wanhua(SH:600309) Chang Jiang Shang Bao·2025-08-12 23:20Core Viewpoint - Wanhua Chemical, the world's largest MDI and TDI supplier, reported a decline in operating performance for the first half of 2025, with revenue of 90.901 billion yuan, down 6.35% year-on-year, and a net profit of 6.123 billion yuan, down approximately 25% [1][2]. Financial Performance - In the first half of 2025, Wanhua Chemical achieved operating revenue of 90.901 billion yuan, a decrease of 6.35% year-on-year, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% [2]. - The company's quarterly performance showed a revenue of 43.068 billion yuan in Q1 and 47.834 billion yuan in Q2, with year-on-year declines of 6.70% and 6.04%, respectively [2]. - The sales revenue breakdown for the first half of 2025 included 36.888 billion yuan from polyurethane products, 34.934 billion yuan from petrochemical products, and 15.628 billion yuan from fine chemicals and new materials [2]. Market Conditions - The decline in performance is attributed to market fluctuations, with significant price drops in petrochemical products. For instance, the price of Shandong n-butanol fell by 20.17% year-on-year [1][3]. - The average market prices for various products in the polyurethane series showed weakness, with pure MDI averaging around 18,800 yuan/ton and polymer MDI around 16,700 yuan/ton [3]. Research and Development - Wanhua Chemical invested 2.291 billion yuan in R&D in the first half of 2025, marking a 10.10% increase year-on-year [5]. - The company has made significant progress in technology development, including successful mass production of the fourth-generation lithium iron phosphate and the first launch of the fifth generation [5][6]. - The number of R&D personnel reached 4,763 by the end of 2024, accounting for 14.30% of the total workforce, with a total of 1,220 domestic and international invention patents applied for in 2024 [6]. Strategic Initiatives - Wanhua Chemical is committed to innovation-driven industrial upgrades and is advancing the development of next-generation MDI technology [4]. - The company is focusing on product differentiation strategies, developing high-value-added products to enhance new business capabilities [5]. - Plans for the second half of 2025 include systematic advancements in organizational and budget management reforms to enhance core competitiveness [6].