皖维高新2026年度关联交易预计公告深度解读

【要点摘要】

• 2026年度公司与多家关联方的日常关联交易预计总金额达83,258.10万元。
• 关联采购预计76,038.10万元，关联销售预计7,220.00万元。
• 涉及的关联方主要包括安徽皖维集团及其全资子公司、明池玻璃股份有限公司及其子公司等。
• 2025年度实际关联交易金额为61,963.38万元，低于原预计的87,534.10万元。
• 公告强调所有关联交易定价公允，不会对公司独立性及中小股东利益造成不利影响。
• 2026年度多个新项目投产，将推动运输及原材料采购等关联交易金额上升。

一、2026年度关联交易预计详细情况

公司预计2026年度与关联方的日常关联交易总金额为83,258.10万元，其中：

• 关联采购：76,038.10万元，主要包括向关联方购买燃料、动力、增塑剂、原材料及接受运输、技术等服务。
• 关联销售：7,220.00万元，主要包括向关联方销售聚乙烯醇、醋酸乙烯、PVB中间膜等产品及提供水电汽等服务。

主要交易对方包括：

• 安徽皖维集团有限责任公司及其下属子公司（如巢湖皖维金泉实业、巢湖皖维物流、安徽皖维集团物资等）
• 明池玻璃股份有限公司及其子公司（明池玻璃（安徽）有限公司）
• 安徽皖维先进功能膜材料研究院有限公司

二、2025年度关联交易完成情况对比

2025年度公司实际发生的日常关联交易金额为61,963.38万元，较原预计的87,534.10万元减少，主要原因包括：

• 公司对运输服务需求减少，导致运输类关联交易实际金额下降。
• 部分生产线尚未完工投产，原材料采购未达预期。
• 聚乙烯醇、醋酸乙烯等产品市场销售价格下跌，影响了关联销售金额。

三、2026年度关联交易变化及影响

2026年，公司预计因新项目投产，运输费用和原材料采购将有明显增长。例如，运输及代理服务预计金额由2025年的10,878.30万元增至20,000万元，显示公司业务扩张带来的采购及物流需求提升。
同时，增塑剂等原材料的关联采购预计由3,088.73万元增至9,300万元，关联销售金额也整体上调，反映公司产能扩充及下游需求增长。

此外，公司与明池玻璃及其子公司之间的PVB中间膜等产品的销售预计大幅提升，主要来自专用汽车级胶片生产线投产及明池玻璃对相关产品采购量的增加。

四、关联交易定价政策与合规性

公司强调所有关联交易均遵循市场化、公允定价原则，所有决策遵循关联董事回避表决、独立董事事前认可等合规程序。独立董事认为，本次关联交易不会影响公司独立性，不存在损害中小股东利益的情形。

五、对投资者和股价的潜在影响

• 公司2026年度日常关联交易金额大幅提升，反映业务扩张和新产能释放，显示公司整体经营向好。
• 如果实际执行情况达到或超过预期，有望对公司业绩产生正面影响，提升市场信心。
• 但投资者需关注原材料价格波动、市场需求变化、新项目投产进度等不确定因素，因这些因素可能影响实际关联交易金额和公司盈利水平。
• 所有关联交易需经2025年年度股东大会审议通过，相关决议结果及后续实际执行情况均值得投资者持续关注。

六、其他需关注事项

• 本次公告内容详尽披露了关联方信息及各项交易明细，体现公司治理规范性。
• 公告特别强调公司不会因关联交易对关联方形成依赖，保障公司独立性。

免责声明： 本文内容仅根据公司公告及公开信息整理，不构成任何投资建议。投资者据此操作，风险自负。

English Version

Anhui Wanwei Gaoxin 2026 Related Transaction Forecast In-depth Analysis

Key Highlights

• The company expects its daily related-party transactions with affiliates to total RMB 832.581 million in 2026.
• Of this, related-party procurement is expected to reach RMB 760.381 million, and related-party sales RMB 72.2 million.
• Key counterparties include Anhui Wanwei Group and subsidiaries, Mingchi Glass Co., Ltd. and its subsidiaries, among others.
• Actual related-party transaction amount for 2025 was RMB 619.6338 million, lower than the original estimate of RMB 875.341 million.
• The company emphasizes that all related transactions are fairly priced and will not adversely affect independence or minority shareholder interests.
• Several new projects are coming online in 2026, driving up transport and raw materials procurement values.

1. 2026 Related Party Transaction Estimates in Detail

The company estimates 2026 daily related party transactions as follows:

• Related Procurement: RMB 760.381 million, mainly for fuel, energy, plasticizers, raw materials, and services.
• Related Sales: RMB 72.2 million, mainly for sales of PVA, vinyl acetate, PVB films, and power/utility services.

Main counterparties:

• Anhui Wanwei Group and subsidiaries (Jinquan Industrial, Wanwei Logistics, Wanwei Materials, etc.)
• Mingchi Glass and its Anhui subsidiary
• Anhui Wanwei Advanced Functional Film Materials Research Institute

2. 2025 Actuals vs. Estimates

Actual related transactions for 2025 were RMB 619.6338 million, lower than the forecast RMB 875.341 million. Main reasons:

• Reduced demand for transportation services
• Some production lines not yet completed, hence lower-than-expected raw materials procurement
• Lower market prices for main products impacting sales values

3. 2026 Changes and Impact

The company expects significant increases in transportation and raw material procurement, thanks to new projects. For example, transport/agency services are forecast to rise from RMB 108.783 million (2025 actual) to RMB 200 million (2026 estimate).
Procurement of plasticizers and related materials is expected to rise from RMB 30.8873 million to RMB 93 million. Related sales are also forecast to increase, reflecting higher capacity and downstream demand.

The company also anticipates sales of PVB interlayer film to Mingchi Glass and its subsidiaries to rise sharply, as new automotive film production lines come online.

4. Pricing Policy & Compliance

All related transactions are conducted at market prices, with related directors abstaining from votes and independent directors pre-approving. The board believes these transactions will not affect the company’s independence or harm minority shareholders.

5. Potential Impact on Investors and Share Price

• Significant growth in related transactions reflects business expansion and new capacity, which may positively impact performance if realized as forecast.
• Investors should monitor raw material price fluctuations, market demand, and project progress, as these may affect actual results and profitability.
• All related transactions are subject to shareholder approval at the 2025 AGM. Outcomes and execution should be closely watched.

6. Other Points for Attention

• The company provides full disclosure of counterparties and transaction details, reflecting sound governance.
• Emphasizes that no over-reliance on affiliates will result from these transactions.

Disclaimer: The above content is based on company disclosures and is not investment advice. Investors act at their own risk.

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