Surging 300% in six months! what did jushi chemical do right?

Jushi Chemical, formally known as Guangdong Jushi Chemical Co., Ltd., was established in 2007 and is headquartered in Qingyuan, Guangdong. The registered capital is approximately 121 million yuan, and the company has over 30 subsidiaries, more than 2,100 employees, and 326 R&D personnel, with a total of 444 authorized patents. The company positions itself as a leading enterprise in professional halogen-free environmentally friendly flame-retardant modified plastics, with an industrial chain that covers a complete chain from "phosphorus chemicals → flame retardants → modified plastic particles → plastic products."

In terms of traditional business, the halogen-free flame retardant expansion project in Chizhou is currently ramping up production capacity; the Anqing polystyrene project has been completely terminated due to environmental rectification requirements for a 1-kilometer stretch of the Yangtze River tributary; the supporting projects for the annual production of 18,000 tons of photoresist and 500 tons of polyimide monomer will be relocated to the company's production base in Chizhou.

In April 2026, two subsidiaries in Anqing signed asset acquisition compensation agreements with the local administrative committee, with a total transaction amount of RMB 433 million, which will provide the company with cash flow support to supplement working capital and advance its business transformation.

In this context, Polyrocks Chemical is fully accelerating its transition toward a dual-track strategy:

Track 1: AEM Electrolytic Water Hydrogen Production

In June 2024, Jushi Chemical, in collaboration with Hefei University of Technology, established a controlling subsidiary, Anhui Jushi Hydrogen Friend Technology Co., Ltd., dedicated to key materials for AEM water electrolysis hydrogen production. Its AEM membrane features a tensile strength of 50 MPa, an OH⁻ ionic conductivity of 180 mS/cm, and a voltage rise rate of only 7.7 μV/h in a 2,600-hour constant-current operation test. It is compatible with non-precious metal catalysts, significantly reducing system costs. The company has already launched benchmark projects in Northwest China, Beijing, and Shandong, and has won the Seetao “Green Hydrogen Technology Breakthrough Award” and “Annual Market Influence Award.” In March 2026, the company showcased its hydrogen energy products at the Tokyo Smart Energy Week in Japan, and in June it appeared at the CIHC Beijing Hydrogen Energy Expo.

Track 2: Flexible Perovskite Photovoltaics

Previously, the company debuted its self-developed large-area flexible perovskite module at SNEC PV Expo 2025.

In January 2026, Polyrocks Chemical established Hangzhou Polyrocks Guangrui Electronic Technology Co., Ltd. in Hangzhou, focusing on the commercialization of flexible perovskite technology.

In March 2026, it obtained Germany TÜV Rheinland’s IEC 63163 certification. Its applications cover distributed power plants, BIPV, in-vehicle charging, drone power supply, consumer electronics, and more, but it remains at the pilot-testing stage. GW-scale mass production lines are still in the planning phase, lagging behind competitors such as Jidian Solar and GCL Optoelectronics, which have already established production. The project has so far received cumulative investment of approximately RMB 6.03 million.