Miracll Chemicals Co Ltd

300848.CS▼2

Miracll Chemicals' 2026 Interim Net Profit Falls 33.93%

Miracll Chemicals released its interim report on August 26, 2026. During the reporting period, the company's total operating revenue was 1.067 billion yuan, and net profit attributable to the parent company was 25.8479 million yuan, down 33.93% from the same period last year, a decrease of 13.2743 million yuan. Net cash flow from operating activities was negative 257 million yuan, down 263.03% year on year. The company's asset-liability ratio was 60.29%, gross margin was 12.76%, ROE was 1.68%, and diluted earnings per share was 0.06 yuan. The number of shareholders was 16,300, and the top ten shareholders held 72.18% of total share capital.

Miracll Chemic… ▼

300848.CS · Capital · Negative Net profit fell 33.93% and operating cash flow turned deeply negative.

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Critical Materials & Supply Chain▲

Wanhua Chemical and other giants raise prices in unison, boosting the polyurethane industry chain

Since late July, the global polyurethane raw materials market has seen a wave of concentrated price hikes. Domestic and international chemical giants such as Wanhua Chemical, Huntsman, and BASF have successively issued price adjustment notices for MDI and TDI products. Downstream TPU leader Miracll Chemicals also raised product prices simultaneously. Wanhua Chemical announced that effective July 29, it would raise MDI and TDI prices in Southeast Asia by 200 US dollars per tonne. Huntsman raised all MDI product prices in Europe, Africa, and the Middle East by 250 euros per tonne, with the new prices taking effect on August 1, 2026. At the same time, it raised MDI and polyurethane systems prices in India and the Indian subcontinent by 300 US dollars per tonne. Shanghai Huntsman's August list price for polymeric MDI rose by 1,500 yuan per tonne to 19,500 yuan per tonne. BASF Shanghai's August list price for TDI rose by 1,000 yuan per tonne to 19,000 yuan per tonne. The price adjustments are mainly due to significantly higher raw material and logistics costs caused by geopolitical tensions in the Middle East. Currently, global MDI production capacity is highly concentrated. Wanhua Chemical leads with 3.8 million tonnes per year, followed by BASF with 2.07 million tonnes per year, Covestro with 1.77 million tonnes per year, Huntsman with 1.37 million tonnes per year, and Dow with 1.11 million tonnes per year. On the supply side, concentrated maintenance shutdowns of multiple plants are tightening supply. On the demand side, China's MDI exports in the first half of 2026 reached 505,000 tonnes, up 22.5 percent year-on-year, with June exports alone hitting 109,000 tonnes, a sharp increase of 56.4 percent year-on-year. Institutions are bullish on the industry's upward cycle. Wanhua Chemical expects first-half net profit of 9.8 billion to 10.4 billion yuan, up over 60 percent year-on-year. TDI producer Cangzhou Dahua expects first-half net profit of 101 million yuan, up about 330.75 percent year-on-year.

Wanhua Chemica… ▲BAS.XETRA ▲HUN ▲Miracll Chemic… ▲

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Critical Materials & Supply Chain › Specialty Chemicals & Industrial Gases ▲Pricing

600309.CG · Pricing · Positive Wanhua Chemical raised MDI and TDI prices in Southeast Asia by $200/tonne, and is the leading global producer.

BAS.XETRA · Pricing · Positive BASF raised TDI prices in Shanghai by 1,000 yuan/tonne to 19,000 yuan/tonne, and is a major global producer.

HUN · Pricing · Positive Huntsman raised MDI prices in Europe, Africa, Middle East, India, and subcontinent, and Shanghai Huntsman's August MDI list price rose.

300848.CS · Pricing · Positive Miracll Chemicals, a downstream TPU leader, raised product prices simultaneously, benefiting from the industry-wide price hikes.

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