Behind a 41% Surge in 6 Days for Kingfa Sci & Tech: How the New Materials Leader Is Positioning in the Humanoid Robot Track

Jinfa Technology Co., Ltd. (600143.SH) has recently become the focus of the A-share market. From September 11 to September 18, the stock price of this chemical new materials company rose for six consecutive trading days, with an increase of over 41%, and its market value once exceeded 62 billion yuan.

Despite the stock price hitting the limit down on September 19, its cumulative increase this year has still reached 153%, attracting widespread attention in the market.

Source: Wind

01 Performance Foundation: Revenue of 316 in Half a YearBillion, strong growth momentum

The stock performance of Kingfa Sci & Tech is not a castle in the air but has solid performance support. In the first half of 2025, Kingfa Sci & Tech delivered an impressive report card: achieving operating income...​316.36 ​, a year-on-year increase of 35.50%; net profit​5.85 ​Compared to the same period last year, it increased by 54.12%.

Image: Screenshot of Kingfa Sci. & Tech. financial report (Source: Kingfa Sci. & Tech.)

Based on historical data, Golden Hair Technology has entered a continuous growth trajectory. In 2024, the company's annual revenue reached 60.514 billion yuan, marking a year-on-year increase of 26.23% and setting a historic high; the net profit was 825 million yuan, representing a year-on-year increase of 160.36%.

Based on this trend, the annual revenue in 2025 is expected to surpass for the first time.​700 ​Daguan.

Kingfa Sci & Tech Co., Ltd. was established in 1993 and initially provided modified plastics to home appliance companies, with flame-retardant materials for TV back panels as a breakthrough point. In 2001, the company keenly grasped the lightweight trend of "replacing steel with plastic" in the automotive industry and ventured into the automotive materials market.

Today, the company has become one of the most comprehensive enterprises in the global chemical new materials industry, with products covering nine major categories: modified plastics, environmentally friendly high-performance recycled plastics, biodegradable plastics, specialty engineering plastics, carbon fibers and composite materials, light hydrocarbons and hydrogen energy, polypropylene resins, styrenic resins, and medical health polymers.

The data shows that Kingfa Sci. & Tech. Co., Ltd.'s products are widely used in industries such as automotive, home appliances, electronics and electrical engineering, consumer electronics, new energy, rail transit, high-end equipment, and healthcare. The company has also established strategic partnerships with many well-known domestic and international enterprises.

02 Main Business Focus: Global Growth in Automotive Materials, Modified Plastics Remain Core

Modified plastics, as the core business of Kingfa Sci & Tech, have consistently maintained a steady growth trend. In the first half of 2025, the company's sales of modified plastic finished products...​130.88 ​ Year-on-year growth of 19.74%; achieved operating revenue of 16.473 billion yuan, representing a year-on-year increase of 18.62%.

In the field of automotive materials, Kingfa Sci. & Tech. Co., Ltd. has shown outstanding performance. The company developed low-carbon and environmentally friendly PP materials, which became the first global standard formulated by a Chinese company for a leading enterprise in the automotive cooling system sector. The carbon reduction rate can reach up to 40%. In the first half of 2025, the global sales of its automotive materials reached 560,300 tons, a year-on-year increase of 21.54%, with overseas sales increasing by over 50% year-on-year.

Golden Hair Technology's globalization strategy has yielded significant results, as it accelerates the localization of overseas supply. The Vietnam factory has achieved large-scale production, the Spain factory has been successfully put into operation, and the Indonesia factory is set to start production in July 2025.

American blonde, European blonde, Indian blonde, Vietnamese blonde, Malaysian blonde, and other overseas bases work together, effectively expanding the global competitiveness and market influence of the company's products.

The picture shows the production commencement of Kingfa Sci. & Tech. Co., Ltd.'s Indonesia project on July 16, 2025 (Source: Kingfa Sci. & Tech. Co., Ltd.)

In the first half of 2025, the company's overseas business achieved sales of finished products.​16.10 ​Compared to the same period last year, it increased by 33.17%.

Click to learn more about the overseas market expansion of Kingfa Technology.

03 New growth points: positioning humanoid robots, PEEK、LCPThe materials have attracted attention.

The direct catalyst for the recent surge in the stock price of Kingfa Sci & Tech is its breakthrough in humanoid robot materials. On September 19, Wu Di, the company's director and general manager, revealed at the semi-annual performance briefing: "The company has already initiated cooperative research and development on materials for embodied intelligent robots with several leading companies in the humanoid robot industry."​Some customers have entered the bulk supply stage.​​。”

Graphic: The demand for lightweight robots drives the explosion of the special engineering plastics/engineering plastics market (Image source: CHINAPLAS 2025)

This means that the typically low-profile Golden Hair Technology has quietly become part of the core supply chain for humanoid robots.

The special advantage of Kingfa Sci & Tech lies in its specialty engineering plastic products, with a focus on materials such as LCP, PPA, PPS, and PEEK. Taking PEEK material (polyether ether ketone) as an example, this material is lightweight, high-temperature resistant, self-lubricating, and chemically resistant, making it the preferred material for humanoid robots to "replace steel with plastic" and reduce the weight of joints and skeletons.

Click to learn more about Kingfa Sci. & Tech.'s layout in the field of specialty plastics.

In the first half of 2025, the sales volume of Kingfa Sci. & Tech. Co., Ltd.'s specialty engineering plastics reached 14,800 tons, an increase of 60.87% year-on-year, with high-performance LCP materials achieving a leap in growth, up by 98.94% year-on-year.

The company's current total production capacity for specialty engineering plastics is nearly 34,000 tons. Several expansion projects are underway: the first phase of the 15,000 tons/year LCP synthetic resin project, with a capacity of 5,000 tons/year, has completed the mechanical and electrical installation; a 40,000 tons/year specialty polyamide project, including transparent polyamide and polyamide elastomers, has been initiated; a kiloton-scale polyimide project is planned to be put into production by the end of 2025.

04 Future Outlook: Unitree Robotics IPOBringing imagination space, is a market value of 100 billion achievable?

An important factor for the market's enthusiasm towards Kingfa Sci & Tech is that UFACTORY, in which it indirectly holds shares, has initiated an IPO.

According to the company announcement, Kingfa Sci & Tech Co., Ltd., as a limited partner, along with Jinyi Investment Co., Ltd. and other limited partners, jointly invested to establish the Jinyi Growth Equity Investment Fund, with the company committing an investment of 300 million yuan. The fund holds a 4.77% stake in Unitree Technology, and Kingfa Sci & Tech Co., Ltd. indirectly holds shares in Unitree Technology through the fund.​0.32%​​。

Despite having a very low shareholding ratio, Unitree Robotics, as a leading company in the domestic humanoid robot sector, has its IPO process drawing significant market attention to Kingfa Sci & Tech.

In June 2025, Unitree Robotics completed its Series C financing, with its valuation rising to between 12 billion and 15 billion RMB. On September 2nd, Unitree Robotics publicly stated that it expects to submit a listing application to the stock exchange between October and December.

Industry analysts believe that it is not out of reach for Kingfa Sci & Tech Co., Ltd. to surpass a market value of 100 billion yuan. On one hand, the company maintains steady growth in its traditional main business of modified plastics; on the other hand, it has made substantial breakthroughs in the new materials sector, particularly in humanoid robot materials.

With the rapid development of the domestic humanoid robot industry, the company is expected to benefit from the industry's growth dividends.

The market always particularly favors companies that plan for the future in advance. Starting from home appliance materials, Kingfa Science & Technology has gradually expanded to automotive materials and now positions itself in the humanoid robot track, demonstrating its keen industrial insight and technical accumulation.

As Unitree Robotics advances its IPO and the humanoid robot industry booms, this leading new materials company is embarking on a new growth cycle.

Edited by: Lily