Wanhua Chemical Reports 182 Billion Yuan Revenue in 2024 Despite Q1 2025 Dip

Wanhua Chemical released its 2024 annual and Q1 2025 reports on April 15, revealing a mixed financial picture. The company achieved 182.07 billion yuan in revenue in 2024, marking a 3.83% year-on-year increase. However, Q1 2025 revenue dropped by 6.70% to 43.07 billion yuan.

Despite the revenue growth, net profit attributable to shareholders slid 22.49%, falling to 13.03 billion yuan. Wanhua cited price volatility, rising raw material costs, and increased R&D spending as key profit dampeners. Meanwhile, total assets rose to 293.33 billion yuan, up 15.92% from the beginning of the year.

The growth was driven by capacity upgrades and higher product sales volumes, particularly in its polyurethane segment. Wanhua’s dominance in isocyanates (MDI and TDI) remained unmatched. By the end of 2024, it reached a record global isocyanate production capacity of 4.91 million tons. With ongoing expansion projects, this figure is set to climb to 5.94 million tons, reinforcing its global leadership.

Wanhua is also a key supplier of polyether polyols, with a capacity of 1.59 million tons, serving major industries such as home appliances, automotive, and coatings.

In petrochemicals, Wanhua expanded its C2/C3/C4 value chains. It successfully launched its Penglai PDH project and Yantai LDPE unit, marking its entry into high-end polyolefins.

A major milestone was the July 2024 agreement with ADNOC, Borealis, and Borouge to jointly develop a specialty polyolefin facility in Fuzhou, Fujian through a 50:50 joint venture.

To secure LPG feedstock, Wanhua is also bringing in a foreign strategic investor with strong LPG resources via equity expansion in its Yantai petrochemical subsidiary.

In fine chemicals and new materials, Wanhua advanced several key projects including POE, specialty polyethers, and a 4.8 kt/y citral-based fragrance unit—the largest of its kind worldwide. Other key developments include the PDH unit, Nylon-12 elastomer, and a 180,000-ton/year hexamethylenediamine project.