Strengthening the core business
The company develops, manufactures and sells polyetheramine, optical-grade polymer resins and high-clarity materials. According to the Global Wind Energy Council, Chinese demand for polyetheramine in wind power grew from 24,000 t in 2017 to 62,000 t in 2020.
The company recorded a net loss in 2024, mainly because new domestic polyetheramine capacity came on stream while downstream wind-power demand fell short of expectations, intensifying competition and lowering prices and margins. Management regards these difficulties as cyclical and remains committed to advanced chemical materials.
The 20,000 t/a polyetheramine project in Qianjiang, Hubei was under construction. The company maintains long-term relationships with a number of well-known customers in China and abroad, and continues to develop international markets.
Changing the development model
Read the macro policy, find the micro opportunity, then look for the innovation route.
Polyetheramine illustrates the approach: policy pointed to new energy and, within it, wind power; the company then used its polymer background to pick a step where a breakthrough was both possible and valuable, innovating in process and catalyst preparation to develop a continuous production route.
With the growth of new-energy vehicles, the company’s isobornyl acrylate and methacrylate products are widely used in high-end automotive surface coatings for their gloss and hardness.
Sustained R&D
Cyclic olefin polymers (COC/COP) are thermoplastic engineering plastics used in optical lenses, head-up displays and pharmaceutical packaging. Development began in 2014, and the trial production line started up in September 2024.
In the first half of 2024 the company added two in-house projects — COC for biopharmaceutical packaging and COC for electronic and optical use — alongside frontier work on COC-based bone repair and organ-chip materials.
The purpose of innovation is not extraordinary profit; it is to give the company vitality.
Excerpted from a China Securities Journal report republished on the company’s official WeChat account.