本次投资是万马高分子应对外部日益激烈的竞争，践行"规模化发展、总成本领先"战略的需要。万马高分子通过和上游石化企业的合作，将上游石化基料的生产和下游电缆料的生产结合成一个连续的生产步骤，降低中间成本，将进一步提升产品竞争力，巩固和提升公司产品的市场份额，从而推动公司主营业务可持续增长。On August 7, 2024, the 27th meeting of the sixth board of directors of Wanma shares (002276.SZ) passed the resolution on the establishment of an integrated project with Zhenhai Refining and other joint investments. Wanma Polymer Materials Co., Ltd., a subsidiary of the company, intends to sign a joint venture agreement with Zhenhai Refining and Ningbo Zhongpu Petrochemical Investment Group Co., Ltd. (referred to as "Ningbo Zhongpu Petrochemical") and jointly invest in and construct integrated polymer material projects. The joint venture company will be jointly funded to establish, with Wanma Polymer, Zhenhai Refining, and Ningbo Zhongpu Petrochemical holding 55%, 40%, and 5% equity, respectively, to strengthen and expand the new materials business by leveraging their respective technical and market advantages.
The scope of the integrated cooperative project includes: 0.3 million tons/year of chemically crosslinked cable materials, 0.4 million tons/year of silane-crosslinked cable materials, and related supporting facilities such as raw material warehouses/packaging. Party A promises to prioritize investment in and utilization of production capacity of the joint venture company. In the future, the new construction of low-medium voltage cross-linked polyethylene cable material integration project will prioritize the joint venture company.
In the future, all parties may explore the feasibility of collaborating on 0.4 million tons/year of FDPE equipment and 0.3 million tons/year of PP equipment with the joint venture company.
This investment is the need for Wanma Polymer to respond to increasingly fierce external competition and implement the strategy of "scale development and overall cost leadership." Through cooperation with upstream petrochemical enterprises, Wanma Polymer combines the production of upstream petrochemical raw materials and downstream cable materials into a continuous production process, which reduces intermediate costs, further enhances product competitiveness, consolidates and enhances the company's market share of products, and promotes the sustainable growth of the company's main business.