Shantou Wanshun New Material Group Co., Ltd. (Wanshun New Material, 300057.SZ) (300057)

Individual Stock Analysis Report | Industry: Aluminum Processing/Aluminum Foil (battery aluminum foil, packaging aluminum foil) and Functional Films | Report Date: September 13, 2026 | As of 2026-09-11 close (unless otherwise noted)

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Wanshun New Material achieved revenue of RMB 3.741 billion in H1 2026, up 38.93% year-on-year; net profit attributable to parent was RMB 58.2082 million, turning profitable year-on-year, with non-GAAP net profit attributable to parent of RMB 28.6105 million. The performance improvement mainly came from the recovery of the aluminum processing business: H1 aluminum processing revenue was RMB 3.485 billion, up 45% year-on-year, with combined profit of RMB 89.7864 million; among which Anhui Zhongji battery aluminum foil sales volume increased 75% year-on-year, and some battery aluminum foil processing fee increases have been implemented. It should be noted that the core data of the semi-annual report has media paraphrasing and caliber differences in some information, and formal judgment should still be based on the company's official semi-annual report.

The company's revenue structure is highly concentrated in the aluminum processing business, accounting for 89.77% of revenue in 2025, but with a gross margin of only 4.44%, indicating high profit elasticity; paper packaging materials account for approximately 7.89%, with a gross margin of 20.67%, while functional films account for only 0.50% with a negative gross margin. The company is advancing a 100,000-ton energy storage and power battery aluminum foil project, with core equipment partially put into production, and plans for total battery aluminum foil production capacity of 255,000 tons; simultaneously, it is establishing Jiangsu Nayi and Henan Wanshun Nayi to layout ultra-high surface tension aluminum foil for sodium-ion batteries, and has completed the acquisition of 100% equity in Eurofoil Luxembourg.

The company's previous profit foundation was relatively weak: 2025 revenue was RMB 5.797 billion, down 11.88% year-on-year, with net profit attributable to parent at a loss of RMB 184 million; 2024 also saw a loss of RMB 192 million. Although 2026 performance has turned profitable, according to Guotai Haitong's single-firm research forecast, net profit attributable to parent for 2026-2028 is projected at RMB 79 million, RMB 156 million, and RMB 264 million respectively, with forecast ROE of only 1.5%, 2.9%, and 4.6%, indicating that profit recovery is still in its early stages, and the so-called institutional consensus expectation is essentially not a consensus of multiple brokerages.

As of September 11, 2026, the company's stock price was RMB 6.36, with total market capitalization of approximately RMB 6.383 billion and price-to-book ratio of 1.13x; due to 2025 and prior TTM still being at a loss, the static and TTM price-to-earnings ratios are negative, and the dynamic price-to-earnings ratio calculated by annualizing H1 2026 profit is approximately 54.83x. The stock price has recently fluctuated around RMB 6.3-6.5, with the closing price slightly below the self-calculated MA5 of approximately RMB 6.41, main funds have seen net outflows for multiple consecutive trading days, and technical indicators have not yet shown a clear direction.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Aluminum processing (aluminum foil, aluminum sheet and strip): used in batteries, capacitors, printed circuit boards and other electronic components, as well as food/beverage/cigarette/pharmaceutical packaging and daily-use fields, accounting for 89.77% of revenue in 2025 (revenue RMB 5,204.21 million, +9.97% year-on-year, gross margin 4.44%), the absolute main body of revenue and profit
• Paper packaging materials (transfer paper, composite paper): used in cigarette labels, wine labels, daily chemicals, gifts and other packaging, in 2025 transfer paper accounted for 6.88% of revenue (revenue RMB 398.68 million, +1.28% year-on-year, gross margin 20.52%), composite paper accounted for 1.01% (revenue RMB 58.50 million, -36.89% year-on-year, gross margin 21.64%), paper packaging materials industry caliber total 7.89% (RMB 457.18 million, gross margin 20.67%)
• Functional films (high-barrier film, conductive film, car wrap film, energy-saving film, etc.): high-barrier film used in food and pharmaceutical packaging, photovoltaic encapsulation, electronic device encapsulation, display encapsulation; car wrap film used in automobiles; energy-saving film used in building/automotive glass; conductive film used in touch screens, dimming films/glass; in 2025 accounted for 0.50% of revenue (revenue RMB 28.79 million, -45.13% year-on-year, gross margin -55.23%)

2.3 Industry Chain Upstream and Downstream Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest period is the 2026 semi-annual report (disclosed 2026-08-28/29). 2026H1 revenue RMB 3.741 billion (precisely RMB 3,740,538,000), net profit attributable to parent RMB 58.2082 million (RMB 58,208,190), turning profitable year-on-year (prior year same period loss of RMB 53.0638 million); non-GAAP net profit attributable to parent RMB 28.6105 million, +141.41% year-on-year (turning profitable). By quarter: Q2 revenue RMB 2.042 billion (+65.9% year-on-year, +20.24% quarter-on-quarter); Q2 net profit attributable to parent RMB 36.2709 million (+178.13% year-on-year, +65.34% quarter-on-quarter); Q2 non-GAAP RMB 13.7418 million (+126.16% year-on-year, -7.58% quarter-on-quarter). By business: H1 aluminum processing business revenue RMB 3.485 billion, +45% year-on-year, combined profit RMB 89.7864 million. Data sources: China Securities Network (cs.com.cn, 2026-08-29), East Money (2026-09-03), Sina Announcements (Investor Relations Activity Record 2026-09-03), Jiemian, China Fund News (2026-08-28), Securities Star semi-annual report summary. ⚠️ Data conflict point: AASTOCKS (Gegelonghui) title once wrote "non-GAAP net loss of RMB 28.6105 million," contradicting most sources' "non-GAAP net profit of RMB 28.6105 million (+141.41% year-on-year)"; based on the company's semi-annual report and East Money/China Securities Network caliber (positive RMB 28.6105 million). 2026Q1 net profit attributable to parent YoY growth rate has caliber differences: Securities Star shows +430.23%, hx168 shows +189.77% (the latter may be "net profit" caliber including minority shareholders); the absolute amount of RMB 21.9373 million is consistent across both sources; Guotai Haitong report states "2026Q1 net profit attributable to parent turned profitable year-on-year to approximately RMB 0.2 billion." Recent financial report series sources: Securities Star financial indicators page, AASTOCKS earnings summary. 2025 annual report disclosure date: 2026-04-24 (AASTOCKS).

2026H1 performance achieved year-on-year turnaround, with net profit attributable to parent of RMB 58.2082 million (+209.69% year-on-year), compared to a loss of RMB 53.0638 million in the prior year same period; non-GAAP net profit attributable to parent of RMB 28.6105 million, +141.41% year-on-year. By quarter, Q2 revenue was RMB 2.042 billion (+65.9% year-on-year), net profit attributable to parent RMB 36.2709 million (+178.13% year-on-year, +65.34% quarter-on-quarter). By business, aluminum processing business revenue was RMB 3.485 billion, +45% year-on-year, combined profit RMB 89.7864 million; Anhui Zhongji battery aluminum foil sales volume +75% year-on-year; aluminum sheet and strip external + internal supply volume 104,000 tons, +21% year-on-year; some battery aluminum foil processing fee increases implemented. Main reasons for 2024 loss: gross margin declined from 8.10% to 5.58%, asset impairment losses of RMB 125 million (inventory write-down +RMB 61.40 million, fixed asset impairment +RMB 56.98 million, goodwill impairment +RMB 6.15 million), financial expenses +49.93% year-on-year, operating cash flow net turned negative at -RMB 292 million. 2024/2025 annual report EPS: 2024 basic EPS -RMB 0.2112, 2025 basic EPS -RMB 0.2068 (AASTOCKS). 2024 net assets per share RMB 5.8904, 2025 RMB 5.6434.

3.2 Profit Forecast

There is only one cross-verifiable formal sell-side research report: Guotai Haitong Securities (analysts Liu Jiakun/Mao Yuxiang), 2026-06-25/29 initiation of coverage "Capacity Expansion Solidifies Foundation, Profit Inflection Point Established," with "Overweight" rating, target price RMB 12.03 (based on 2026 2.3x PB). Forecast operating revenue: 2024A 6,579→2025A 5,797→2026E 6,288→2027E 6,926→2028E 7,697 million (YoY +8.47%/+10.14%/+11.13%); net profit attributable to parent: 2024A -192→2025A -184→2026E +79→2027E +156→2028E +264 million; EPS: 2026E RMB 0.08/2027E RMB 0.16/2028E RMB 0.26; forecast ROE: 2026E 1.5%/2027E 2.9%/2028E 4.6%. Sources: Sina Research, reportify, Dongjian Research, Sange Pijiang Report, Cailianshe (2026-06-26). Indirect confirmation of institutional consensus expectation: Securities Times·DataBao (2026-09-01) listed "institutional consensus forecast" net profit growth: Wanshun New Material 2026 +142.83%, 2027 +97.47%, which upon calculation exactly matches Guotai Haitong's single-firm forecast, indicating that the so-called "consensus expectation" is actually a single brokerage (Guotai Haitong) forecast, not a multi-brokerage consensus. ⚠️ Highly suspicious, not adopted sources: East Money "Caifuhao" self-media article (2026-06-02) claimed "4 brokerages consensus forecast 2026 net profit attributable to parent RMB 300-350 million, average RMB 320 million, EPS RMB 0.33-0.39," which is approximately 4x higher than the formally disclosed Guotai Haitong research report (2026E only RMB 79 million), and wrote "Guotai Junan" instead of "Guotai Haitong," showing obvious self-media compilation/AI generation traces, without original research report support, recommended to be rejected entirely and not cited as consensus.

3.3 Valuation Level and Institutional Ratings

Stock price: approximately RMB 6.36 (2026-09-11, Baidu Stock Connect 15:30); also readings of RMB 6.53, RMB 7.08 on different dates. Guotai Haitong report time point (2026-06-25) stock price RMB 9.09. Total shares/market cap: calibers differ — "total shares 1.004 billion, total market cap RMB 6.102 billion" (ccxe data platform); "total shares approximately 905 million" (reverse-calculated from EPS of RMB 0.0242); simplywall.st shows market cap CN¥6.674b (approximately RMB 6.674 billion); Guotai Haitong report caliber: total market cap RMB 9,122 million (RMB 9.122 billion, based on RMB 9.09 × 1.004 billion shares). Recommend understanding as approximately 900 million-1 billion shares, market cap approximately RMB 5.7-6.7 billion range, specific share count to be confirmed by company quarterly report. Net assets per share: 2025 RMB 5.6434, 2026Q1 approximately RMB 5.66. PB: based on RMB 6.36/approximately RMB 5.66 BVPS, approximately 1.1x; Guotai Haitong target price RMB 12.03 corresponds to 2026 2.3x PB. PE: 2024/2025 net profit attributable to parent negative, historical PE meaningless (negative); forward PE (iWencai, 2026-07-23, stock price RMB 6.36 caliber): 2026E approximately 80.8x, 2027E approximately 40.9x, 2028E approximately 24.2x (based on Guotai Haitong forecast EPS). 52-week stock price range (Guotai Haitong report, 2026-06-25): RMB 5.25-9.93. Sources: iWencai (PE forecast), ccxe data platform, simplywall.st, Guotai Haitong report. ⚠️ Uncertainties and limitations: 1) All sell-side forecasts essentially come from a single firm (Guotai Haitong) 2026-06-25 initiation of coverage research report; the so-called "institutional consensus forecast" (Securities Times/DataBao) upon calculation is that single firm's data, not constituting multi-brokerage consensus; 2) Self-media "4 brokerages RMB 320 million net profit consensus" (East Money Caifuhao) differs from formal research report by approximately 4x, judged unreliable, excluded; 3) 2026Q1 net profit attributable to parent YoY growth rate (+430.23% vs +189.77%), non-GAAP positive/negative sign (AASTOCKS individual title) have source conflicts, handled according to mainstream caliber and noted; 4) Total shares/total market cap have two calibers of 905 million and 1.004 billion shares, causing approximately 10% deviation in market cap and PE calculations, recommend using company periodic reports as reference; 5) Valuation data (stock price, PE, market cap) dates are not unified (between 2026-06-25 and 2026-09-11), and some come from JS-rendered pages/indirect calculations, not at the same time point, horizontal comparison should be cautious; 6) The above financial data are all formally disclosed positive report data (not preliminary) from the company.

4. Recent News and Announcements

4.1 2026 Semi-Annual Report: H1 Revenue RMB 3.741 Billion, Net Profit Attributable to Parent RMB 58.2082 Million Achieving Turnaround

According to Economic Observer/Jingguan Zhixun 2026-09-11 report, the company's H1 2026 operating revenue was RMB 3.741 billion, +38.93% year-on-year; net profit attributable to parent RMB 58.2082 million, achieving turnaround. The 100,000-ton battery foil project is being put into production in stages, with 4 of 12 core rolling mills already in production, with subsequent gradual release, being the largest production elasticity highlight for H2. Limitation: This financial figure currently only has a single media source paraphrase, not yet cross-checked word-for-word with the company's official "2026 Semi-Annual Report" original text, recommend using the official semi-annual report on Cninfo as reference.

4.2 Announcement on Participating in the 2026 Guangdong Listed Company Investor Collective Reception Day and Semi-Annual Report Performance Briefing (Announcement No. 2026-066)

2026-09-11 announcement (No. 2026-066): The company will participate in the "2026 Guangdong Listed Company Investor Collective Reception Day and Semi-Annual Report Performance Briefing," using online remote method (Panorama Roadshow), event time September 15, 2026 (Tuesday) 15:30-17:00, management will communicate with investors on 2026 semi-annual report performance, corporate governance, development strategy, operating conditions, etc. Multiple sources consistent, high credibility.

4.3 Acquisition of 100% Equity in Eurofoil Luxembourg S.A. — European Aluminum Foil Capacity Layout Progress

2025-12-10 announcement (No. 2025-067): Wholly-owned grandchild company Jiangsu Zhongji Composite Materials (Hong Kong) Co., Ltd. ("Hong Kong Zhongji") intends to acquire 100% equity in Eurofoil Luxembourg S.A. ("Eurofoil Luxembourg") held by Aluminium Investment Company Limited ("Aluminum Investment," registered in London, UK) for cash EUR 12,388,888. The target is engaged in aluminum foil, aluminum sheet and strip production and sales; as of 2025-09-30 net assets EUR 21,020,168.47. 2026-03-16: The 7th Board of Directors 2nd Meeting reviewed and approved; audit and evaluation completed, evaluated net assets market value EUR 32.1703 million, appreciation of EUR 11.1501 million over book net assets, appreciation rate 53.04%; due to delivery and consolidation expected to generate income accounting for more than 50% of the absolute value of the most recent audited net profit and absolute amount exceeding RMB 5 million, the transaction still needs to be submitted to the shareholders' meeting for review. 2026-03-31: 2026 2nd Extraordinary Shareholders' Meeting reviewed and approved. Early April 2026: Hong Kong Zhongji completed the equity delivery procedures for Eurofoil Luxembourg, Eurofoil Luxembourg became its wholly-owned subsidiary, included in the company's consolidated financial statement scope. The counterparty's equity structure is American Industrial Acquisition Corporation 70%, Kallisto Limited 15%, Aluminium Foil & Paper Ltd 15%. This transaction does not constitute a related-party transaction or a major asset restructuring.

4.4 Investment in Establishing Grandchild Company — Layout of Ultra-High Surface Tension Battery Aluminum Foil for Sodium-Ion Batteries (Announcement No. 2026-055)

2026-05-15 (Announcement No. 2026-055, disclosure date 2026-05-16): The 7th Board of Directors 5th Meeting approved: (a) Jiangsu Nayi: by wholly-owned subsidiary Jiangsu Zhongji New Energy Technology Group Co., Ltd. (60% shareholding) and wholly-owned grandchild company Hong Kong Zhongji (40% shareholding) with own funds RMB 200 million (RMB 200 million) to establish "Jiangsu Zhongji Nayi New Material Co., Ltd.," located in Peixian County, Xuzhou, Jiangsu, mainly engaged in ultra-high surface tension battery aluminum foil and other sodium-ion battery foil materials; (b) Henan Wanshun Nayi: by wholly-owned subsidiary Henan Wanshun Packaging Material Co., Ltd. with own funds RMB 100 million (RMB 100 million) 100% established, located in Changge City, Xuchang, Henan, same main business. Registered capital to be paid in stages according to business progress. Within Board of Directors authority, no shareholders' meeting review needed, does not constitute related-party transaction/major asset restructuring.

4.5 Jiangsu Nayi New Material Co., Ltd. Completed Industrial and Commercial Registration (Announcement No. 2026-061)

2026-06-22 registration completed: Jiangsu Nayi New Material Co., Ltd. completed industrial and commercial registration (Xuzhou Market Supervision Administration), unified social credit code 91320300MAKG8NN6XB, registered capital RMB 200 million, legal representative Du Jixing, establishment date 2026-06-22, address Peixian Economic Development Zone, Xuzhou, Jiangsu; announcement No. 2026-061 (2026-06-25). Additionally: Anhui Zhongji Aluminum-Plastic Film Technology Co., Ltd. completed industrial and commercial registration (announcement title seen in Sina announcement database, specific date not obtained).

4.6 Sale of Controlling Grandchild Company Equity and Passive Formation of External Guarantee — Shareholders' Meeting Review and Approval (Announcement Nos. 2025-059, 2025-069)

2025-11-29 announcement (No. 2025-059): Issued "Notice on Convening the 2025 3rd Extraordinary Shareholders' Meeting," the sole proposal being "Proposal on the Sale of Controlling Grandchild Company Equity and Passive Formation of External Guarantee," a special resolution matter (requiring more than 2/3 passage), equity registration date 2025-12-08, meeting 2025-12-15. 2025-12-15 resolution announcement (No. 2025-069): The proposal passed with total voting approval 99.4409%, opposition 0.4913%, abstention 0.0678%; minority shareholders approval 94.7817%. Limitation: Specific sale target, transaction consideration, guarantee amount and other details were not retrieved this time, need to consult original announcements from November-December 2025 for verification.

4.7 Wanshun Convertible Bond 2 (123085) Early Redemption — Triggering Conditional Redemption Clause and Implementing Redemption

Trigger reason: From 2026-03-27 to 2026-04-20, the company's stock had 15 trading days out of 30 consecutive trading days with closing price not less than 130% of the current conversion price of RMB 4.99/share (i.e., RMB 6.4870/share), triggering the conditional redemption clause. 2026-04-20: The 7th Board of Directors 3rd Meeting reviewed and approved the "Proposal on Early Redemption of Wanshun Convertible Bond 2," with reasons being optimizing capital structure and reducing financial expenses. Key timetable (announcement Nos. 2026-045/049/051 series): last trading day 2026-05-12 (abbreviated as "Z Shun Convertible Bond 2" on that day, trading ceased after close); trading cessation date 2026-05-13; last conversion date 2026-05-15 (redemption registration date); conversion cessation date 2026-05-18; redemption date 2026-05-18; redemption price RMB 100.87/bond (including interest tax); redemption funds arrival date 2026-05-25 (issuer funds reaching CSDC 2026-05-21). Conversion price history: initial RMB 6.24/share (2020-12-11 issued 9 million bonds, face value RMB 100 each) →6.20→...→5.00→RMB 4.99/share (effective from 2025-05-16). Risk data (media citing Wind): As of 2026-05-11 close, Wanshun Convertible Bond 2 secondary market price RMB 187.50/bond, unconverted ratio 10.89%, convertible bond balance RMB 98 million; if not converted/sold in time, loss calculated at redemption price may reach approximately 46.20%. After this early redemption is completed, Wanshun Convertible Bond 2 will be delisted from the Shenzhen Stock Exchange.

4.8 Corporate Governance, System Revisions and 2026 Annual Financing Guarantee and Other Related Proposals

Proposals related to the 6th Board of Directors 26th Meeting (see Sina announcement database summary for details): "Proposal on No Longer Establishing the Supervisory Board and Revising the 〈Articles of Association〉 and Related Procedural Rules"; revising "Independent Director Work System," "External Investment Management Measures," "External Guarantee Decision System," "Related-Party Transaction Management Measures," "Cumulative Voting Implementation Rules," "Raised Funds Management Measures," "Venture Capital Management Measures," etc.; "Proposal on Revising the 〈Future Three-Year (2025-2027) Shareholder Return Plan〉"; "Proposal on Applying for Comprehensive Credit Financing for 2026"; "Proposal on 2026 Guarantee Amount Forecast"; "Proposal on Conducting Hedging Business in 2026." Sources are title-level information, not verified item-by-item against original text.

4.9 2025 Annual Shareholders' Meeting Resolution Announcement (Announcement No. 2026-056)

2025 Annual Shareholders' Meeting (convened 2026-05-15, resolution announcement No. 2026-056, disclosure date 2026-05-16): Reviewed and approved "2025 Annual Report and Summary," "2025 Board of Directors Work Report," etc.; on-site + online attending shareholders' voting rights accounted for 26.7060% of total share capital, minority investors accounted for 3.3206%. Additionally, there is a 2025 Q3 convertible bond conversion announcement (disclosed October 2025, title-level information).

4.10 Stock Price/Capital Flow: 2026-09-11 Main Funds Net Sell RMB 595,700

2026-09-11: Wanshun New Material main funds net sell RMB 595,700 (source: Securities Star, single source, and amount is very small, for reference only). Reference price (2025-12-10 report footnote): Sina Finance page shows Wanshun New Material RMB 6.410, -0.15, -2.29% (date context is 2025-12-10). Limitation: This time did not systematically pull the latest September 2026 closing price, market cap, PE, etc., need separate verification.

4.11 Uncertainties and Coverage Gaps Statement

1. The current "research baseline date" is inferred to be approximately September 11-September 15, 2026 (based on the latest announcement/event date); the latest timestamp returned by search tools is 2026-09-11, whether there are new announcements after that cannot be confirmed. 2. The 2026 semi-annual report core financial figures (revenue RMB 3.741 billion, net profit attributable to parent RMB 58.2082 million) currently only have a single media source "Economic Observer/Jingguan Zhixun" paraphrase, not word-for-word compared with the company's official semi-annual report original text, marked as pending cross-verification. 3. "Sale of controlling grandchild company equity and passive formation of external guarantee" only confirmed procedure and voting results (passed 2025-12-15), target/amount and other substantive content not obtained. 4. Buyback, controlling shareholder/directors and supervisors shareholding changes, regulatory inquiries/penalties, latest policy impact and other directions, due to search step limit reached, were not independently searched this time, cannot confirm "none" or "present," belonging to this note's coverage gaps. 5. 2026-09-11 main funds net sell RMB 595,700 is a single source (Securities Star), and the amount is very small, for reference only. 6. Exchange rate/EUR consideration (EUR 12,388,888) and evaluation appreciation rate (53.04%) are transaction disclosure calibers, not final consolidated profit/loss figures; consolidation income "expected to account for more than 50% of the absolute value of the prior year's audited net profit" is a preliminary nature statement, ultimately determined by the consolidated date audited fair value difference (see announcement 2026-013 "Risk Warning"). 7. Key official information sources recommend using Cninfo (static.cninfo.com.cn) and Shenzhen Stock Exchange announcements as reference; media paraphrases are only clues.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Wanshun New Material (300057.SZ) closed at RMB 6.36 on 2026-09-11, slightly up 0.16%, amplitude 5.51%, turnover RMB 166 million, turnover rate 3.20%. In terms of price, it has recently been fluctuating narrowly in the RMB 6.3-6.5 range, with the closing price slightly below the self-calculated MA5 of approximately RMB 6.41. Capital flow is relatively weak: main funds net outflow for 6 consecutive trading days, approximately -RMB 54 million in the past 5 days, multiple calibers in the past 10 days consistently showing net outflow direction but with large magnitude differences (not suitable for precise citation); margin balance RMB 427 million, accounting for 8.10% of circulating market cap, has been declining for 4 consecutive days. In terms of technical indicators, East Money Qian Gu Qian Ping shows MACD/KDJ/RSI/BOLL/WR all "no obvious signal temporarily," comprehensive score 60.05 points, industry ranking relatively low; precise MA10/MA20/Bollinger Band values not obtained for 2026-09-11 same-day snapshot, third-party technical pages mostly have old date data, there are data gaps. In terms of valuation, dynamic P/E 54.83x, static and TTM negative, P/B 1.13x. Overall, short-term is in a pattern of shrinking volume fluctuation and continuous net outflow of funds, direction selection awaits confirmation from volume and capital flow changes. The above is a summary of this section's main text, specific short-term outlook see below.

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, for Reference Only)

⚠️ Risk Warning: The following content is only a technical subjective scenario deduction based on public data, does not constitute any investment advice, nor does it constitute buy/sell/hold instructions.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively higher weight, approximately 50-60% (subjective heuristic weight, not statistical probability)): Narrow fluctuation in RMB 6.20-6.50 range, turnover maintained at approximately RMB 100-170 million, main fund outflow slowing. Trigger conditions: overall market and industrial metals sector stable, no individual stock news.
• Weaker Downside (medium weight (subjective heuristic weight, not statistical probability)): Breaking below RMB 6.20, approaching RMB 6.00-6.07, even testing below RMB 6.00. Trigger conditions: main funds continue net outflow (past 10 days already net outflow of tens of millions), margin balance continues to decline (already declined 4 consecutive days), sector weakening.
• Rebound Strengthening (relatively low weight (subjective heuristic weight, not statistical probability)): Stabilizing above RMB 6.42 and breaking through RMB 6.50 with volume, recovering toward RMB 6.6-6.8. Trigger conditions: battery aluminum foil capacity release and other news catalysts, turnover expanding to above RMB 220 million, main/northbound funds turning to net inflow.

③ Capital and Liquidity Background

Turnover rate: 9/11 at 3.20%, 9/10 at 1.68%, 9/09 at 1.82%; turnover: 9/11 at RMB 166 million, 9/10 at RMB 89 million, 9/09 at RMB 97 million — daily turnover roughly in RMB 90-170 million range. Top ten circulating shareholders total 18.24% (as of 2026-06-30, announcement date 2026-08-29, data lags approximately one quarter, structure may have changed): mainly actual controller family (Du Chengcheng 56,062,900 shares, Du Duanfeng 23,808,200 shares) and industrial/PE-type shareholders; institutional side saw "CITIC Securities-Social Security Fund 17052 Portfolio" new entry of 14,259,100 shares (approximately 1.42% of circulating), Hong Kong Central Clearing (northbound) increased holdings by 4,001,800 shares to 10,994,000 shares (approximately 1.10%); public funds mainly Huafu New Energy, Huabao Ecological China, Ping An New Energy Select, Orient New Energy Vehicle, China AMC Core Assets, etc., each accounting for less than 0.6%. Overall institutional shareholding ratio is not high. Number of shareholders 43,076 (as of 2026-08-31, Stock Star), decreased from 47,503 as of 2026-06-30, chips slightly concentrated (this data also has time lag). Liquidity reminder: total market cap approximately RMB 6.4 billion, daily turnover approximately RMB 100 million, belongs to small-mid cap; combined with margin trading accounting for 8.10% of circulating market cap (higher than market average 4.37%), capital entry and exit will amplify volatility, slippage may be larger at times when order book is thin.

Recent normal single-day turnover approximately RMB 90-170 million; if single-day turnover continues to expand to above RMB 220 million (approximately 1.5x or more of the past 20-day average), it can be viewed as an observation signal of capital re-entry.

④ Key Points to Watch (Only Observation Ideas, Not Operational Instructions)

• Upward watch whether the RMB 6.42-6.50 resistance band can be broken with volume; downward watch two supports at RMB 6.20-6.23 (main force cost zone) and RMB 6.00-6.07 (recent low).
• Watch whether turnover expands to above RMB 220 million as confirmation of capital entry.
• Watch whether main funds can turn from net outflow to net inflow (already 6 consecutive days net outflow), whether margin balance can stop falling.
• Watch overall strength of industrial metals/aluminum processing sector and news catalysts (such as battery aluminum foil capacity release). The above are all observation ideas, not operational instructions.

The above scenario deduction is based on 2026-09-11 closing data and historical prices, technical indicator calculations, short-term stock price will also be disturbed by multiple factors such as news, capital flow, overall market environment, technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, nor constitute buy/sell advice, please combine with the latest market information for independent judgment and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• Risk of battery aluminum foil capacity release falling short of expectations: The 100,000-ton project is still in the phased production stage, only some of the 12 core rolling mills are in production, whether new capacity can form effective output and profit as planned remains to be verified.
• Low gross margin risk in aluminum processing: In 2025, aluminum processing business accounted for 89.77% of revenue, but gross margin was only 4.44%, company profit is relatively sensitive to processing fees, product structure, raw materials and capacity utilization changes, revenue growth may not proportionally translate into net profit.
• Performance sustainability risk: The company's 2024 and 2025 net profit attributable to parent were losses of RMB 192 million and RMB 184 million respectively, although H1 2026 turned profitable, non-GAAP net profit attributable to parent was only RMB 28.6105 million, profit scale is still small, subsequent quarters may see renewed fluctuation or return to loss.
• Capacity expansion and investment execution risk: The company plans to establish Jiangsu Nayi, Henan Wanshun Nayi and advance multiple battery aluminum foil layouts, involving own fund investment and capacity construction, if project construction, equipment commissioning, customer certification or order introduction fall short of expectations, may bring capital occupation and returns below expectations.
• Overseas M&A integration risk: The company has completed the acquisition of 100% equity in Eurofoil Luxembourg, transaction consideration EUR 12.3889 million, evaluated net assets appreciation 53.04% over book; final consolidation income and subsequent operating performance still have uncertainties, and faces overseas operations, exchange rate and integration management risks.
• Asset impairment and financial burden risk: In 2024, the company incurred asset impairment losses of RMB 125 million, financial expenses increased 49.93% year-on-year, operating cash flow net was negative; if battery aluminum foil project or related assets profit falls short of expectations, may still face impairment and financing cost pressure.
• Valuation and expectation gap risk: Dynamic P/E calculated by annualizing H1 2026 profit is approximately 54.83x, while 2026-2028 profit forecasts mainly come from Guotai Haitong single-firm research report, not multi-brokerage consensus; if actual profit is below forecast, valuation digestion pressure may increase.
• Capital and stock price volatility risk: As of September 11, 2026, the company's main funds have seen net outflow for multiple consecutive trading days, margin balance has been continuously declining, margin balance accounts for approximately 8.10% of circulating market cap; against the background of total market cap approximately RMB 6.4 billion, daily turnover approximately RMB 90-170 million, capital entry and exit may amplify stock price volatility.

8. Conclusion and Outlook

The company's current core logic is the volume-price recovery of aluminum processing, especially battery aluminum foil business, and the release of new capacity. In H1 2026, revenue, profit and aluminum processing profit all improved significantly, the 100,000-ton project phased production, Anhui Zhongji sales growth and processing fee increases provide potential elasticity for H2 performance; sodium-ion battery aluminum foil layout and Eurofoil Luxembourg consolidation help expand product and regional layout.

However, whether the company can form sustained profitability still depends on the actual production progress of the battery aluminum foil project, capacity utilization, processing fees and product profit levels, and whether the low gross margin characteristics of the aluminum processing business can improve. The company had consecutive losses in 2024-2025, H1 2026 non-GAAP profit scale is still not high, and future profit forecasts mainly come from a single brokerage, forecast ROE is at a relatively low level, therefore the sustainability of the performance inflection point still needs subsequent quarterly data verification.

From the trading and valuation performance perspective, RMB 6.20-6.30 and RMB 6.00-6.10 are recent observation support zones, RMB 6.45-6.55 has short-term resistance, but the company's current capital flow is relatively weak, margin balance has been continuously declining, precise medium-long term moving averages and most technical indicator snapshots also have gaps. Subsequently, key focus can be on battery aluminum foil new capacity release, aluminum processing gross margin and cash flow changes, and whether capital flow and trading volume can improve simultaneously.

Data Sources

• 萬順新材 (300057) 公司做什麼
• 万顺新材(300057)_个股概览_股票价格_新闻资讯_财报_财新数据平台_数据智能 引领金融未来
• [万顺股份[300057] - 创业板铝加工上市公司](https://baike.baidu.com/item/%E4%B8%87%E9%A1%BA%E8%82%A1%E4%BB%BD[300057]/19151900#2#1)
• 理工光科(300557)_个股概览_股票价格_实时行情_走势图_新闻资讯_股评_财报_FinScope-AI让投资更简单
• 万顺新材（300057）9月11日主力资金净卖出59.57万元-证券之星
• Shantou Wanshun New Material Group Co., Ltd.: Actionnaires Dirigeants et Profil Société | 300057 | CNE100000LT2 | Zonebourse - a7c08f74b6abc2f7a3a51d750.2HCHas_lD_k6PnvTqdR4eyqbyRFKgOrhuGD-hUzm0vs
• 300076 *ST宁视
• 300571 平治信息
• Shantou Wanshun New Material Group Co., Ltd. (300057) 会社情報 - Simply Wall St - NOT FOR DISTRIBUTION
• Shantou Wanshun New Material Group Co., Ltd.: azionisti, dirigenti e profilo società | 300057 | CNE100000LT2 | MarketScreener Italia - 144eec382c35d576f9caaef492fb93ce
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• 亚光科技:2025年年度报告_九方智投 - 西南3660966.393686860.22-0.71%-98.72%-98.32%-24.40%
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