Wanhua Chemical 27.3 billion annual investment plan analysis: two-wheel drive to accelerate the construction of the second growth curve.

1. investment structure: new energy materials alone 40%, strategic tilt signal is clear

in 2026, China Wanhua Chemical announced the investment plan for major projects for the whole year, with a total investment scale of 27.3 billion billion yuan. Around the four major sectors of polyurethane, petrochemical industry chain, fine chemicals and emerging materials, China Wanhua Chemical announced 13 key projects simultaneously, with a total new production capacity of more than one million tons.

The investment distribution of the four major sectors is very strategic: emerging materials occupy more than 40% of the total investment with 11.05 billion yuan, far exceeding the other three sectors; Petrochemical industry chain 4.55 billion yuan; Polyurethane and supporting 3.46 billion yuan; Fine chemicals 3.44 billion yuan. The overwhelming proportion of emerging materials clearly conveys the signal that Wanhua is strategically inclined to the direction of new energy materials-this is the largest annual capital deployment of a global MDI leading enterprise to actively reduce the dependence of a single main industry and build a "second growth curve.

2. Key Projects: Global Competitive Impact of Five Industry Lines

new energy battery materials: precursor integration replication polyurethane success path. Wanhua 240000 tons/year iron phosphate project officially announced, for China Yantai Haiyang, Laizhou million tons of lithium iron phosphate production capacity to provide a stable precursor guarantee, the formation of "iron phosphate-rarr; lithium iron phosphate" integrated support. China Yantai Haiyang Green Electric Industrial Park, the first phase of 100000 tons/year lithium iron phosphate has been put into production, the second phase of 200000 tons has started construction. The logic of the precursor self-supply is highly consistent with Wanhua's successful path of "raw material integration" in the field of polyurethane-by extending upstream to control costs and quality, and building differentiated competitive barriers. With the rapid expansion of lithium iron phosphate production capacity, Wanhua's procurement scale of upstream iron phosphate and lithium salt will form a significant pull effect, the relevant raw material suppliers deserve attention.

Special polyolefin: 1.6 million tons of joint venture with Bolu, high-end import substitution into the substantive stage. Wanhua signed a 50:50 joint venture agreement with Bolu, the world's leading polyolefin supplier, to jointly build a 1.6 million-ton/year special polyolefin integration project in Fujian, China, covering ethane cracking ethylene, FDPE, metallocene LLDPE, LDPE plants. This is not only a cooperation at the capacity level, but also a deep binding between technology and the market. Metallocene LLDPE, FDPE and other special grades have long been dependent on imports, and the project will have a substantial impact on China's high-end polyolefin supply pattern after it is put into production. At the same time, Wanhua China Yantai ethylene plant 1 million tons/year raw material diversification transformation project, by expanding the proportion of low-temperature ethane use to optimize the cost structure of cracking raw materials, to further enhance the competitiveness of the plant.

MDI main industry: stock optimization to enhance differentiation competitiveness. China Fujian Isocyanate Company's MDI Separation Technology Transformation Project will add 30000 tons/year of liquefied MDI production capacity without adding total production capacity. Liquefied MDI has a higher added value than polymerized MDI, which directly optimizes the profit structure of MDI products and will have an impact on the global price system of liquefied MDI and polymerized MDI, and existing MDI traders need to pay attention to potential changes in liquid/solid product spreads. Wanhua China Yantai Penglai base dimethyl carbonate conversion propylene glycol project to expand the new profit point, capital efficiency is higher.

High-end new material matrix: PC, POE, SEP multi-track synchronous advancement. The 600000-ton/year PC project, 400000-ton/year polyolefin elastomer (POE) project and 100000-ton/year SEP project are advancing simultaneously, covering multiple high-end tracks of engineering plastics, polyolefin elastomers and thermoplastic elastomers. Wanhua POE project is one of the largest POE projects under construction in China, relying on independent catalyst technology layout has long been monopolized by multinational enterprises, domestic substitution strategy is of outstanding significance. The third phase of catalyst preparation and reconstruction provides the core raw material guarantee for the above-mentioned projects, reflecting Wanhua's consistent logic in the self-supply of key intermediates.

Photoelectric display materials: a new strategic extension to the upstream of the industrial chain. Wanhua and photoelectric display materials leader Xinmei materials joint venture to set up China Yantai Huasheng new materials, to promote the annual output of 15000 tons of high-performance solvent-based polyacrylic resin (HSPA) project, products for high-end coatings, inks, adhesives, to fill the optical film upstream raw materials supporting demand. This indicates that Wanhua's strategic intention to extend to the upstream of the display material industry chain is further clarified, and it is a typical case of synergy between the chemical industry and the photoelectric industry chain.

Fine chemicals: multi-species high value-added industrialization accelerated landing.10000 tons/year TPAM project, MSE industrialization test, FCA technology reform, water-based resin expansion and vanillin, nutrition and other high value-added products industrialization rhythm accelerated, is an important support for Wanhua profit structure diversification.

Core Judgment for Overseas Practitioners: wanhua 27.3 billion yuan investment will be concentrated in 2026-2029 to form a market impact. The import substitution rhythm of high-end varieties such as metallocene LLDPE/FDPE, POE and PC is the core tracking variable. MDI liquefaction capacity increase will affect the global liquid/solid MDI price system; The expansion of lithium iron phosphate capacity will have a pulling effect on the procurement of lithium salt and iron phosphate, which will create structural opportunities for relevant raw material suppliers. Wanhua's strategic depth is expanding in all directions, and its influence in the global chemical competition pattern will continue to increase.