RSPC(SZ:002493) 凤凰网财经·2025-09-06 13:42Core Viewpoint - Rongsheng Petrochemical continues to face significant pressure on its performance, with a decline in both revenue and net profit in the first half of 2023, attributed to fluctuating crude oil prices, inventory impairment, and weak downstream demand [1][2][5]. Group 1: Financial Performance - In the first half of 2023, Rongsheng Petrochemical reported revenue of 1486.29 billion, a year-on-year decrease of 7.83%, and a net profit attributable to shareholders of 6.02 billion, down 29.82% [2]. - The second quarter saw a dramatic decline, with revenue of 736.54 billion and net profit of 1368.28 million, representing year-on-year declines of 8.12% and 95.52%, respectively [2][3]. - Over the past three years, the company has struggled with revenue growth, with figures of 2890.95 billion, 3251.12 billion, and 3264.75 billion from 2022 to 2024, showing a growth rate of only 0.42% in 2024 [5]. Group 2: Product Performance - The main revenue sources for Rongsheng Petrochemical are refining and chemical products, which accounted for 76.13% of total revenue in the first half of 2023 [6]. - Revenue from refining products decreased by 12.42% year-on-year, impacting the overall performance of the refining segment [6]. - The chemical products segment, including PTA and polyester films, also faced revenue declines, with PTA revenue down 39.59% [6][7]. Group 3: Investment and Financial Pressure - The company is investing over 100 billion in multiple projects to transition to high-value-added sectors, but this has led to a high debt burden, with a debt-to-asset ratio of 75.12% [1][9]. - As of mid-2023, short-term borrowings reached 462.74 billion, with a funding gap of 733.07 billion due to a 22.53% decrease in cash reserves [9]. - The company's stock price has significantly declined, dropping nearly 70% from its peak in early 2021, reflecting the ongoing financial challenges [9].