HUALU-HENGSHENG(SH:600426) Xin Lang Cai Jing·2025-08-22 11:55Core Viewpoint - In the first half of 2025, the company reported a decline in revenue and net profit, indicating challenges in its financial performance compared to the previous year [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 15.764 billion yuan, a year-on-year decrease of 7.14% [1]. - The net profit attributable to shareholders was 1.569 billion yuan, down 29.47% year-on-year [1]. - The basic earnings per share were 0.74 yuan [1]. - The gross margin for the first half of 2025 was 18.01%, a decrease of 3.19 percentage points year-on-year [1]. - The net profit margin was 10.98%, down 3.08 percentage points compared to the same period last year [1]. Quarterly Analysis - In Q2 2025, the gross margin was 19.63%, a year-on-year decrease of 0.96 percentage points but an increase of 3.28 percentage points from the previous quarter [1]. - The net profit margin for Q2 was 12.00%, down 1.90 percentage points year-on-year but up 2.06 percentage points from the previous quarter [1]. Expense Overview - Total operating expenses for the first half of 2025 were 669 million yuan, an increase of 74.89 million yuan year-on-year [2]. - The expense ratio was 4.25%, up 0.74 percentage points from the previous year [2]. - Sales expenses increased by 9.13%, while management expenses decreased by 16.75% [2]. - R&D expenses rose by 38.35%, and financial expenses increased by 4.21% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 52,700, a decrease of 9,447 or 15.20% from the previous quarter [2]. - The average market value per shareholder increased from 755,000 yuan to 873,000 yuan, a growth of 15.63% [2]. Company Overview - The company, Shandong Hualu Hengsheng Chemical Co., Ltd., is located in Dezhou, Shandong Province, and was established on April 26, 2000, with its listing date on June 20, 2002 [2]. - The main business involves the production and sale of urea and methanol, with revenue composition as follows: 48.01% from new energy and new materials, 21.32% from chemical fertilizers, 11.89% from acetic acid and derivatives, 10.18% from other products, 7.34% from organic amines, and 1.26% from other supplementary products [2]. - The company belongs to the basic chemical industry, specifically in agricultural chemical products and nitrogen fertilizers [2].