Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 20.104 billion yuan in the first half of 2025, a year-on-year decrease of 5.01%. The net profit attributable to the parent company was -989 million yuan, down 33.15% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 10.943 billion yuan, a year-on-year decrease of 6.58% but a quarter-on-quarter increase of 19.45%. The net profit attributable to the parent company was -647 million yuan, a year-on-year decrease of 167.67% and a quarter-on-quarter decrease of 89.24% [2][6]. - The report highlights that the refining sector's profitability is expected to improve under the "anti-involution" drive, as the government aims to eliminate vicious competition and optimize supply structure [6]. Summary by Sections Financial Performance - The company experienced a significant decline in both revenue and net profit in the first half of 2025, with a revenue of 20.104 billion yuan and a net profit of -989 million yuan [2][6]. - The second quarter showed a revenue of 10.943 billion yuan, with a notable quarter-on-quarter growth of 19.45% despite a year-on-year decline [2][6]. Industry Outlook - The refining sector is expected to benefit from government policies aimed at reducing excessive competition and optimizing supply chains, which may lead to a new upward cycle in the industry [6]. - The company possesses significant resource advantages, being a key player in the oil and petrochemical industry chain, with stable overseas crude oil resources and a well-established logistics system [6]. Production Capacity - The company operates multiple production bases and has a substantial annual production capacity, including 8.3 million tons of crude oil processing and various chemical products [6]. Profit Forecast - The forecast for the company's net profit attributable to the parent company for 2025 to 2027 is -1.48 billion yuan, -190 million yuan, and 250 million yuan, respectively, indicating a gradual recovery [6].

Core Viewpoint - Shenyang Chemical focuses on strategic transformation towards high-end, refined, and series products, leveraging regional advantages and quality assets to enhance competitiveness in the chemical industry [1][2] Group 1: Company Overview - Shenyang Chemical is a state-controlled listed company primarily engaged in chlor-alkali chemicals, petroleum chemicals, and new chemical materials, with key products including caustic soda, PVC resin, acrylics, polyethylene resin, and polyether polyols [1] - The company has an annual production capacity of 200,000 tons for both caustic soda and PVC resin, while its subsidiaries have capacities of 400,000 tons and 240,000 tons for polyether polyols, respectively [1] Group 2: Financial Performance - In 2024, Shenyang Chemical reported operating revenue of 5.02 billion yuan, a year-on-year decrease of 4.95%, and a net profit attributable to shareholders of -168 million yuan, reflecting a 63.33% reduction in losses [2] - For the first quarter of this year, the company achieved operating revenue of 1.14 billion yuan, down 4.15% year-on-year, and a net profit of 32.34 million yuan, marking a return to profitability [2] Group 3: Strategic Initiatives - The company is accelerating digital transformation through the construction of "smart factories + intelligent HSE" to enhance safety management and achieve intelligent upgrades in production operations [2] - Shenyang Chemical is focusing on core products to create value, leveraging brand and technology advantages in products like PVC resin and polyether polyols to develop customized and differentiated product matrices [2] - Management is enhancing operational capabilities to improve asset quality and industry upgrades, thereby strengthening risk resistance and laying a foundation for high-quality development [2] Group 4: Market and Valuation - The company's stock price is influenced by various factors including market liquidity, macroeconomic conditions, market environment, and investor expectations [2] - Shenyang Chemical emphasizes the importance of market value management and aims to steadily enhance core competitiveness to boost intrinsic value and market capitalization [2]

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2.1 HT 1 00 00 11 10 1 ULLINE STERE FOR TC: T L E M I i 30 - A 11 11 T RIDIN - f TI ZZANT ■I> 说起这个事，背后有一场让人捏把汗的"小插曲"。那天，康凯像往常一样检查凝液泵的齿轮箱。目光落在压力表盘上时，眉头瞬间拧成了麻花：润滑油压力 异常！"警铃"在他脑海中炸响，如果处理不及时，就会引起设备损坏，既而影响生产。 康凯立即上报并进行应急处理。"韩煦，带工具到凝液泵现场来。""主操，准备停在用泵！"康凯当机立断。在作业现场，他一边指挥置换灌泵，一边调整阀 门开度。 "装置稳定运行，就是给春耕抢时间！"3日15时10分，生产三班班长康凯拿起巡检工具，在塔釜林立、管廊纵横的"钢铁丛林"中，开始了当班最后一次巡 检。5月初的大庆，昼夜温差达12℃，这对设备的润滑、密封等提出严格要求。康凯仔细聆听设备运转的声音，捕捉着任何可能存在的异响。他手持红外线 测温仪，沿预定路线检查到编号G-5216的凝液泵——这是回收岗位的关键设备。 凝液泵前，操作工韩煦也在巡检，"小韩，检查压力表呢？""上个月就在这儿，您避免了一起安全事故。所以，每 ...