TacticScaleWhat Wanhua Chemical (万华化学) Does & How It Makes Money (600309.SS)
Updated October 2026 · reflects Wanhua Chemical's latest reported financials
Chinese chemical giant making polyurethanes, petrochemicals and advanced materials. It makes money by producing chemicals and materials at scale and selling them to manufacturers in China and abroad.
How Wanhua Chemical makes money
It makes money by producing chemicals and materials at scale and selling them to manufacturers in China and abroad. Revenue comes from three segments: polyurethanes, petrochemicals, and fine chemicals and new materials.
What Wanhua Chemical does
Wanhua Chemical Group, founded in 1978 and headquartered in Yantai, China, develops, produces and sells chemical products in China and internationally. It was formerly Yantai Wanhua Polyurethanes and took its current name in 2013. Polyurethane feedstocks, isocyanates and polyether polyols, are still its core products, along with a petrochemical business that makes ethylene and olefin derivatives. Its Fine Chemicals and New Materials segment covers specialty isocyanates and amines, elastomers (TPU, POE, nylon), PMMA, water treatment membranes, superabsorbent polymers and ultra-high voltage cable materials. It also sells coatings and adhesives inputs, silicones, chlorine products, flavorings and nutritional ingredients, and battery materials such as lithium iron phosphate and graphite anodes. Customers are in furniture, automotive, construction, electronics, personal care and green energy.
Products & services
- Isocyanates (MDI/TDI)
- Polyether polyols
- Ethylene and olefin derivatives
- Thermoplastic polyurethane elastomers (TPU)
- Coatings and adhesives raw materials
- Lithium iron phosphate battery materials
万华化学是做什么的？
万华化学集团股份有限公司成立于1978年，总部位于山东烟台，前身为烟台万华聚氨酯股份有限公司，2013年更为现名。公司在国内外从事化工产品的研发、生产和销售，业务分为聚氨酯、石化、精细化学品及新材料三大板块，核心产品包括异氰酸酯、聚醚多元醇、乙烯及烯烃衍生物。 公司的新材料业务包括TPU、POE、PMMA、水处理膜、高吸水树脂、特高压电缆料等。此外还供应涂料与胶粘剂原料、有机硅、氯碱产品、香料和营养品，以及磷酸铁锂、石墨负极等电池材料。产品用于家居、汽车、建筑、电子电器、个人护理和新能源等行业，并出口海外。
What is Wanhua Chemical worth?
On an owner-earnings DCF, Wanhua Chemical's most-likely value is about ¥18 versus a recent price near ¥69 (288% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥11) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $69 is above even the optimistic Bull case ($27) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 16.0× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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