Wanshun New Material Receives 3 Institutions Including Guosheng Securities; Total Aluminum Foil Capacity Planned at 255,000 Tons; High-Value-Added Products in Small-Batch Supply

Recently, Shantou Wanshun New Material (5.870, -0.12, -2.00%) Group Co., Ltd. (securities abbreviation: Wanshun New Material, bond code: 123085) received an institutional research visit on January 6, 2026, with 3 institutions including Guosheng Securities (17.410, -0.21, -1.19%), Chuangfu Zhaoye and Lietou Capital participating. The company held in-depth exchanges with the institutions on the capacity layout, product innovation and operating conditions of its core business segments such as aluminum processing, functional film and paper packaging materials, disclosing key information including aluminum foil capacity planning and progress on high-value-added products.

Aluminum Processing Business: Capacity Expansion, High-Value-Added Products Become a Growth Highlight

During the research, the company introduced in detail the industrial chain layout and operating data of its aluminum processing business. According to the introduction, this business has formed an integrated industrial chain of aluminum sheet and strip and aluminum foil, with total aluminum foil capacity planned to reach 255,000 tons, of which the Jiangsu Zhongji base focuses on double-zero aluminum foil (packaging field), with a capacity of 83,000 tons; the Anhui Zhongji base focuses on battery aluminum foil, with existing capacity of 72,000 tons. Notably, the company's under-construction project with an annual output of 100,000 tons of power and energy storage battery foil is planned to fully complete construction before the end of September 2026, and once in production it will further consolidate the battery aluminum foil capacity advantage.

In terms of aluminum sheet and strip, the Jiangsu and Anhui bases have a combined capacity of 130,000 tons, and the Sichuan base has a capacity of 130,000 tons, bringing the total existing capacity to 260,000 tons. In the first three quarters of 2025, the company's aluminum processing business recorded sales of 128,000 tons, up 4% year-on-year, of which the aluminum foil business performed steadily, with the Jiangsu Zhongji base selling 51,000 tons and the Anhui Zhongji base selling 28,000 tons.

In product innovation, the company's key efforts on high-elongation battery aluminum foil and high-dyne battery aluminum foil have achieved breakthroughs. High-elongation battery aluminum foil improves elongation while ensuring tensile strength, which can raise processing yield and meet customers' optimization needs for compaction density and strip breakage rate; high-dyne battery aluminum foil has a high and stable surface dyne value, which can enhance slurry adhesion and coating uniformity, reduce resistance, and improve battery charge-discharge efficiency and cycle stability, making it suitable for scenarios such as sodium-ion battery cathodes and anodes. At present, the above high-value-added battery aluminum foils have entered the small-batch supply stage, injecting development momentum into the aluminum processing business.

Functional Film Business: Optimizing Product Structure, Focusing on High-Potential Tracks

The main products of the functional film business currently include high-barrier film, dimming conductive film, car wrap film and energy-saving film. In the first three quarters of 2025, affected by market price competition, the company proactively adjusted its product structure and reduced products with severe gross margin inversion; although this led to a decline in functional film business sales, the gross margin level improved.

Regarding future development directions, the company made clear that it will focus on market segments with development potential: first, advancing the application of high-barrier film in single-material recyclable packaging; second, expanding the market for conductive film used in automotive dimming roofs; third, building its own brands for high-end car wrap film and energy-saving film, to further enhance profitability by improving capacity utilization.

Paper Packaging Materials Business: High-Value-Added Products Drive Gross Margin Improvement

The main products of the paper packaging materials business are transfer laser cardboard, laminated paper and other special cardboard, applied in high-end packaging fields such as tobacco and liquor. In the first three quarters of 2025, sales of high-value-added special-edition transfer paper products in this business segment achieved growth, driving a slight increase in the overall gross margin level of the paper packaging materials business.