财务表现 - 25H1实现收入88.4亿元，同比-0.2%，归母净利润8.6亿元，同比-4.0%，扣非归母净利润8.5亿元，同比-3.7% [1] - 25Q2营收44.8亿元，同比-1.8%，归母净利润3.9亿元，同比-12.7%，扣非归母净利润3.9亿元，同比-12.3% [1] - 25Q2吨收入4888元/吨，同比-1.9%，吨成本同比-3.4%，毛利率同比+0.8pcts至51.2% [1][2] 业务结构 - 25Q2高档/主流/经济产品收入分别为26.6/16.0/10.5亿元，同比-1.1%/-3.6%/+4.8% [1] - 25Q2西北区/中区/南区收入分别为14.2/17.0/12.5亿元，同比+1.9%/-2.9%/-4.5% [2] - Q2销量92万吨同比持平，收入下滑主因旺季折扣在Q2集中计提 [1] 费用与利润率 - 25Q2销售/管理/研发费用率分别同比+0.2/+0.2/-0.1pcts，投资净收益率同比-0.4pcts [2] - 25Q2营业利润率同比-0.3pcts至24.3%，归母净利率同比-1.1pcts至8.7% [2] - 所得税税率同比+7.4pcts，营业外支出/收入同比+0.2pcts [2] 未来展望 - 预计25-27年收入146.6/148.4/151.1亿元，同比+0.1%/+1.2%/+1.8% [3] - 预计25-27年归母净利润12.2/12.5/13.0亿元，同比+9.9%/+2.0%/+3.8% [3] - 24H2基数较低，24Q4去库存及包销诉讼计提2.54亿元影响利润 [3]