September 09, 2024 – China Chemical recently released its 2024 half-year financial report, revealing impressive numbers. The company achieved revenues of nearly 90.6 billion yuan in the first half of the year. Despite minor fluctuations in net profit attributable to shareholders and non-GAAP net profit, the industrial and new materials segments showed strong performance. In fact, the operating income of these segments increased by 6.63% year-on-year, making it the fastest-growing business area.
This growth was primarily driven by robust revenue contributions from industrial projects, specifically from companies like Tianchen and Hualu. In the realm of new materials, China Chemical is actively expanding, focusing on the research and development of high-performance fibers, high-end nylon materials, and biodegradable plastics.
Remarkably, the company has achieved a significant breakthrough in adiponitrile technology. Adiponitrile, a core component of nylon 66, has garnered much attention regarding its localization. Tianchen, a subsidiary of China Chemical, has been researching adiponitrile synthesis technology since 2011. After years of effort, the company successfully commissioned a project in Zibo, Shandong Province. This milestone not only shattered foreign technological blockades but also significantly reduced prices of related products, profoundly impacting the healthy development of China’s high-end polyamide industry.
Furthermore, China Chemical has made notable progress in biodegradable materials. The company, in collaboration with Xinjiang Tianye Group, has successfully developed and launched a PBAT fully biodegradable plastic project. The product’s performance surpasses national standards and finds applications in packaging, catering, and various other fields.
In terms of cutting-edge materials, Hualu New Materials Co., Ltd. has established a scaled-up production base for aerogel in Chongqing. Aerogel, identified as a nationally strategic basic new material, finds applications in multiple important fields. The project not only achieves continuous and large-scale production of aerogel but also plans to further expand its capacity, positioning Hualu New Materials as a leading aerogel manufacturer in the southwest region.
According to the Color Masterbatch Industry Network, with the continuous expansion of the chemical new materials market, China Chemical, leveraging its deep expertise and continuous innovation in new materials, is poised to embrace a broader development space in the coming years.