Lubei Chemical's 2025 Annual Report: Deducted Non-Recurring Net Profit Down 90% Year-over-Year, Chairman and General Manager Receive Salary Increases for Two Consecutive Years

(Source: First Wind)

Recently, Lubao Chemical (600727.SH) released its 2025 annual report, which shows that the company achieved an operating revenue of 5.09B yuan for the year, a decrease of 11.43% year-on-year; net profit attributable to the parent was 38 million yuan, down 85.34% year-on-year; non-recurring net profit was 26 million yuan, a sharp decline of 90.13% year-on-year.

The significant decline in performance is directly attributed to the full-line pressure on two core main businesses—titanium dioxide and methane chlorides.

The annual report shows that titanium dioxide business, as Lubao Chemical’s primary pillar, accounts for 65.06% of main business revenue, but in 2025, its sales revenue decreased by 16.65% year-on-year; the second-largest business, methane chlorides, saw a 30.79% year-on-year decline in sales revenue. Regarding changes in operating income, Lubao Chemical stated in the annual report that “mainly due to the decrease in revenue from titanium dioxide and methane chloride products during this period.”

Notably, according to specific data disclosed in the “Board and Senior Management Compensation” section of Lubao Chemical’s 2025 annual report, compared to the company’s performance in 2025, several senior executives’ salaries increased:

Chairman Chen Shuchang’s salary in 2025 was 1.1811 million yuan, an increase of nearly 1 million yuan from 1.0846 million yuan in 2024; General Manager Feng Xiangyi’s salary in 2025 was 1.0228 million yuan, up 100.5k yuan from 922.3k yuan in 2024. Both of these individuals received salary increases for two consecutive years. Additionally, the company’s director, CFO, and vice general manager Ma Wenju’s salary increased from 507.6k yuan in 2024 to 816.5k yuan in 2025, an increase of over 300k yuan.

Public information shows that Lubao Chemical originally focused on the production and sales of fertilizers and cement. In 2020, the company acquired Shandong Jinhai Titanium Resources Technology Co., Ltd. and Shandong Xianghai Titanium Resources Technology Co., Ltd. for 1.4 billion yuan, officially entering the titanium dioxide field.

Editor / Fengkou Finance Editor Song Guangyao

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