福建LNG接收站：优化工序保证工期 双节不停工 建设抢进度 国庆中秋双节期间，福建省石化行业多个重点项目不停工，建设者全力以赴抢工期、抓安全、保质量， 以奋斗之姿为"十四五"收官画上完美句号。 古雷石化基地：机械轰鸣焊花闪烁 双节期间，福建省和中国石化重点项目、总投资超40亿元的中石化南化苯胺—橡胶助剂产业链项目建设 现场依旧机械轰鸣、焊花闪烁，2000多名工人坚守在岗位一线，一派热火朝天的奋战景象。 "作为一名南京人，能跨越千里来到古雷，参与中石化这一重点项目的建设，并亲眼见证它在我和同事 们手中一天天'成长'，我感到非常荣幸。"该项目助剂分部施工负责人刘亚军说，自项目开工以来，他 便从南京远赴古雷，以前能每天相见的家人，如今几个月才能团聚一次。但看着这个重点项目从无到 有、拔地而起，他心中充满了自豪与成就感。 该项目落户古雷，是南化公司到异地升级优势产业的关键之举，项目于去年启动，目前已全面进入设备 安装高峰期，预计2026年建成投产。项目投产后将与南京原址项目共同形成苯胺、橡胶助剂、甲基异丁 基酮细分领域行业最大的产能，增强了苯系列特色精细化工产业链竞争力，为古雷开发区稳链固链、强 链补链贡献重要力量。 ...

作为可持续发展的重要一环，双方将共同推动含循环生物质原料份额和含化学回收原料份额的聚碳酸酯 等可持续工程塑料在汽车部件中的广泛应用，为汽车行业提供更多低碳解决方案，助力实现碳中和目 标。 根据合作备忘录，双方将围绕透明工程塑料在电动汽车和飞行汽车市场的应用展开全方位合作，重点聚 焦汽车功能性透明塑料车窗的开发。恩高光学将发挥其在原型到量产转化、低成本加工技术、系统集成 以及汽车客户项目渗透方面的优势;科思创则将提供专业的原材料解决方案、新应用技术开发支持，以 及在车窗设计优化、机械和热管理仿真分析方面的工程支持。 据介绍，除技术合作外，科思创与恩高光学还将在市场推广、行业研讨会、外部认证等方面展开联合行 动，共同开发业务。双方将充分利用各自在全球和中国市场的资源和网络，为客户提供更全面、更具竞 争力的解决方案。 中化新网讯 近日，科思创与恩高光学宣布签署战略合作备忘录，双方将在电动汽车和飞行汽车透明材 料应用领域展开深度合作，共同推动透明工程塑料在交通出行行业的创新应用。 科思创工程塑料事业部全球总裁王丽在签约仪式上表示："随着电动汽车和未来飞行汽车的发展，汽车 设计正向更大透明区域、更智能化和更轻量化方向演 ...

Core Viewpoint - The report highlights the fluctuations in oil prices and refining margins, indicating a mixed outlook for the refining and chemical sectors due to various geopolitical and market factors [1][2]. Refining Sector - As of the week ending September 12, 2025, the domestic refining margin for key projects was 2407.08 CNY/ton, an increase of 45.76 CNY/ton (+1.94%) from the previous week, while the international refining margin was 1198.96 CNY/ton, up by 65.38 CNY/ton (+5.77%) [2]. - The Brent crude oil average price for the week was 66.47 USD/barrel, reflecting a decrease of 1.77% [2]. - OPEC+ has slowed its production increase, with several countries implementing compensatory production cuts, which, along with potential U.S. sanctions on Russia and ongoing geopolitical tensions, have supported a slight upward trend in international oil prices [2]. Chemical Sector - The petrochemical sector showed mixed price trends, with some olefin products experiencing strong demand and price increases, while polyethylene prices remained stable with slight declines [3]. - EVA prices continued to rise due to strong photovoltaic demand, while pure benzene prices saw a minor decrease [3]. - The polyester industry faced downward pressure on prices due to increased supply from a PX facility restart, with overall orders remaining low [3]. Stock Performance of Refining Companies - As of September 12, 2025, stock performance for six major private refining companies showed varied results, with New Fengming leading with a 7.09% increase over the week and 27.04% over the month [4]. - Other companies like Hengli Petrochemical and Dongfang Shenghong also showed positive monthly performance, indicating a generally favorable market sentiment despite some weekly declines [4].

Core Viewpoint - The report from Guohai Securities indicates that Luxi Chemical experienced a net profit of 763 million yuan in the first half of the year, representing a year-on-year decline of 34.81% [1] Financial Performance - Luxi Chemical's net profit attributable to shareholders decreased to 763 million yuan, down 34.81% compared to the previous year [1] Project Development - The company is advancing its ongoing projects steadily, with a total construction investment of 4.393 billion yuan as of mid-2025, which is a decrease of 7.71% compared to the end of 2024 [1] - As of June 30, 2025, the construction progress of various projects is as follows: - 89 Hydrogen Peroxide project: 100% completion - Polycarbonate project: 99% completion - Organic Silicon project: 95% completion - 240,000 tons/year Ethylene downstream integration project (Phase II): 88% completion - 150,000 tons/year Propionic Acid project: 90% completion [1] Strategic Focus - The company aims to establish an integrated industrial base for new chemical materials and fine chemicals, guided by principles of green safety, low carbon, and high-quality development [1] - Luxi Chemical is positioned as a leader in the coal chemical industry, focusing on the development of new chemical materials and enhancing the advantages of integrated circular economy within its industrial parks [1] Long-term Outlook - The company is expected to enhance its operational strength and benefit from the synergistic effects of its industrial chain as projects are completed and put into production, indicating a positive long-term growth outlook [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][9][17]. Core Views - The company's performance is currently under pressure due to a decline in the prices of its main products, which has led to a significant drop in profitability. However, there is potential for recovery as prices of key flexible products are expected to rebound [2][9]. - The company reported a revenue of 14.739 billion yuan in the first half of 2025, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 34.81% to 763 million yuan [1][2]. Financial Summary - **Revenue Forecast**: The projected revenues for 2025-2027 are 32.644 billion yuan, 34.771 billion yuan, and 37.592 billion yuan, respectively, with growth rates of 9.7%, 6.5%, and 8.1% [1][9]. - **Net Profit Forecast**: The expected net profits for the same period are 1.844 billion yuan, 2.434 billion yuan, and 3.223 billion yuan, with growth rates of -9.1%, 32.0%, and 32.4% [1][9]. - **Earnings Per Share (EPS)**: The projected EPS for 2025-2027 are 0.96 yuan, 1.27 yuan, and 1.68 yuan, respectively [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the next three years are expected to be 14.7, 11.2, and 8.4 times [1][9]. - **Return on Equity (ROE)**: The ROE is projected to improve from 9.2% in 2025 to 13.9% in 2027 [1][9]. Product Performance - The company's revenue from various segments in the first half of 2025 was as follows: chemical new materials (9.738 billion yuan), basic chemicals (2.964 billion yuan), fertilizers (1.777 billion yuan), and others (260 million yuan), with year-on-year growth rates of 2.39%, 5.14%, 22.36%, and 0.74%, respectively [2]. - The gross margins for these segments were 11.43%, 22.12%, 5.84%, and 12.03%, showing a decline in the chemical new materials segment [2]. Cash Flow Analysis - The net cash flow from operating activities in the first half of 2025 was 3.192 billion yuan, an increase of 37.51% year-on-year [3]. - The net cash flow from investing activities was -813 million yuan, while financing activities resulted in a net cash outflow of -2.411 billion yuan [3].

Core Viewpoint - The financial performance of the company in the first half of 2025 shows a decline in net profit due to falling product prices and increased competition in the industry [1][4]. Financial Performance - The company's revenue for the first half of 2025 was 14.739 billion yuan, a year-on-year increase of 4.98% [1]. - The net profit attributable to shareholders was 763 million yuan, a year-on-year decrease of 34.81% [1]. - The net profit after deducting non-recurring items was 687 million yuan, a year-on-year decrease of 43.02% [1]. - In Q2 2025, the operating revenue was 7.449 billion yuan, a quarter-on-quarter increase of 2.18%, while the net profit was 351 million yuan, a quarter-on-quarter decrease of 15.10% [1]. Product Performance - Revenue from the chemical new materials, basic chemicals, fertilizers, and other businesses for the first half of 2025 were 9.738 billion, 2.964 billion, 1.777 billion, and 260 million yuan respectively, with year-on-year changes of 2.39%, 5.14%, 22.36%, and 0.74% [1]. - The gross profit margins for these segments were 11.43%, 22.12%, 5.84%, and 12.03%, with year-on-year changes of -9.77, 8.79, -1.58, and 2.03 percentage points respectively [1]. Price Trends - Major product prices, including polycarbonate, nylon 6, polyols, and organic silicon, have shown varying degrees of decline due to intensified industry competition and weak downstream demand [1][4]. - In Q3 2025, formic acid prices have rebounded significantly, with a reported price of 3,360 yuan per ton as of August 26, 2025, reflecting a 46.08% increase from the end of Q2 2025 [4]. Cost and Expenses - Sales expenses increased by 77.35% in the first half of 2025, with a sales expense ratio of 0.26%, up by 0.10 percentage points year-on-year [2]. - Financial expenses rose by 10.25%, with a financial expense ratio of 0.62%, an increase of 0.03 percentage points year-on-year [2]. - Management expenses decreased by 11.77%, with a management expense ratio of 1.65%, down by 0.31 percentage points year-on-year [2]. Cash Flow and Working Capital - The net cash flow from operating activities was 3.192 billion yuan, a year-on-year increase of 37.51% [3]. - The net cash flow from investing activities was -813 million yuan, a year-on-year increase of 15.71% [3]. - The net cash flow from financing activities was -2.411 billion yuan, a year-on-year decrease of 90.05% [3]. - The ending cash and cash equivalents balance was 698 million yuan, a year-on-year increase of 45.48% [3]. - Accounts receivable decreased by 57.64%, with an increase in accounts receivable turnover from 248.92 times in 2024 to 375.24 times [3]. Future Outlook - The company is expected to achieve revenues of 32.644 billion, 34.771 billion, and 37.592 billion yuan for 2025-2027, with year-on-year growth rates of 9.7%, 6.5%, and 8.1% respectively [5]. - The net profit attributable to shareholders is projected to be 1.844 billion, 2.434 billion, and 3.223 billion yuan for the same period, with year-on-year changes of -9.1%, 32.0%, and 32.4% respectively [5].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance is generally in line with expectations, with a slight decline in net profit due to market pressures and inventory impairment [6] - The company is experiencing a gradual bottoming out of product demand, with some product prices improving while others remain under pressure [6] - Cost relief from raw materials has somewhat mitigated the impact of declining product prices, although gross margins have still decreased [6] - Ongoing project developments are expected to support long-term growth, with several new projects scheduled for completion in the coming years [6] - The profit forecast for 2025 has been adjusted downwards due to supply chain pressures and trade disruptions, with expected net profit of 1.914 billion [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 30.78 billion, with a year-on-year growth rate of 3.4% [5] - The net profit attributable to the parent company is expected to be 1.914 billion, reflecting a decrease of 5.6% year-on-year [5] - Earnings per share are forecasted to be 1.00 yuan for 2025, with a projected PE ratio of 14 [5] - The gross margin is expected to be 13.8% in 2025, showing a slight recovery from previous periods [5] - The company’s return on equity (ROE) is projected to be 9.3% for 2025 [5]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the semi-annual report, and assumes legal responsibility for any false records or misleading statements [1][5][11] - The semi-annual report has not been audited [3][8] - The board of directors approved the profit distribution plan or capital reserve transfer plan, which is not applicable for this period [4] Group 2 - The company, Li Hua Yi Wei Yuan Chemical Co., Ltd., is identified by the stock code 600955 and is involved in the chemical industry [5][10] - The company has disclosed its major operating data for the first half of 2025, including production, sales, and revenue for key products [5][8] - The report includes information on the price changes of major products and raw materials [8] Group 3 - The board of directors held its ninth meeting on August 26, 2025, with all members present [2][12] - The board approved the semi-annual report and its summary, which complies with regulatory requirements [13][27] - The board also approved the cancellation of the supervisory board and the revision of the company's articles of association, which will be submitted for shareholder approval [15][29][54] Group 4 - The company will hold its first extraordinary general meeting of 2025 on September 12, 2025, with both on-site and online voting options available [33][35] - Shareholders must register to attend the meeting, with specific requirements outlined for both individual and corporate shareholders [44][45] - The meeting will address various proposals that have been previously approved by the board and supervisory board [38]

Core Viewpoint - Lihua Yi Weiyuan Chemical Co., Ltd. reported a significant decline in profits for the first half of 2025, with total revenue slightly increasing but net profit showing a substantial loss compared to the previous year [2][3]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 4.60 billion, representing a 1.82% increase from CNY 4.52 billion in the same period last year [2]. - The total profit for the period was a loss of approximately CNY 199.89 million, a decrease of 643% compared to a profit of CNY 36.81 million in the previous year [2]. - The net profit attributable to shareholders was a loss of approximately CNY 167.54 million, down 568.79% from a profit of CNY 35.74 million in the same period last year [2]. - The net cash flow from operating activities was approximately CNY 604.37 million, a decrease of 30.82% from CNY 873.64 million in the previous year [2]. Industry Overview - The company focuses on chemical new materials and new energy, with products related to phenolic ketones, new energy materials, specialty chemicals, and industrial gases [3]. - The domestic phenol market fluctuated in the first half of 2025, with prices ranging from CNY 6,400 to CNY 8,000 per ton, indicating a low level compared to the past five years [3]. - The acetone market showed a stable performance, with expectations for price support in the second half of 2025 due to increased demand from downstream industries [3]. - The polycarbonate industry saw no new capacity released in the first half of 2025, with production and capacity utilization rates reaching new highs of 1.67 million tons and 80.94%, respectively [3]. Strategic Initiatives - The company is focusing on high-value products and optimizing its structure to enhance profitability, which has been a key factor in improving overall profitability despite market pressures [4][5]. - Efforts to deepen lean management and reduce costs have been implemented, resulting in improved operational efficiency and resource utilization [4][5]. - The company is accelerating project implementation and transformation upgrades to ensure future competitiveness and expand advanced production capacity [5][6]. Competitive Positioning - The company aims to become a creator of high value-added products and a top integrator in the value chain, focusing on high-end chemical and new energy materials [6][7]. - Continuous strengthening of technological innovation and collaboration with universities is emphasized to enhance product quality and market competitiveness [6][7]. - The company has established a comprehensive quality management system and adheres to international standards, enhancing its brand reputation and market image [7][8].

Investment Rating - The industry investment rating is "Positive" as indicated by the report's overall outlook on the refining sector [137]. Core Insights - The report highlights a recovery in demand for polyester filament, with improvements in inventory and production-sales conditions [2]. - The Brent crude oil price averaged $66.83 per barrel as of August 22, 2025, reflecting a week-on-week increase of 0.75% [2][3]. - Domestic refining project price differentials increased to 2431.20 CNY/ton, up by 29.59 CNY/ton (1.23%) week-on-week, while international differentials decreased to 1080.63 CNY/ton, down by 29.81 CNY/ton (-2.68%) [3]. Refining Sector Summary - The market remains cautious due to ongoing geopolitical tensions, particularly regarding the Russia-Ukraine situation, while expectations of a potential interest rate cut by the Federal Reserve have provided some support to oil prices [2]. - The report notes that the prices of refined products in the domestic market have slightly decreased, while international refined product prices have generally increased [2]. - The stock performance of six major private refining companies showed significant gains, with Hengli Petrochemical rising by 12.72% over the week and 14.92% over the month [2][124]. Chemical Sector Summary - The chemical sector experienced mixed price movements, with some products seeing price increases due to supply constraints [2]. - Polyethylene prices showed stability, while EVA prices increased slightly due to supply reductions from maintenance activities [2][46]. - The report indicates that the overall price differentials for various chemical products are stable, with some products experiencing widening differentials due to supply issues [2][46]. Polyester Sector Summary - The polyester industry saw a general price increase, particularly in filament yarn, driven by production cuts and increased downstream purchasing [2][97]. - The report mentions that the average price for polyester filament yarn (POY) is 6775.00 CNY/ton, with a slight increase of 57.14 CNY/ton [97]. - The inventory levels for polyester filament yarn have decreased, indicating improved market conditions [97]. Market Performance Summary - The report tracks the stock performance of six major refining companies, noting significant increases in their stock prices over various time frames [124][127]. - The overall performance of the refining index has outpaced the broader market indices, indicating strong sector performance [125].