Wanhua Chemical

According to Huxiu, Wanhua Chemical, the global polyurethane leader nicknamed the “chemical Maotai,” reported that in the first half of the year its parent net profit exceeded 10 billion yuan, up 64.35% year over year, and on September 28 held an online earnings briefing where investors questioned inventories, accounts receivable, cash flow, and debt. The discussion focused on potential inventory write-downs or asset impairments, the purpose of a sharp increase in short-term borrowings, and whether existing funds and future financing can cover potential liquidity pressure.