28/05/2026
2026Q2 UPC Investor Conference 法人說明會
Q&A Session 問答集 (請往下滑到中文內容)
1. Looking ahead to Q2 and the second half of the year, how does UPC view the company’s operational outlook?
maintains a cautious but strategically flexible view toward operations in the second quarter and the second half of the year. Since May, the cancellation of export tax rebates and the end of pre-stocking driven by the conflict have led downstream customers to enter a destocking phase. In addition, June to August is traditionally the low season for the industry, resulting in a structural slowdown in demand.
However, with global peers maintaining low operating rates of around 50% to 60%, and with a significant increase in upstream alcohol feedstock capacity, spreads are expected to gradually widen. As a result, second-quarter performance is expected to be better than the same period last year.
In addition, as the Mainland Chinese government is expected to conduct energy-efficiency inspections and gradually reduce or eliminate high-energy-consuming carbide-based PVC plants in 2026, this is expected to create a structurally positive development for ethylene-based PVC producers such as UPC over the medium to long term.
Looking into the second half, amid uncertainties such as inflation, the Company will adopt the principle of determining production volume based on maintaining spreads, while responding to market changes through diversified raw material sourcing and product allocation among affiliated companies.
2. The company presentation highlighted high-end application markets. Could you further elaborate on the target industries and application segments you are focusing on?
The core strategy for high-end application markets is to reduce overreliance on traditional bulk industries, such as construction and infrastructure, and gradually shift products toward higher-quality, performance-specific demand areas, including medical devices, high-end food packaging, and automotive electronic materials.
Through frontline visits jointly conducted by R&D colleagues and the sales team, the Company aims to directly identify downstream customer pain points. At the same time, UPC can leverage its regional production and dispatch flexibility across multiple bases in Taiwan, Mainland China, and Malaysia to deepen customer relationships.
3. UPC has been strengthening its and product lines. How does the company plan to further expand in the U.S., European, and Japanese markets? Which application markets are we targeting in these regions?
In line with the environmental trend in Mainland China, where traditional plasticizers such as have been included in the List of Priority Control Chemicals, UPC is focusing on medical, high-end packaging, and automotive markets, including electric vehicle interiors.
At this stage, due to the weak economic environment and higher selling prices in Europe and the U.S., customers have shown relatively lower willingness to switch to environmentally friendly hydrogenated products such as DINCH, and progress has been somewhat slower. Therefore, the Company is currently using DINP, which has a cost advantage, as the main product for replacing traditional plasticizers. In Japan, UPC’s DINP sales have already increased significantly as local peers reduced production and exited the market.
Going forward, as the economy improves and regulations become stricter, DINCH is expected to have significant growth potential in high-end markets such as Europe, the U.S., and Japan.
4. The recovery of U.S. manufacturing and improving real estate market conditions are expected to support growth in PVC demand.
UPC fully agrees that the return of U.S. manufacturing and the recovery of the real estate market are important drivers of global PVC demand growth. However, for Asian producers, including those in Mainland China, the benefits have not yet been substantially reflected at this stage. This is mainly because carbide-based PVC still accounts for more than 70% of Mainland China’s PVC production, and its low pricing continues to create heavy export pressure on Asian PVC markets.
Recorded by: Meeting Host and Spokesperson, August Chang
Assistant Recorder: Ray Chang
https://youtu.be/nCn1qJ0Ipmg?si=MgLoNaKWYtGFKeTY
1. 展望Q2及下半年，聯成怎麼看公司營運？
#聯成 對第二季及下半年營運抱持審慎且具策略彈性的態度，雖然5月起，因取消出口退稅與戰時提前拉貨效應結束，而進入下游去庫存階段，加上6至8月為石化傳統淡季，導致需求結構性減緩。
但受惠於全球同業維持五到六成低開工率，以及上游醇類原料產能大增，預期 #可塑劑 利差將逐步擴大，使第二季表現應較去年同期為佳。
另外，隨著中國大陸政府預計於2026年，對高耗能電石法工廠進行節能監察與減產淘汰，中長期將對聯成等乙烯法廠商迎來結構性的正面利多。
而面對下半年通膨等不確定因素，公司將採取「以保持利差來決定產量」的原則，並透過原料多元化與關聯企業產品調度等方式，因應市況的變化。
2. 公司簡報中強調的高端應用市場，麻煩具體說明聚焦產業應用方向。
高端應用市場的策略核心在於降低對傳統建築與基礎建設等，大宗單一產業的過度依賴，逐步將產品轉向醫療器材、高端食品包裝以及車用電子材料等高質化、特定高性能的需求領域，並透過研發同仁第一線協同業務拜訪，直接切入下游痛點，同時發揮在台灣、中國大陸、馬來西亞等多基地的區域生產調度彈性，深化與客戶的連結度。
3. 聯成強化DINP跟DINCH，公司預計如何執行增加歐、美、日？針對這些區域我們聚焦那些市場？
順應中國大陸將傳統可塑劑如DEHP等，列入優先控制化學品名錄的環保趨勢，聯成聚焦於醫療、高端包裝及電動車內飾等車用市場。
現階段考量環保氫化產品DINCH在歐美因經濟不佳與高售價，導致客戶轉換意願較低、進展稍慢，因此公司採取以成本具備優勢的DINP作為替代傳統可塑劑的推廣主力，目前日本市場已因當地同行減產退出而促使聯成DINP銷量明顯增長。
未來隨經濟好轉與法規收緊，DINCH在歐美日等高端市場仍具備極大的發展空間。
4. 美國製造業回歸，房地產市場增溫，這是PVC需求成長原因。
聯成完全認同美國製造業回歸與房地產回溫，是拉動全球PVC需求成長的重要因素，但對於亞洲，如中國大陸的生產廠家而言，現階段尚未能實質受惠，主因是大陸電石法PVC產量仍佔七成以上，且在價格便宜，導致亞洲PVC外銷賣壓沉重。
記錄人：主持任暨發言人 張嘉麟
助理記錄人：張仕叡
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