公司簡介
中國旭陽集團有限公司(1907.HK)創立於1995年，現已發展成為中國及全球焦炭、焦化產品、精細化工產品和氫能產品的領先綜合生產商、供應商和服務商。弗若斯特沙利文2024年行業報告顯示公司是全球最大的獨立焦炭生產商及供應商；全球最大的焦化粗笨加工商、第二大高溫煤焦油加工商、第二大己內醯胺生產商(按產能計)，亦是中國最大的工業萘制苯酐及焦爐煤氣制甲醇生產商；和京津冀最大的高純氫供應商(按產量計)。
業績摘要
主營業務承壓，貿易業務成獨秀
2025H1公司收益為205.49億元（人民幣，下同），同比減少18.5%，其中焦炭及焦化產品生產業務收益為63.58億元，同比減少35.2%，主要系供需失衡、焦煤價格下跌及出口受阻影響，焦炭價格同比大幅下降；精細化工產品生產業務收益為90.96億元，同比減少12.6%，主要系原油價格下跌及需求疲軟導致己內醯胺、純苯等產品均價同比顯著下降，但苯乙烯因供需格局改善，虧損有所收窄；運營管理業務收益為12.75億元，同比減少47%，主要系萬山化工、寶舜化工及晨耀化工三個專案協定完結，導致本期運營管理收入同比減少；貿易業務收益為37.3億元，同比增長53.3%，主要系焦炭貿易業務量增加；其他業務收益為0.9億元，同比減少43.2%，主要系地產項目完工銷售，商品房收入同比減少以及旭陽大廈租賃收入增加共同影響地產業務的整體收入。期內溢利為0.87億元，同比減少34.9%。基本每股盈利為0.66分，同比減少74%。
成本管控驅動盈利改善，毛利率同比提升0.8個百分點
2025H1銷售成本為188.62億元，同比下降19.23%，分拆來看：焦炭及焦化產品生產業務銷售成本為56.02億元，同比減少38.3%，主要系上游焦煤市場價格持續下跌導致配煤成本相應下降；精細化工產品生產業務銷售成本為83.4億元，同比減少12.4%，主要系原料價格較去年有不同幅度的下降；運營管理業務銷售成本為12.13億元，同比減少47.1%，同樣系受到收入提及三個項目完結相關影響；受業務量增加影響，貿易業務銷售成本為36.41億元，同比增長57.3%；因房產銷售減少，其他業務銷售成本為0.66億元，同比減少56.2%。毛利率為8.2%，同比提升0.8個百分點，反映公司成本管控取得良好成果，其中焦炭及焦化產品板塊毛利同比提升4.4個百分點。
焦炭業務龍頭優勢鞏固，增長動能多元
作為全球最大的獨立焦炭生產商與供應商，公司焦炭業務有望在產能規模擴張、國際化佈局深化及行業供給格局優化的多重驅動下保持穩健增長。焦炭下游需求主要來自鋼鐵行業，國家統計局資料顯示，2025年1-8月我國粗鋼產量為6.72億噸，同比下降2.8%，《中國鋼鐵新聞網》預計2025年中國粗鋼產量將同比下降2%，降至約9.86億噸，疊加東南亞鋼鐵產能擴張（中國投資占主導地位），證明焦炭需求仍具韌性。目前公司焦炭產能管理規模達2660萬噸，現有17條焦炭生產線，疊加運營管理服務的輕資產擴張與印尼等海外專案投產，業務收入穩定性增強。公司正在開發湘東工業園的萍鄉生產園區，建設年產能180萬噸焦炭的生產設施，預計於2025年末或2026年初完工。公司成功實現了印尼蘇拉威西園區年產320萬噸焦化項目首座焦爐投產，目前公司已在印尼、新加坡、日本等11個國家和地區設立子公司/辦事處，業務覆蓋41個國家，巴西辦事處的設立將進一步開拓拉美市場，足以證明公司在國際化佈局的不斷深化。中央財經委會議多次強調治理“低價無序競爭”，推動落後產能退出。今年7月中央財經委員會第六次會議明確“依法依規治理企業低價無序競爭”，預計中小焦化企業產能加速淘汰，行業集中度提升。在行業“反內卷”與產能出清的浪潮中，龍頭公司強者恒強，我們認為公司將直接受益於這一趨勢，持續擴大市場份額並強化定價權。
規模領跑與產業鏈延伸驅動化工長期增長
公司化工業務已形成顯著的規模與市場地位優勢，核心產品在全球產業鏈中佔據關鍵位置。公司以焦化為起點，採取縱向一體化業務發展模式，延伸形成了三條化工產業鏈，包括碳材料產業鏈、芳烴產業鏈、醇氨產業鏈。總管理規模達604萬噸/年，其中，運營管理服務專案產能規模66萬噸/年，公司預計2030年己內醯胺運營總規模超過165萬噸，進一步夯實行業龍頭地位。分佈在河北邢臺、定州、滄州，樂亭、山東鄆城、東明，內蒙古呼和浩特等生產園區。公司致力於成為全球領先的尼龍新材料企業，2025年10月計畫投產5萬噸/年己二胺，公司將會持續研發創新，延伸至下游PA66、高溫尼龍等新材料領域。
邁向清潔能源新藍海，打造氫能業務增長極
2025H1公司高純氫銷量為1143萬方，同比增長22.9%，氫能板塊收入為5600萬元，同比增長47.4%。公司自2020年起積極佈局氫能領域，已形成規模化產能基礎。截至2025年3月底，公司在河北定州、邢臺、唐山及內蒙古呼和浩特擁有5條高純氫生產線，合計產能達34噸/天，4座合計5噸/天加氫站，是全國第二以及京津冀地區最大的高純氫供應商。公司以“制-儲-運-加-用+研”為核心發展思路，構建了覆蓋氫源供應、儲運技術、終端應用的全鏈條體系。此外，公司計畫在河北、內蒙古等地推進氫能工業化專案，逐步拓展合成氨、氫燃料等應用場景。 2025年9月公司樂亭園區5000Nm³/h氫能專案一次開車成功，全線貫通投產，首車高純氫產品裝車發售，專案的成功投產助力公司氫能業務整體規模擴張，進一步提升了公司氫能市場佔有率，意味著公司在京津冀氫能市場的領先地位進一步鞏固。公司表示未來將持續探索氫能公司並購機會，如成功並購，將有助於公司進一步彌補技術短板、加速商業化進程。
旭陽集團與海國投集團建立戰略合作關係
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本科主修市場行銷和英語，並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師，主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作，對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.
