据证券之星公开数据整理，近期隆华新材（301149）发布2025年中报。截至本报告期末，公司营业总收 入28.32亿元，同比上升2.0%，归母净利润7610.14万元，同比下降15.94%。按单季度数据看，第二季度 营业总收入13.23亿元，同比下降7.05%，第二季度归母净利润1897.67万元，同比下降55.6%。本报告期 隆华新材公司应收账款体量较大，当期应收账款占最新年报归母净利润比达70.7%。 本次财报公布的各项数据指标表现一般。其中，毛利率4.55%，同比减1.73%，净利率2.69%，同比减 17.59%，销售费用、管理费用、财务费用总计4254.65万元，三费占营收比1.5%，同比增19.83%，每股 净资产4.64元，同比增6.71%，每股经营性现金流0.02元，同比减78.33%，每股收益0.18元，同比减 14.29% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 27.77 乙 | 28.32 乙 | 2.00% | | 归母净利润(元) | 9052.95万 | 7610.14万 | ...

Group 1 - The stock price of Longhua New Materials closed at 12.37 yuan on August 22, 2025, down 1.51% from the previous trading day [1] - The company operates in the chemical raw materials sector, focusing on the research, production, and sales of new materials such as polyether polyols and polyamide resins [1] - Longhua New Materials reported a total operating revenue of 2.832 billion yuan for the first half of 2025, representing a year-on-year increase of 2.00% [1] Group 2 - The net profit attributable to the parent company was 76.1014 million yuan, showing a year-on-year decline of 15.94% [1] - The net cash flow from operating activities was 9.4808 million yuan, down 78.33% year-on-year [1] - On August 22, the net outflow of main funds for Longhua New Materials was 1.9191 million yuan, with a cumulative net outflow of 11.6962 million yuan over the past five days [1]

沈阳化工股份有限公司 2025 年半年度报告全文 沈阳化工股份有限公司 沈阳化工股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人陈蜀康、主管会计工作负责人孙红云及会计机构负责人(会计 主管人员)梁一墨声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险 敬请投资者查阅本报告"第三节管理层讨论与分析"中"十、公司面临 的风险和应对措施"部分，描述了公司未来经营可能面临的主要风险，敬请 广大投资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 文 沈阳化工股份有限公司 2025 年半年度报告全文 （一）载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 （二）报告期内公开披露过的所有公司文件的正本及公告的原稿。 （三）上述文件的原件均在公司董事会办公室备置，供中国证 ...

| 总资产（元） | | | 5,352,688,801.57 | 4,956,036,802.81 | | | | --- | --- | --- | --- | --- | --- | --- | | 8.00% | | | | | | | | 归属于上市公司股东的净资产（元） | | | 1,446,597,528.22 | | | | | 1,377,888,524.97 | | 4.99% | | | | | | 告摘要 | | | | 沈阳化工股份有限公司 | 2025 | 年半年度报 | | | | | | | 单位：股 | | | 报告期末普通股股东总 | | | | 报告期末表决权恢复的优先股股东总 | | | | 数 | | 前 10 | 数（如有） 名股东持股情况（不含通过转融通出借股份） | | | | | | | | | 持有有限售条件的股份 | | 质押、标记 | | 或冻结情况 | | | | | | | | 股东名称 | 股东性质 | 持股比例 | 持股数量 | | | | | | | | | 数量 | 股份状态 | 数量 | | 沈阳化工 | | | | | | | | 集团 ...

沈阳化工8月22日股价报4.27元，较前一交易日下跌0.02元，跌幅0.47%。当日开盘价为4.30元，最高触 及4.31元，最低下探4.22元，成交量为171285手，成交金额达0.73亿元。 资金流向方面，8月22日主力资金净流入286.35万元，近五日主力资金累计净流入2587.63万元。 风险提示：投资有风险，入市需谨慎。 来源：金融界 沈阳化工属于石油化工行业，主营业务包括氯碱化工、石油化工和聚醚化工产品的生产和销售。公司 2025年上半年实现营业总收入25.69亿元，同比增长8.09%；归母净利润6241.77万元，成功实现扭亏为 盈。经营活动产生的现金流量净额达2.61亿元，同比大幅增长6365.70%。 公司近期披露了2025年半年度报告，显示通过加强精细化管理、优化营销体系等措施，经营业绩较上年 同期明显改善。同时，公司孙公司中化东大24万吨/年聚醚多元醇项目试生产成功，为公司贡献了利 润。8月22日公司召开了第十届第七次董事会会议，审议通过了半年度报告等议案。 ...

Group 1 - The core viewpoint indicates that after entering Q3 of 2025, prices have rebounded significantly, with average prices in July and August increasing by 3.41% and 12.75% respectively compared to Q2 [1] - The price of POP polyether is also showing signs of stabilization and recovery [1] - In the first half of 2025, China's polyether polyol export volume increased by 19.43% year-on-year, with exports to India and Vietnam growing by 59% and 55% respectively [1] Group 2 - The domestic polyether industry is benefiting from strong overseas demand and competitive advantages, leading to sustained high growth in exports and a potential recovery in industry prosperity [1] - The chemical leader ETF (516220) tracks a sub-sector chemical index (000813), which mainly covers listed companies in the chemical products and raw materials sectors, focusing on companies with strong competitiveness and growth potential [1] - The index serves as an important tool for measuring the market value of the chemical sector and reflects the overall performance and development trends of China's chemical industry [1]

Investment Rating - The report maintains a "Buy" rating for the domestic polyether industry, highlighting strong growth potential supported by overseas demand and competitive advantages of domestic companies [4][5][6]. Core Insights - The export volume of domestic polyether polyols reached 1.3154 million tons in the first half of 2025, marking a year-on-year increase of 19.43% compared to 1.1014 million tons in the same period of 2024 [1]. - The average price of soft foam polyether was significantly low in the first half of 2025, with prices at 8190 yuan/ton in Q1 and 7366 yuan/ton in Q2, but showed a rebound in Q3, reaching 8306 yuan/ton by mid-August [2]. - The report notes frequent exits of overseas production capacity, which has led to a notable increase in domestic export volumes, particularly to markets like India and Vietnam, with growth rates of 59.00% and 55.04% respectively [3]. Summary by Sections Export Growth - Domestic polyether polyols exports maintained high growth, with June 2025 exports reaching 219,600 tons, a 14.19% increase year-on-year [1]. - Monthly export growth rates for the first half of 2025 were 21.71%, 28.80%, 11.06%, 14.15%, 32.10%, and 14.19% respectively [1]. Price Trends - The average price of soft foam polyether was 9867 yuan/ton in 2023, dropping to 8911 yuan/ton in 2024, and further declining to 8190 yuan/ton and 7366 yuan/ton in Q1 and Q2 of 2025 [2]. - Prices began to recover in Q3 2025, with July averaging 7617 yuan/ton and August reaching 8306 yuan/ton, reflecting increases of 3.41% and 12.75% from Q2 [2]. Competitive Landscape - The report highlights the competitive advantage of domestic companies as overseas firms face operational challenges, leading to supply disruptions [3]. - Key companies identified for investment include Longhua New Materials and Wanhua Chemical, both of which are significant players in the domestic polyether market [4].

风险提示：化工行业景气度波动风险，原材料价格波动风险，市场竞争加剧风险。 来源:金融界 公司总经理陈蜀康近期表示，通过一系列改革措施，沈阳化工生产经营形势持续好转。公司成立了国内 首个PVC糊树脂校企联合研发中心，并与英科医疗合作建立手套应用实验室。在聚醚多元醇领域，公司 产能从30万吨提升至40万吨，并新建24万吨产能项目。 8月13日沈阳化工主力资金净流出215.66万元，近五日累计净流出1019.40万元。 截至2025年8月13日收盘，沈阳化工股价报4.17元，较前一交易日下跌0.01元，跌幅0.24%。当日成交量 为13.27万手，成交金额5500万元，振幅1.44%。 沈阳化工是我国重要的化工生产企业，主要产品包括聚氯乙烯糊树脂、聚醚多元醇等。公司拥有"东 大"牌聚醚多元醇等知名品牌，产品广泛应用于聚氨酯、医疗手套等领域。2025年上半年公司预计实现 净利润5300万至6800万元，同比实现扭亏为盈。 ...

Core Viewpoint - The company has successfully implemented reforms that have improved its operational performance and reduced losses, aiming for a strategic transformation towards high-end, refined, and diversified product offerings [1][3]. Group 1: Company Reforms and Performance - The new management has undertaken significant reforms in various areas including organizational structure, personnel incentives, and product quality to stabilize the company and enhance efficiency [2]. - The company has achieved a substantial reduction in losses, with a projected net profit of 53 million to 68 million yuan for the first half of 2025, marking a turnaround from previous losses [3]. - The company has actively divested underperforming assets, such as the bankruptcy of its subsidiary, Shenyang Wax Chemical, to improve overall financial performance [3]. Group 2: Innovation and R&D - The establishment of a joint research center with Beijing University of Chemical Technology aims to enhance innovation capabilities, particularly in PVC resin technology [4]. - The company is focusing on targeted product development based on customer needs, exemplified by its collaboration with Inco Medical to establish a glove application laboratory [5]. - The company is advancing its production capacity in polyether polyols, with significant expansions planned for its subsidiaries [5]. Group 3: Focus on High-Value Products - The company is shifting its focus towards high-value products to enhance competitiveness and adapt to market changes, aiming to avoid price wars in a saturated market [6]. - The company is optimizing its product structure by concentrating on high-value product development and leveraging its core products like PVC resin and polyether polyols [6][7]. - Recent breakthroughs in functional materials and high-foaming resins have significantly increased product value, demonstrating the company's commitment to innovation [6].

● 本报记者 宋维东 沈阳化工总经理陈蜀康日前在接受中国证券报记者采访时表示，经过前期一系列卓有成效的改革，公司 生产经营形势持续好转，干部职工精神面貌焕然一新，企业治亏取得重要成效。面对激烈的市场竞争形 势，公司将认真总结治亏经验，进一步深化改革，强化技术创新，花更大气力布局产品及市场，推动业 务持续向高端化、精细化、系列化方向发展，积小胜为大胜，实现战略转型，打造更具竞争力的高端产 品结构，走出传统化工企业提质升级新路。 改革重塑竞争力 作为我国重要的化工生产企业，沈阳化工培育出一批国家级、省级优秀品牌。其中，聚氯乙烯（简 称"PVC"）糊树脂被评为"中国名牌产品"，氯碱系列产品被评为"辽宁省名牌产品"，"东大"牌聚醚多元 醇是中国聚氨酯行业"知名品牌"。 然而，受市场和企业自身等综合因素影响，沈阳化工此前发展一度面临巨大挑战，快速陷入亏损状态。 "近年来，行业发展日新月异，新对手不断涌现，市场竞争更加激烈。在'以价换量'的残酷竞争中，公 司盈利能力一度大幅下降。"陈蜀康说。 面对严峻的生产经营形势，沈阳化工新管理层上任后，在稳定军心的同时，在公司制度体系、组织架 构、人员激励、日常管理、产品质量、科技创 ...