Core Viewpoint - The company Jinfa Technology (600143) reported a strong performance in the first three quarters of 2025, with significant revenue and profit growth driven by business optimization and market expansion [1][2]. Group 1: Financial Performance - The company achieved an operating income of 49.616 billion yuan, representing a year-on-year increase of 22.62% [1]. - The net profit attributable to shareholders reached 1.065 billion yuan, reflecting a year-on-year growth of 55.86% [1]. Group 2: Business Segment Performance - The modified plastics segment recorded sales of 2.0908 million tons, up 18.16% year-on-year, providing solid support for overall performance [2]. - The special engineering plastics segment achieved sales of 24,000 tons, a remarkable increase of 53.85% year-on-year, surpassing the total sales for 2024 [2]. - The biodegradable materials segment saw a sales increase of 27.31% year-on-year, with an annual production capacity of 180,000 tons of PBAT biodegradable plastics, leading in Asia [2]. Group 3: Global Expansion - The company has successfully launched factories in Vietnam, Spain, and Indonesia, with ongoing construction in Mexico and Poland, enhancing its global production and service network [2]. - The establishment of overseas bases in the U.S., Europe, and India has contributed to a steady increase in global market share and competitiveness [2]. Group 4: Research and Development - The company has significantly increased R&D investment, achieving breakthroughs in bio-based materials and establishing a full industrial chain system [3]. - Successful advancements in the application of biodegradable plastics in industrial-grade additive manufacturing and high-end food packaging have expanded product applications and market potential [3]. - The company plans to continue focusing on technological innovation, increasing R&D investment, and accelerating capacity release and international expansion to capture growth opportunities [3].

Core Insights - Jinfa Technology reported a revenue of 49.616 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 22.62%, and a net profit attributable to shareholders of 1.065 billion yuan, up 55.86% year-on-year [1] - The modified plastic business, a traditional strength of the company, achieved a sales volume of 2.0908 million tons, growing 18.16% year-on-year, which supported overall performance growth [1] - The company has been deepening strategic cooperation with leading clients and actively expanding into emerging markets, resulting in a steady increase in market share across key sectors such as automotive, electronics, and new energy [1] Financial Performance - For the first three quarters of 2025, Jinfa Technology's revenue reached 49.616 billion yuan, a 22.62% increase compared to the previous year [1] - The net profit attributable to shareholders was 1.065 billion yuan, reflecting a significant year-on-year growth of 55.86% [1] Business Segments - The modified plastic segment maintained a gross margin above 20% since 2020, positioning the company as a leader in the industry [1] - The special engineering plastics business saw a sales volume of 24,000 tons, with a year-on-year growth rate of 53.85%, surpassing the total sales for the entire year of 2024 [2] - The biodegradable materials segment experienced a sales increase of 27.31% year-on-year, with an annual production capacity of 180,000 tons of PBAT biodegradable plastic, making the company the leader in Asia [2] Strategic Initiatives - Jinfa Technology is advancing its internationalization strategy by enhancing its overseas supply chain, with factories in Vietnam, Spain, and Indonesia already operational, and ongoing construction in Mexico and Poland [1] - The company has successfully broken through application bottlenecks for biodegradable plastics in industrial-grade additive manufacturing and high-end food packaging, broadening product applications [2] - In the biobased materials sector, Jinfa Technology has established a complete industrial chain from biobased monomers to modified materials, achieving large-scale production of key raw materials [2]