据证券之星公开数据整理，近期红宝丽（002165）发布2025年中报。截至本报告期末，公司营业总收入 12.45亿元，同比下降1.1%，归母净利润2438.93万元，同比下降35.51%。按单季度数据看，第二季度营 业总收入5.91亿元，同比下降10.65%，第二季度归母净利润238.91万元，同比下降73.43%。本报告期红 宝丽公司应收账款体量较大，当期应收账款占最新年报归母净利润比达965.24%。 营业收入变动幅度为-1.1%,原因:主产品聚醚和异丙醇胺合计销量增长5.6%，由于产品价格随主原料价 格下降及行业因素而下调，以致实现营业收入略少于上年同期。 营业成本变动幅度为0.89%,原因:主产品聚醚和异丙醇胺合计销量增长。 销售费用变动幅度为9.83%,原因:业务费用及员工薪酬增加。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率13.55%，同比减11.19%，净利率2.01%， 同比减33.64%，销售费用、管理费用、财务费用总计1.4亿元，三费占营收比11.24%，同比增5.0%，每 股净资产2.76元，同比减0.05%，每股经营性现金流0.12元，同比增24.48%，每股收益0.03 ...

8月20日主力资金净流入3751.99万元，近五个交易日累计净流出3756.91万元。当日换手率达到 13.44%，显示市场交投活跃。 风险提示：股市有风险，投资需谨慎。 红宝丽最新股价报9.50元，较前一交易日上涨1.50%。盘中最高触及9.65元，最低下探9.27元，全天成交 977928手，成交金额达9.28亿元。 该公司属于化学制品行业，主营业务涵盖聚氨酯硬泡组合聚醚、异丙醇胺等产品的研发、生产和销售。 产品广泛应用于建筑保温、家电冷藏、汽车等领域。 ...

Group 1: Company Overview - The company has a production capacity of 190,000 tons for rigid polyurethane polyether, primarily used in refrigerators and refrigerated containers [1] - The pricing model for polyether products is based on binding raw material costs plus service fees, with a focus on cost reduction through technological innovation and lean production [1] - A technical transformation project for 40,000 tons of polyether was successfully trial-produced in the first half of the year, with plans for ongoing R&D to develop high-value-added polyether products [1] Group 2: Isopropanolamine Production - The company produces a full range of isopropanolamine products, including mono-, di-, and tri-isopropanolamine, with applications in surfactants, agricultural intermediates, and cement additives [2] - Continuous technological innovation and refined internal management are employed to enhance product competitiveness [2] Group 3: Epoxy Propane Industry - The domestic epoxy propane industry has seen rapid capacity expansion due to the elimination of outdated processes and the launch of integrated refining projects, leading to increased competition and lower prices [2] - The company is constructing a technical transformation project for epoxy propane at its Taixing base, aiming to increase capacity to 160,000 tons while improving operational efficiency [2] - The company utilizes a self-developed isopropylbenzene method for epoxy propane production, which offers advantages in safety, environmental protection, and quality [2] Group 4: Future Outlook - The company is focusing on technical upgrades at the epoxy propane base and aims to strengthen its core business while actively developing new products through technological innovation [2]

Performance Forecast - The company expects a net profit of 20 million to 26 million yuan for the current reporting period, a decrease of 47.11% to 31.25% compared to the same period last year, where the net profit was 37.8176 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be a loss of 10 million to 5 million yuan, a significant decline of 138.27% to 119.14% from the previous year's profit of 26.1297 million yuan [1] - Basic earnings per share are projected to be between 0.0272 yuan and 0.0354 yuan, compared to 0.0514 yuan per share in the same period last year [1] Reasons for Performance Change - The company has focused on innovation and customer value creation, actively developing new technologies and expanding markets for its main products, which include hard foam composite polyether and isopropanol amine [1] - Despite an increase in sales volume for the two main products compared to the previous year, the average purchase price of the main raw material, propylene oxide, decreased by over 10%, leading to a corresponding reduction in product prices [1] - The overall gross profit margin declined due to rising prices of some raw materials and increased sales expenses, resulting in a decrease in operating profit compared to the previous year [1]

Core Viewpoint - The recent increase in international crude oil prices and export orders have led to a rebound in the epoxy propane market, but the sustainability of this price increase is uncertain due to weak demand and expected supply increases [1][2][3]. Group 1: Price Trends - In the first half of the year, the price of epoxy propane in China fluctuated within a low range, forming a W-shaped curve, with a peak of 8950 yuan in early January and a low of 6810 yuan in late April [2]. - As of June 26, the average market price of epoxy propane was 7666.67 yuan, reflecting a 4.4% increase from June 1 and a 7.33% increase from the low point on June 10 [1][2]. Group 2: Supply Dynamics - The recent price increase is attributed to a reduction in supply, with major production facilities operating at low capacity and limited spot supply in the market [3]. - New production capacity expected to come online in July may exert downward pressure on prices if realized, as only one facility has resumed operations at a reduced capacity [3]. Group 3: Demand Conditions - The demand side remains weak, with downstream products not fully reflecting the price increases of epoxy propane, leading to a cautious purchasing attitude among buyers [4]. - The overall market for downstream products, such as sponges and polyether, is sluggish, with limited new orders and a general lack of buying interest due to high raw material prices [4][5]. Group 4: Market Outlook - Given the combination of concentrated supply increases and weak demand, the current price increase in the epoxy propane market is unlikely to be sustained, with expectations of a return to a weaker market condition [5].