Weekly New Materials Plastics Bulletin: Anhui Wanhao High-Tech Plans $920M Expansion, BASF Announces Price Hike, Global Ethylene Production Capacity Hits Record High

This Week's Big Tech News:BASF Raises Prices in ASEAN RegionMDI product prices; all shares held by Sanfangxiang’s controlling shareholder have been subject to judicial freezing, posing a risk of change in corporate control.Modern Motor CEO warns of possible U.S. tariffs on South Korean carsHonor willThe 2026 MWC will launch the first consumer-grade humanoid robot.

Weekly capacity dynamics:Global ethylene industry pattern is undergoing adjustment.In 2026, the global new ethylene production capacity will reach a record high of 14.6 million tons, with China accounting for 56% of the expansion, becoming the core of the expansion; the 1.2 million tons/year ethylene project of Dushanzi Petrochemical has entered the production stage; Wanwei High-tech plans to invest 660 million yuan in expanding PVA optical film production, adding 2 new production lines to strengthen the layout of high-end film materials; Bohai Chemical's acrylic acid ester and super absorbent polymer project has partially started production, achieving a transformation from a single product to multiple product fields; Lotte Chemical of South Korea will shut down its 1.1 million tons/year ethylene plant, relying on government support to promote industrial restructuring and optimize the capacity structure.

This week's material innovation:Frequent breakthroughs and certifications in the development of high-performance materials.Xenia has launched a series of impact-modified polyamide products based on PA11 and PA12, balancing rigidity and impact resistance for diverse engineering applications. RWDC Industries’ PHA has received the world’s first BPI home compostable certification, supporting the green transition in eco-friendly packaging. Coveris and SABIC have partnered to establish a new circular economy model for medical plastics, demonstrating the feasibility of closed-loop recycling for medical packaging.

Material application for this week:The application scenarios of new materials continue to expand, and Kailong New Materials' total investmentA 1 billion yuan high-performance TPU thermal insulation and light control film project has signed and landed in Jiangsu, aiming to build a global leading functional film production base; Hetai Ke has obtained small batch orders from humanoid robot customers, and is currently conducting supporting development for a leading domestic humanoid robot company, entering the robot material application sector; Qixiang Tengda, relying on the advantages of the MMA industry chain, has started trial operations of the aldehyde series chemical products project, officially entering the high-end synthetic fragrance field... More industry information, please read this week's [One Week New Materials Update].

I. Big Tech News

BASF announces price increase in the ASEAN regionMDI product price

On February 25, 2026, BASF announced that effective immediately or as permitted by contract terms, it will increase the prices of the basic products of Lupranate MDI (methylene diphenyl diisocyanate) in the ASEAN region by USD 200 per ton. This price adjustment is due to the continuous rise in raw material costs.

2. Transfar Chemical and Haiyin Digital have entered into a strategic cooperation.

On February 25, Transfar Chemical, Transfar Capital, and Haiyin Digital signed a strategic cooperation agreement in Hangzhou. The three parties will collaborate deeply in areas including intelligent textile digital printing technology, equipment R&D, green dyeing and finishing process upgrading, and integrated system solutions, accelerating the transformation of traditional dyeing and finishing toward greener, smarter, and more efficient operations.

3. Bosch and NIO sign a strategic cooperation agreement

On the morning of February 27, Bosch announced officially that on February 25, during German Chancellor Friedrich Merz’s first official visit to China, Bosch and NIO signed a strategic cooperation agreement. According to the agreement, the collaboration will cover NIO’s three brands—NIO, ONVO, and firefly—and involve deep cooperation in core technologies for intelligent electric vehicles, including brake control, steering systems, drive systems, body electronics, and perception modules, as well as key areas such as steer-by-wire chassis and battery management.

4. GAC GroupIn 2026, the Group’s automobile production and sales are expected to return to the 2-million-unit level.

On February 26, GAC Group held its 2026 High-Quality Development Conference. The conference clarified that the Group aims to restore its annual automobile production and sales volume to the 2-million-unit level this year, achieve positive growth in local output value, and continuously improve operational efficiency and profitability.

Huge Loss180 billion yuan: Maserati's parent company reports massive losses

The world's fourth-largest automakerStellantis underwent a costly strategic pivot in 2025. The company's financial report released on February 26 showed a net loss of €22.3 billion for the full year (approximately RMB 180.2 billion at current exchange rates), primarily due to €25.4 billion in exceptional charges incurred from its business restructuring initiated in the second half of the year. Despite the pressure on full-year results, operational performance showed signs of recovery in the second half, with revenue returning to growth and cash flow significantly improving compared to the first half.

6. HuaweiSales revenue exceeds 880 billion RMB in 2025

Huawei Chairman Liang Hua atAt the 2026 Guangdong High-Quality Development Conference, Liang Hua revealed that Huawei’s revenue in 2025 exceeded RMB 880 billion. He stated that in 2025, the company continued strengthening its core competitiveness and maintaining strategic focus, adhering to a high-quality development path and pursuing excellence in quality to deliver competitive products and services to global customers, ensuring overall stable operations.

7. All shares held by the controlling shareholder of Sanfangxiang have been judicially frozen.

On the evening of February 26, Sanfangxiang announced that all shares held by its controlling shareholder, Sanfangxiang Group Co., Ltd., and its Jiangsu Sanfangxiang International Trade Co., Ltd.—collectively representing 81.29% of the company's total shares—were judicially frozen on February 24 at the request of Jiangyin Jisheng Investment Development Co., Ltd. and Jiangyin Dongwu Construction Investment Co., Ltd.

8. Honor is entering the humanoid robot industry.

It is known that Honor will Huawei launched its first consumer-focused humanoid robot at the 2026 Mobile World Congress, becoming the first mainstream smartphone manufacturer to officially enter the humanoid robot market.

9. Hyundai Motor CEO Warns of Potential U.S. Tariff Hike on Korean Cars

Recently, Hyundai Motor President Kim Seong-yong warned that although the Trump administration suffered setbacks in related legal proceedings, the United States may still intensify tariff pressure on Korea’s automotive industry, and he urged the Korean government to promptly approve a package totalingA $350 billion investment bill in the U.S. to fulfill the commitment made under the U.S.-South Korea trade agreement reached last year.

II. Production Capacity Dynamics

1. Dushanzi PetrochemicalThe 1.2-million-ton-per-year ethylene project has entered the commissioning phase.

Tariim Second Phase Ethylene Project Air Separation UnitThe A/B side cold box has successfully produced qualified nitrogen, smoothly achieving handover, which marks an important milestone in the construction of the second phase of the Tarim Ethylene project, signifying the transition of the facility from the engineering construction phase to the commissioning phase.

This year, the global ethylene new capacity will hit a record high.146 million tons record, China accounts for more than half

Bloomberg New Energy Finance (According to the latest data from BloombergNEF (BNEF), global net ethylene capacity additions in 2026 will reach 14.6 million metric tons, roughly double the average annual additions over the previous five years, setting a record for the highest single-year increase. China will account for 56% of global net new ethylene capacity in 2026, making it the key driver of this expansion wave.

The 1.1 million ton/year ethylene plant will be shut down.

According to Korean media reports, the South Korean governmentOn February 25, it was announced that 2.1 trillion Korean won (approximately RMB 10 billion) in fiscal and tax support would be provided for the restructuring project of Lotte Chemical and HD Hyundai Chemical at the Daesan Industrial Complex. Under the restructuring plan, Lotte Chemical’s 1.1-million-ton-per-year naphtha cracker facility in Daesan will be shut down.

4. Wanhua High-Tech’s Proposed Investment660 million expansion of PVA optical film production

Recently, Anhui Wanyue High-tech Materials Co., Ltd. announced the annual production of30,000,000 square meters high-generation panel used polyvinyl alcohol (PVA) optical film project design bidding announcement. According to the information, the project will build 2 production lines, with a total investment of approximately 661.2941 million yuan.

Bohai Chemical: Partial Operation of Acrylic Ester and Super Absorbent Resin New Material Project

Bohai ChemicalsThe announcement on February 25 stated that part of the company's acrylic ester and super absorbent resin new material project has been ready for production and officially started feeding materials on February 24, 2026, marking the company's transition from a single product of propylene to multiple products in the field of high molecular new materials.

6. Approval for the Hexamethylenediamine Project of Anhui Haoyuan Chemical Co., Ltd.

Recently, regarding Anhui Haoyuan Chemical Group Co., Ltd. annual production ofThe 30,000-ton hexamethylenediamine project has been approved and announced on relevant websites. The project is located in the coal-based new materials industrial park of Yindong Economic Development Zone, Anhui, within the north factory area of Haoyuan Chemical. After completion, it will have an annual production capacity of 30,000 tons of hexamethylenediamine.

Jiangxi Brother Pharmaceutical Co., Ltd. Phenol and Its Derivatives Expansion Project

Recently, the Jiujiang Municipal Ecological Environment Bureau issued a public notice regarding the acceptance of the Environmental Impact Statement for the Benzene Diol and Its Derivatives Expansion Project of Jiangxi Brothers Pharmaceutical Co., Ltd. The investment for this expansion project will...RMB 10 million will be invested to expand and upgrade the existing project with an annual production capacity of 20,000 tons of hydroquinone and 31,100 tons of hydroquinone derivatives.

On February 26, Cangzhou Mingzhu responded to investor inquiries on the interactive platform, stating that the company currently has two ongoing projects for lithium-ion battery separator production: an annual capacity of 500 million square meters for dry-process separators and an annual capacity of 1.2 billion square meters for wet-process separators. Among these, two dry-process production lines have already commenced operations.

III. Material Innovation

1. Xenia launches impact-modified polyamide product series

Xenia Materials has announced the launch of the XELAMID new product series, an impact-modified material based on PA11 and PA12. XELAMID aims to combine excellent mechanical properties with low density, including several non-filled, impact-modified grades, achieving the optimal balance of rigidity, impact resistance, and energy absorption.

2. Weigou TechnologyPHA Obtains BPI Raw Material Home Composting Certification

Recently, Microtune WorksPHA biomaterials have received home compostable certification from BPI. This is the first BPI home compostable certificate awarded in the global PHA raw material field.

3. YINUO WEI has applied for a patent on fluorine-containing polyurethane elastomers and their preparation method for harsh environments, featuring excellent heat resistance.

Recently, information from the National Intellectual Property Administration shows that Shandong Inov Polyurethane Co., Ltd. has applied for a patent named "Fluorinated Polyurethane Elastomer for Harsh Environments and Its Preparation Method", with the publication number.CN121554701A, filed on January 2026.

Qixiang Tengda relies on itselfMMA Industry Chain Advantages: Official Entry into the High-End Synthetic Fragrance Sector

Recently, Qixiang Tengda relies on its ownThe company’s MMA industry chain demonstrates strong technological synergy advantages and is supported by comprehensive utility and auxiliary facilities. The aldehyde-series chemicals project, which the company invested in and constructed, has been successfully completed and has entered the trial operation phase, marking the company’s official entry into the high-end synthetic fragrance sector.

5. Coveris and SABIC Partner to Create a New Circular Economy Model for Medical Plastics

Four, Material Application

1. Total Investment

A 1 billion yuan project for the development and production base of high-end functional film materials. Upon completion, the project will establish a comprehensive product system covering automotive clear film, automotive window film and building energy-saving film, smart film, and sputtered film, and create the world's largest and most competitive functional film production base.

2. Qidexin Materials: Xiaomi is an important customer of the company, which provides carbon fiber products and high-performance modified plastics to this customer.

Qide New MaterialOn February 25, the company stated on the investor interaction platform that Xiaomi is an important customer, and the company provides carbon fiber products and high-performance modified plastics, among other supporting services, to this customer. The company possesses robust technological and operational foundations, enabling it to meet all of the customer’s mass-production delivery requirements.

3. Haitai: Has obtained a small batch order from a humanoid robot customer.

Haitaike recently stated on the interactive platform that the company has obtained a small batch order from a humanoid robot client. The related products have not been delivered or recognized as revenue, and the order amount is small, accounting for a low proportion of the company's future total revenue.