wanhua(SH:600309) Zheng Quan Shi Bao Wang·2025-08-12 04:57Core Viewpoint - Wanhua Chemical's performance in the first half of the year has declined due to supply-demand imbalance in the petrochemical industry, while the company is pushing for transformation to cultivate new growth momentum [1] Group 1: Financial Performance - In the first half of the year, Wanhua Chemical achieved revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit of 6.123 billion yuan, down 25.10% year-on-year [1] - The sales revenue from the polyurethane business, petrochemical products and trading, and fine chemicals and new materials were 36.888 billion yuan, 34.933 billion yuan, and 15.628 billion yuan, respectively [1] Group 2: Market Dynamics - The global polyurethane industry demand remained stable, with strong performance in the new energy and high-end manufacturing sectors, driven by the lightweight demand in the new energy vehicle sector [1] - However, demand in overseas construction and energy-saving sectors was weaker than expected due to slow recovery of overseas investments [1] - The release of production capacity in the petrochemical industry led to a temporary supply-demand imbalance, resulting in lower prices for petrochemical products and further compression of profit margins in the petrochemical business [1] Group 3: Business Development and Strategy - Wanhua Chemical is diversifying its business to reduce reliance on polyurethane, deploying capacities in POE (polyolefin elastomer) and high-energy-density lithium iron phosphate [3] - The company has defined 2025 as a "transformation year," aiming to shift from external growth to internal, intensive growth to enhance global competitiveness [3] - The fine chemicals and new materials business has seen stable development, supported by national strategies and demand from emerging industries [2] - Wanhua Chemical has made breakthroughs in fine chemicals and new materials, including successful production of high-end optical-grade MS resin and advancements in battery materials [3] - The company is also leveraging AI in R&D projects and has accelerated its overseas patent layout to support new business promotion [3]