Zhongsu Co., Ltd.: Successfully Approved, Plans to Raise 645 Million Yuan to Expand Production and Empower New Material Development

On June 4, the 28th review meeting of the ChiNext Listing Committee of the Shenzhen Stock Exchange concluded, with Guangdong Zhongsu New Materials Co., Ltd. successfully passing the review. This “specialized, sophisticated, distinctive and innovative” little giant enterprise located in Chang’an Town, Dongguan, is set to step onto a larger capital stage.

Zhongsu Co., Ltd. is located in the Dongguan Shuixiang Strategic Emerging Industries Base. The company’s IPO application was accepted on September 26, 2025, and entered the inquiry phase on October 19 of the same year, with Guoxin Securities serving as its sponsor.

ZhongSu Co., Ltd. plans to publicly issue no more than 12.3329 million shares this time, representing no less than 25% of the total share capital after the public offering. The company plans to raise approximately RMB 645 million, mainly for the construction of a smart production base for high-performance engineering materials, the expansion of Jiangxi Zhongsu’s production base, the construction of a new materials engineering technology research center, and the replenishment of working capital. Of this amount, RMB 363 million will be invested in the “Smart Production Base for High-Performance Engineering Materials Construction Project,” and another RMB 95.1105 million will be used for the “Jiangxi Zhongsu Production Base Expansion Project.”

Zhongsu Co., Ltd.'s main business is the research, development, production and sales of modified engineering plastics. The company's main products are used in industries such as consumer electronics, energy storage, automotive, and household appliances. End products include mobile phones, smart wearable devices, tablets and laptops, Bluetooth speakers, energy storage power supplies, new energy vehicles, and various home appliances.

Zhongsu Co., Ltd.’s core products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET. In response to customers’ specific product requirements for electrical interconnection, low dielectric properties, high-temperature resistance, waterproofing, and heat dissipation, the company has developed special functional materials such as laser direct structuring (LDS) materials, engineering materials specifically designed for nano molding technology (NMT), and ultra-high-temperature-resistant specialty nylon materials.

In 2022, the company was awarded the title of a “Specialized, Refined, Distinctive and Innovative ‘Little Giant’” enterprise. In 2025, it was selected for the first batch of the new round of key “Little Giant” enterprises supported by the central government’s fiscal funds, and was also recognized by the Guangdong Provincial Department of Industry and Information Technology as a “Manufacturing Single Champion Enterprise” and a “Guangdong Province Specialized, Refined, Distinctive and Innovative SME.” As of December 31, 2025, the company held 95 invention patents in China.

Leveraging its long-term strategic presence across the consumer electronics industry chain, Zhongsu Co., Ltd. currently holds a market share of approximately 6% in the modified engineering plastics segment of China’s consumer electronics industry, placing it in a leading position in the sector. On the downstream side, it has accumulated brand-name customers such as Huawei, Samsung, and Honor, and has also entered the supplier resource pools of leading module and manufacturing companies including Huaqin Technology, Wingtech Technology, and BYD.

According to publicly available information, over the past three years, the company’s revenue achieved a compound annual growth rate of 18.16%, and its cumulative R&D investment amounted to RMB 71.6623 million. In 2025, the company delivered strong operating performance, with revenue reaching RMB 749 million and net profit surpassing RMB 100 million for the first time.

In terms of revenue structure, high-performance engineering materials are the company's core source of income, accounting for 85.68%, 78.39%, and 75.42% of revenue during the reporting period, respectively. Among these, the revenue share of modified PC products has consistently exceeded 40% in each period, maintaining a core position. At the same time, the company is actively cultivating a second growth curve, with special functional materials business continuously expanding, and the revenue share increasing from 14.26% to 23.45% over three years, gradually releasing growth potential.