Wanshun New Material Hosts 3 Institutions; Total Aluminum Foil Capacity Targeted at 255,000 Tons, High-Value-Added Battery Foils Enter Small-Batch Supply

On January 6, 2026, Shantou Wanshun New Material Group Co., Ltd. (securities abbreviation: Wanshun New Material, bond code: 123085) hosted a research visit attended by three institutions: Guosheng Securities, Chuangfu Zhaoye and Lietou Capital. The discussion centered on capacity layout, product innovation and operational performance across its core segments - aluminum processing, functional film and paper packaging materials - while the company also shared key updates on aluminum foil capacity planning and high-value-added product progress.

Aluminum Processing: Capacity Expansion with High-Value-Added Products as a Growth Driver

During the visit, the company provided details on the industrial chain layout and operating data of its aluminum processing business. This segment has established an integrated chain covering aluminum sheet and strip and aluminum foil, with total aluminum foil capacity planned at 255,000 tons. The Jiangsu Zhongji base focuses on double-zero aluminum foil for packaging, with 83,000 tons of capacity, while the Anhui Zhongji base targets battery aluminum foil and currently has 72,000 tons. In addition, the company's under-construction 100,000-ton power and energy storage battery foil project is scheduled for full completion by the end of September 2026, which is expected to further strengthen its battery foil capacity advantage once production begins.

For aluminum sheet and strip, the Jiangsu and Anhui bases together have 130,000 tons of capacity, and the Sichuan base has 130,000 tons, bringing total existing capacity to 260,000 tons. In the first three quarters of 2025, aluminum processing sales reached 128,000 tons, a 4% year-on-year increase. The aluminum foil business remained steady, with 51,000 tons sold from the Jiangsu Zhongji base and 28,000 tons from the Anhui Zhongji base.

In product innovation, the company has achieved breakthroughs in high-elongation battery aluminum foil and high-dyne battery aluminum foil. High-elongation battery aluminum foil raises elongation while maintaining tensile strength, helping improve processing yield and meet customer requirements for compaction density and strip breakage rates. High-dyne battery aluminum foil offers a high and stable surface dyne value, which enhances slurry adhesion and coating uniformity, reduces resistance, and improves charge-discharge efficiency and cycle stability, making it suitable for applications such as sodium-ion battery cathodes and anodes. These high-value-added battery foils have now entered small-batch supply, adding momentum to the aluminum processing business.

Functional Film: Product Mix Optimization and Focus on High-Potential Niches

The functional film business currently offers products including high-barrier film, dimming conductive film, car wrap film and energy-saving film. In the first three quarters of 2025, amid market price competition, the company proactively adjusted its product mix and reduced products with severe gross margin inversion. Although this led to lower functional film sales, gross margin levels improved.

Looking ahead, the company will focus on selected high-potential market segments: first, advancing high-barrier film for single-material recyclable packaging; second, expanding conductive film for automotive dimming roofs; and third, building proprietary brands for high-end car wrap film and energy-saving film. Better capacity utilization is expected to further enhance profitability.

Paper Packaging Materials: High-Value-Added Products Lift Gross Margin

The paper packaging materials business mainly produces specialty cardboard such as transfer laser cardboard and laminated paper, used in high-end packaging for tobacco and liquor. In the first three quarters of 2025, sales of high-value-added special-edition transfer paper grew, driving a slight increase in the segment's overall gross margin.