万华化学：第三季度营收净利同比实现增长

Core Insights - Wanhua Chemical reported a decline in profitability due to falling sales prices of its main products, with a year-on-year decrease in revenue and net profit for the first three quarters of 2025 [1] Financial Performance - For the first three quarters of 2025, Wanhua Chemical achieved operating revenue of 144.23 billion yuan, a decrease of 2.29% year-on-year; net profit attributable to shareholders was 9.16 billion yuan, down 17.45% year-on-year; and net profit excluding non-recurring items was 9.10 billion yuan, down 16.72% year-on-year [1] - In Q3 2025, the company reported operating revenue of 53.32 billion yuan, an increase of 5.52% year-on-year; net profit was 3.03 billion yuan, up 3.96% year-on-year, indicating a better quarterly performance compared to the overall first three quarters [1] Business Segments - The three core product lines of the company maintained stable production and sales, with the polyurethane segment generating sales revenue of 55.14 billion yuan, producing 4.54 million tons and selling 4.58 million tons; the petrochemical segment and trading generated sales revenue of 59.32 billion yuan, producing 4.78 million tons and selling 4.60 million tons; the fine chemicals and new materials segment generated sales revenue of 23.81 billion yuan, producing 1.89 million tons and selling 1.84 million tons, all maintaining industry-leading levels [1] Price Trends - The price trends for different products showed divergence, with the average market price for pure MDI at 18,300 yuan/ton, while the average price for polymer MDI was 15,200 yuan/ton, and TDI was 14,700 yuan/ton. The average price for soft foam polyether was 8,000 yuan/ton, benefiting from stable demand in the automotive and home industries [2] - The petrochemical product prices generally declined year-on-year, with significant drops in prices for key products such as propylene, normal butanol, and MTBE, which fell by 6.83%, 20.57%, and 19.87% respectively [2] Cost and Margin Analysis - On the cost side, the prices of major raw materials generally decreased year-on-year, which partially offset the pressure from falling product prices. The average price of pure benzene was 5,905 yuan/ton, down 30.05% year-on-year; the average price of 5,000 kcal thermal coal was 597 yuan/ton, down 20.61% year-on-year; and the average price of propane and butane also saw declines [2] - Despite the decrease in raw material costs, the company's gross margin fell by 1.94 percentage points year-on-year due to the impact of declining product prices [2] Cash Flow and Shareholder Activity - The net cash flow from operating activities for the first three quarters was 17.02 billion yuan, down 11.83% year-on-year; the net cash flow from investing activities was -24.92 billion yuan; and the net cash flow from financing activities was 18.69 billion yuan, showing a year-on-year decrease [3] - Major shareholder Synthesia International reduced its stake in Wanhua Chemical by selling a total of 16.47 million shares, representing 0.53% of the company's total shares, bringing its ownership down from 5.53% to 5.00% [3]