Billion Giant Enters PEEK, Challenges Global No. 1! Plastic Prices Fluctuate Today, Highest Rise of 150, Highest Drop of 170

Major Billion-dollar Giant Enters PEEK Industry, Aiming for Global Leadership!

Recently, Ningbo Huaxiang issued an announcement stating that the company plans to jointly invest with enterprises controlled by the actual controller, Ningbo Fengmei Chemical Technology Co., Ltd. and Ningbo Fengmei Pico Enterprise Management Partnership, to establish Ningbo Fengmei Pico New Materials Co., Ltd., officially entering the polyether ether ketone (PEEK) materials field.

New Company Launch: A "New Player" in the Field of PEEK

Ningbo Fengmei Piyike New Material Co., Ltd. plans to establish itself in Xiangshan District, Ningbo. The legal representative is Zhu Xinxing, with a registered capital of 50 million yuan. In terms of equity distribution, Ningbo Huaxiang invests 15 million yuan, holding a 30% share; Fengmei Chemical invests 30 million yuan, holding a 60% share; Fengmei Piko invests 5 million yuan, holding a 10% share. It is worth noting that the actual controller of these three companies is Zhou Xiaofeng, making this cooperation a family effort to explore new fields.

Based on the current publicly available information, these three companies have not yet shown significant technical reserves or cooperation in the PEEK field. However, upon deeper examination, they are not entering the market unprepared; each has its own advantages. According to industry research, the joint venture company plans an annual PEEK material production capacity of 12,000 tons, to be implemented in four phases. The first phase, with a capacity of 4,000 tons, is expected to start production in the second half of next year. This production capacity plan is the largest known globally, far exceeding the global PEEK leader Victrex's annual capacity of 7,150 tons, as well as the 500-1,000 tons annual capacity of leading domestic PEEK companies.

Fengmei Chemical: A "Potential Stock" in the Field of Polymer Materials

Ningbo Fengmei Chemical, which holds the most shares, was established in 2023. Despite its young "age," it has shown strong development momentum. Its business headquarters is located in Shanghai, occupying a forefront position in commercial resources and information exchange. The R&D center is set up in Jiangbei District, Ningbo, focusing on technological breakthroughs. The production base is located in Xiangshan, Ningbo, providing a solid foundation for product implementation.

Fengmei Chemical specializes in the research, development, production, and sales of high-performance automotive coatings, adhesives for power batteries and automotive parts, and automotive foaming materials. The products cover epoxy systems, polyurethane systems, silicone systems, and hybrid systems, including high thermal conductivity interface material series, potting protection material systems, fireproof coating products, optical-grade UV adhesives, and epoxy edge adhesives, among others. The product range is rich and diverse, with a high level of technical content.

In March 2025, the Fengmei Chemical Xiangshan plant officially commenced operations, with the first phase covering 53 mu and a total investment of 370 million RMB, achieving an annual production capacity of 50,000 tons of adhesives and coating products. This is just the beginning, as the second phase of the project is planned to cover 41 mu, expected to be completed and operational by early 2026, adding an annual production capacity of 70,000 tons, including solid-state battery encapsulation materials. Once the entire project reaches full production, the total capacity will soar to 150,000 tons. Such large-scale capacity planning and rapid construction and production pace demonstrate Fengmei Chemical's profound capability and ambition in the research and production of polymer materials, while also providing valuable experience and technical support for its exploration in the PEEK material field.

Ningbo Huaxiang: The Diversified Transformation Path of an Automotive Parts Giant

Ningbo Huaxiang, as one of the world's top 500 auto parts companies and a leading listed company in the domestic automotive interior sector, is renowned in the automotive industry. Its extensive customer network covers well-known domestic and international enterprises such as Volkswagen, Mercedes-Benz, BMW, Audi, Toyota, General Motors, Volvo, Ford, BYD, Geely, Chery, Chang'an, SAIC, Dongfeng Lantu, Seres, Xiaomi, Li Auto, XPeng, NIO, Leapmotor, etc., proving its strong position and excellent quality in the automotive parts supply field.

On June 13, 2025, the company established a wholly-owned subsidiary "Ningbo Huaxiang Qiyuan Technology Co., Ltd." with a registered capital of 10 million yuan. Its business scope is extensive, covering the manufacturing and sales of intelligent robots, consumer service robots, and industrial robots, while also being involved in the development and service of artificial intelligence hardware and platform technologies, as well as AI data platform construction. Huaxiang Qiyuan is entrusted with a significant responsibility, as it will undertake the production tasks for some full-size biped robots for Zhiyuan Robots over the next three years.

On July 23, the Ningbo Embodied Intelligence Industrial Base, led by Ningbo Huaxiang, was officially completed and put into operation. Located in the Xiangshan Tian'an District, the base includes an Embodied Intelligence Innovation Center and a Robotics Manufacturing Base. The manufacturing base covers a total area of 8,000 square meters and is working hard to accelerate the construction of the complete production line for embodied robots, key component factories, and testing centers, with the goal of achieving an annual production capacity of 1,000 embodied intelligent robots. From a business collaboration perspective, Ningbo Huaxiang's business is highly versatile, showcasing unique advantages in the field of humanoid robots. In addition to the software brain, the hardware design of the robot shell and simple internal components with software can all provide strong support for its existing businesses. In terms of lightweight structural components, the subsidiary itself has production capabilities for PEEK materials, which, as a top lightweight plastic material, plays an irreplaceable role in reducing the weight of robots and alleviating battery endurance pressure.

According to the latest financial report, in the first half of 2025, Ningbo Huaxiang achieved an operating income of 12.879 billion yuan, a year-on-year increase of 10.89%. However, the net profit attributable to shareholders was -374 million yuan, a year-on-year decrease of 169.84%, marking the company's first loss in recent years in its mid-year report. The main reason for this was a non-recurring loss of 1.02 billion yuan due to the divestiture of European operations and the repurchase of North American businesses in the first half of 2025. It is reported that the company sold Ningbo Huaxiang Europe for 1 euro at the beginning of the year, which included six companies in Germany, Romania, and the UK. Despite facing performance challenges, Ningbo Huaxiang is determined to transform, especially with its active layout in the humanoid robot sector. The company has its dual-driven strategic direction of "application solutions + hardware solutions," aiming to build a dual-curve development model of "China's leading automotive parts supplier + core supplier of humanoid robots."

Its subsidiary, Ningbo Huaxiang Qiyuan Technology, focuses on the lightweighting of robot bodies, assembly and manufacturing of key components. The full-size biped robot assembly factory in Shanghai Lingang, invested by the company, has achieved mass supply. Another subsidiary, Shanghai Yirui Automotive Technology, provides vehicle-level R&D, prototype testing, and test system solutions, and has successfully entered the supply chain of leading new forces, laying a solid foundation for further expansion in the robotics field. In May 2025, Ningbo Huaxiang signed a "Strategic Cooperation Agreement" with Xiangshan Industrial Investment Group and Shanghai Zhiyuan (a leading humanoid robot company), where the three parties jointly established a joint venture company, focusing on "data collection and training, model development, and scenario implementation" for embodied intelligent robots, with Huaxiang responsible for operations. Additionally, the Ningbo Embodied Intelligent Industry Base, jointly established with Xiangshan Industrial Investment, has officially started operations, and the company is continuously exploring more development opportunities in the lightweighting of core components for intelligent robots. Based on its own business needs, Ningbo Huaxiang will also become an important user of PEEK materials in the future.

Section 2: Latest Plastic Prices Today

(Compiled from New Material Study Society, Dayi You Su)