荣盛石化: 2025 Semi-annual Report

Company Profile and Key Financial Indicators - Rongsheng Petrochemical Co., Ltd. is a major manufacturer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins in China and Asia [11][30] - The company is listed on the Shenzhen Stock Exchange with the stock code 002493 [6] - In the first half of 2025, the company reported operating income of RMB 148.63 billion, a decrease of 7.83% compared to the same period last year [6][41] - The net profit attributable to shareholders was RMB 754.96 million, an increase of 12.28% year-on-year [6][41] - Total assets at the end of the reporting period were RMB 384.01 billion, reflecting a 1.63% increase from the previous year [6] Industry Overview - The geopolitical landscape has led to increased trade protectionism and interest rate cuts by major central banks, impacting global economic dynamics [8][9] - Despite these challenges, China's GDP grew, indicating resilience and stability in the face of external pressures [9] - The overall supply-demand dynamics of crude oil have shifted towards looseness, resulting in a decline in average international oil prices [10] Main Business and Products - The refining and chemical integration project of Zhejiang Petroleum & Chemical Co., Ltd. (ZPC), led by Rongsheng, has an annual processing capacity of 40 million tons of crude oil, 8.8 million tons of paraxylene, and 4.2 million tons of ethylene [11][30] - The company has been recognized in various global rankings, including 5th in the "Global Most Valuable Chemical Brands 2025" and 14th in the "Global Top 50 Chemical Companies 2024" [11][30] Strategic Initiatives - Rongsheng Petrochemical has signed a strategic Memorandum of Understanding with Saudi Aramco to enhance cooperation in technology sharing, crude oil supply, and financial support [14][20] - The company is actively pursuing technological innovation and green transformation to drive its development strategy [12][17] - The ZPC project is designed to maximize refining and chemical integration, providing high-quality raw materials while minimizing fuel output [22][23] Competitive Advantages - The company has established a strong vertical integration across the polyester value chain, enhancing its sustainable profitability and risk resistance [31] - It has a keen market sensitivity and flexible decision-making mechanism, allowing for timely adjustments to strategies based on market conditions [37] - The company has invested in research and development, establishing world-class platforms and promoting collaboration with universities and research institutions [38][39]