Wynca's Q2 net profit exceeds all of last year; silicone industry sees collective recovery

Earnings
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Wynca released its half-year report. Net profit attributable to shareholders in the first half was 254 million yuan, up 268.03 percent year on year. Second-quarter net profit was 158 million yuan, already exceeding the 147 million yuan attributable net profit for all of last year. The company achieved first-half revenue of 8.563 billion yuan, up 6.26 percent year on year, with profit improving quarter by quarter. First-quarter net profit was 96.2806 million yuan, up 190.61 percent year on year, while second-quarter net profit rose 339.38 percent year on year. The earnings growth mainly benefited from a rebound in silicone DMC prices. In the second quarter, average prices of basic silicone products and silicone rubber rose both year on year and quarter on quarter. Pesticide product prices also rose significantly, and sales volume of high-margin formulated products increased 34 percent year on year. Among its joint-stock and controlled companies, Zhenjiang Jiangnan Chemical turned from loss to profit, achieving net profit of about 172 million yuan. Wynca Tianyu Silicone's net profit rose from 84.6 million yuan to 91.21 million yuan, while Zhejiang Kaihua Synthetic Materials shifted from profit to loss, and Wynca Silicon Materials Yanjin continued to incur losses. Data from Sublime China Information show that in August, China's DMC market price closed at 13,300 yuan per tonne, up 300 yuan per tonne from August 13. Tight spot supply combined with rising raw material costs kept market prices moving higher.

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