Public companies increase investment in the membrane materials sector

证券日报记者 丁蓉

On March 24, Guangdong Degaon Film New Materials Co., Ltd. (hereinafter referred to as “Degaon New Materials”) announced that its wholly owned subsidiary, Guangdong Degaon Packaging Materials Co., Ltd., will invest in and build an upgrade and capacity expansion project for electronic and new energy film materials in the Zhongxing Science and Technology Park in Shunde, Foshan, with a total investment of approximately RMB 420 million.

According to the announcement, the project will build factory facilities, purchase BOPP production lines and related equipment, etc., and the expected construction period is 27 months. The project’s core products are functional films such as electronic and new energy film materials and adhesive-free film materials. The expected annual production capacity is 26,400 tons.

A relevant person in charge of Degaon New Materials said: “This investment is a decision made based on the company’s comprehensive assessment of the industry development cycle, market demand, and the development of its own business. It is an important measure for the company to upgrade its differentiated product strategy of ‘film materials +’. The existing functional film production lines of the company and its subsidiaries are already basically operating at full capacity. This capacity expansion project will help the company break through production capacity bottlenecks, optimize the company’s product structure, expand its market share, and strengthen its competitiveness in consumer electronics and new energy film materials.”

Since this year began, investment in the film materials segment has been hot, and multiple listed companies have increased their deployments. On March 12, Anhui Wanwei High-Tech Materials Co., Ltd. (hereinafter referred to as “Wanwei High-Tech”) released a 2026 plan for a targeted issuance of A-share stocks, proposing to raise RMB 3.00 billion for an annual production of 200,000 tons of ethylene method functional polyvinyl alcohol resin projects and an annual production of 30 million square meters of polyvinyl alcohol optical films for higher-generation panels.

This fund-raising and investment project is a key initiative for Wanwei High-Tech to extend its main business chain and enhance its core competitiveness. The company is currently opening up an end-to-end industrial chain pathway from basic chemical feedstocks to high-end functional film materials. Implementation of the project will not only further promote Wanwei High-Tech’s capacity upgrade, increase the scale supply capability of high-end products such as high-purity polyvinyl alcohol and polyvinyl alcohol optical films, but will also help the company make its capacity layout more balanced and enhance its ability to provide nearby service to downstream customers.

In February this year, Foshan Fosuc Technology Group Co., Ltd. (hereinafter referred to as “Fosuc Technology”) announced that the company has completed the issuance of shares and the payment of cash to purchase 100% of the equity of Hebei Jinli New Energy Technology Co., Ltd. (hereinafter referred to as “Jinli New Energy”). The transaction price of the underlying assets is RMB 5.080 billion. The transaction uses a combination of “issuing shares + paying cash”; among them, RMB 400 million is paid in cash, and RMB 4.680 billion is paid by issuing shares. At the same time, Fosuc Technology raised supporting funds of RMB 1.0 billion from its controlling shareholder, Guangdong Guangxin Holdings Group Co., Ltd. Of this amount, RMB 400 million is used to pay the cash consideration for this transaction, and RMB 600 million is used to supplement working capital and repay debts.

A relevant person in charge of Fosuc Technology said: “Jinli New Energy has R&D technology and production advantages in ultra-thin, high-strength separator films, and holds a leading market share in the sub-segment of ultra-thin, high-strength separator films. The company and Jinli New Energy both operate in the field of polymer thin film materials. The two sides can achieve effective integration and mutual empowerment in terms of industrial synergy, customer resources, production equipment, production processes, and core technologies.”

Fu Yifu, a special research fellow at Sushang Bank, told reporters of the Securities Daily: “The film materials track is favored by capital, especially high-end functional film materials applied in the electronics and new energy fields, which have high growth potential.”

Bai Wenxi, Chairman of Zhongyou Kunlun (Beijing) Asset Management Co., Ltd., said in an interview with reporters of the Securities Daily: “Demand in the downstream segment for high-end film materials is strong. As the pace of localization accelerates, enterprises with technological innovation capability, large-scale production capacity, and core customer resources are expected to seize the dividends from industry development.”