A股半年报揭示产业链分化：上游企业涨价获利，中下游承压应对成本冲击

Group 1: Upstream Companies Performance - Upstream companies in the non-ferrous metals industry showed strong performance in the first half of 2025, driven by rising product prices [3] - Xibu Mining achieved operating revenue of 31.619 billion yuan, a year-on-year increase of 27%, with net profit attributable to shareholders reaching 1.869 billion yuan, up 15% [3] - Cangge Mining reported operating revenue of 1.678 billion yuan and net profit of 1.8 billion yuan, a year-on-year growth of 38.8%, with potassium chloride average selling price increasing by 25.57% to 2845 yuan/ton [3] - Lead prices surpassed 17,100 yuan/ton due to rising demand from the battery sector, benefiting upstream mining companies [3] Group 2: Downstream Companies Challenges - Downstream companies are facing cost pressures due to rising raw material prices, leading to a decline in profit margins for some [4] - Hanwei Technology reported a net profit drop of 87.86% year-on-year, primarily due to significant increases in production costs from raw material price hikes [4] - Instech adopted a cost-plus pricing model to manage raw material price fluctuations, facing challenges from the lag in price adjustments [4] - Xizi Clean Energy implemented a diversification strategy to mitigate raw material price risks, including traditional measures and futures hedging [4] Group 3: Global Expansion Strategies - Huagong Technology is actively advancing its global business strategy, establishing over 60 offices across major regions in China and setting up four overseas R&D centers [5] - The company has seen significant growth in export orders in Europe, North America, and the Middle East, with new overseas production bases and subsidiaries [5]