华润化学材料2025年度报告——投资者须知的关键信息

一、公司业绩显著改善，亏损大幅缩减
华润化学材料科技股份有限公司在2025年度实现了显著的业绩改善。报告期内，归属于上市公司股东的净利润为-86,097,624.18元，同比2024年大幅减亏84.88%。公司通过灵活调整销售策略、全面降本增效、落实重点技改项目、提升采购管理能力等措施，增强了盈利能力。经营活动产生的现金流量净额为325,971,720.58元，同比增加26.45%。

二、营业收入下滑，行业压力突出
2025年公司营业收入为13,068,164,389.42元，同比下降27.62%。主要原因包括主动优化业务结构、减少原料销售业务，响应国家“反内卷”号召主动减产，以及行业影响导致平均售价下降8.73%。聚酯瓶片业务依然是主力，聚酯产品收入占总营业收入89.89%，但原料销售同比下滑56.27%。

三、毛利率略有提升，成本控制有效
公司聚酯行业毛利率由2024年的1.21%提升至2025年的1.94%，显示出降本增效措施的成效。境内外销售均有同比下降，境内收入占比66.71%，境外收入占比33.29%。

四、主要客户与供应商集中度高
前五大客户合计销售金额占年度销售总额26.92%，前五大供应商合计采购金额占年度采购总额51.45%。客户和供应商集中度高，任何变动将对公司经营产生重要影响。

五、公司现金分红政策：连续两年不分红
公司2025年度不派发现金红利、不送红股、不以公积金转增股本。原因在于公司未满足现金分红的条件（净利润为负），董事会决定将利润留存用于日常经营及中长期战略实施。留存利润用于增强抗风险能力、保障研发投入、提升长远盈利能力。

六、募集资金使用与回购注销
截至2025年底，公司累计使用募集资金121,789.08万元，期末尚未使用募集资金余额为118,991.60万元。报告期内，公司通过集中竞价回购股份并注销共计8,483,257股，限制性股权激励回购注销5,414,170股，总股本减少13,897,427股，占期初总股本的0.93%。回购注销有助于提升每股收益和每股净资产，对股东回报具有积极影响。

七、衍生品套期保值业务
公司报告期内以套期保值为目的的衍生品投资期末金额为50,857.62万元，占报告期末净资产7.97%。账面亏损2,025.70万元。公司认为该套期关系在会计期间高度有效，有助于规避PTA和MEG市场价格波动风险。

八、内部控制与公司治理
公司治理结构完善，董事会、专门委员会、独立董事均履行职责。公司制定了市值管理制度，严格执行信息披露。内部控制体系有效，未发现重大缺陷。

九、行业风险提示
公司特别提醒投资者关注市场波动风险、国际贸易形势的不确定性风险、科技创新风险、安全生产与环保风险、投资并购风险等。公司积极推进EHS管理体系建设和可持续发展战略。

十、重要诉讼与关联交易
报告期内公司涉及金额较小的诉讼案件，不构成重大影响。与关联方交易均遵循市场化原则，实际交易金额未超出审批额度。

十一、资产结构与投资情况
公司资产总额8,321,874,995.15元，同比下降7.90%。报告期投资额3,419,324,948.15元，同比增加230.66%。公司未有重大资产出售或股权出售。

十二、股东结构与控股情况
公司控股股东为华润化学材料投资有限公司，持股比例58.01%，实际控制人为中国华润有限公司。报告期内控股股东未发生变更。

十三、可能影响股价的敏感事项

• 公司业绩大幅减亏，显示经营改善，若持续转亏为盈将刺激股价。
• 连续两年不分红，可能引发投资者情绪波动。
• 大额回购注销，有助于股东回报，对每股指标有正面影响。
• 高集中度客户与供应商关系，任何变动将对公司业绩产生影响。
• 衍生品套期保值业务仍存亏损，需持续关注。
• 行业需求下滑、售价下降、主动减产等因素将影响未来业绩。
• 募集资金余额较高，未来战略投资或扩张计划将对股价产生影响。
• 公司市值管理制度已制定，但未披露估值提升计划。

免责声明：
本文章仅为信息披露解读，不构成投资建议。投资者应结合自身风险承受能力，审慎决策。相关内容可能会因公司后续公告及市场环境变化而调整。文章内容基于华润化学材料科技股份有限公司2025年度报告，未包含后续动态。投资有风险，入市需谨慎。

English Version:

Key Highlights from China Resources Chemical Materials’ 2025 Annual Report

1. Significant Improvement in Financial Performance, Loss Sharply Reduced
China Resources Chemical Materials reported a substantial improvement in 2025. Net loss attributable to shareholders was RMB -86,097,624.18, an 84.88% reduction compared to 2024. The company enhanced profitability through flexible sales strategies, cost reduction, efficiency improvement, technical upgrades, and better procurement management. Operating cash flow was RMB 325,971,720.58, up 26.45% year-on-year.

2. Revenue Decline, Industry Headwinds
Total revenue for 2025 was RMB 13,068,164,389.42, down 27.62%. The main causes were strategic reduction of raw material sales, production cuts in response to the national “anti-involution” call, and an 8.73% drop in average selling price. Polyester products remain core, accounting for 89.89% of revenue, but raw material sales fell 56.27% year-on-year.

3. Marginal Improvement in Gross Margin, Effective Cost Controls
Polyester segment gross margin improved from 1.21% in 2024 to 1.94% in 2025, reflecting cost control effectiveness. Domestic sales accounted for 66.71%, overseas sales 33.29%.

4. High Customer and Supplier Concentration
Top five customers contributed 26.92% of total sales; top five suppliers 51.45% of total procurement. High concentration means any changes could significantly affect performance.

5. Cash Dividend Policy: No Dividend for Two Consecutive Years
The company will not pay cash dividends, issue bonus shares, or convert capital reserve to share capital for 2025. Reasons include unmet dividend conditions (net loss). Retained earnings will be used for daily operations and long-term strategy, reinforcing risk resilience and R&D investment.

6. Use of IPO Proceeds and Share Buyback/Cancelation
By year-end 2025, RMB 1,217,890,800 had been used from IPO proceeds, with RMB 1,189,916,000 remaining unused. During the period, the company repurchased and canceled 8,483,257 shares via centralized bidding. Restricted stock incentive repurchase/cancelation totaled 5,414,170 shares. Total share capital decreased by 13,897,427 shares, 0.93% of initial capital. This boosts per-share metrics and shareholder returns.

7. Derivatives Hedging Activities
Hedging derivatives investment stood at RMB 508,576,200, 7.97% of net assets. However, a book loss of RMB 20,257,000 was recorded. The company considers the hedging relationship highly effective within the reporting period, helping mitigate PTA and MEG price risks.

8. Internal Controls and Corporate Governance
The company’s governance structure is robust. Board, committees, and independent directors actively fulfill their duties. A market value management system is in place, and information disclosure is strictly executed. Internal controls are effective, with no material weaknesses found.

9. Industry Risk Warnings
Investors are reminded to note risks from market volatility, uncertain international trade, technology innovation, safety, environmental protection, and M&A. The company is advancing EHS (Environment, Health, Safety) management and sustainability strategies.

10. Litigation and Related Party Transactions
Litigation amounts in the period are minor and not significant. Transactions with related parties are market-based, with actual amounts within approved limits.

11. Asset Structure and Investment
Total assets stood at RMB 8,321,874,995.15, down 7.90%. Investments during the period totaled RMB 3,419,324,948.15, up 230.66%. No major asset or equity sales.

12. Shareholder Structure and Control
The controlling shareholder is China Resources Chemical Materials Investment, holding 58.01%, with ultimate control by China Resources Ltd. No changes in controlling shareholders during the period.

13. Price-Sensitive Highlights

• Sharp reduction in losses signals operational improvement; further recovery may positively impact share price.
• No dividend for two consecutive years may affect investor sentiment.
• Significant share buyback/cancelation enhances shareholder returns and per-share metrics.
• High customer/supplier concentration poses performance risks if relationships change.
• Derivatives hedging still records losses; ongoing attention needed.
• Industry demand decline and selling price drop will affect future performance.
• Large unused IPO proceeds may signal future expansion or investment, which could impact share price if deployed.
• Market value management system implemented, but no public valuation enhancement plan.

Disclaimer:
This article is for information and reporting purposes only, and does not constitute investment advice. Investors should exercise caution and make decisions based on their own risk tolerance. Information may change as the company updates its disclosures or as market conditions evolve. Investing carries risks; please act prudently.

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