Newhengtai, leading foam plastic manufacturer, tops beijing stock exchange amid ties with catl, byd, and huawei—is the premium foam boom arriving?

Source: Xin Hengtai

The enthusiastic response from the capital market is not only a recognition of Xinhengtai's more than a decade of deep cultivation in the field of functional polymer foam materials, but also a reflection of how the foam plastics sector, under the impetus of emerging industries such as new energy and 5G communications, is ushering in a golden period of high-end, high-value-added development.

Hardcore Industry Leader Breaks Through: Over a Decade of Specialization Builds High-End Barriers in Foam Materials

Xinhengtai's successful listing and popularity are not accidental, but the inevitable result of over a decade of focus on its core business and technological breakthroughs.

Since its establishment in 2008, the company has focused on the research, development, manufacturing, and sales of functional polymer foaming materials. It has become one of the few domestic suppliers with large-scale production capabilities for multiple types of foaming materials. It is also one of the pioneers in achieving the engineering application of supercritical fluid foaming technology for polypropylene microcellular foaming material (MPP). With its solid core technologies, the company has won the national "Specialized, Refined, Unique, and Innovative" "Little Giant" title, the Zhejiang Provincial Manufacturing Single-Champion Enterprise, and the title of High-tech Enterprise.

After years of technological accumulation, Xin Hengtai has established a diversified product portfolio centered on PE Foam (chemically crosslinked polyethylene foam), IXPE (electron-beam irradiated crosslinked polyethylene foam), and MPP (microcellular foamed polypropylene). Its products serve multiple high-growth sectors—including architectural decoration, new-energy vehicles, 5G communications, household consumer goods, and high-end equipment—precisely targeting premium application scenarios within the plastic and polymer materials industry.

Among them,MPP Product becomes its core competitiveness.Relying on its independently developed “polypropylene microporous foaming material preparation technology for 5G wave-transparent applications” and “polypropylene foaming technology for buffering and isolation in new-energy battery applications,” this product holds a leading market share nationwide in the 5G microwave antenna market.Moreover, its market share in the domestic new energy vehicle battery cushion pad market is as high as 48%（2022-2024 ，2022-2024 Its annual output and sales revenue of polypropylene microporous foamed materials have ranked first in China for three consecutive years.

Figure: Power Battery MPP Buffer Pad (Source: Xin Hengtai)

Figure 5G Microwave MPP Antenna Cover (Figure source: Xin Hengtai)

Superior product strength enablesXin Hengtai has successfully secured partnerships with downstream industry leaders such as CATL, BYD, Huawei, and SAIC Group.，Among them, only supplied to CATL. MPP Product accounts for the entire MPP cushion pad for new energy vehicle batteries.About 40% of the market，Moreover, the company also collaborates with BYD, the world’s second-largest power battery manufacturer, serving as an indispensable material supplier in the high-end manufacturing sector.

At the performance level, Xin Hengtai demonstrates the stable growth characteristics of a high-end plastics enterprise: the company achieved operating revenues of RMB 679 million, RMB 774 million, and RMB 836 million in 2023, 2024, and 2025, respectively; its net profit attributable to shareholders reached RMB 111 million in 2025, and revenue from core technology products accounted for over 87% of total revenue. As of the end of 2025, the company had obtained 64 patents and developed 8 core technologies, and established multiple high-end R&D platforms—including the Zhejiang Provincial Enterprise Technology Center and a Postdoctoral Research Workstation. The funds raised from this IPO will be primarily allocated toward capacity expansion and R&D upgrades, further strengthening its high-end competitive barriers.

The industry is at a tipping point: global expansion +

Xin Hengtai's rapid rise is a microcosm of the booming functional polymer foam materials industry in China.

From a global market perspective,Functional polymer foam materials are accelerating towards high performance and environmental friendliness, with core It seems there was a part of the sentence that remained in Chinese. Let me correct that and provide the full translation: Functional polymer foam materials are accelerating towards high performance and environmental friendliness, with core subcategories maintaining a steady growth trend.Data statistics show that the global expanded polyurethane foam market will reach USD 5.876 billion in 2025, with an expected compound annual growth rate of 6.8% from 2026 to 2032, and will exceed USD 9.313 billion by 2032. High-end categories such as soft silicone foam, porous silicone foam, and others maintain an annual compound growth rate of around 6%.MMR statistics2023 Global market size reached 11.25 billion.billion U.S. dollars, projected for 2030It will increase to 17.25 annually.Billion dollars, driven mainly by new energy vehicles, energy storage batteries, and 5G.Upgraded demands in fields such as base stations and aerospace.Moreover, the industry’s R&D focus shifting toward supercritical foaming, bio-based biodegradable materials, and multifunctional composites has continuously increased the value-added of foamed materials, enabling them to break free from the low-margin predicament traditionally associated with plasticized materials.

China's market has become the core engine of global foam plastic industry growth, with a significantly higher growth rate leading globally, bringing unprecedented development opportunities for domestic plastic and chemical enterprises.The rapid growth of the domestic market is driven by new energy vehicles,5G The vigorous development of downstream industries such as telecommunications, energy storage, and advanced equipment—exemplified by battery cushioning pads for new-energy vehicles and 5G—The two major niche application scenarios of radomes have generated sustained incremental demand for foam materials.This trend will continue to deepen with the upgrading of domestic high-end manufacturing, and foaming materials will become the core growth engine for the plastic industry in the coming years.

Three major trends: Supercritical foaming, bio-based biodegradable, and multi-functional composites.

While market demand continues to rise, the development logic of the foamed plastics industry is undergoing a profound transformation, with technological innovation becoming the key to building enterprises’ core competitiveness; and judging from the development path of Xin Heng Tai and the industry’s overall trajectory,Supercritical foaming, bio-based biodegradable, multifunctional compositeHave become the three core trends driving the high-end transformation of foam materials and the entire plastics industry, and are essential courses for plastics companies aiming to capture future markets.

Supercritical foaming technology, as a key technological breakthrough in the current industry, is gradually replacing traditional chemical foaming processes and becoming a standard in high-end plastic manufacturing.Compared to traditional processes, supercritical fluid foaming uses nitrogen and carbon dioxide as foaming agents, involving no chemical additives and no toxic residues throughout the process. It combines environmental friendliness with high product performance, capable of producing foamed materials with more uniform pores and superior performance, meeting the stringent requirements of high-end fields such as new energy and 5G. Xinhengtai has seized the market initiative by being the first to achieve the engineering technology of MPP supercritical fluid foaming; meanwhile, more companies in the industry are accelerating the research, development, and implementation of this technology. Whoever can achieve engineering and scale first will take the lead in the high-end race.

The research and application of bio-based biodegradable foaming materials have become a response by the plastic industry to “"Double Carbon"Goals, important measures to break through environmental barriers.The global plastic industry is currently facing increasingly stringent environmental regulations, with the application scenarios for traditional non-biodegradable plastics being continuously restricted. Sustainable materials have become the new focus of market competition. Internationally,CelaneseIntroducing (TPEE) Hytrel TPC RS40F2 foam material, containing at least 20% bio-based content, ideal for midsole components of athletic footwear; a global leader in sustainable materials for the footwear industry.Cirql^®Introducing the recyclable Cirql rTPU50, helping footwear brands achieve their climate and sustainability goals; domestic companies are also accelerating the development of bio-based foaming materials, promoting the plastic foaming industry's transition towards low carbon. For plastic processing companies, investing in bio-based biodegradable foaming materials is not only in line with policy trends, but also a key factor in entering overseas markets and enhancing product value.

Multifunctional composites have become an inevitable trend for foaming materials to adapt to high-end downstream applications.

Xintengtai's bell ringing on the Beijing Stock Exchange has opened a window for observing the high-end niche sectors of the plastic industry. Behind it is the transformation of the foamed plastic industry from "scale expansion" to "quality improvement," and it also symbolizes the entire plastic industry's move toward high-end manufacturing and green upgrades. For professionals in the plastic industry and its upstream and downstream sectors, future market opportunities are no longer limited to traditional scale competition, but rather focus on value competition through technological innovation, product premiumization, and scenario differentiation. Only by sticking to their core business, focusing on technological innovation, and deeply aligning with the demand upgrades of downstream emerging industries can they seize the opportunity in this golden sector of foamed materials.

Editor: Lily

Source of materials: Visual China Group, Stockstar, Tongbi Finance, China Plastics Processing Industry Association, Technavio, MMR, and research reports from Kaiyuan Securities, etc.