Yinuowei’s net profit fell 49% in the first half of the year

According to news on August 18, Yinuowei released its semi-annual report for 2023. During the reporting period, it achieved revenue of 3.012 billion yuan, a year-on-year decrease of 6.06%, and achieved a net profit of 58.1147 million yuan attributable to shareholders of listed companies, a year-on-year decrease of 49.12%.

Regarding the decline in profits, Inovo said that the main reason was that during the reporting period, due to factors such as intensified competition in the chemical industry and weak downstream demand, the gross profit of sales decreased by 28.5854 million yuan year-on-year; The profit and loss decreased by 10.0901 million yuan year-on-year, the gross profit of sales decreased, the management expenses increased, and the profit and loss of fair value changes decreased. Multiple influences caused the operating profit and net profit to decrease significantly during the reporting period.

According to the data, Innovo’s business scope is mainly engaged in the production and sales of polyurethane raw materials and other downstream derivative products of EO, PO, and AA, as well as the operation of polyurethane raw materials such as PPG, MDI, and TDI.