Ge Long Hui A P P·2025-08-19 09:44Core Viewpoint - The operational performance of Satellite Chemical continues to improve, driving the high-end upgrade of the industry [1] Financial Performance - In the first half of 2025, the company's expense ratio decreased by 1.64 percentage points year-on-year to 6.76%, with financial expenses reduced by 8.64%, highlighting effective cost control [1] Profitability Outlook - Future profitability is expected to continue improving with the recovery of price differentials in the C2 industry chain and enhanced management efficiency [1] Industry Growth - Functional chemicals are experiencing rapid growth, and the company's industrial chain layout is continuously improving [1] Strategic Focus - The company is concentrating on key strategic materials and cutting-edge new materials, including catalysts, new energy materials, and high polymer new materials, indicating broad future development space [1] Integrated Advantage - The company is enhancing its integrated advantages in the light hydrocarbon industry chain by refining and deepening the utilization of high value-added products, expanding from upstream products to downstream high-end products [1] Investment Rating - The company demonstrates operational resilience and improved profitability, maintaining a buy rating based on its integrated advantages in the light hydrocarbon industry chain [1]