中泰化学上半年继续减亏，聚焦主业实现氯碱盈利能力大幅提升

Core Viewpoint - Company reported a total operating revenue of 13.955 billion yuan for the first half of 2025, a year-on-year decrease of 8.32%, but the decline in revenue showed signs of narrowing in the second quarter compared to the first quarter [1] Group 1: Financial Performance - The company's revenue in the second quarter saw a year-on-year decline of 2.40%, significantly improved from a 13.02% decline in the first quarter [1] - The main reason for the revenue decline was the focus on core business, leading to a 93.41% drop in modern trade business revenue, while core businesses in chlor-alkali chemicals and textile industries grew by 14.51% and 8.32% respectively [1] - The total profit for the first half of the year was -158 million yuan, a year-on-year reduction in losses of 45.54%, with a net profit attributable to shareholders of -194 million yuan, reducing losses by 20% [1] - The gross profit margin increased significantly from 14.63% in the first half of 2024 to 18.97% in the first half of 2025, an increase of 4.34 percentage points [1] Group 2: Research and Development - R&D investment increased by 16.35% year-on-year, focusing on key technologies such as intelligent manufacturing of calcium carbide/alkali, low calorific value coal substitution, and clean efficient utilization of coal [2] - The company is actively promoting the localization of key raw materials and additives, enhancing the stability of its production system [2] Group 3: Market Dynamics - As of August 5, 2025, PVC prices and price differentials were 4,781 yuan/ton and 1,200 yuan/ton, respectively, showing increases of 0.76% and 68.27% since the beginning of the year [2] - The PVC business revenue grew by 12.16% year-on-year, although the gross profit margin declined [3] - The demand for caustic soda is expected to grow due to increased demand from the photovoltaic and new energy vehicle sectors, with a favorable outlook for the chlor-alkali industry as a result of ongoing policy support [3]