Bio-based Material China Quarterly Report

Welcome to the Bio-based Material Quarterly Newsletter Q1 2025

Policy

In Q1 2025, the National Development and Reform Commission, along with seven other departments, issued the "Green Technology Promotion Catalogue (2024 Edition)", which included multiple bio-based energy and material technologies; the Standard Technology Management Department of the State Administration for Market Regulation released a notice on the public solicitation of opinions for the proposed establishment of 185 national standard projects, including "Plastic Bio-based Plastics - Carbon Footprint and Environmental Footprint - Part 4: Environmental (Overall) Footprint (Life Cycle Assessment)".

Market Dynamics and Corporate Aspects

In mid-March, 2025, Wanhua Chemical released the preliminary earnings estimate announcement for the year 2024. In 2024, Wanhua Chemical achieved revenue of USD25.38 billion (RMB182.07 billion) , a growth of 3.83% YoY, while the net profit attributable to shareholders of the listed company was only USD1.82 billion (RMB13.03 billion), a decrease of 22.49% YoY.

In Q1 2025, the following domestic bio-based projects made new progress.

• Shandong IFT's 20,000 t/a furfural and supporting project (Phase I)
• Huafeng Ruixun's 500,000 t/a BioPTMEG project
• Yacoo New Material's bio-based polyester materials PEF and its key monomers FDME and FDCA and other supporting projects
• HISUN's 150,000 t/a PLA project
• COFCO Technology's 30,000 t/a DL-Lactide relocation project
• Shandong Yuanli's 30,000 t/a dibasic alcohol project

Price

During Q1, PLA prices slipped and then went up while PHA prices fluctuated significantly.

The USD/CNY exchange rate in this newsletter is USD1.00=CNY7.1745 on 3 March, 2024, sourced from the People's Bank of China. Unless otherwise specified, all the prices mentioned in this newsletter will include the VAT.