Core Viewpoint - The high-end aluminum pigment market, traditionally dominated by foreign companies, is being transformed by a Chinese technology enterprise, Changsha Zuxing New Materials Co., Ltd., which has mastered the entire chain of core technologies from raw materials to high-end products, achieving import substitution and gaining global influence [1] Group 1: Breakthrough and Technology Foundation - Zuxing New Materials successfully developed high-performance aluminum pigments in 1999, breaking the long-standing foreign monopoly in the Chinese market [2] - The company has established a complete system of seven core technologies, covering the preparation of fine spherical aluminum powder, fine classification, sheet processing, and surface coating [2] - The company uses high-purity aluminum water (not less than 99.85%) and proprietary high-precision supersonic atomization technology to ensure a key fine powder rate (D50<7.5 microns) of over 65% [2] Group 2: Product Innovation - In 2020, Zuxing New Materials developed aluminum pigments for water-based inks, solving industry challenges and achieving international advanced levels, thus breaking foreign monopolies in high-end markets [3] - The performance of Zuxing's main products has reached parity with international top brands, with product ZA9910 comparable to Japan's Toyo Aluminum and ZW1755 outperforming Germany's ECKA in key indicators [3] Group 3: Industry Standards and Market Access - The company's product quality and technical strength have enabled it to enter the qualified supplier systems of international paint giants such as Nippon, PPG, AkzoNobel, BASF, and Kansai Paint [4] - Zuxing New Materials has not only led or participated in the formulation of all five domestic aluminum pigment industry standards but has also contributed to three international standards, marking a significant leap from "executing standards" to "defining standards" [4] Group 4: Innovation and R&D - Continuous R&D investment is the source of innovation for Zuxing New Materials, with R&D expenses of 15.82 million, 17.04 million, and 16.28 million yuan from 2022 to 2024, and R&D personnel accounting for 14.68% [5] - The company holds 86 authorized patents, including 46 invention patents, establishing a solid intellectual property barrier [5] - Zuxing's growth reflects the journey of Chinese manufacturing towards high-end markets through independent innovation, showcasing its robust technological strength in the aluminum pigment sector [5]

Core Viewpoint - The company, Changsha Zuxing New Materials Co., Ltd., is transforming the high-end aluminum pigment market in China, which has long relied on imports, through strong R&D capabilities and technological innovations [1][4]. Group 1: Technological Breakthroughs - Since its establishment in 1999, the company has developed high-performance aluminum pigments, breaking the market monopoly held by foreign companies [2]. - The company has mastered seven core technologies, including the preparation of fine spherical aluminum powder and resin coating, creating a complete technological chain from raw materials to finished products [2]. - The production of high-quality fine spherical aluminum powder, with a purity of ≥99.85% and a fine powder rate (D50 less than 7.5 microns) of over 65%, provides a stable raw material foundation for high-performance aluminum pigments [2]. Group 2: Product Development and Market Expansion - In 2020, the company developed aluminum pigments for water-based inks, overcoming technical challenges and achieving international advanced levels, thus breaking foreign monopolies in this field [2]. - The company's products have reached international standards in high-end applications such as automotive OEM paints and 3C electronic coatings, with performance metrics comparable to leading international brands [3]. - The company has successfully entered the supply chains of major international paint companies, including Nippon Paint, PPG, and BASF, and established solid partnerships with domestic firms [3]. Group 3: R&D Investment and Industry Recognition - The company has consistently invested in R&D, with expenses projected at 15.82 million yuan, 17.04 million yuan, and 16.28 million yuan from 2022 to 2024, and a research personnel ratio of 14.68% [3]. - As of August 2025, the company holds 86 authorized patents, including 46 invention patents, and has participated in the formulation of five industry standards for aluminum pigments [3].