Wanhua Chemical Group (600309) H2 2025 earnings summary

Executive summary

• Achieved revenue of ¥203.23 billion in 2025, up 11.62% year-over-year; net profit attributable to shareholders was ¥12.53 billion, down 3.88% year-over-year.

• Operating cash flow increased 10.15% year-over-year to ¥33.11 billion.

• Maintained global leadership in MDI, TDI, and polyether polyols, with significant capacity expansions in ethylene and TDI.

• Continued strategic focus on high-end, integrated, and internationalized chemical and new materials businesses.

• Board proposes a cash dividend of ¥12.50 per 10 shares, totaling ¥3.91 billion.

Financial highlights

• Revenue rose 11.62% year-over-year to ¥203.23 billion; net profit attributable to shareholders fell 3.88% to ¥12.53 billion.

• Gross margin for main business: Polyurethane 26.88%, Petrochemicals 0.58%, Fine Chemicals & New Materials 10.53%.

• Basic EPS was ¥3.99, down 3.86% year-over-year.

• Net assets attributable to shareholders increased 14.46% to ¥108.31 billion.

• Asset-liability ratio decreased by 1.91 percentage points to 62.81%.

Outlook and guidance

• 2026 management theme is “Quality and Efficiency Enhancement,” focusing on optimizing management, innovation, and global expansion.

• Plans to strengthen R&D, accelerate high-end product development, and improve operational efficiency.

• Emphasis on digital transformation, green low-carbon initiatives, and AI-driven productivity.