Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [9] Core Insights - The chemical industry experienced a slight revenue increase of 1.9% year-on-year in H1 2025, with total revenue reaching 12,630.5 billion yuan, while net profit decreased by 1.0% to 746.7 billion yuan. The gross margin remained stable at 16.8% [2][5][17] - The outlook for the chemical sector is optimistic, with expectations of demand recovery driven by anticipated interest rate cuts by the Federal Reserve and domestic policies aimed at reducing competition. This could lead to a positive supply-demand dynamic [2][18] - Key sub-sectors such as fluorochemicals, pesticides, additives, potassium fertilizers, and compound fertilizers showed significant year-on-year profit growth in H1 2025 [5][6] Summary by Sections Overall Performance - In H1 2025, the chemical industry saw a slight revenue increase to 12,630.5 billion yuan, with a year-on-year growth of 1.9%. Net profit was 746.7 billion yuan, down 1.0% from the previous year. The gross margin was stable at 16.8% [5][17] - The industry is experiencing a low-level oscillation in its economic performance, with capital expenditures declining and many chemical products nearing the end of their expansion cycles [5][17] Key Sub-sectors Analysis - **Fluorochemicals**: Achieved a net profit of 34.5 billion yuan in H1 2025, a 133.8% increase year-on-year, driven by a new pricing model for refrigerants [6][35] - **Phosphorus Chemicals**: Generated a net profit of 42.9 billion yuan, down 2.2% year-on-year, but with stable pricing for phosphate rock [6][46] - **Potassium Fertilizers**: Reported a net profit of 56.6 billion yuan, up 39.7% year-on-year, with strong demand and rising prices [6][52] - **Pesticides**: Achieved a net profit of 51.9 billion yuan, a 90.3% increase year-on-year, indicating signs of recovery in the market [6][35] - **Soda Ash**: Experienced a significant decline in net profit, down 72.5% year-on-year, but potential recovery is anticipated due to policy changes [6][38] Investment Recommendations - The report suggests actively investing in the chemical sector, particularly in cyclical and growth-oriented companies such as Wanhua Chemical, Hualu Hengsheng, and Longbai Group, as well as in sectors benefiting from new production capabilities and stable growth [7][38]

Core Viewpoint - Wanhua Chemical is a leading global chemical enterprise with a strong focus on MDI and TDI, establishing a highly competitive integrated industrial chain [1] Production Capacity - As of the first half of 2025, the company will have an MDI production capacity of 3.8 million tons per year, with an expansion of 700,000 tons per year planned for its Fujian facility, expected to be operational in 2026 [1] - The company is a leading global producer of TDI, with a total TDI production capacity of 1.44 million tons per year following the completion of the second phase of the Fujian TDI project in August 2025 [1] Market Demand - The furniture sales in China are performing well, which strongly supports the demand for TDI [1] - The company aims to continue expanding into niche markets to drive growth in new business areas [1] Investment Outlook - Given the company's leading position in the polyurethane industry and the performance growth from petrochemical and new material projects, the future development prospects of the company are viewed positively, leading to an initial "buy" rating [1]

Group 1 - Jiang Jianchun, an academician of the Chinese Academy of Engineering, emphasized the importance of the collaboration between Meiside Chemical and the Institute of Chemical Industry of Forestry Products, highlighting the complementary advantages and collaborative innovation [2] - The joint laboratory will focus on the research and promotion of bio-based polyurethane materials, bio-based additives, and bio-modification technologies, aiming to create an innovative research platform and industrialization base [2][3] - Meiside Chemical plans to leverage its strengths in organic silicon surfactants and organic amine catalysts to develop high-performance, cost-effective, and environmentally friendly new polyurethane materials [2][3] Group 2 - The collaboration aims to accelerate the green transformation of products, with a focus on overcoming key technical bottlenecks related to material performance, cost, and environmental standards [3] - The goal is to achieve a seamless connection from basic research to technology development, engineering scaling, and market application [2][3] - The partnership is expected to yield significant results within three to five years, including breakthroughs in technological innovation and industry cooperation, as well as the establishment of a long-term mechanism for cultivating high-level professionals [2][3]

Core Insights - The meeting held by the Zibo Municipal Government focused on the innovation and development of the polyurethane industry in Shandong, highlighting the importance of building leading advantages in this sector [1] Company Overview - Longhua New Materials Co., Ltd. specializes in the research, production, and sales of polyether polyols, polymer polyols, and end-amino polyethers, aiming to serve the global market with innovative and reliable products [3] - The company holds a leading position in the polymer polyol (POP) sector, possessing multiple invention and utility model patents [3] Technological Advancements - Longhua New Materials has developed a proprietary technology for producing POP without the need for chain transfer agents, addressing two major technical bottlenecks in the domestic industry: water thickening and viscosity control [3] - This breakthrough fills a domestic technological gap and achieves international leading standards, enhancing production efficiency and reducing costs [3] Market Position - Longhua New Materials holds approximately 30% of the national market share in polymer products, ranking first in the industry [3] - The company has established long-term strategic partnerships with several internationally renowned enterprises, actively participating in the global value chain [3] Future Outlook - Longhua New Materials plans to deepen global R&D collaboration and promote innovation in polyurethane materials, aiming to become a global strategic partner in the polyurethane industry chain [3]

Core Viewpoint - Meirui New Materials reported a net profit growth of 25.25% year-on-year in the first half of the year, indicating strong financial performance and growth potential in the polyurethane industry [1] Company Overview - Meirui New Materials is a leading domestic producer of polyurethane new materials and specialty chemical raw materials, with main products including thermoplastic polyurethane elastomers and water-based polyurethanes [1] - The company is currently the only publicly listed company in China primarily focused on TPU business [1] Financial Performance - As of August 26, the company's stock price was 17.15 yuan, down 1.15% from the previous trading day, with a total market capitalization of 7.338 billion yuan [1] - The trading volume on August 26 was 111 million yuan, with a turnover rate of 2.69% [1] Recent Developments - On August 26, the company hosted a research meeting with 10 institutions, including Beijing Yutian Capital, to discuss the progress of its polyurethane industrial park project and new product development [1] - The company announced plans to increase capital to its subsidiary by no more than 350 million yuan to support project construction [1] Capital Flow - On August 26, the main capital outflow was 30.0673 million yuan, with a cumulative net outflow of 11.2519 million yuan over the past five days [1]

Core Viewpoint - The meeting highlighted the innovation and development of the polyurethane industry in Zibo, Shandong, emphasizing the importance of building leading advantages in the sector [1]. Company Overview - Shandong Innoway Polyurethane Co., Ltd. was established in December 2003 and is recognized as a high-tech enterprise and a key national torch program enterprise. The company went public on the Beijing Stock Exchange in April 2023 [3]. - Innoway specializes in the production of downstream derivatives of propylene oxide, ethylene oxide, and adipic acid, with a product range that includes polyurethane prepolymers, thermoplastic elastomers, microporous elastomers, flooring materials, waterproofing agents, polyesters, polyethers, and more, serving various industries such as home appliances, construction, automotive, and consumer goods [3]. Competitive Advantages - The core competitiveness of Innoway is derived from "deep technology cultivation" and "full-chain collaboration," which enhances efficiency across technology, production, and market segments [3][4]. - The company has established a strong market position in the polyurethane sector due to its "deep technological moat" and "fast and precise full-chain service" [5]. Research and Development - Innoway has over 500 domestic invention patents and 10 international invention patents, and it has participated in drafting more than 20 national, industry, and local standards [3]. - The company has multiple research platforms, including a post-doctoral research workstation and provincial engineering technology centers, which support its innovation efforts [3]. Future Outlook - Innoway plans to leverage its advantages as a chain leader to enhance green manufacturing and digital upgrades, contributing to the high-quality development of the new materials industry in Shandong and nationwide [6].

Core Viewpoint - The meeting held by the Zibo Municipal Government focused on the innovation and development of the polyurethane industry chain, highlighting the efforts to create leading advantages in this sector [1]. Company Overview - China National Chemical Corporation's subsidiary, Zhonghua Dongda, is a national manufacturing champion with nearly 40 years of experience in the industrial production of polyether polyols, operating two production bases in Zibo and Quanzhou with a total capacity of 640,000 tons per year [3]. - Zhonghua Dongda's product range includes over 100 types of high-rebound polyether, elastic polyether, soft foam polyether, hard foam crosslinking agent polyether, POP polyether, and specialty polyethers, which are widely used in high-end automotive, rail transportation interiors, waterproof coatings, cable coatings, and eco-friendly sealing adhesives [3]. Market Position - Zhonghua Dongda holds a 35% market share in the domestic automotive interior sector and has established partnerships with mainstream new energy vehicle brands [3]. - The company is also making strides in specialty polyethers, developing high-end products such as UV-curable polyethers to replace some imported products, with applications in electronic display bonding, fiber optic cable coatings, new energy battery packaging, and electronic device adhesives [3]. Innovation and Sustainability - Zhonghua Dongda is involved in the national "14th Five-Year" key research and development plan and has developed the world's first industrialized low-carbon eco-friendly polyurethane waterproof coating polyether polyol, which significantly improves batch stability and reduces VOC emissions by lowering intermediate viscosity by 20% [4]. - The company has become a core supplier for several multinational corporations, including BASF, Huntsman, Covestro, and Mitsui, as well as long-term partners with domestic leaders like BYD, Dongfeng, and Zhejiang Huafeng [4]. Industry Collaboration - As a provincial-level green supply chain management enterprise and the president unit of the Zibo polyurethane industry chain cooperation alliance, Zhonghua Dongda aims to leverage Zibo's comprehensive industrial advantages to integrate resources across the epoxy propane, polyether polyol, and polyurethane industries, enhancing the overall strength of the Zibo polyurethane industry chain [4].

Core Viewpoint - The meeting highlighted the innovation and development of the polyurethane industry in Zibo, showcasing its leading advantages and the establishment of a complete industrial chain [1][3]. Group 1: Industry Development - Zibo is one of the earliest regions in China to introduce polyurethane raw material production technology, with a leading domestic technical level and several leading enterprises such as Sinochem Dongda, Yinuowei, and Longhua New Materials [3]. - The Zibo polyurethane industry chain is comprehensive, covering various types of polyether polyols, polyester polyols, polymer polyols, polyurethane compounds, prepolymers, thermoplastic elastomers, and downstream applications like pipeline insulation materials and plastic track engineering services [3]. Group 2: Economic Performance - In the first half of 2025, 24 large-scale polyurethane enterprises in Zibo achieved a total operating income of 17.6 billion yuan [3]. Group 3: Future Plans - Zibo plans to implement five major projects focusing on expanding advantages, extending the industrial chain, promoting key projects, enhancing innovation capabilities, and building industry brand [4].

Industry Overview - The chemical sector's overall performance ranked 15th this week (2025/08/18-2025/08/22) with a fluctuation of 2.86%, indicating a mid-range position in the market. The Shanghai Composite Index rose by 3.49%, while the ChiNext Index increased by 5.85%, showing that the chemical sector underperformed by 0.63 percentage points against the Shanghai Composite and 3.00 percentage points against the ChiNext [2][3]. Key Trends and Recommendations - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [2]. - Synthetic biology is anticipated to reach a pivotal moment, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs, with a shift towards green energy solutions and larger overseas markets [2]. - The quota policy for third-generation refrigerants is set to be implemented, leading to a high-growth cycle for these products. The supply of second-generation refrigerants will decrease, while demand remains stable due to market expansions in Southeast Asia [3]. - Electronic specialty gases are crucial for the electronics industry, with high technical barriers and value. The domestic market is experiencing a mismatch between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [4]. - The trend towards light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane. This transition is characterized by lower carbon emissions and energy consumption, aligning with global carbon neutrality goals [5]. - The industrialization of COC polymers is accelerating, with domestic companies making breakthroughs in production. The shift of downstream industries to domestic sources is enhancing the willingness for local substitution [6]. - Potash fertilizer prices are expected to rebound as major suppliers reduce output, leading to a decrease in inventory pressure and an increase in demand from farmers [7][8]. - The MDI market is characterized by oligopoly, with demand steadily increasing due to the expansion of polyurethane applications. The supply landscape is expected to improve as major producers maintain low production levels [9]. Price Tracking - The top five price increases this week included nitric acid (6.67%), PTA (4.62%), and sulfur (3.57%), while the largest declines were seen in liquid chlorine (-866.67%) and NYMEX natural gas futures (-7.48%) [10]. - A total of 153 companies in the chemical industry had their production capacities affected this week, with 12 new maintenance activities and 5 restarts reported [11].

| 告摘要 | | | | | | --- | --- | --- | --- | --- | | 证券代码：300848 证券简称：美瑞新材 | | | | 公告编号： | | 2025-064 | | | | | | 年半年度报告摘要 | 美瑞新材料股份有限公司 2025 | | | | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | 资者应当到证监 | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | 非标准审计意见提示 | | | | | | □适用 ?不适用 | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | □适用 ?不适用 | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | | □适用 ?不适用 | | | | | | 二、公司基 ...