Wanhua Chemical Expects H1 Net Profit of 9.8-10.4 Billion Yuan, Up Over 60%

Wanhua Chemical (600309.SH) said it expects first-half 2026 net profit attributable to shareholders of 9.8 billion yuan to 10.4 billion yuan, up more than 60% year-on-year, according to Jiemian News. On the same day, Hengli Petrochemical (600346.SH) forecast a 136% year-on-year rise in first-half net profit attributable to shareholders, with H1 profit exceeding its full-year 2025 level. Among China’s major private refining and petrochemical groups, Oriental Energy (000301.SZ) projected a 987.39% to 1,194.51% jump in first-half net profit attributable to shareholders, while Hengyi Petrochemical (000703.SZ) said it expects an increase of more than 2,000%; polyester filament maker Xinfengming (603225.SH) also said it expects first-half net profit attributable to shareholders to double. Companies cited improved supply-demand conditions and higher petrochemical prices linked to geopolitical tensions. The report said Brent crude briefly topped $120 a barrel after a U.S.-Iran conflict erupted in late February 2026 and the Strait of Hormuz was temporarily blocked, disrupting about 25% of global seaborne oil trade. Industry data cited by the report showed China’s polymeric MDI price swung sharply in H1 2026, with a 41.38% amplitude, rising from 13,800 yuan per tonne in late January to 21,000 yuan per tonne in early April before retreating. Separately, China’s National Development and Reform Commission (NDRC) and four other agencies issued a refining energy-saving and carbon-cutting action plan requiring China’s crude primary processing capacity to be capped at no more than 1 billion tonnes by end-2025, while China’s Ministry of Industry and Information Technology (MIIT) and six other agencies released a 2025-2026 plan targeting average annual value-added growth of more than 5% for the petrochemical sector.