KINGFA(SH:600143) 合成生物学与绿色生物制造·2025-12-26 01:33Core Viewpoint - Liaoning Jinfa is expanding its production capacity by renovating its lactic acid production line and constructing a new 100,000-ton bio-based succinic acid production line, which is expected to significantly enhance its bio-based materials segment [1][3]. Project Overview - The project will utilize a "reconstruction + new construction" model, converting existing lactic acid production facilities to produce 50,000 tons of succinic acid annually, while also building a new fermentation workshop and a purification workshop for an additional 50,000 tons of succinic acid [2]. - Upon completion, the total production capacity for bio-based succinic acid will increase from 50,000 tons/year to 150,000 tons/year, serving as a crucial capacity support for the company's bio-based monomer segment [3]. - The project is part of a larger integrated bio-based materials initiative in the Panjin Liaobin Coastal Economic and Technological Development Zone, which includes a total investment of 7.89 billion yuan [4][5]. Production Capacity and Investment - The project will cover an area of 1,450 acres, with a planned total investment of 7.89 billion yuan, divided into three phases [5]. - The first phase will occupy 740 acres with an investment of 1 billion yuan, originally intended for the production of 10,000 tons of bio-based 1,4-butanediol, 50,000 tons of lactic acid, and 5,000 tons of halogen-free green flame retardants [6]. Industry Positioning - Jinfa Technology has established a complete "bio-based monomer-polymer-modification" industrial chain [7]. - The company has achieved stable production of 50,000 tons of bio-based succinic acid and 10,000 tons of bio-based BDO, with bio-based succinic acid produced through microbial fermentation achieving 100% bio-based carbon content [9]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 49.616 billion yuan, a year-on-year increase of 22.62%, and a net profit of 1.065 billion yuan, up 55.86% [15]. - The stock price increased from 8.12 yuan at the beginning of the year to 18.45 yuan by December 24, 2025, reflecting a 127.2% increase, significantly outperforming the market [16]. Innovation and New Developments - Jinfa Technology has made significant technological breakthroughs, including the launch of a new generation of bio-based LCP materials, becoming the first domestic supplier to achieve ISCC PLUS certification for LCP materials [10]. - The company is also expanding into new fields, having established a new subsidiary focused on bio-based materials technology research and development [13].