SOPO(SH:600746) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-17 03:28Core Viewpoint - Jiangsu Sopo (600746.SH) has experienced significant fluctuations in revenue and net profit from 2022 to the first half of 2025, primarily due to market performance of its core products, acetic acid and ethyl acetate, which have seen declining prices impacting overall gross margins [1][2]. Financial Performance Summary - Revenue figures for Jiangsu Sopo from 2022 to the first half of 2025 are as follows: 7.172 billion, 5.390 billion, 6.403 billion, and 3.158 billion [1]. - Net profit for the same period shows a decline to 0.18 billion in 2023, with a recovery to 2.13 billion in 2024, and 1.02 billion in the first half of 2025 [2]. - The gross margin for the main business has decreased over the years, with figures of 15.58%, 7.62%, 8.72%, and 8.40% respectively [1]. Product Performance Analysis - The decline in gross margin is attributed to the market performance of acetic acid and ethyl acetate, with acetic acid's gross margin dropping from 24.69% and ethyl acetate's margin showing a slight recovery in 2025 due to raw material price decreases [1][2]. - In 2024, net profit recovery was supported by stable operations and increased sales volumes of acetic acid and ethyl acetate, which grew by 36.82% and 20.33% respectively [2]. Industry Comparison - Compared to peers, Jiangsu Sopo's gross margin and net profit trends differ due to its concentrated business model focused on acetic acid and derivatives, while competitors like Hualu Hengsheng have a more diverse product range and lower raw material costs [3]. - The overall industry trend shows a decline in gross margins in 2023 followed by a recovery in 2024, aligning with Jiangsu Sopo's performance despite differences in product composition and cost control capabilities [3].