Lianhong New Branch 2025 net profit growth of 30.4 against the trend: six new material product lines intensive landing, multi-category import substitution window accelerated closure.

In 2025, Lianhong Xinke achieved operating income of about 6.338 billion yuan, an increase of 1.11 percent over the same period last year; net profit attributable to its parent company was about 0.306 billion yuan, an increase of 30.4 percent over the same period last year. In the context of the overall weak market of the chemical industry, behind this counter-trend growth performance, the core driving force comes from the intensive landing of a number of high-end new material devices and the release of production capacity-technology autonomy, raw material integration, import substitution track three superposition, constitute the core barriers to its differentiated competition.

The core data of the 1.'s six product lines: from EVA to XDI, the product matrix has jumped to the high end.

EVA (total capacity over 350000 tons/year): dual route differentiation coverage-kettle method (ExxonMobil process) capacity super 150000 tons/year the main production of high VA content photovoltaic film special material; tubular method (LyondellBasell process) capacity 200000 tons/year, in december 2025 smooth production. Synchronous matching of the company 90000 tons/year VA plant to ensure the self-supply of raw materials, effective cost compression. The new 200000 tons of tubular production capacity has entered the market release cycle, the supply of EVA in East China has increased, and the price competition pattern is worthy of continuous tracking.

POE (100000 tons/year): expected second Quarter 2026 put into production, using the company's independent development of a full set of technology, the production of photovoltaic film materials, toughening materials and other high-end series. Overlay 350000 tons of EVA capacity, will form. EVA + POE Dual Mainstream Photovoltaic Film Material Complete Matrix it is one of the most concerned production nodes in the field of new chemical materials. Relevant import source traders should pay attention to price changes in advance.

carbonate lithium solvent: capacity Coverage EC 100000 tons/year, EMC 50000 tons/year, DEC 9000 tons/year the main raw materials EO and carbon dioxide are the company's own production, has passed the lithium-electric industry head customer certification and achieve stable supply, customer structure quality is high.

PLA and PPC: PLA Capacity 40000 tons/year, matching 100000 tons/year lactic acid plant master the whole chain independent technology of "starch-lactic acid-lactide-PLA"; PPC 50000 tons/year the device has been january 2026 completed in the exchange, will be put into production, the company's own carbon dioxide and PO as raw materials, both carbon sequestration and emission reduction properties, technology has been included. National Key R & D Program. The two go hand in hand, making Lianhong Xinke one of the most complete chemical enterprises in the layout of biodegradable materials in China.

PPG: device in november 2025 completed and put into operation, using the company's independent development of continuous process, the main raw materials PO and EO all self-production, positioning high-end polyether polyol market.

XDI: domestic almost entirely dependent on imports of high-end specialty isocyanates, technology jointly developed by the company and the Chinese Academy of Sciences, has been included. National Key R & D Program, is expected 2027 completed and put into operation, when the relevant import source pattern or will undergo substantial changes.

2. timeline study: three key nodes, overseas practitioners need to be laid out in stages

near term (Q2 2026):POE production is the highest priority tracking node. Domestic POE production capacity is scarce, Lianhong independent technology landing will accelerate the process of import substitution, it is recommended that the relevant importers in advance to assess the export strategy and inventory rhythm to China.

Medium-term (continued in 2026):EVA 200000 tons of new capacity released, East China regional price competition tends to be active. Tube method and kettle method product differentiation competition pattern is worth closely tracking, to avoid high-level passive pick-up.

Long-term (2027):XDI localization breakthrough will reshape the import pattern. It is recommended that relevant overseas suppliers study channel adjustment strategies in advance and grasp the layout space during the policy window period.