Core Viewpoint - Wanhua Chemical is actively recruiting top experts globally across ten key areas, indicating a strategic focus on expanding its capabilities in advanced materials and technologies. Group 1: Packaging Materials - Wanhua Chemical's packaging materials primarily consist of polyolefin films, including LDPE, HDPE, EVOH, COCs, and m-PE, which are essential for various applications [1] - The company has also launched a fully biodegradable packaging series made from PBAT, including several types of shrink films and cushioning materials [2] Group 2: PVC Products - The PVC product line includes WH700, WH800, WH1000F, WH1000G, WH1300, and the newly trialed WH1800, which offers high strength and durability for applications like medical tubing and waterproof materials [3] - The PVC market is competitive, with major international players such as INEOS, Mitsui Chemicals, LG Chem, and Shin-Etsu Chemical, alongside domestic competitors [4] Group 3: ePTFE Membrane Materials - ePTFE membranes are utilized in various applications, including automotive and medical fields, and are recognized as a critical polymer material in China [5] - Wanhua Chemical plans to produce 10,000 tons of PTFE resin annually, supporting its lithium battery material projects, although the transition to ePTFE involves significant technical challenges [6][7] Group 4: Biomanufacturing Membrane Materials - Biomanufacturing processes often incur high costs, with separation and purification accounting for 50% to 80% of production costs; Wanhua's membranes offer efficient solutions [8][9] Group 5: High-end Optical Films - The company produces various optical films, including TPU, PC, COP/COC, and PMMA, facing stiff competition from global giants like Mitsubishi Chemical and Covestro [10][11] Group 6: Synthetic Biology - Wanhua Chemical leverages synthetic biology for producing complex compounds, including bio-based 1,3-butanediol, and is developing single-cell protein production with significant future capacity [12] Group 7: Electrolyzers and Electrodes - The company is exploring hydrogen energy applications through collaborations with major firms, focusing on the development of membrane electrode assemblies, which currently rely on imported materials [13][14] Group 8: Polyolefin Films - Wanhua has developed cyclic polyolefin films and is expanding its production capacity for polyolefin elastomers, targeting the photovoltaic adhesive film market [15] Group 9: Battery Materials - The company has established a comprehensive battery materials portfolio, including high-performance cathodes and anodes, with plans for a new production line for lithium iron phosphate [16][17] - Wanhua's overall investment strategy includes significant funding for projects in battery materials and other advanced technologies, totaling 29.43 billion yuan planned for 2025 [18]

张国平表示，在"双碳"战略背景下，复合集流体及基膜作为新能源电池关键材料，正处于技术突破与市 场爆发关键期，在提升电池性能同时，推动产业绿色低碳发展。 6月13日，证券时报社第十六届上市公司投资者关系管理论坛暨2025中国城市发展新质生产力巡礼走进 扬州。申达集团党委书记、董事长张国平在会上发表了名为《创新驱动与生态共赢构建新能源材料产业 新增长极》的主题演讲。 申达集团党委书记、董事长张国平 据了解，为了响应"双碳"战略目标，聚焦新能源复合集流体领域，申达集团投资了扬州纳力、扬州博恒 两个百亿级产业项目。 扬州纳力成立于2022年1月，总部坐落于扬州，在江阴、美国、日本、韩国设有全资子公司，研发生产 的新型复合集流体产品填补了国际国内技术空白；而扬州博恒成立于2022年9月，总投资106亿元，布局 新能源复合集流体基膜和高端光学膜，该公司已与国内外上下游龙头企业达成多项战略合作，并成功吸 引中金资本、江苏省高投等优质资本加盟。 目前，扬州纳力已拥有1300余项专利，自主研发制造复合集流体正极铝箔、负极铜箔、纳米涂碳三大类 材料产品。扬州博恒设计投资的全球首条新能源材料专用超薄增强薄膜专用生产线已投产，首批产 ...

Core Insights - The company reported a decline in revenue for 2024 but saw significant growth in net profit and non-recurring net profit, indicating improved operational efficiency despite lower sales [1] - The sales of high-end composite films have driven net profit growth, with optical film revenue increasing significantly [2] - The solar panel segment experienced a revenue decline, but gross margin improved, reflecting a shift in product mix [4] Financial Performance - For 2024, total revenue was 2.18 billion, down 6% year-on-year; net profit attributable to shareholders was 190 million, up 32% year-on-year; and non-recurring net profit was 152 million, up 93% year-on-year [1] - In Q4 2024, revenue was 540 million, down 19% year-on-year but up 3% quarter-on-quarter; net profit was 21 million, down 63% year-on-year and down 54% quarter-on-quarter [1] - In Q1 2025, revenue was 480 million, down 11% year-on-year; net profit was 59 million, up 20% year-on-year; and non-recurring net profit was 50 million, up 35% year-on-year [2] Segment Performance - Optical film revenue reached 1.34 billion in 2024, up 19% year-on-year, accounting for 61% of total revenue, with a gross margin of 31.1%, up 2.8 percentage points [2] - The window film business generated 70 million in revenue, down 7% year-on-year, with a gross margin of 45.9%, down 0.4 percentage points [3] - The solar panel segment saw revenue of 500 million, down 43% year-on-year, with a gross margin of 18.4%, up 4.5 percentage points [4] Future Outlook - Revenue projections for 2025-2027 are 2.18 billion, 2.22 billion, and 2.33 billion, with expected growth rates of 0%, 2%, and 5% respectively; net profit forecasts are 240 million, 290 million, and 340 million, with compound annual growth rates of 21% [6]