SOPO(SH:600746) Zheng Quan Shi Bao Wang·2025-08-18 09:08Core Viewpoint - Jiangsu Sopo (600746) reported a decline in revenue and net profit for the first half of 2025, alongside a plan to raise up to 1.5 billion yuan through a private placement, raising concerns among investors about the company's management and financial stability [1][5]. Financial Performance - For the first half of 2025, the company reported approximately 3.158 billion yuan in revenue, a year-on-year decrease of 1.08%, and a net profit attributable to shareholders of about 102 million yuan, down 13.01% year-on-year [1]. - Historical financial data shows significant volatility in net profit after deducting non-recurring items, with figures of 241 million yuan, 2.398 billion yuan, 493 million yuan, 15 million yuan, and 210 million yuan from 2020 to 2024 [2]. Capital Raising Plans - The company plans to raise no more than 1.5 billion yuan from up to 35 specific investors for the "Vinyl Acetate and EVA Integration Project (Phase I)," which includes the construction of a 330,000-ton/year vinyl acetate facility and an 800,000-ton/year sulfuric acid facility [4]. - The total investment for the project is estimated at 3.226 billion yuan, with a construction period of three years [4]. Market Conditions - The market for acetic acid is currently facing challenges due to high inventory levels and weak demand, leading to a bearish outlook among downstream users [3]. - Acetic acid prices have seen significant fluctuations, dropping from 6,000 yuan/ton in 2021 to below 2,500 yuan/ton recently, impacting the company's profitability [2]. Investor Sentiment - Investors have expressed dissatisfaction with the simultaneous announcement of a capital increase and poor half-year results, leading to a decline in stock prices of nearly 5% on August 13 and nearly 3% on August 14 [5]. - Concerns have been raised regarding the dilution of shareholder equity due to the proposed capital increase, which could exceed 30% of the current total share capital [4]. Shareholder Returns - Despite a cumulative fundraising of over 5.2 billion yuan since its listing, the company has only distributed approximately 1.7 billion yuan in dividends, resulting in a payout ratio of only 33.3% [6]. - The company has announced a future dividend plan for 2025-2027, aiming for a minimum annual payout ratio of 10% or a cumulative payout ratio of no less than 30% over three years [6].