中化国际（控股）股份有限公司2025 年半年度报告 公司代码：600500 公司简称：中化国际 中化国际（控股）股份有限公司 中化国际（控股）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 一、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 庞小琳 工作原因 张学工 董事 刘文 工作原因 胡斌 独立董事 钱明星 工作原因 程凤朝 二、 本半年度报告未经审计。 三、 公司负责人庞小琳、主管会计工作负责人庞小琳及会计机构负责人（会计主管人员）兰海 声明：保证半年度报告中财务报告的真实、准确、完整。 四、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 五、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及未来计划等前瞻性陈述，不构成公司对投资者的实际承诺，敬请投资者注意投资 风险。 六、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 七、 是否存在违反规定决策程序对外提供担保的情 ...

Core Insights - The article emphasizes that the "dual carbon" goals present both challenges and opportunities for the chemical industry, with Saint Ao Chemical Technology Co., Ltd. positioning itself as a leader in sustainable development through green innovation [1]. Strategic Initiatives - Saint Ao Chemical has established a sustainable development committee and a low-carbon development working group, setting 73 responsibility goals and plans to integrate green development into its entire operational chain [2]. - The company has achieved a 20.8% reduction in carbon dioxide emissions per ten thousand yuan of output and a 27.03% decrease in comprehensive energy consumption by 2024 compared to 2020 [2]. Carbon Neutrality Goals - The company aims to achieve carbon neutrality by 2050, advancing its carbon reduction timeline by ten years, with a three-phase plan focusing on foundational actions, energy revolution, and technological innovation [3]. - By 2024, Saint Ao Chemical received a "platinum" rating in corporate social responsibility and ranked 7th among the top 20 green low-carbon development enterprises in China's fine chemical sector [3]. Industry Leadership - Saint Ao Chemical has influenced its core suppliers to upgrade their practices, showcasing its role as a leader in the industry [4]. Technological Innovations - The company focuses on green production processes, emphasizing energy conservation and environmental protection, and aims for near-zero waste in production [6]. - Saint Ao Chemical is advancing the use of biomass raw materials and developing non-toxic, low-toxicity, and recyclable products in the anti-aging agent sector [6]. Standard Setting - The company has led the establishment of several industry standards for rubber additives, reinforcing its position as a technical benchmark in the industry [7]. Collaborative Innovation - Saint Ao Chemical has developed a complete product matrix for high-end anti-aging agents and has successfully industrialized the production of key raw materials, mitigating supply chain risks [9]. Management Efficiency - The company has implemented lean management practices to optimize energy use and reduce carbon emissions, achieving over an 8% reduction in comprehensive energy consumption since 2025 [10]. Circular Economy Practices - Saint Ao Chemical has engaged in resource sharing and energy efficiency improvements within industrial parks, significantly reducing carbon emissions and energy consumption [11][12]. Renewable Energy Adoption - The company has increased its use of renewable energy, purchasing nearly 23,500 MWh of green electricity in 2024, resulting in a reduction of approximately 13,600 tons of carbon dioxide emissions [13]. Cultural Integration - The company integrates ecological concepts into its corporate culture, promoting environmental education and community engagement through various initiatives [14][15]. Conclusion - Saint Ao Chemical's comprehensive approach to green transformation, encompassing strategic planning, technological advancements, management efficiency, and cultural integration, serves as a model for the chemical industry's transition towards sustainability [16].

Summary of Zhonghua International's Conference Call Company Overview - **Company**: Zhonghua International - **Industry**: Chemical Manufacturing Key Financial Performance - **Q1 2025 Revenue**: 10.803 billion CNY, a year-on-year decrease of 7.01% [2][3] - **2024 Revenue**: 52.925 billion CNY, a year-on-year decrease of 2.48% [3] - **2024 Net Profit**: Loss of 2.837 billion CNY, an increase in loss of 0.989 billion CNY year-on-year [2][3] - **Q1 2025 Net Profit**: Loss of 396 million CNY, an increase in loss of 110 million CNY year-on-year, but a reduction in loss of 860 million CNY quarter-on-quarter [2][3] Business Segment Performance - **Antioxidant Business**: 2024 sales reached a historical high, with a year-on-year increase of 6.26% [2][5] - **Epoxy Resin Business**: Overall sales increased by 23% year-on-year, with export volume rising by 51% [2][5] - **C3 Industry Chain**: Production increased by 89% in 2024 and by 13% in Q1 2025, with significant cost reductions [2][5] - **Nylon 66 Production**: Achieved full production and sales, with plans for expansion [2][5] Strategic Initiatives - **Cost Reduction**: Implementing excellent operations and centralized procurement to lower costs [2][6] - **R&D Investment**: Increased focus on developing water-based epoxy and electronic packaging materials to enhance competitive differentiation [2][6] - **Resource Recycling**: Achieved recycling of waste aramid products to extend product lifecycle [2][7] Market Challenges and Responses - **Raw Material Prices**: High raw material and energy prices have impacted profitability [2][3] - **Tariff Conflicts**: Expanded global sourcing for propane and modified pipeline infrastructure to mitigate tariff impacts [3][10] - **European Market**: Established EDX factory in Europe to counter high anti-dumping tariffs on epoxy resin [3][12] Future Outlook - **2025 Focus**: Concentrating on material science and metal industries, aiming for growth in production and exports [3][9] - **Long-term Strategy**: Building integrated industrial bases and focusing on technology-driven innovation [2][8] - **Capital Expenditure**: Expected to be around 3 to 3.5 billion CNY, prioritizing existing projects over new investments [2][25] Additional Insights - **Nylon Business**: Q1 2025 nylon sales increased by 60% year-on-year, with plans to expand production capacity [2][22] - **Profitability Challenges**: The company is addressing significant losses in non-core businesses, including lithium battery and new energy sectors [2][19] - **Market Position**: Despite challenges, the company maintains a competitive edge in certain product lines, particularly in high-performance materials [2][21] This summary encapsulates the key points from Zhonghua International's conference call, highlighting financial performance, business segment insights, strategic initiatives, market challenges, and future outlook.

Core Viewpoint - 中化国际 reported a stable revenue for 2024 at 52.925 billion yuan, with a net loss of 2.837 billion yuan, reflecting a decrease of 998 million yuan year-on-year [1] Financial Performance - In Q1 2025, 中化国际 achieved a revenue of 10.803 billion yuan, with a cumulative net loss of 396 million yuan, showing a month-on-month reduction in losses [1] - The company’s revenue for 2024 remained flat after excluding the impact of the natural rubber business [1] Industry Context - The domestic chemical industry faced ongoing supply and demand pressures in 2024, leading to intensified competition and low product prices [1] - 中化国际 is focusing on enhancing quality and efficiency while optimizing cash flow and operational risk management [1] Strategic Projects - The 连云港碳三 integrated project was completed in 2024, with a significant increase in operational rates and reduced energy consumption [2] - The company is advancing its polymer additive business, with successful trials in the promoter project and international expansion in rubber antioxidant production [2] Product Development - 中化国际 is innovating in the epoxy resin sector, launching new water-based solutions and products for high-pressure hydrogen storage [3] - The company has achieved international leadership in several products, including high-strength aramid fibers and epoxy resins [3] Price Trends - Recent price increases were noted for key products, with epoxy resin prices rising by 6.1% and rubber antioxidant prices increasing by 20.3% [3] - The cost of raw materials has significantly decreased, with pure benzene prices dropping by 18.4% from last year's peak [4] Future Outlook - 中化国际 plans to focus on increasing production and reducing costs through compliance actions and optimal production implementation [4] - The company aims to enhance R&D investment and attract talent to drive product differentiation and optimization [5]