Core Viewpoint - In the first half of 2025, China's industrial enterprises produced 22.68 million tons of caustic soda (100% basis), reflecting a 4.8% increase compared to the same period in 2024, although the growth rate has slowed by 1.2 percentage points from the previous year [1]. Group 1: Production Analysis - In the first six months of 2025, the cumulative production of caustic soda reached 22.68 million tons, marking a 4.8% year-on-year increase [1]. - The growth rate in the first half of 2025 is lower than the growth rate of 2024 by 1.2 percentage points, indicating a slowdown in production growth [1]. - In June 2025 alone, the production of caustic soda was 3.87 million tons, which is a 7.0% increase compared to June 2024, but this also represents a slowdown of 1.6 percentage points from the previous year's growth rate [3].

Group 1 - In the first four months of 2025, China's industrial enterprises produced a total of 14.959 million tons of caustic soda (calculated at 100%), representing a year-on-year increase of 5.3%, which is 0.9 percentage points higher than the growth rate in the same period of 2024 [1] - In April 2025, the production of caustic soda reached 3.713 million tons, showing a growth of 4.5% compared to April 2024, with the growth rate remaining consistent with the previous year [4]