BASF Publishes Annual Report for Greater China for the Seventeenth Consecutive Year

On June 18, the "BASF Greater China Annual Report 2024" was officially released. This marks the seventeenth consecutive year that BASF has published its comprehensive annual report for Greater China, reviewing its 2024 sustainability performance across economic, environmental, and social dimensions. It is also the first time BASF Greater China has disclosed an overview of its regional operations following the Group's launch of the "Winning with Purpose" corporate strategy in 2024.

Dr. Martin Lahajnar, Chairman and President of BASF Greater China, said: "In 2024, BASF Greater China recorded slightly lower sales compared to last year at €8.6 billion, but achieved a counter-trend volume growth of 2%, gradually recovering amid industry-wide pressures. Facing current challenges, we will continue steadfastly upholding our corporate purpose of 'Creating Chemistry for a Sustainable Future,' moving forward with determination through transformation."

In 2024, BASF continued deepening its presence in China by focusing on high-growth markets, accelerating innovation, and strengthening competitive advantages. The integrated Zhanjiang site project, with a total investment of approximately €10 billion, progressed steadily according to plan. Construction of the glycol ether monomer unit began at the site in 2024. In the same year, BASF expanded its advanced additives plant in Nanjing, expected to be completed by the end of 2025. The second polymer dispersion production line at BASF’s Daya Bay site officially commenced operations in 2024, enhancing supply chain responsiveness in key industries such as coatings, construction, and packaging.

In 2024, BASF successively inaugurated the Zhanjiang Integrated Technology Center and the Coatings Solutions Asia Pacific Application Center in Jiangmen, further strengthening its R&D capabilities in China. Meanwhile, BASF Greater China was honored with the “Blue Whale 50—Top 50 Global Corporations for Open Innovation,” recognizing its outstanding contributions to technological innovation.

In 2024, BASF continued advancing toward its goal of net-zero carbon emissions in China by 2050, consistently focusing on carbon reduction within its own production and operations. Multiple manufacturing sites across the country have already achieved 100% renewable electricity usage. Additionally, the offshore wind farm jointly invested in by BASF and Mingyang has commenced construction.

Furthermore, BASF actively promoted sustainable innovation and supported customers’ green transitions by collaborating with cross-industry partners. Collaborative achievements spanned numerous fields, including 100% recyclable TPU shoes, "design-for-recycling" steering wheels, and marine-friendly sunscreen products. BASF also co-initiated the "Pioneers Alliance for Zero-Carbon Recycled Paper Cups," calling on value chain partners to jointly advance the circular economy.

BASF is committed to creating a work environment that highly values and respects employees, prioritizing employee engagement, well-being, and career development. In 2024, BASF was recognized as an "Excellent Employer in China" for the fifteenth consecutive year, highlighting its ongoing efforts in building a diverse, inclusive, open, and innovative workplace.

As a responsible corporate citizen, BASF invested over €270,000 in social engagement projects across Greater China in 2024. These initiatives included science education programs, charitable donations, and employee volunteer activities, working together with employees to build a sustainable ecosystem. Notably, the 2024 "BASF Kids’ Lab" program was held in seven cities across Greater China, engaging more than 3,300 children in chemistry experiments and fostering their interest in chemistry.

As one of the earliest multinational corporations to publish comprehensive annual local reports, BASF has issued its Greater China Annual Report every year since 2008, enhancing transparent communication with stakeholders and increasing engagement.