China Sunsine Chemical Holdings reported net profit of 404.9 million yuan for the year ended 31 December 2025, a 4 per cent year-on-year decline as softer average selling prices outweighed record shipment levels.
Group revenue slipped 7 per cent YoY to 3.28 billion yuan, while earnings per share came in at 42.47 yuan cents. The board proposed a final one-tier dividend of S$0.027 a share – split into an ordinary payout of S$0.02 and a special payout of S$0.007 – to be tabled at the April 2026 AGM. Including the S$0.005 interim special dividend paid in September 2025, the full-year distribution rises to S$0.032 a share, against S$0.03 in FY2024 and represents about 41 per cent of earnings. Net asset value stood at S$0.85 per share, with net cash of S$0.45 per share and no debt.
By product, accelerators remained the main revenue contributor at 1.99 billion yuan (-7 per cent YoY) on volumes of 108,773 tonnes (+1 per cent). Insoluble sulphur sales increased 21 per cent to 305.7 million yuan as volumes grew 14 per cent to 46,371 tonnes. Anti-oxidant revenue fell 15 per cent to 890.6 million yuan on flat volumes. Overall gross profit slid 9 per cent to 770.3 million yuan and the gross margin narrowed to 23.5 per cent from 24.2 per cent. Profit before tax dropped 14 per cent to 503.6 million yuan, reflecting lower selling prices, higher distribution costs and 31.3 million yuan of foreign-exchange and fair-value losses.
Management attributed the weaker pricing to continued overcapacity in China’s rubber-chemical industry, subdued raw-material costs and intensifying competition. Domestic sales volumes still advanced 3 per cent, while international shipments rose 5 per cent, helped by stronger demand from Southeast Asian tyre makers.
To bolster scale and cost efficiency, the company pressed ahead with capacity additions. Commercial operations have begun at the second 30,000-tonne-per-annum insoluble sulphur line in Hengshun, while a 40,000-tonne MBT solvent facility there is under trial runs and slated for first-quarter 2026 start-up. Another 20,000-tonne MBT unit in Weifang and the conversion of a TBBS workshop to a CBS line in Shandong are targeted for trial production in the first half of 2026. These projects are expected to lift total annual accelerator capacity to 135,000 tonnes and group nameplate capacity to 272,000 tonnes next year.
Executive chairman Xu Cheng Qiu said the company’s scale advantages, cost controls and customer relationships helped it maintain profitability despite pricing pressure. He noted that China’s automotive market, where vehicle sales hit a record 34.4 million units in 2025, including 16.49 million new-energy vehicles, underpins long-term demand for tyre and rubber chemicals. Xu added that, while geopolitical tensions and trade barriers cloud the global outlook, the group will stick to its “sales-production equilibrium” model and flexible pricing to sustain volumes and margins.