On November 13, Gelonghui reported that Huaxin Securities' research reports pointed out that wanhua chemical group (600309.SH) faced pressure in Q3 performance, entering a new chapter of internationalization. In the third quarter, the net income attributable to the parent company was 2.919 billion yuan, down 29.41% year-on-year and down 27.33% quarter-on-quarter. Thanks to the proper arrangement of the company's maintenance plan, sales of polyurethane products were not affected by the equipment maintenance, with 1.41 million tons of polyurethane sold in the third quarter, a quarter-on-quarter increase of 2.17%. The company is collaborating with international giants to build an integrated project for specialty polyolefins. This cooperation relies on Nordic Chemicals' Borstar technology, launching the construction of an integrated facility with a capacity of 1.6 million tons/year in Fuzhou, Fujian Province. The facility primarily uses Nordic Chemicals' advanced proprietary borstar technology, which has a strong competitive advantage. It is expected that after the project is put into production, it will significantly enhance the international competitiveness of wanhua chemical group, helping the company enter the era of internationalization 3.0. The investment rating remains "buy."