Miracll Reports Q1 Net Profit Growth 47.12 Percent Revenue Hits 388 Million Yuan

On April 22, Miracll New Materials announced its Q1 2025 results, achieving revenue of 388 million yuan, a 0.5% year-on-year increase, and a net profit of 18.14 million yuan, up 47.12%. The adjusted net profit surged by 75.04% to 18.05 million yuan.

Despite challenges like weak recovery in the polyurethane market and intensified competition in downstream industries, the company improved gross profit margins through material cost savings and cost control. High-value products also contributed to the profit surge. Capacity expansion projects, including the Henan Polyurethane Industrial Park, are paving the way for long-term growth, though increased investments have put short-term pressure on cash flow and accounts receivable risks.

For 2024, Miracll posted annual revenue of 1.658 billion yuan, up 12.42%, but net profit fell 11.7% due to pricing pressures and raw material fluctuations.

Miracll is a leader in polyurethane materials (TPU, PUR, PUD, PBS) and specialty chemical raw materials (HDI, PPDI, CHDI), serving industries like electronics, automotive, energy, and 3D printing. Its Yantai and Henan bases focus on advanced polyurethane materials and chemical raw materials, respectively.

In 2024, the polyurethane segment generated 1.653 billion yuan, with TPU accounting for over 90%. A 10-ton expansion project in Yantai increased annual capacity to 190,000 tons, easing prior constraints. Emerging products like biodegradable PBS and waterborne PUD grew significantly, while expanded TPU projects gained traction in collaborations with Anta and Xtep for high-end applications.

The Henan base also made breakthroughs in specialty isocyanates, commissioning the world’s largest single HDI unit (100,000 tons/year) and PPDI/CHDI plants. These advances are expected to reduce TPU raw material costs and strengthen supply chain synergies.