Jiangsu Thorpe to raise capital 1.5 billion! Vinyl acetate and EVA integration project

Jiangsu Thorpe's 1.5 billion yuan fixed increase plan disclosed on August 12 marks the official launch of the company's strategic layout in the fields of vinyl acetate and EVA. Combined with the previous capital investment, the company has invested a total of 4.2 billion yuan (1.5 billion fixed increase +2.2 billion syndicated loan +0.5 billion capital increase).

as can be seen from the time node of capital investment, Jiangsu Thorpe has adopted a phased promotion strategy: 0.5 billion yuan in December 2024 to increase capital to start the construction of the project, 2.2 billion yuan in February 2025 syndicated loan was approved to promote the progress of the project, and 1.5 billion yuan in August to further enrich the capital strength. This progressive investment strategy not only ensures the continuity of project construction, but also leaves room for the company to adjust the pace of investment according to market changes.

330000 tons/year vinyl acetate production capacity will become the world's largest single set of equipment, supporting 300000 tons/year EVA production capacity, forming a complete integrated industrial chain. The project adopts a tubular production process, mainly producing photovoltaic grade EVA resin with a VA content of 28%, precisely targeting the high-growth photovoltaic market demand.

Compared with the kettle method, the tube method has obvious technical advantages: higher reaction efficiency, more stable product quality and lower energy consumption, which will provide Jiangsu Sopo with both cost and quality advantages in the fierce market competition. The project also supports the construction of 800000 tons/year sulfuric acid plant and 20000 Nm3/h air separation plant, further improving the upstream raw material supply system.

short-term market landscape (2025-2026): Jiangsu Sopo project will be put into production at the peak of EVA industry capacity, at the stage of centralized release of 4.68 million tons of new capacity. This timing choice tests the strategic vision of the enterprise, and the project needs to quickly establish a market position in the fierce price competition. The key success factors include strictly controlling the construction progress and striving to be the first to put into production, locking long-term orders of photovoltaic film enterprises in advance, giving full play to the advantages of integrated cost, and establishing a sound marketing network to seize market share. It is expected that this stage will be the key period of industry reshuffle, and enterprises with backward technology and cost disadvantage will face the risk of elimination.

Medium-and long-term development trend (after 2027): After the capacity digestion period, the EVA industry is expected to return to the balance of supply and demand, and the market competition pattern will stabilize. Jiangsu Thorpe will dominate the integrated market by virtue of the scale effect of the world's largest single unit, the technological leadership of the tubular process, the cost advantage of the integrated layout and the precise market positioning of photovoltaic-grade products. With the continuous development of the photovoltaic industry and the continuous upgrading of product technology, companies with technical advantages and cost control capabilities will gain greater market share and profitability, and industry concentration will increase significantly.