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2024 New Year Address by the Chairman of Wanhua Chemical

TIME :2023-12-31

Dear colleagues,


Greetings to you all! Time flies, again this auspicious period is coming, here I extend warm greetings and heartfelt blessings to all Wanhua colleagues and your families, and to those who care and support the development of Wanhua!


The year 2023 has proven to be an exceptionally challenging one. Faced with a complicated economic situation, all Wanhua colleagues took the bull by the horns with implementing the tactic of "keeping high-quality investment and solidifying sustainable development." We have grown amidst challenges and presented a satisfying result marked by tears and sweat.


 In the past year, we have persevered in our efforts to solidify the market foundation. With a firm commitment to expanding into broader international markets, guided by the marketing principles of "broadening sales channels and cooperating in a win-win relationship" we have witnessed a growth in headwind across global business sectors. We continuously introduce green, low-carbon, and sustainable solutions, innovate application scenarios, and drive high-quality development of industries, adhering to our mission of "Advancing Chemistry, Transforming Lives!" The excellent culture, ultimate products and impeccable services of Wanhua are well-known in every corner of the world, resonating with the Wanhua brand, and consolidating our image as a reliable partner for customers.


In the past year, we have fostered and gathered strength, resulting in a more vibrant team. We inspire talents with the vision of "to become an innovative, world-class chemical company, admired by our employees and respected by the community," and attract them with a work environment characterized by "no nepotism, no factionalism, and no interest manipulation." With over 5,000 outstanding talents joining us, we have infused the company with an energetic force. "Wanhua University" has continually innovated talent-nurturing methods and optimized the training system. As a result, the culture of Wanhua has been deeply rooted among the team, and our professional capabilities have become increasingly refined.


In the past year, we have progressed in manufacturing excellence. For two years, we have optimized and upgraded the Wanhua Manufacturing Excellence System, centered on "standardization, automation, and intelligence," further enhancing our ability to produce high-quality products. The promotion of "Innovations Inside the Box" brought an atmosphere of participation among all employees, gathering incremental wisdom to generate powerful momentum for the company's development. We have consistently refined our modern corporate governance system. Aiming to become a world-class model company, we are advancing towards the goals of product excellence, outstanding brand, leading innovation, and modern governance. Our inaugural release of the group's ESG strategy declared Wanhua's commitment to achieving peak carbon emissions before 2030 and striving for net zero emissions by 2048. It showcases our unwavering determination towards energy-saving and carbon reduction.


In the past year, we have been resolutely forging ahead, yielding abundant results in technological innovation. We have steadfastly accelerated the expansion of our existing businesses, achieving industrialization with the 7th-Gen MDI technology and new TDI technology, with efficient energy and higher quality. Numerous polyol products have been introduced to provide customers with more efficient and environmentally friendly experiences, solidifying Wanhua's leadership in the global polyurethane industry. Our second growth curve has advanced, achieving breakthroughs in various battery material technologies. This progress instills strong confidence in positioning Wanhua as the "Chief Innovation Officer" and "Industry Leader" in the battery material field. Wanhua is harnessing the power of technological innovation to explore more frontiers, powering humanity toward a better life.


In the past year, we have pursued excellence, achieving a comprehensive enhancement in project management capabilities. As the annual theme for 2023 is "Project Management," with a focus on scientific feasibility assessment, process control, review, and the refined "Investment Control Guidelines," we have delved into the implementation of activities such as product optimization, process improvement, and energy saving. Significant optimization in project investments has been realized, reinforcing the awareness of project management across the company. 


In the past year, we have witnessed rapid progress in the construction of our industrial parks. The construction of Wanhua Low-Carbon Industrial Park phase Ⅰ is in full swing. Expanding our presence to Northwest China, we are charting new territories in our industrial layout. Each production base is under intense construction, with the commissioning of new facilities being announced regularly. Substantial progress has been made in planning overseas sites. Our bases in Yantai, Ningbo, Fujian, and Hungary have successfully completed the largest-scale revamp and technological upgrades. This achievement represents a solid step of constructing environmentally friendly, low-carbon, and highly competitive chemical parks.


Every one of Wanhua struggles with strong passion. We have promoted the exploration spirit of pursuing dreams, cooperating in tackling difficulties and win-win cooperation. All of us are contributors, striving to establish a world-class Fortune 500 company!


In 2024, we aim to align with the trends of era development, leveraging the management theme of "Digitalization Year." We will focus on the construction of a fully digitized and smart system throughout the entire chain, from customer demands to product delivery. Maneuvering big data and AI, we seek to achieve seamless integration across the industry chain, supply chain, information chain, and value chain. Our goal is to create an efficient, convenient, controllable, and secured value chain, enhancing operational excellence and forming a competitive advantage for Wanhua.


At the same time, we must realize the future risks and challenges while adhering to the principles of breaking away from complacency, identifying shortcomings, and enhancing capabilities. We are committed to effectively implementing the production management system with safety as the core and continuously improving safety management capabilities. We will expedite the recruitment and training of talents, nurturing more to embody the "Six Attributes of Wanhua Talent." Additionally, we will prudently control the investment pace to achieve high-quality development.


Charge at the toughest and aim at the farthest. Grounded in the strategic plan of the group, we will balance the current situation with long-term development. The new journey is a long one full of glories and dreams where there is no shortcut but hard work. We created a glorious past with diligence, and we will pursue high-quality development in the same way!


I wish all Wanhua colleagues and friends a happy New Year and may all your wishes come true!


Chairman: Liao Zengtai
December 31, 2023

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