Goldhair Technology Stock Soars, Operating Quality Gradually Improves

On September 12, Kingfa Technology's stock performed excellently, closing at 19.14 yuan per share, with a total market capitalization reaching 50.5 billion yuan, surpassing the 50 billion mark in one go. As of the closing price on September 15, at 19.85 yuan per share, the market capitalization reached 52.34 billion yuan. Against the backdrop of the chemical industry's triple pressures of overcapacity, weak demand, and trade frictions, the company still delivered impressive performance, and this achievement is by no means accidental.

The main products of Kingfa Sci. & Tech. include nine major categories: modified plastics, environmentally friendly high-performance recycled plastics, biodegradable plastics, specialty engineering plastics, carbon fiber and composite materials, light hydrocarbons and hydrogen energy, polypropylene resins, styrene resins, and high-performance polymers for medical and healthcare applications. In the first half of 2025, the company achieved a revenue of 31.636 billion yuan, representing a year-on-year increase of 35.50%; net profit attributable to shareholders reached 585 million yuan, a year-on-year increase of 54.12%.

In the first half of 2025, the modified plastics segment of Kingfa Sci & Tech achieved a sales volume of 1.3088 million tons, representing a year-on-year increase of 19.74%, setting a new historical high. Revenue reached 16.473 billion yuan, an increase of 18.62% year-on-year. Specifically:

In the automotive industry, the development of low-carbon and environmentally friendly PP materials has led to the creation of the first global standard formulated in China by a leading global company in automotive cooling systems, achieving a carbon reduction rate of up to 40%. Transparent PP materials are widely used in automotive components such as headlights, bumpers, and ambient lights for new energy vehicles, significantly enhancing the aesthetic quality and product appeal, earning recognition from multiple mainstream automotive manufacturers. In the first half of 2025, global sales of automotive materials reached 560,300 tons, a year-on-year increase of 21.54%, with overseas sales growing by over 50% compared to the previous year.

In the field of new energy, the introduction of environmentally friendly flame-retardant special reinforced polyolefin materials has successfully addressed the molding process challenges of large-size PACK structural components in the energy storage sector. The high refrigerant-resistant long carbon chain polyamide products exhibit excellent performance, breaking the monopoly of foreign companies on material technology for energy storage thermal management piping systems, and have now achieved domestic mass application. In the first half of the year, global sales of new energy materials reached 45,000 tons, a year-on-year increase of 30.06%.

In addition, modified plastics used in household appliances, electronic and electrical engineering, and consumer electronics all achieved sales growth, with growth rates of 19.55%, 17.54%, and 23.59%, respectively.

At the same time, Jinfat Technology is accelerating its global layout. In the first half of the year, the sales volume of finished products in overseas regions reached 161,000 tons, continuing to grow by 33.17% on the basis of nearly 30% growth last year, significantly increasing its share in the overseas market. By the end of June 2025, the Vietnam factory has achieved large-scale production, the Spain factory has successfully commenced operations, and the Indonesia factory has been built and is set to begin operations soon. Overseas bases such as Jinfat USA, Jinfat Europe, Jinfat India, Jinfat Vietnam, and Jinfat Malaysia are working in synergy.

Goldwind Technology's green petrochemical sector achieves cost reduction and efficiency improvement through continuous technological transformation upgrades and process optimization.In the first half of 2025, Jinfat Technology's green petrochemical business achieved revenue of 5.962 billion yuan, a year-on-year increase of nearly 50%, and its proportion of total revenue rose to 18.8%. The improvement in operational quality has significantly contributed to the overall profit growth of the company.

In the first half of the year, Ningbo Jinfang achieved operating revenue of 3.761 billion yuan, a year-on-year increase of 43.17%. It owns a 1.2 million tons/year PDH unit and an 800,000 tons/year polypropylene unit, and has developed nearly 20 grades of homopolymer PP and copolymer PP products. It is constructing an integrated project for 1.2 million tons/year polypropylene thermoplastic elastomers (PTPE) and modified new materials.

Liaoning Jinfeng achieved a revenue of 3.722 billion yuan in the first half of the year, a year-on-year increase of 46.48%. The company has an ABS production facility with an annual capacity of 600,000 tons, a PDH facility with an annual capacity of 600,000 tons, an acrylonitrile facility with an annual capacity of 260,000 tons, and an MMA facility with an annual capacity of 100,000 tons.

At the same time, Liaoning Jinfang actively develops high-end specialty materials. The ABS unit has established a research and development chain from laboratory scale to pilot scale to industrial scale. In the first half of the year, a total of 243,600 tons of ABS were sold (+40.65%). The "200,000-ton ABS modification project" was handed over and put into operation, successfully completing the full industrial chain from basic synthesis to high-end modification of ABS. In addition, the development of the R&D chains for AN, MMA, and public utilities engineering units is progressing as planned. Nearly 30 new grades of ABS and SAN have been successfully developed to meet various special application scenarios such as electroplating, heat resistance, painting, oil resistance, and low noise.

Benefiting from the increasing demand for domestic industrial chain autonomy, Kingfa Sci. & Tech.’s specialty engineering plastics business is accelerating innovative application development in fields such as high-frequency communications and AI equipment, leveraging its technological advantages. The company's newly developed generation of low dielectric constant and low dielectric loss LCP materials has been mass-applied in high-speed connectors for AI servers, setting a new industry benchmark. Its ultra heat-resistant, fatigue-resistant, and wear-resistant PPA and PEEK materials have successfully addressed the long-term use challenges of key components in embodied intelligent robots.

Driven by product innovation, customer penetration has significantly increased. In the first half of 2025, the sales volume of specialty engineering plastics reached 14,800 tons, a year-on-year increase of 60.87%. Among these, high-performance LCP materials achieved a leap in growth, with a year-on-year increase of 98.94%, nearly doubling. The rapid growth in sales volume has led to an increase in gross profit, making this business segment another important engine for the company's profit growth.

Recently, the environmental impact report for the 1,000-ton annual production of polyimide resin project by Kingfa Sci. & Tech. Co., Ltd.'s subsidiary, Zhuhai Wantong Special Engineering Plastics Co., Ltd., has been accepted for public notice, as well as the environmental assessment information for the first phase of the 40,000-ton annual production of bio-based high-temperature nylon project. This marks a significant breakthrough for Kingfa Sci. & Tech. Co., Ltd., breaking the monopoly of two major giants.

In terms of biodegradable plastics, the main product sales reached 102,700 tons, representing a year-on-year increase of 38.41%, with an annual production...50,000 tons of bio-based succinic acid stable production, with an annual output of 10,000 tons of bio-based BDO successfully put into production; in the field of high-performance carbon fibers and composite materials, main products achieved revenue of 211 million yuan, a year-on-year increase of 15.93%; medical health products achieved sales revenue of 468 million yuan, a year-on-year increase of 185.37%. The developed nitrocellulose microporous membrane product has entered mass production, and the supercritical electrostatic spraying (SEJ) non-woven fabric is in the trial equipment debugging stage. In terms of R&D investment,Kingfa Sci. & Tech. Co., Ltd., leveraging its strong R&D system, has established the "13551" R&D framework, which consists of 1 central research institute, 3 international R&D centers, 5 branch technology centers, 5 chemical new materials incubation bases, and 1 national industrial innovation center. The company continuously increases its efforts in new product development, with R&D investment reaching 1.293 billion yuan in the first half of the year, representing a year-on-year increase of 34.56%.

Income and Cost Comparison by Segment

It is worth mentioning that on May 21, 2024, Yuan Zhimin, who had led Kingfa Sci. & Tech. for more than thirty years, stepped down as chairman, and Li Nanjing resigned from the position of general manager. Subsequently, the eighth board of directors elected Chen Pingxu as chairman and Wu Di as general manager. Most members of the new board of directors and board of supervisors are from the post-1980 generation. The infusion of young blood has brought a brand-new way of thinking and innovative vitality to the company. A new chairman takes office! Targeting a trillion-yuan output value! Understand the leading modified plastics company Kingfa Sci. & Tech. in one infographic!

In the field of robotics, Kingfa Technology indirectly holds shares in Unisound Technology through the Jinshi Growth Fund. The shareholding structure of Jinshi Growth Equity Investment (Hangzhou) Partnership is shown in the figure below, holding 4.62% of the shares in Unisound Technology.

Recently, Yushu Technology announced that it expects to submit its listing application documents to the stock exchange between October and December 2025, at which time the company's relevant operational data will be officially disclosed. Yushu Technology stated that, for the year 2024, the sales of quadruped robots, humanoid robots, and component products will account for approximately 65%, 30%, and 5%, respectively. Among these, about 80% of the quadruped robots are used in research, education, and consumer fields, while the remaining 20% are applied in industrial sectors, such as inspection and firefighting. Humanoid robots are fully utilized in research, education, and consumer areas. (Source: Eastmoney, Jinfat Technology, Chemical New Materials)

According to industry operation data, in recent years (2020–2024), the production capacity of special engineering plastics in China has maintained a double-digit annual growth rate, with output increasing by 14.3% and consumption growing by 5.7%. Despite an overall decline in the profitability of general engineering plastics, the profit level of special engineering plastics remains high. The self-sufficiency rate has also increased from 30% to 47%, with substantial breakthroughs achieved in high performance, multifunctionality, process innovation, and industrial application.