Lihuayi Weiyuan Chemical Co., Ltd.
600955.SS · SHH
Company research
Lihuayi Weiyuan Chemical Co., Ltd. (600955.SS) is a China-based specialty chemicals company founded in 2010 and headquartered in Dongying, Shandong Province, engaged in the research, development, production, and sale of polymer materials and fine chemicals. The company operates primarily through two key industrial chains — the polycarbonate industrial chain and the ethylene glycol industrial chain — producing a broad portfolio of products including phenol, acetone, bisphenol A, polycarbonate, isopropyl alcohol, and industrial gases such as liquid oxygen, argon, and nitrogen. Notably, Lihuayi Weiyuan is recognized as the first enterprise in China to possess the complete integrated product and industry chain spanning "phenol-acetone–bisphenol A–polycarbonate," with current production capacities of 700,000 tons/year for phenol-acetone, 240,000 tons/year for bisphenol A, 130,000 tons/year for non-phosgene polycarbonate, and 100,000 tons/year for isopropyl alcohol. Listed on the Shanghai Stock Exchange since September 2021 and led by CEO Xiumin Li, the company serves a broad base of industrial customers including chemical processors, plastic manufacturers, and fuel blenders, generating annual revenues of approximately CNY 9.06 billion (TTM) with a market capitalization of around CNY 8.1 billion.
Research reports
Initiating coverage with a “buy” rating, this report argues that 2025’s large reported loss is mainly due to sizable one-off impairments on several C3-chain assets, while core operations are seeing volume growth in phenol, acetone and propylene oxide and should benefit from the completed “propane–propylene–PO–electrolyte solvent” chain and dual-chain synergy with the polycarbonate business. It highlights that Q1 2026 has already returned to profitability, forecasts 2026–2028 attributable net profit of 9.63/9.94/10.82 billion CNY with corresponding PEs of about 11/10/9x, and flags key risks around C3-chain ramp-up, feedstock supply shocks from Middle East tensions, and weaker-than-expected polycarbonate demand.
环球富盛理财有限公司（Global Prosperity Financial Company Limited, Hong Kong Licensed Broker） · January 23, 2026维远股份 (600955.SH) 化工新材料、新能源双产业链独特优势，聚碳酸酯需求持续增长This brief note from a Hong Kong–licensed boutique highlights Weiyuan’s integrated “phenol–acetone–bisphenol A–polycarbonate–modified alloys” chain together with the emerging “propane–propylene–PO–electrolyte solvent” new-energy chain, arguing these dual industrial chains and expanding capacities position the company as a competitive organic chemical new-materials and new-energy base. It emphasizes sustained growth potential for polycarbonate and related materials, notes the company’s move into high-end PC/ABS applications for autos, electronics and other sectors, and briefly flags generic risks such as market competition, raw-material price volatility and project-execution uncertainty.