2025 Latest Semi-Annual Reports of 12 Listed Modified Plastics Companies Released

Modified plastics are widely used in numerous industries such as automobiles, home appliances, electronics and electrical appliances, communications, new energy batteries, medical care, rail transportation, precision instruments, home building materials, security, aerospace, and military industry.Home appliances, automobiles, and electronics & electrical are currently the largest downstream application industries of modified plastics, accounting for 60% of the total application volume of modified plastics.

Recently, the 2025 semi-annual reports of major listed companies in the modified plastics industry have been released. How did they perform specifically?

On August 25, Kingfa Technology released its 2025 interim report.During the reporting period, operating income was realized316.36 billion yuanyear-on-year growth35.50%Net profit attributable to shareholders of the listed company585 million yuanyear-on-year growth54.12%Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses537 million yuanyear-on-year growth53.69%Basic Earnings Per Share0.2268 yuan。

In the semi-annual report performance forecast released by Kingfa Sci & Tech Co., Ltd., it mentioned thatThe sales volume and gross profit of modified plastics have steadily increased, the operating quality of green petrochemicals has improved, and both the sales volume and gross profit of specialty engineering plastics have grown.The three main reasons for Jinfa Technology's performance growth.

In the first half of 2025, Kingfa Sci. & Tech. Co., Ltd. achieved a new breakthrough in the sales volume of modified plastic products, with total product sales reaching 1,308,800 tons, a year-on-year increase of 19.74%. The sales volume of finished products in overseas markets reached 161,000 tons, a year-on-year growth of 33.17%. The factories in Vietnam and Spain successfully completed capacity expansions and commenced production, while the Indonesian plant is about to start operations. Additionally, production bases in Poland, Mexico, and other locations are accelerating capacity construction.

On August 21, Preet announced that it will achieve total operating revenue in the first half of 2025.40.9 billion yuanyear-on-year growth9.06%Achieve net profit attributable to shareholders207 million yuanCompared with the same period last year, the growth was43.94%。

In the field of modified materials, Preter has 12 new material production bases with a current capacity of 500,000 tons.It is expected that the annual production capacity will exceed 1 million tons in the future. Based on the stable development of the automotive business, the company is focusing on increasing the development and application of modified materials in non-automotive industries, and has achieved significant progress especially in fields such as power batteries, energy storage systems, home appliances, and power tools.

In addition, the company has also made breakthroughs in new quality productivity.Its modified PEEK, PPS, PA, LCP and other materials can be used in fields such as robotics and low-altitude flight.Some products have achieved small-scale supply.

On the evening of August 25th, Dawn Polymer released its 2025 semi-annual report, showing that during the reporting period, it achieved an operating income of 2.88 billion yuan, a year-on-year increase.24.08%Operating profit increased year-on-year.38.93% , total profit increased year-on-year33.67%Net profit increased year-on-year.26.14%Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses, year-on-year growth41.69%In the first half of the year, the rapid development of strategic emerging industries such as smart vehicles, new energy, artificial intelligence, humanoid robots, low-altitude economy, 5G communication, and new infrastructure has injected strong momentum into Dawn's sustained high-quality development.

Dawn's modified plastics and thermoplastic elastomer products, with their excellent mechanical properties and lightweight advantages, have been widely used in the lighting systems, smart panels, and battery components of new energy vehicles. Among them, the high-reflectivity and high-opacity modified polycarbonate used in lamp reflectors not only replaces the traditional vacuum aluminum plating process but also better meets sustainable development requirements.

Deepening cooperation with Xi'an Jiaotong University in the field of low-altitude economy, its developed polycarbonate material, with outstanding lightweight characteristics, excellent impact resistance, and high strength performance, has become the ideal choice for the manufacturing of low-altitude aircraft.

On the evening of August 25th, Jushi Chemical disclosed its semi-annual report for 2025. In the first half of 2025, the company achieved a total operating revenue.1.977 billion yuanyear-on-year decline10.05%Net profit attributable to shareholders2.874 million yuanyear-on-year growth82.48% Loss in net profit excluding non-recurring items15.5317 million yuanProfit in the same period last year123,200 yuanNet cash flow generated from operating activities is126 million yuanYear-on-year growth4.55%During the reporting period, Jushi Chemical's basic earnings per share were0.0237 yuan The weighted average return on net assets is0.22%。

Year-on-year decline in operating revenue10.05%During the reporting period, mainly due to the impact of fluctuations in the international crude oil market prices, there was a short-term supply-demand imbalance and price volatility in the raw materials for the company's liquefied petroleum gas business. The company reduced the relevant production capacity in March and April, leading to a decrease in liquefied petroleum gas product revenue.230 million yuan.

Sales Revenue of Modified Plastics Segment1,286.1747 million yuan…roughly the same as the same period last year. The main automotive customers (after penetration) for modified plastic pellets include GAC Toyota and GAC Honda; the main automotive customers (after penetration) for plastic profiles include BYD and Dongfeng Nissan. Modified plastics for new energy batteries have entered the supply chains of BYD and CATL.

On August 27, Tongyi Co., Ltd. released its 2025 semi-annual report. The report shows that the company's operating income for the first half of 2025 is15.47 billion yuanyear-on-year growth13.67%5.625 million yuanyear-on-year growth12.46%The net profit attributable to shareholders after deducting non-recurring gains and losses is4.5668 million yuanYear-on-year growth15.45%Basic earnings per share0.0311 yuan per share.

Nanjing Julong released its semi-annual performance report on the evening of August 20, stating that the operating income for the first half of 2025 is approximately12.57 billion yuanyear-on-year increase25.75%Net profit attributable to shareholders of the listed company was approximately 57.36 million yuan, representing a year-on-year increase.40.73%Basic earnings per share0.531 yuanyear-on-year increase39.3%。

Nanjing Julong Modified Plastics Business Segment Achieves Operating Revenue1.134 billion yuanYear-on-year growth30.50%Nanjing Julong's products focus on automotive modified plastics (especially high-performance nylon and other series materials) and domestically used modified nylon materials for high-speed rail transit. The company has made significant breakthroughs in the research and development of nylon materials for key components in new energy power systems, automotive engines, electric drive systems, and high-speed rail. Its products not only cover domestic and international markets but are also widely applied across multiple industries.

In August 2025, Nanjing Julong Technology officially commenced production at its first overseas modified engineering plastics factory located in the second phase of the VYNMSA Industrial Park in Ramos Arizpe, Coahuila, Mexico. According to the company's 2024 board report, the Mexican factory began operations in the second half of that year and is currently in the capacity ramp-up stage, primarily serving North American automotive industry clients. It is expected to further increase the company's overseas revenue proportion (which already reached 25.6% in 2024).

On August 8, Yinxi Technology released its semi-annual performance report, stating that its operating income for the first half of 2025 is expected to be approximately...10.85 billion yuanyear-on-year increase23.99%The net profit attributable to the shareholders of the listed company is approximately47.78 million yuanCompared to the same period last year, it increased.82.39%。

The main reasons for the performance change are as follows: gross profit increased by 63.5098 million yuan compared to the same period last year; equity incentive expenses during the reporting period increased by 11.1107 million yuan compared to the same period last year; additionally, the provision for asset and credit impairment was 8.6687 million yuan, an increase of 6.7584 million yuan compared to the same period last year.

In the first half of 2025, Silver Jubilee further intensified its efforts in the research, development, and promotion of new materials and achieved positive results. Material solutions such as PP, ABS, PA, PC/ABS, PC, and PPO that meet S2 flame retardant requirements have been widely applied and mass-produced at client sites. Non-PFAS materials have entered the trial production verification stage with some customers.

At the same time, a large number of specially functionalized material products, such as high CTI 800V flame-retardant PA materials, ceramic-like plastics, highly chemical-resistant and wear-resistant POK materials, antistatic PA/ABS materials, hydrophobic and oleophobic PP/ABS, low warpage PA/PP/PBT, and high transparency chemical-resistant PC/PBT materials, have also been trial-produced and supplied in batches to many customers for specific application scenarios.

On the evening of August 22, Water Co., Ltd. disclosed its semi-annual report for 2025, achieving operating revenue in the first half of the year.906 million yuanyear-on-year growth12.29%Net profit attributable to parent company shareholders18.408 million yuanyear-on-year growth23.94%The net profit attributable to the parent company excluding non-recurring items increased by 39.54% year-on-year, and operating cash flow increased year-on-year.87.41%Core indicators all showed double-digit growth, continuing the positive trend of 2024.

As one of the few domestic enterprises with full industry chain capabilities spanning "material polymerization - modification - profile processing," Wote shares holds significant advantages in the field of specialty high polymer materials. The company has currently achieved comprehensive layout across the entire value chain for key materials such as LCP (liquid crystal polymer), PPA (special nylon), PEEK (polyether ether ketone), PPS (polyphenylene sulfide), PTFE (polytetrafluoroethylene), and polyarylether sulfone.

Water Co., Ltd.'s performance growth is mainly attributed to the continuous advancement of its platform strategy for specialty polymer materials. In the first half of the year, revenue from specialty polymer materials reached 443 million yuan, accounting for nearly 50% of total revenue, with significant increases in shipments of core products such as LCP, PPA, PPS, and PEEK. In the first half of this year, the LCP and PEEK resin polymerization production lines at the company's Chongqing base, as well as the thermosetting carbon fiber composite production line in Huizhou, were officially put into operation and have achieved batch product sales.

In the first half of 2025, Hechang Polymer achieved operating revenue.879 million yuancompared with the same period last year26.83%Net profit attributable to shareholders of the listed company RMB 72.778 millionyear-on-year growth23.43%The growth is mainly attributed to the steady increase in order volume, effective capacity expansion, and the increase in the market share of the company's products in new models.

The company is mainly engaged in the research and development, production, and sales of modified polymer materials. Its main products include various types of modified plastic pellets and plastic sheets, such as PP interior and exterior series, ABS series, PC/ABS series, PA series, LGF series, PBT/PET series, and paint-free series. These products are widely used in automotive parts, household appliances, new energy, packaging, consumer goods, and electronic and electrical fields.

10Meilian New Material: (300586)

On August 26th, Meilian New Materials announced that the operating revenue for the first half of 20258.78 billion yuanyear-on-year growth3.10%The net profit attributable to shareholders of the listed company is-16.1925 million yuanyear-on-year decrease146.89%Basic earnings per share is-0.0228 yuan/shareyear-on-year decrease146.91%。

In its 2025 semi-annual report, the company stated that its polymer materials business, fine chemicals business, and new energy business all maintained normal operations. The company has actively expanded in areas such as electronic materials, polymer materials, new energy, and fine chemicals, furthering industrial upgrades and highlighting its value advantages.

On the evening of August 22, Fuheng New Materials (832469.BJ) released its 2025 semi-annual report. In the first half of the year, the company achieved operating revenue...321 million yuanyear-on-year decline18.52%Net profit attributable to shareholders of the parent company6.7901 million yuanyear-on-year decrease78.54%。

Affected by a decline in customer order volume and a decrease in sales prices, the company's performance came under pressure. However, revenue from modified engineering plastics increased by 43.94% year-on-year, mainly due to the growth in orders from BYD and Shenzhen Jiaxinde Technology Co., Ltd.

12Jiangsu Boyun: (301003)

On August 19, Jiangsu Boyun, a well-known company in the modified plastics field, disclosed its semi-annual report for the first half of 2025. Data shows that the company achieved operating revenue of approximately286 million yuanyear-on-yeardecreased by 8.01%Net profit attributable to shareholders of the listed company is approximately59.90 million yuanyear-on-year decrease19.37%。

Jiangsu Boyun's product portfolio covers five major categories: high-performance modified nylon, high-performance modified polyester, engineered polyolefins, modified special engineering plastics, as well as color masterbatches and functional masterbatches. It can precisely meet the diverse needs of customers in fields such as power tools, automotive parts, home appliances, and consumer electronics.