——万华化学（600309.SH）2025 年三季报点评 要点 事件：公司发布 2025 年三季度报告。2025 年前三季度，公司实现营收 1442.26 亿元，同比减少 2.29%；实现归母净利润 91.57 亿元，同比减少 17.45%；实现 扣非后归母净利润 91.01 亿元，同比减少 16.72%。2025Q3，公司单季度实现 营收 533.24 亿元，同比增长 5.52%，环比增长 11.48%；实现归母净利润 30.35 亿元，同比增长 3.96%，环比减少 0.20%。 2025 年 10 月 28 日 公司研究 利润环比持平，持续看好化工龙头创新升级 产品销量稳步提升，下游需求疲弱价格下降。2025 年 Q3，公司聚氨酯产销量稳 步提升，同时得益于新增产能的释放公司石化、精细化学品及新材料产品产销量 显著提升。2025Q3，公司聚氨酯产品产量为 156 万吨，同比增长 13.0%；销量 为 155 万吨，同比增长 9.9%。然而，由于下游需求疲弱，部分产品下游库存高 企和竞争加剧，2025Q3 公司聚氨酯产品平均销售价格同比下降 11.6%至 1.18 万元/吨。石化板块方面，2025Q3 公 ...

聚氨酯 万华化学（600309.SH） 买入-B(维持) 资料来源：最闻 市场数据：2025 年 10 月 27 日 | 收盘价（元）： | 62.49 | | --- | --- | | 年内最高/最低（元）： | 83.59/52.10 | | 流通A股/总股本（亿）： | 31.30/31.30 | | 流通 A 股市值（亿）： | 1,956.23 | | 总市值（亿）： | 1,956.23 | | 资料来源：最闻 | | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元)： | 2.92 | | --- | --- | | 摊薄每股收益(元)： | 2.92 | | 每股净资产(元)： | 37.16 | | 净资产收益率(%)： | 8.67 | | 资料来源：最闻 | | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com Q3 业绩同比增长，静待行业景气修复 2025 年 10 月 28 日 公司研究/公司快报 事件描述 10 月 24 ...

长江商报消息 ●长江商报记者 沈右荣 行业寒冬之际，化工行业巨头万华化学（600309.SH）经营显现向好迹象。 根据三季度报告，2025年前三季度，万华化学实现营业收入约1442亿元，同比下降约2%；归母净利润 91.57亿元，同比下降17.45%。其中，第三季度，公司实现的营收净利润双增，这是2020年以来的同期 首次双增。 近几年，全球经济疲软，化工行业景气度较低，万华化学的经营业绩因此承压。2022年前三季度以来， 公司归母净利润持续下滑。 2025年前三季度，万华化学主要产品销售价格下行，导致公司业绩下滑。 2025年，是万华化学确定的"变革年"，通过系统变革，持续激发组织活力，提升运营效率。 经营业绩整体承压，万华化学的研发投入不减反增。2025年前三季度，公司研发投入约为34亿元，同比 继续保持增长。 万华化学的现金流保持稳定。前三季度，公司经营现金流净额约为170亿元，与上年同期基本持平。前 三季度，公司财务费用14.98亿元，同比减少近2亿元。 主要产品售价下降业绩承压 受市场因素影响，万华化学的经营业绩增长仍然承压。 10月24日晚间，万华化学披露的三季度报告显示，2025年前三季度，公司 ...

事件：2025 年前三季度公司实现营业收入1442.3 亿元，同比-2.3%；实现归母净利润91.6 亿元，同 比-17.5%；实现扣非归母净利润91 亿元，同比-16.7%。其中，2025Q3单季实现营业收入533.2 亿元，同 比+5.5%，环比+11.5%；实现归母净利润30.3 亿元，同比+4.0%，环比-0.2%；实现扣非归母净利润28.6 亿元，同比+1.0%，环比-10.9%。 新材料：项目建设多点开花，自研成果加速转化。1）2025Q1-3：公司精细化学品及新材料系列产品实 现销售收入238 亿元，同比+19%。产销方面，2025Q1-3 产销量189 和184 万吨，同比+30%和+30%。 2）2025Q3：公司精细化学品及新材料系列产品实现销售收入82 亿元，同比+17%，环比-1%。产销方 面，2025Q3 产销量65 和65 万吨，同比+44%和+30%，环比+5%和持平。3）项目建设：公司ADI 业务 深化全球化布局，提升国际化及抗风险能力；MS 树脂装置一次性开车成功，成功填补国内高端光学级 MS 规模化生产空白；维生素A 全产业链贯通，正式进入动物营养健康和人类营养健康领域。叔 ...

Core Insights - Wanhua Chemical (600309.SH) reported a revenue of 144.226 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 2.29% [2] - The net profit attributable to shareholders was 9.157 billion yuan, down 17.45% year-on-year [2] Revenue Breakdown - The sales revenue from polyurethane products amounted to 55.143 billion yuan [2] - The petrochemical products generated sales revenue of 59.319 billion yuan [2] - Sales from trading, fine chemicals, and new materials reached 23.811 billion yuan [2] Company Overview - Wanhua Chemical is a global chemical new materials company with operations in five major industrial clusters: polyurethane, petrochemicals, fine chemicals, emerging materials, and future industries [2] - The company operates 12 production bases and factories located in Yantai, Penglai, Ningbo, Sichuan, Fujian, Zhuhai, Ningxia, Hungary, Czech Republic, Sweden, Italy, and France [2]

Core Viewpoint - Wanhua Chemical (600309) reported a revenue of 53.32 billion yuan in Q3 2025, a year-on-year increase of 5.52%, while net profit reached 3.03 billion yuan, up 3.96% year-on-year. However, for the first three quarters of 2025, revenue declined by 2.29% to 144.22 billion yuan, and net profit fell by 17.45% to 9.16 billion yuan [2][3]. Financial Performance - Q3 2025 revenue was 53.32 billion yuan, a 5.52% increase year-on-year [3]. - Net profit for Q3 2025 was 3.03 billion yuan, reflecting a 3.96% year-on-year growth [3]. - For the first three quarters of 2025, total revenue was 144.22 billion yuan, down 2.29% year-on-year [3]. - Net profit for the first three quarters was 9.16 billion yuan, a decrease of 17.45% year-on-year [3]. Product Performance - In Q3 2025, the production and sales of major products were as follows: - Polyurethane series: Production of 4.54 million tons and sales of 4.58 million tons [4]. - Petrochemical series: Production of 4.78 million tons and sales of 4.60 million tons [4]. - Fine chemicals and new materials: Production of 1.89 million tons and sales of 1.84 million tons [4]. Market Dynamics - The overall price trend for polyurethane products in Q3 showed fluctuations, with pure MDI priced around 18,300 yuan/ton and TDI products affected by supply constraints, priced at approximately 14,700 yuan/ton [5]. - The petrochemical series experienced a downward price trend, with notable decreases in prices for various products, such as propylene down 6.83% year-on-year [5]. Strategic Developments - Wanhua Chemical made significant progress in project construction, business layout, and new product launches during the first three quarters of 2025 [6]. - The company signed a strategic cooperation agreement with ENGEL and Haitec to provide integrated solutions for the automotive industry [8]. - Wanhua aims to achieve a revenue of over 250 billion yuan by 2025 and enter the Fortune Global 500 [10]. New Product Launches - The company launched several new products, including bio-based 1,3-butanediol and high-value-added chemicals like tert-butylamine [11]. - Wanhua also introduced new materials such as optical-grade MS resin and car-grade light guide polycarbonate materials in collaboration with Geely [11]. Expansion Initiatives - Wanhua Chemical is expanding its production capacity across various projects, including a 150,000 tons/year MDI project and a 40,000 tons/year QH project [11]. - The company is also diversifying its business by establishing new companies focused on high-performance materials and specialty chemicals [11].

Core Insights - Wanhua Chemical reported a decline in profitability due to falling sales prices of its main products, with a year-on-year decrease in revenue and net profit for the first three quarters of 2025 [1] Financial Performance - For the first three quarters of 2025, Wanhua Chemical achieved operating revenue of 144.23 billion yuan, a decrease of 2.29% year-on-year; net profit attributable to shareholders was 9.16 billion yuan, down 17.45% year-on-year; and net profit excluding non-recurring items was 9.10 billion yuan, down 16.72% year-on-year [1] - In Q3 2025, the company reported operating revenue of 53.32 billion yuan, an increase of 5.52% year-on-year; net profit was 3.03 billion yuan, up 3.96% year-on-year, indicating a better quarterly performance compared to the overall first three quarters [1] Business Segments - The three core product lines of the company maintained stable production and sales, with the polyurethane segment generating sales revenue of 55.14 billion yuan, producing 4.54 million tons and selling 4.58 million tons; the petrochemical segment and trading generated sales revenue of 59.32 billion yuan, producing 4.78 million tons and selling 4.60 million tons; the fine chemicals and new materials segment generated sales revenue of 23.81 billion yuan, producing 1.89 million tons and selling 1.84 million tons, all maintaining industry-leading levels [1] Price Trends - The price trends for different products showed divergence, with the average market price for pure MDI at 18,300 yuan/ton, while the average price for polymer MDI was 15,200 yuan/ton, and TDI was 14,700 yuan/ton. The average price for soft foam polyether was 8,000 yuan/ton, benefiting from stable demand in the automotive and home industries [2] - The petrochemical product prices generally declined year-on-year, with significant drops in prices for key products such as propylene, normal butanol, and MTBE, which fell by 6.83%, 20.57%, and 19.87% respectively [2] Cost and Margin Analysis - On the cost side, the prices of major raw materials generally decreased year-on-year, which partially offset the pressure from falling product prices. The average price of pure benzene was 5,905 yuan/ton, down 30.05% year-on-year; the average price of 5,000 kcal thermal coal was 597 yuan/ton, down 20.61% year-on-year; and the average price of propane and butane also saw declines [2] - Despite the decrease in raw material costs, the company's gross margin fell by 1.94 percentage points year-on-year due to the impact of declining product prices [2] Cash Flow and Shareholder Activity - The net cash flow from operating activities for the first three quarters was 17.02 billion yuan, down 11.83% year-on-year; the net cash flow from investing activities was -24.92 billion yuan; and the net cash flow from financing activities was 18.69 billion yuan, showing a year-on-year decrease [3] - Major shareholder Synthesia International reduced its stake in Wanhua Chemical by selling a total of 16.47 million shares, representing 0.53% of the company's total shares, bringing its ownership down from 5.53% to 5.00% [3]

2025年三季度主要经营数据公告 证券代码：600309 证券简称：万华化学 公告编号：临 2025-60 号 万华化学集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十三号——化工》的相关规定，现将万华化学集团股份有限公司 2025 年前三季度主 要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 2025 年前三季度，公司聚氨酯系列产品实现销售收入 5,514,261 万元，石化系 列产品和贸易实现销售收入 5,931,928 万元，精细化学品及新材料系列产品实现销 售收入 2,381,145 万元。 | 主要产品 | 产量（万吨） | 销量（万吨） | | --- | --- | --- | | 聚氨酯系列 | 454 | 458 | | 石化系列 | 478 | 460 | | 精细化学品及新材料系列 | 189 | 184 | 注：以上销量为各系列产品产量对应的销售量，包含产品系列之间的内部使用量。 （一）主 ...

万华化学公告称，2025年前三季度，聚氨酯、石化系列及贸易、精细化学品及新材料系列产品销售收入 分别为551.43亿元、593.19亿元、238.11亿元，合计超1382亿元。产量方面，聚氨酯、石化、精细化学 品及新材料系列分别为454万吨、478万吨、189万吨；销量分别为458万吨、460万吨、184万吨。2025年 三季度，部分主要产品和原材料价格有波动，如山东丙烯价格同比下跌6.83%，纯苯均价同比下跌 30.05%。 ...

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company's polyurethane and fine chemicals businesses are performing steadily, while the petrochemical business is under profit pressure [6] - The company is expected to benefit from technological innovation and capacity upgrades, enhancing cost control and product competitiveness [11] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 90.9 billion yuan, a year-on-year decrease of 6.4%, and a net profit attributable to shareholders of 6.12 billion yuan, down 25.1% year-on-year [5] - The second quarter of 2025 saw total revenue of 47.83 billion yuan, with a quarter-on-quarter decrease of 6.0% and an increase of 11.1% [5] - The gross margin and net margin for the first half of 2025 were 13.84% and 7.39%, respectively, both showing declines compared to the previous year [6] Product Performance Summary - Revenue from the polyurethane series, petrochemical series, and fine chemicals and new materials series was 36.89 billion yuan, 34.93 billion yuan, and 15.63 billion yuan, respectively, with year-on-year changes of +4.0%, -11.7%, and +20.4% [6] - The sales volume for these product lines was 3.03 million tons, 2.85 million tons, and 1.19 million tons, reflecting year-on-year growth of 12.6%, 3.6%, and 29.3% [6] Market Conditions and Outlook - The polyurethane prices are expected to rise due to low inventory levels and supply-side optimization, with recent price increases for pure MDI and TDI of 5.3% and 37.0%, respectively [7] - The company is accelerating its new materials layout and enhancing product competitiveness through innovation and capacity expansion [8][10] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 13.72 billion yuan, 16.91 billion yuan, and 19.08 billion yuan, respectively, with corresponding P/E ratios of 14, 12, and 10 [11] - Revenue forecasts for 2025, 2026, and 2027 are 201.98 billion yuan, 221.05 billion yuan, and 245.74 billion yuan, with year-on-year growth rates of 10.9%, 9.4%, and 11.2% [13][15]