Investment Rating - The report maintains a "Buy" investment rating for the company [6][41]. Core Views - The company reported a revenue of 90.9 billion yuan for the first half of 2025, a year-on-year decline of 6.35%, with a net profit attributable to shareholders of 6.123 billion yuan, down 25.1% year-on-year [1][11]. - Despite price pressures, the company managed to increase its production and sales volume across its main business segments [12][17]. - The company has effectively controlled its expenses, with a total expense of 4.846 billion yuan, a decrease of 4.98 billion yuan compared to the previous year [3][31]. Financial Performance - In the first half of 2025, the company achieved a gross profit of 12.58 billion yuan, a decrease of 3.352 billion yuan year-on-year, with a comprehensive gross margin of 13.8%, down 2.6 percentage points [2][13]. - The company’s operating cash flow per share was 2.7 yuan, with a diluted earnings per share (EPS) of 1.95 yuan [1][11]. - The company’s net profit forecast for 2025-2027 is projected to be 13.1 billion, 16.3 billion, and 22.5 billion yuan respectively [41]. Business Segments - The revenue breakdown for the first half of 2025 shows that the polyurethane series generated 36.9 billion yuan, the petrochemical series 34.9 billion yuan, and the fine chemicals and new materials series 15.6 billion yuan [2][12]. - The production volumes for the three main series in the first half of 2025 were 2.98 million tons for polyurethane, 2.95 million tons for petrochemicals, and 1.24 million tons for fine chemicals, reflecting year-on-year increases [17][19]. Cost Control and Investment - The company’s expense ratio for the first half of 2025 was 5.3%, a decrease of 0.2 percentage points from the previous year, with significant reductions in management and financial expenses [3][31]. - The company’s ongoing construction projects have decreased significantly, with the amount of ongoing projects at 39.7 billion yuan, down 7.8 billion yuan from the previous period [37].