Three display material companies, Chengzhi Co., Ltd., Puyang Huicheng and Wanwei High-tech, announced their latest results

Recently, three display materials companies including Chengzhi Co., Ltd., Puyang Huicheng, and Wanwei High-tech have successively released their latest results.

Chengzhi Shares

Chengzhi Shares’ operating income in 2025 will be 11.028 billion yuan, a year-on-year decrease of 0.35%; the net profit attributable to the parent company will be -78.1427 million yuan.

The company mentioned in its 2025 annual report that its main business structure has undergone major changes. The company has restructured its business segments and focused on its three core businesses of clean energy, new chemical materials and life medicine. This move is aimed at better adapting to market demand and the company's strategic layout.

In terms of new chemical materials, subsidiary Shijiazhuang Chengzhi Yonghua has developed into a major domestic manufacturer of liquid crystal materials and is actively expanding the market for OLED and other new display materials. At the same time, Chengzhi Huaqing's ultra-high molecular weight polyethylene project was successfully trial-produced in February 2026, marking the company's further development in the field of high-end chemical new materials.

In the field of clean energy, the company's subsidiary Nanjing Chengzhi is mainly responsible for the production of industrial gases and chemical products, especially in the production of methanol and olefins, and has achieved the integration of the propylene value chain. In addition, the company also established a joint venture with AP to establish a hydrogen energy technology company to promote the construction and operation of hydrogen refueling stations.

In the life medical sector, subsidiary Chengzhi Life focuses on green manufacturing and the development of health products, forming strong market competitiveness. The company is also committed to the cultivation and product research and development of industrial hemp, promoting the launch of new products.

On the same day, Chengzhi Shares also released its first quarter report for 2026. During the reporting period, the company achieved operating income of 2.836 billion yuan, a year-on-year decrease of 5.41%; net profit attributable to shareholders of listed companies was 233 million yuan, a year-on-year increase of 177.38%.

Puyang Huicheng

Puyang Huicheng released its first quarter performance forecast for 2026. During the reporting period, the company expects to achieve a net profit attributable to shareholders of listed companies of 16.2977 million yuan to 21.7302 million yuan, a year-on-year decrease of 55% to 40%.

During the reporting period, the main reasons affecting changes in the company’s performance were:

Affected by exchange rate fluctuations, the company is expected to incur exchange losses of approximately 17.65 million yuan in the first quarter, which will have a direct negative impact on the current net profit.

Since March 2026, affected by the international geopolitical situation, the prices of main raw materials for maleic anhydride derivatives have increased significantly, which has directly pushed up production costs and squeezed corporate profit margins. As product prices are gradually transmitted downstream, the negative impact of this factor on earnings is expected to gradually weaken.

Information shows that Puyang Huicheng is mainly engaged in the research and development, production and sales of fine chemicals such as maleic anhydride derivatives and functional material intermediates. The company uses maleic anhydride, butadiene, mixed carbon 5 and other raw materials as raw materials through synthesis, hydrogenation, distillation and other processes to produce a series of maleic anhydride derivatives.

Puyang Huicheng's products are widely used in electronic component packaging materials, electrical equipment insulation materials, wind power fields, composite materials, coatings and many other fields; functional material intermediates are mainly used in organic optoelectronic materials and other fields. Its customers include Huntsman, Westlake, OLED material manufacturers and many other internationally renowned customers.

Wanwei High-tech

In the first quarter of 2026, Wanwei High-tech achieved total operating income of 1.945 billion yuan, a year-on-year decrease of 2.84%, and net profit attributable to the parent company was 136 million yuan, a year-on-year increase of 15.68%.

Data show that Wanwei High-tech's main business is the research and development, production and sales of PVA optical films, high-strength and high-modulus PVA fibers, redispersible latex powder, PVB resin, VAE emulsion, safety glass, polarizers, etc.

It is reported that the core function of PVA optical film is to convert natural light into polarized light. By working together with liquid crystal molecules, it can accurately control whether the light passes through, thereby forming a clear image. As the core film material of liquid crystal display polarizers, the technical level of PVA optical films directly determines the performance of polarizers.

In March 2026, Wanwei High-tech announced that it plans to issue A shares to its controlling shareholder Wanwei Group to raise a total of no more than 3 billion yuan (including the original amount). The net raised funds after deducting relevant issuance expenses will all be used for the 200,000 tons/year ethylene-based functional polyvinyl alcohol resin project and the annual production of 30 million square meters of polyvinyl alcohol (PVA) optical film projects for high-generation panels. Among them, the total investment of the PVA optical film project for high-generation panels is 661 million yuan, and it is planned to invest 400 million yuan in raised funds.

The implementation of this investment project will, on the one hand, promote the upgrading of Wanwei's high-tech production capacity and significantly enhance the large-scale supply capacity of high-end products such as high-purity PVA and PVA optical films; on the other hand, it will help the company build a national production capacity layout covering the four major production bases in Anhui, Guangxi, Inner Mongolia, and Jiangsu.