 8 billion yuan [8][11]. - The project is expected to yield an average annual net profit of about 482 million yuan for Shandong Haihua, presenting a potential new profit growth point [9]. - The ownership structure post-investment will see Zhongyan Chemical holding 61% of Zhongyan Soda, while Shandong Haihua will hold 29%, indicating a significant influence from Zhongyan Chemical on project decisions [11][13].