Petrochemical giant semi-annual report announced: revenue over 300 billion, net profit differentiation is obvious

Analysis of Industrial Competition Pattern from the Perspective of Chemical Trade

industry fundamentals: solid growth in structural adjustment

in the first half of 2025, China's petrochemical industry showed strong resilience against the background of weak global economic recovery. Official data show that from January to June, the processing volume of industrial crude oil above scale reached 0.36161 billion tons, an increase of 1.6 percent over the same period last year. This moderate increase reflects the rational growth of domestic refining and chemical production capacity and the initial effect of industrial structure optimization.

From the perspective of the trade environment, the international oil price center has fallen compared with the same period last year, and the pressure on raw material costs has eased, but the weak downstream demand continues, and the overall profit space is still facing a squeeze. Geopolitical uncertainty continues to affect the stability of the supply chain, making the competitive advantage of large enterprises with a complete industrial chain layout more prominent.

Analysis of the operation of the three leading enterprises

rongsheng Petrochemical: scale leader, earnings under pressure

as an important global supplier of polyester and new materials, Rongsheng Petrochemical's revenue in the first half of 2025 was 148.63 billion yuan (7.83% YoY) and net profit was 0.602 billion yuan (29.82% YoY). Relying on Zhejiang Petrochemical's integrated production capacity of 40 million tons of crude oil processing, 8.8 million tons of PX and 4.2 million tons of ethylene, the company has built a significant cost advantage.

Depth Interpretation: The decline in revenue was mainly due to the price correction of products, but the company ranked 5th in Brand Finance's "2025 Global Chemical Most Valuable Brands List" and its international recognition continued to improve, laying the foundation for overseas market development. For traders, the scale of its large capacity ensures supply stability.

Hengli Petrochemical: Outstanding profitability toughness

hengli Petrochemical's revenue was 103.887 billion yuan (year-on-year -7.69), net profit was 3.05 billion yuan, and its profitability was significantly better than that of its peers. The company invested 0.829 billion yuan in research and development and successfully developed high value-added products such as "cool warm silk". PBS biodegradable material technology won the provincial science and technology award.

Depth Interpretation: The company's "oil and coal" integration strategy has achieved remarkable results, with 20 million tons of refining and chemical integration, 5 million tons of coal chemical industry and 1.5 million tons of ethylene projects operating together to achieve significant economies of scale. The improvement of intelligent manufacturing level provides important support for cost reduction and efficiency increase, and many factories have been rated as "Jiangsu Advanced Intelligent Factory".

Hengyi Petrochemical: A Model of Overseas Layout

hengyi Petrochemical had a revenue of 55.96 billion yuan and a net profit of 0.227 billion yuan. The company focuses on the main business of "one drop of oil and two wires", forming a complete layout of 8 million tons of refining, 21.5 million tons of PTA and 13.25 million tons of polymerization capacity. R & D expenditure was 0.46 billion billion yuan, up 23.97 percent year-on-year.

Depth Interpretation as the largest overseas single investment of private enterprises, Brunei refining and chemical project provides important support for the company to explore the Southeast Asian market. The 1.2 million-ton caprolactam project in Qinzhou, Guangxi is expected to be put into production in the second half of the year, which will further improve the layout of the nylon industry chain and provide new momentum for differentiated competition.

Industry Trends and Trade Opportunities

integration depth integration into the mainstream trend

all three leaders have strengthened the layout of "refining and chemical integration", and the industrial concentration has been continuously improved. This trend will reshape the supply chain landscape, creating greater market share for companies with scale advantages, while improving overall operational efficiency.

Accelerate the transformation of high-end

from new energy materials to biodegradable plastics, corporate R & D investment has increased significantly, and the product structure has migrated to high value-added fields. This creates differentiated business opportunities for specialized traders in market segments.

Overseas layout strategic value highlights

the successful operation of Hengyi Brunei project proves the feasibility of overseas investment by Chinese petrochemical enterprises and provides important node support for domestic traders to participate in the global supply chain.

Trade opportunity analysis: In the context of global supply chain restructuring, the large-scale production capacity of the three leading enterprises provides a stable supply of chemical traders. Especially in emerging fields such as new materials and biodegradable materials, the degree of product differentiation is high, creating value space for professional traders. In addition, with the accelerated pace of internationalization of enterprises, regional market expansion opportunities have increased, especially the potential of emerging markets such as Southeast Asia.