万华化学_买入_2025 年第四季度净利润符合预期；中东冲突导致部分物流中断

J P M O R G A N Asia Pacific Equity Research 17 March 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wanhua Chemical - A Wanhua announced preliminary FY25 earnings after market close yesterday (16 March), with 4Q25 headline NP of Rmb3.37bn (+11% q/q, + ...