股价上扬背后，一家被忽视的百亿上市公司，正在悄悄转身

Core Insights - Wankai New Materials (301216) has reported a turnaround in its financial performance, projecting a net profit attributable to shareholders of approximately 156-203 million yuan for the fiscal year 2025, compared to a loss in the previous year [2] - The company, while not widely recognized, plays a crucial role in everyday consumer products, supplying PET materials for brands like Nongfu Spring and Starbucks [2][3] - Wankai is undergoing a systematic adjustment in its resource allocation and business focus, which is beginning to reflect in its capital expenditure structure and long-term business layout [3][4] Business Model and Market Position - Wankai's core product is food-grade PET, which is produced through large-scale manufacturing and a strict quality certification system, establishing strong supply relationships with leading beverage and tea brands [4] - Despite operational efficiency, Wankai's valuation has been constrained due to the cyclical nature of PET pricing, which is influenced by crude oil and energy costs [4][5] - The company is not underperforming but lacks non-cyclical profit sources, leading the market to view it as a traditional manufacturing firm with limited growth potential [4][5] Strategic Adjustments - Since 2023, Wankai has begun optimizing its core business structure by extending upstream and diversifying its market presence [5] - The company has initiated projects in regions like Africa and Indonesia to mitigate risks associated with geopolitical and regional demand fluctuations [5][6] New Business Paths - Wankai is transitioning from a petrochemical cycle to a natural gas chemical track, leveraging low-cost natural gas resources acquired in Sichuan [7][9] - The company plans to invest in a 100,000-ton oxalic acid project, which is expected to align with the new resource system and cater to the growing demand in the new energy materials sector [11] - Collaborating with Carbios, Wankai is exploring the development of recycled circular materials, which could redefine material value logic by reducing dependency on oil prices [12][13] - The company is also venturing into high-demand application scenarios, including materials for robotics, 3D printing, and medical electronics, which are less influenced by crude oil prices [15][16] Market Perception and Future Outlook - The capital market's perception of Wankai has shifted significantly, with its market value increasing since early 2025, indicating a re-evaluation of its business structure and development path [17] - The next phase of valuation will depend on the successful monetization of new business models rather than merely the transition itself [17]