Modified Plastic Sales Reach 65.4 Billion! Jinfat Technology Releases Best Annual Report in Four Years! How Far from the 100 Billion Goal?

April 21,Kingfa Sci. & Tech.Simultaneous ReleaseThe annual report for 2025 and the first quarter report for 2026. The annual report shows that the company achieved a total operating revenue of 65.396 billion yuan for the whole year, an increase of 8.07% year-on-year; it realized a net profit of 1.15 billion yuan, an increase of 39.44% year-on-year.

The most noteworthy feature of this annual report is that net profit growth significantly outpaces revenue growth.，It meansGolden TechnologyWhat is being experienced is not only a scale expansion, but also a comprehensive recovery in operational quality and profitability.

Meanwhile,Another important signal was released in the Q1 2026 report.。Revenue remained largely flat year-on-year (with a slight decrease)0.49%), but non-GAAP net profit attributable to shareholders grew by 33.79%, and net cash flow from operating activities surged by 485.66% year-over-year. Together, these figures indicateKingfa Sci. & Tech.The current strategic focus is shifting from“Pursue scale” “Improve Quality”。

2.95 million tons！Modified plastics business sees growth in both volume and price.

Kingfa Sci. & Tech.the fundamental base, and also the core to understanding the company's business logic.

Annual report data shows,In 2025, the company's sales volume of modified plastic finished products reached 2.9506 million tons, an increase of 15.64% year-over-year, setting a new historical high. Revenue from modified plastics during the same period amounted to RMB 35.781 billion, up 11.55% year-over-year. The sales volume growth outpaced price growth, indicating steady expansion of the modified plastics business.

Plastic VisionBreak down each sub-sector in detail.Find Jinfa TechnologyThe growth structure is quite healthy.

Automotive materials：140.20 million tons, year-on-year growth20.86%, the average per vehicle usage of domestic passenger cars has exceeded 40 kg, with powertrain systems, intelligent cabins, and exterior body parts widely adopted, contributing core growth to the new energy vehicle sector.；

New Energy Materials:111,700 metric tons, an increase of year on year31.41%, the fastest growth rate, with continuous expansion in segmented scenarios；

Electrical and Electronics Engineering:462200tons, year-on-year increase18.09%, including PBT material, ultra-high strength PET material, etc.

Consumer electronics131,000 tons, year-on-year increase25.96%，The product includes thin-wall flame-retardant technology.PC tech materials, transparent thin-wall flame-retardant (PFAS-free) PCR-PC tech, and tech PPSU products, etc.;

Home appliance materials501,300 tons, a year-on-year increase19.70%Scale effect is gradually being released.

Automotive materials are the highlight most worthy of separate mention in the annual report.The year-on-year growth of 20.86% in 2025 is driven by two factors: first, the continued rise in domestic new energy vehicle penetration, generating incremental market demand; second,Goldway TechnologySubstantial increase in overseas automotive materials market share，Automotive materials business in key overseas markets such as South Asia, North America, and Southeast Asia grew rapidly throughout the year.

Technical endKingfa Sci. & Tech.Continuously breaking new ground in the field of automotive lightweighting, the company has independently developed high-performance polar polyolefin materials, achieving, for the first time, excellent adhesion between polar engineering plastics and non-polar polyolefin materials, thereby promoting integrated optimization of automotive structures.

It is worth noting thatSales gross profit margin disclosed in the annual report13.33%, ROE is 6.22%，The competitive barriers for modified plastics have never been about high profit margins, but rather about scale effects, supply chain efficiency, and global presence.

II. Special engineering plasticsWhat are the expectations?

If modified plastics areJinfa TechnologyThe core business, and special engineering plastics is the annual report.The brightest new growth pole.

In 2025, the core product of the company's new materials sector, special engineering plastics, achieved a sales volume of 34,100 tons, an increase of 42.68% year-on-year. This growth rate far exceeded that of biodegradable plastics (25.37%) and composite materials (5.44%) within the new materials sector, making it the primary driver of the entire new materials sector.

From the perspective of application scenarios, special engineering plastics have clearly entered three high-growth tracks:

New Energy Field:The company's independently developed halogen-free flame retardant that resists cracking from thermal shockPPA has solved the cracking problems of photovoltaic energy storage and the three-electric systems of new energy vehicles; semi-aromatic polyamide materials, with high heat resistance and insulation properties, have addressed thermal safety issues in fast-charging scenarios and have achieved mass production applications.；

AI computing power field:Ultra-thin Halogen-free Flame RetardantPPA and high-flow, low-warpage LCP meet the stringent requirements of dielectric performance and transmission efficiency for high-speed connectors in AI servers; high-strength, low-noise, halogen-free flame-retardant PPA, LCP, PES, and PEI are widely used in ultra-high-speed cooling fans, providing critical material support for the stable operation of AI servers.；

Embodied Intelligence field:Ultra-high strength, fatigue and wear resistancePPA has effectively improved the motion performance and durable stability of key components such as robot joints, and has been applied by leading industry customers.；

Progress in the technical end is also worth attention.Jinfa TechnologyIn the annual report, it is clearly stated that its fiber-gradeThe market share of LCP resin has already reached the top in the domestic market, with an LCP film production capacity of 1 million square meters per year, which is currently being validated and promoted by leading customers. Polyarylethersulfone has already been used in bulk in the hydrogen production by water electrolysis equipment industry, and the industrialization technology of hollow fiber membrane grade PES has been recognized by leading customers in the industry, and is about to enter the mass production stage.

From the perspective of capacity planning, the special engineering plastics sector is in an accelerated layout phase.

Existing capacity in total39,000 tons, with a capacity utilization rate of 72%. Under-construction capacity includes: LCP. 10,000 tons/year (expected to be completed in March 2027), 0.8 tons/year of special polyamide (semi-aromatic PA) (expected to be completed in May 2026), 0.6 tons/year of thermoplastic polyimide (expected to be completed in 2027), transparent PA 0.8 million tons (expected in Q2 2026).

However, looking at it calmly,34,100 tons of sales in a 65.3 billion yuan revenue pie, accounting for less than 1%. The growth rate of this new curve is indeed impressive, but it is still far from truly having an impact.Jinfa TechnologyThe overall report still needs to overcome two hurdles: the ramp-up of production capacity and the customer certification cycle.

Application scenarios of special engineering plastics in high-speed connectors；Image source: Jinfa Technology

Verify whether special engineering plastics have becomeKingfa Sci. & Tech.The critical time window for the second growth pole is expected to be

May become the greatest advantage

Golden Tech

2025,Goldway TechnologyOverseas base achieves finished product sales2.975 million tons, a year-on-year increase of 27.41%; overseas base revenue was 4.234 billion yuan, a year-on-year increase of 35.20%. The growth rate was significantly faster than the domestic business, serving as a key source of structural growth for the entire year.

From the perspective of production capacity layout, the Vietnam and Spain bases have already…Official production and operation will start in 2025, and bases in Poland, Mexico, and Indonesia are under construction.

Going global is not just about bypassing trade barriers, but more importantly, moving production closer to end customers.，This is the core method for maintaining customer loyalty in highly fragmented end markets such as home appliances, automobiles, and consumer electronics.

The gross margin of overseas bases is typically higher than that of domestic ones, and modified plastics is a business highly dependent on localized services and rapid response—making the rationale for overseas expansion particularly clear.

Jinfa Technology， New addition to the Vietnam base80,000 tons of modified plastic capacity, India base adds 30,000 tons, East China base adds 100,000 tons, South China base adds 120,000 tons, Central China base adds 50,000 tons.

This meansStarting from 2026,Goldway TechnologyThe modified plastic total capacity will further expand, continuing to consolidate its position as the world's largest.

Fourth, Cash Flow Surges! Profit Quality Improves Significantly.

PublishingWhile releasing the 2025 annual report, Kingfa Sci. & Tech. also announced2026 First Quarter Report， Revenue for a single season15.59 billion yuan, a slight decrease of 0.49% compared to the same period last year, almost unchanged.

but the net profit attributable to the parent company excluding non-recurring items2.88 billion yuan, an increase of 33.79% year-on-year; net cash flow from operating activities of 1.41 billion yuan, an increase of 485.66% year-on-year.

Revenue remains unchanged, while profits and cash flow improve significantly.The explanation given in the Q1 report is:“Modified plastics continue to optimize product structure, achieving simultaneous growth in sales and gross profit; the new materials business has achieved breakthroughs in both technology and market, with all core products experiencing high-speed growth in sales and gross profit.”

Operating cash flow surged nearly5 times, is the strongest signal in this quarterly report.

It indicates that the quality of the company's profits is substantially improving.Net profit is sufficiently supported by cash, which is a key indicator of improved fundamentals in the chemical new materials industry, known for its high cyclicality and high accounts receivable.

65.4 billion to 100 billionHow long will it take?

65.4 billionGoldway TechnologyRevenue scale in 2025.

100 billionAs a symbol of significanceStrategic objectives. There is still a gap of aboutA space of 350 billion yuan. Is this goal achievable given the current growth rate structure?？

Based on each sector2025 Base and Growth TrendDo a simple calculation, translate the above content into English, output the translation directly, without any explanation.If the bottom of the green chemical industry cycle isIt is confirmed that the rebound will occur around 2027, and the new materials sector will see a concentrated release of new production capacity from 2026 to 2027.Kingfa Sci. & Tech.The time window for achieving RMB 100 billion in revenueAround 2029.

The commissioning status of new special engineering plastics production capacities and the progress of customer certification from 2026 to 2027.

Overall, translate the above content into English, output the translation directly, without any explanation.Jinfa Technology“ ”， Net profit increased by nearly 40% year-over-year, cash flow quality has significantly improved, and all business segments are working synergistically, as the company is moving along a clear upward trend.

The fundamentals of modified plastics are steadily rising, and the growth rate of special engineering plastics has sent a clear signal of expansion, with overseas expansion providing support.Greater possibilityA trillion-yuan target is logically achievable.