Hengli Petrochemical (600346) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached RMB 57.02 billion, down 2.34% year-over-year; net profit attributable to shareholders was RMB 2.05 billion, down 4.13% year-over-year.

• Excluding non-recurring items, net profit attributable to shareholders dropped 31.88% year-over-year, reflecting industry off-season and weaker downstream margins.

Financial highlights

• Operating cash flow was RMB 7.75 billion, down 1.67% year-over-year.

• Basic and diluted EPS were both RMB 0.29, down 3.33% year-over-year.

• Total assets at quarter-end were RMB 278.60 billion, up 2.02% from year-end 2024.

• Shareholders’ equity attributable to listed company was RMB 65.31 billion, up 3.01% from year-end 2024.

Outlook and guidance

• Downstream new materials faced intensified competition and margin pressure, while upstream refining and PTA remained stable; company responded with flexible product mix and cost control.