Core Viewpoint - Rongsheng Petrochemical (002493.SZ) has demonstrated strong market competitiveness and risk resistance by achieving significant performance growth in Q1 2025, despite a challenging international crude oil market [1][2]. Financial Performance - In Q1 2025, Rongsheng Petrochemical reported total operating revenue of 74.975 billion RMB, a slight year-on-year decrease of 7.54% - The total profit reached 1.345 billion RMB, reflecting a year-on-year increase of 5.91% - The net profit attributable to shareholders was 588 million RMB, up 6.53% compared to the same period last year - The non-recurring net profit grew by 30.28%, reaching 618 million RMB [1]. Market Conditions - Historical data indicates that crude oil price fluctuations are critical for refining companies' profitability, with margins improving significantly when oil prices are in the 40-80 USD/barrel range - Currently, oil prices have dropped to the 65 USD/barrel range, benefiting refining companies by improving cost structures and expanding product margins - An increase of 100 RMB per ton in refining profit could potentially add approximately 4 billion RMB to Rongsheng Petrochemical's profits, given its refining capacity of 40 million tons per year [2]. Industry Position - Rongsheng Petrochemical is viewed as a core player for "bottoming out and rebounding" in the market, supported by its full industry chain advantages and the release of high-end new material capacities - The company holds a significant position in the chemical materials market in China and Asia, excelling in polyester, new energy materials, engineering plastics, and high-value-added polyolefins - The integrated refining project led by the company has an annual processing capacity of 40 million tons of crude oil, producing 8.8 million tons of paraxylene (PX) and 4.2 million tons of ethylene [2][3]. Future Outlook - With the stabilization of crude oil prices and a gradual recovery in market demand, Rongsheng Petrochemical is expected to further enhance its influence in the global new materials supply chain - The company aims to align with industry trends such as product high-endization, cost reduction, efficiency enhancement, and sustainable development - It plans to deepen its integrated refining advantages and drive industrial upgrades through technological innovation, accelerating its transition towards high-end, green, and intelligent operations [3].