Jinfa technology adds 2.48 billion yuan

Recently, Jinfat Technology announced that its wholly-owned subsidiary, Shanghai Jinfat Technology Development Co., Ltd., plans to invest 248,693.40 million yuan in its wholly-owned subsidiary, Ningbo Jinfat New Materials Co., Ltd., all of which will be credited to the registered capital, increasing the total registered capital to 591,838.94 million yuan.

This move by Jinfa is primarily aimed at supporting the sustained high-quality development of its wholly-owned subsidiary, Ningbo Jinfa, optimizing its asset-liability structure, strengthening its capital base and risk resilience, and enhancing asset operational efficiency and overall competitiveness. It is reported that Ningbo Jinfa’s revenue in 2025 will reach RMB 7.23 billion.However, the net profit is -1.01 billion yuan, with total assets of 8.94 billion yuan and a debt-to-asset ratio of 91.3%.

In terms of production capacity, Ningbo Jinfa, building upon its existing 600,000 tons/year propane dehydrogenation (PDH) facility, commenced construction in 2019 on an integrated project for 1.2 million tons/year of polypropylene thermoplastic elastomer (PTPE) and modified new materials, with a total investment of RMB 10.5 billion.Planned to be fully completed and operational by the end of 2026.

This projectImplemented in two phases, (Phase I) has already been put into operation, including 1 set of 600,000 tons/year PDH plant, 1 set of 400,000 tons/year polypropylene plant, and 1 set of 400,000 tons/year polypropylene and modified polypropylene combined plant, realizing the integration of the "propane - propylene - polypropylene - modified polypropylene" industrial chain. Phase II, which is under construction, includes 1 set of 600,000 tons/year PDH plant and 1 set of 400,000 tons/year polypropylene plant.Its polypropylene resin capacity is 800,000 tons, with a capacity utilization rate of 114% in 2025.

In addition to Ningbo Jinfa, Liaoning Jinfa is another major support for the company's green chemical industry.In 2025, the company achieved revenue of 7.785 billion yuan, an increase of 6.86% year-on-year. Among them, the sales volume of ABS products was 5.497 million tons (including internal consumption), an increase of 14.43% year-on-year.

Additionally, Kingfa Sci. & Tech.'s specialty engineering plastics have a designed annual capacity of 39,000 metric tons, including a total planned capacity of 15,000 metric tons for LCP (liquid crystal polymer), with the first phase of 5,000 metric tons per year about to commence production; 8,000 metric tons per year of transparent polyamide is under construction; 8,000 metric tons per year of long-chain polyamide is scheduled to start production in 2026; 6,000 metric tons per year of PPSU/PES is already in operation; and PEEK currently has a capacity of 500 metric tons per year, with plans to expand to 2,000 metric tons per year.

Based on many petrochemical resins such as polypropylene and ABS, in 2025, the company's sales of modified plastics reached 29.506 million tons, an increase of 15.64% year-on-year, with revenue of 35.781 billion yuan. Sales of automotive materials reached 14.02 million tons, an increase of 20.86% year-on-year; sales of new energy materials reached 1.117 million tons, an increase of 31.41% year-on-year.

Kingfa Science & Technology’s 2025 Main Product Production and Sales Volume

In the field of bioplastics, leveraging its globally leading sales network, the company has established an annual production capacity of over 300,000 tons of biodegradable polyester plastics (including PBAT, PBS, PLA, etc.) and over 200,000 tons of specialized modified compounds. During the reporting period, the company’s sales volume of main biodegradable plastic products reached 226,300 tons, representing a year-on-year increase of 25.37%. The company achieved the world’s top sales volume of PBAT and retained its position as the market leader in biodegradable film and bag applications across Asia.

The company has deepened the integrated collaboration across the entire industry chain of “bio-based monomers—polyesters—modified materials,” achieving stable annual production of 50,000 tons of bio-based succinic acid and 10,000 tons of bio-based BDO, with product quality leading domestically. Leveraging its self-produced bio-based monomers, the company has developed a series of new products, including Bio-PBAT, Bio-PBST, Bio-PBS, and their alloy variants.

Among them, Jinfa Bio's main biodegradable materials products have seen a significant increase in capacity utilization, with overall production efficiency improving by over 40%. PBAT resin capacity utilization rose from 77% in 2024 to 102%. Capacity utilization of both PLA resin and PBS resin (including PBST) increased to 51%.

In the field of recycled plastics, Kingfa Sci. & Tech. has been deeply engaged in the high-quality utilization of waste plastic recycling since 2004. It owns three major recycled plastic production bases in Qingyuan, Guangdong, Pei County, Jiangsu, and Cuenca, Spain, with a total factory area of 310,000 square meters. There are 7 high-performance recycled modified plastic production workshops and over 70 high-standard production lines, as well as 7 pre-treatment workshops for waste plastic resources. It has a high-quality processing capacity of 150,000 tons for various waste plastics and is capable of producing over 500,000 tons of recycled plastics annually. A refined recycling system has been established, developing more than 500 high-quality recycled plastic suppliers and setting up over 60 resource recycling points, building a multi-scenario, multi-channel plastic waste recycling network covering industrial, agricultural, daily, and marine areas.

During the reporting period, the innovation achievements include the use of independently developed reactive extrusion viscosity-building technology and equipment to control the molecular chains of polyester and polyamide PCR materials, as well as the implementation of high-efficiency, high-precision filtration technology and equipment to enable closed-loop "bottle-to-bottle" recycling of recycled polyester and filament-grade applications of recycled polyamide.

For the first time, the dissolution recovery technology was applied to the high-quality recycling of waste plastics, and the high-pressure flash distillation separation technology was used to solve the problem of efficient purification and separation of solvents and plastics. A demonstration facility with a capacity of hundreds of tons for the dissolution recovery of waste plastics was established, providing a brand-new solution for the closed-loop high-quality recycling of waste plastics.

In 2025, Kingfa Science & Technology achieved revenue of RMB 65.396 billion, an increase of 8.07% year-over-year, and net profit attributable to shareholders of RMB 11.50 billion, up 39.44% year-over-year. Net profit excluding non-recurring gains and losses was RMB 10.65 billion, an increase of 57.78% year-over-year.

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