China's m-Cresol Market Supply-Demand and Investment Outlook Assessment Report (2025 Edition)

Content Overview: There are two main production processes for m-cresol: extraction and synthesis. The extraction method recovers mixed cresols from coal tar by-products, followed by separation to obtain m-cresol. The synthetic methods include toluene chlorination-hydrolysis, isopropyltoluene, and m-toluidine diazotization; m-cresol is then separated from the synthesized cresol mixture. Currently, crude phenol extraction and toluene chlorination-hydrolysis synthesis are the predominant production methods for m-cresol in China. Overall, China’s technological level still lags significantly behind that of advanced countries, with substantial room for improvement in chemical reaction control, selection of core catalysts, and process optimization. Global m-cresol production capacity is primarily concentrated in developed countries such as the United States, Germany, and Japan. Sasol Limited, Lanxess (Germany), and Mitsui Chemicals (Japan) collectively account for 54,000 tonnes of annual capacity. Major Chinese m-cresol producers include Anhui Haihua Technology Group Co., Ltd., Dongying Haiyuan Chemical Co., Ltd., and Anhui Shilian Special Solvents Co., Ltd. Chapter One: Definition and General Overview of m-Cresol Section One: Overview of m-Cresol Section Two: Relevant Standards for m-Cresol Section Three: Industry Policies Governing m-Cresol Chapter Two: Production Processes and Technological Trends of m-Cresol Section One: Main Production Processes of m-Cresol Section Two: Latest Global and Chinese Technological Developments in m-Cresol Section Three: Strategies to Enhance China’s m-Cresol Technology Chapter Three: Market Development and Size Statistics of China’s m-Cresol Industry in 2025 Section One: General Market Development of China’s m-Cresol Industry in 2025 Section Two: Analysis of China’s m-Cresol Market Size from 2020 to 2024 Chapter Four: Supply Analysis of China’s m-Cresol Industry from 2020 to 2024 Section One: Current Status of Chinese m-Cresol Producers I. Key Enterprise Information II. Geographic Distribution of Enterprises III. Economies of Scale Among Enterprises Section Two: Capacity and Output Analysis and Forecast for China’s m-Cresol I. Capacity Status and Forecast for China’s m-Cresol from 2020 to 2024 II. Output Status and Forecast for China’s m-Cresol from 2025 to 2030 Section Three: Industrial Concentration Analysis of China’s m-Cresol Sector Section Four: Life Cycle Analysis of China’s m-Cresol Industry Chapter Five: Demand Analysis of China’s m-Cresol Industry from 2020 to 2024 Section One: Demand Scale Analysis and Forecast for China’s m-Cresol from 2020 to 2024 I. Demand Volume for China’s m-Cresol from 2020 to 2024 II. Factors Influencing Demand for China’s m-Cresol III. Demand Forecast for China’s m-Cresol from 2025 to 2030 Section Two: Distribution Channel Analysis for China’s m-Cresol Products Chapter Six: Import-Export Analysis of China’s m-Cresol Industry from 2020 to 2024 Section One: Import-Export Analysis of China’s m-Cresol from 2020 to 2024

Sasol Announces Second-Half 2020 Financial Results

Rights Issue: Given the current macroeconomic outlook and significant progress achieved under our response plan, it has been decided not to proceed with a rights issue. We will continue to prioritize balance sheet de-leveraging initiatives to ensure operational compliance with financial covenants and maintain adequate liquidity headroom while executing the Sasol 2.0 transformation program. Balance Sheet Management: Cash generated from operating activities declined by 40% year-on-year to ZAR 11.7 billion. Our net cash position decreased from ZAR 34.1 billion as of 30 June 2020 to ZAR 27.6 billion. Although our cash flow was adversely affected by low crude oil prices, softening chemical prices, plant shutdowns, and the impact of the COVID-19 pandemic, our cash preservation and asset divestment programs enabled us to repay approximately ZAR 28 billion (USD 2 billion) of debt. Additionally, we repaid approximately ZAR 4 billion of financial institution loans denominated in South African rand. Actual capital expenditure amounted to ZAR 7.5 billion, compared to ZAR 21.4 billion in the first half of 2020. Under an average oil price of USD 43.62 per barrel, free cash flow for the period stood at ZAR 4 billion. To enhance the flexibility of Sasol’s balance sheet during this peak leverage period, our lenders agreed—effective as of the measurement date of 31 December 2020—to raise our covenant threshold for the net debt-to-EBITDA ratio (as defined by banks) from 3.0x to 4.0x. This provides greater flexibility, subject to conditions aligned with our capital allocation framework—namely, when our leverage exceeds a net debt-to-EBITDA ratio (as defined by banks) of 3.0x, debt reduction takes priority over dividend payments and acquisitions. We thank our lenders for their unwavering support during this challenging period. As of 31 December 2020, our net debt-to-EBITDA ratio (as defined by banks) stood at 2.6x, well below the revised threshold. As of 31 December 2020, our total debt amounted to ZAR 126.3 billion, down from ZAR 189.7 billion as of 30 June 2020. During this period, we used proceeds from asset divestments to repay syndicated loans denominated in U.S. dollars and partially repay revolving credit facilities, reducing our U.S. dollar-denominated debt by nearly ZAR 28 billion (USD 2 billion) to ZAR 121.0 billion (USD 8.2 billion). Through our comprehensive response plan and planned asset divestments, we aim to further reduce net debt, targeting a net debt-to-EBITDA ratio below 2.0x and a gearing ratio of 30% by 2023. Our gearing ratio declined from 114.5% as of 30 June 2020 to 76% as of 31 December 2020—primarily attributable to USD debt repayments (20%) and a stronger ZAR/USD closing exchange rate (7%). As of 31 December 2020, our net working capital exceeded ZAR 53.0 billion (USD 3.6 billion), substantially above our minimum target of USD 1.0 billion. Available ZAR- and USD-denominated liquidity has also increased as we advance key management initiatives.

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