华鲁恒升 - 第二季度净利润环比增长 22%，中长期或受益于反内卷

22 August 2025 abc Global Research First Read Hualu-Hengsheng Q2 net profit +22% QoQ, could benefit from anti-involution in mid-and long-term How did the results compare with expectations? H125 revenue fell 7% YoY to Rmb15.8bn, and net profit dropped 29% YoY to Rmb1.6bn. In particular, Q225 net profit rose 22% QoQ to Rmb862m, mainly thanks to improved product profitability on lower coal prices, and urea business benefiting from the relaxation of export policies. We estimate that the price spread index of th ...