Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - India's anti-dumping tax policy on Chinese PVC products is a key variable determining China's future PVC export trends. The anti-dumping tax has weakened or eliminated the price advantage of Chinese products, putting significant pressure on exports. This has prompted China's PVC industry to make strategic choices, and a new pattern of diversified exports is emerging [2][3]. - Overseas PVC production capacity is shifting from traditional European production centers to regions with energy and market advantages, which will affect future global trade flows and competition patterns [4]. Summary by Related Catalogs India's Anti-dumping Tax History - India conducts anti-dumping investigations on China based on the Customs Tariff Act of 1975 and the Anti-dumping Rules of 1995. The anti-dumping investigation procedure includes application, filing, preliminary ruling, on - site review, hearing, price commitment, final ruling, etc. After the anti-dumping tax is levied, there are three types of review procedures: new exporter review, mid - term review, and sunset review [10]. - India has initiated multiple anti - dumping and safeguard measure investigations on Chinese PVC - related products, including PVC suspension resin, PVC paste resin, etc. Most cases have resulted in restrictive measures [3][11]. - For the anti - dumping investigation of PVC suspension resin initiated in 2024, the final ruling has been completed, and the market expects the result on whether the anti - dumping tax will be implemented in November 2025 [3][19]. PVC Export Structure - Since 2025, due to the resurgence of India's anti - dumping tax investigation in 2024, there has been a rush to export, and China's PVC exports this year are higher than the same period. India is the main destination for China's PVC exports. If India imposes anti - dumping taxes on Chinese PVC, it will affect China's export structure [22]. - From 2014 to 2022, during the first anti - dumping tax collection period, the proportion of China's PVC exports to India decreased. After the expiration of the tax in 2022, the proportion rebounded. India's PVC demand is expected to have high growth potential [26]. PVC Export Trend Changes - After the anti - dumping tax is imposed, Chinese PVC export prices may not maintain an advantage in the Indian market. However, some Chinese enterprises still have a slight price advantage [29]. - In recent years, China's PVC exports to Southeast Asia, Africa, Central Asia, and the Middle East have increased significantly. Although India's anti - dumping tax may cause a short - term decline in exports, in the long run, global market re - layout may alleviate the domestic PVC supply - demand situation [32]. Overview of Overseas Production Capacity - In 2025, some European PVC enterprises announced shutdown plans due to high energy costs and weak demand, with a total expected exit capacity of 410,000 tons. The new production capacity in 2025 is mainly concentrated in the Middle East and Southeast Asia, and India will be the core area for capacity expansion in 2026 [4][52]. - Globally, PVC production capacity is shifting from high - cost regions to regions with energy and market advantages, while China's new production capacity is expanding on a large scale based on resource advantages [4][59].

Core Viewpoint - The financial performance of Xinjiang Tianye Co., Ltd. for the first half of 2025 shows a decline in net profit and revenue, despite an increase in total profit compared to the previous year [1][3]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 20.77 billion, a 1.17% increase from the previous year [1]. - Net assets attributable to shareholders decreased by 0.45% to CNY 9.28 billion [1]. - Operating revenue for the period was CNY 5.16 billion, down 0.98% year-on-year [1]. - Total profit reached CNY 37.61 million, representing a 37.78% increase from CNY 27.30 million in the previous year [1]. - The net profit attributable to shareholders was a loss of CNY 8.57 million, a significant decline of 228.22% compared to a profit of CNY 6.69 million in the same period last year [1]. - The net profit after deducting non-recurring gains and losses was CNY -31.62 million, a decrease of 55.41% from CNY -20.35 million [1]. - The net cash flow from operating activities was CNY -240.25 million, a decrease of 137.32% from CNY 643.79 million [1]. - The weighted average return on net assets was -0.092%, down 0.1643 percentage points from the previous year [1]. - Basic and diluted earnings per share were both CNY -0.005, a decrease of 228.21% from CNY 0.0039 [1]. Key Operational Insights - The average price of the main product, caustic soda, increased year-on-year, positively impacting gross profit [2]. - However, the average prices of polyvinyl chloride (PVC) resin and its variants saw significant declines, negatively affecting gross profit by CNY 41.35 million [2]. - The average procurement prices of key raw materials such as coal and lime decreased, contributing to a gross profit increase of CNY 25.95 million [2]. - The company implemented refined management and an integrated industrial chain to effectively control manufacturing costs and expenses, resulting in a total profit increase [2].

Group 1 - The stock price of Shenyang Chemical closed at 4.17 yuan on August 13, 2025, with a slight decrease of 0.01 yuan, representing a drop of 0.24% from the previous trading day [1] - The company is a significant player in China's chemical production industry, with main products including polyvinyl chloride (PVC) paste resin and polyether polyols, widely used in polyurethane and medical gloves [1] - Shenyang Chemical expects to achieve a net profit of 53 million to 68 million yuan in the first half of 2025, indicating a turnaround from losses compared to the previous year [1] Group 2 - The company has implemented a series of reform measures that have positively impacted its production and operational performance, as stated by General Manager Chen Shukang [1] - Shenyang Chemical established China's first PVC paste resin joint research and development center in collaboration with educational institutions and partnered with Yingke Medical to set up a glove application laboratory [1] - In the polyether polyol sector, the company's production capacity has increased from 300,000 tons to 400,000 tons, with a new project adding an additional 240,000 tons of capacity [1] Group 3 - On August 13, Shenyang Chemical experienced a net outflow of main funds amounting to 2.1566 million yuan, with a cumulative net outflow of 10.194 million yuan over the past five days [1]