Securities Times | Production-Sales Ratio Exceeds 110%! Zhongfu Shenying Carbon Fiber Achieves Revenue of Over RMB 2.1 Billion in 2025, Successfully Turning Losses into Profit

www.stcn.com | Li Jin

On the evening of March 25, Zhongfu Shenying Carbon Fiber (688295) released its 2025 annual report. The company reported total operating revenue of RMB 2.194 billion for the year, representing a year-on-year increase of 40.87%, and net profit attributable to shareholders of the parent company of RMB 96.1841 million, successfully reversing prior losses. The company plans to distribute a cash dividend of RMB 0.33 (tax inclusive) for every 10 shares to all shareholders, with a total proposed cash dividend payout of RMB 29.7 million (tax inclusive).

As a national high-tech enterprise specializing in the R&D, production, and sales of carbon fiber and its composite materials, Zhongfu Shenying Carbon Fiber has long focused on the innovative research of high-performance polyacrylonitrile (PAN)-based carbon fiber. The company has established three major advanced manufacturing bases in Lianyungang of Jiangsu Province, Xining of Qinghai Province, and Lingang of Shanghai. It currently has a PAN-based dry-jet wet-spinning carbon fiber production capacity of 29,000 tons, with an additional 31,000 tons under construction.

In 2025, Zhongfu Shenying Carbon Fiber achieved breakthroughs in its high-end product portfolio. The company developed T1200-grade ultra-high-strength carbon fiber, with a laboratory tensile strength of 8,056 MPa and engineering-level production achieving 7,718 MPa. It also developed SYM65J ultra-high modulus carbon fiber, with a tensile modulus reaching 637 GPa. The globally launched SYM55X-12K ultra-high-strength, high-modulus, high-toughness carbon fiber has taken a leading position in niche segments worldwide, continuously empowering aerospace and high-end extreme sports applications. In addition, the company completed the development of SYT55T-16K low-cost, high-strength, intermediate-modulus carbon fiber, providing cost-effective solutions for high-end sports and leisure sectors.

Meanwhile, Zhongfu Shenying Carbon Fiber introduced the second-generation SYT45F-48K low-cost, high compressive strain, large-tow carbon fiber for wind power applications, supporting the design and development of larger wind turbine blades. R&D achievements are being rapidly commercialized. The company developed 603H aerospace prepreg and obtained PCD pre-approval from COMAC, and is currently conducting component-level validation for domestically produced large aircraft. It also developed low areal weight carbon fiber technology to meet the requirements of low areal weight prepregs; introduced vinyl-type sizing to expand applications in marine and offshore sectors; developed fiber-resin interfacial co-adaptation technology to meet rapid processing and molding requirements in the low-altitude economy; and advanced secondary chopping and sizing technologies for waste fibers, expanding application validation in ultra-high-performance concrete.

In terms of lean operations, Zhongfu Shenying Carbon Fiber adheres to its “1+3” industrial layout and follows a demand-driven production model. Leveraging the capacity advantages of each production base, the company achieved a production-sales ratio exceeding 110% in 2025. Guided by its “price-cost-profit” philosophy, the company has led pricing trends for high-end products such as 3K, M series, and T1100-grade fibers. Through precise capacity scheduling and measures including technological upgrades, process optimization, and centralized procurement, unit production costs decreased by 12% year-on-year, effectively improving profit margins and driving steady growth in corporate earnings.

In terms of market expansion, Zhongfu Shenying Carbon Fiber has demonstrated significant advantages in its core business areas. In 2025, the company’s market share exceeded 75% in the pressure vessel segment, over 45% in the sports and leisure segment, more than 40% in carbon-carbon/carbon-ceramic materials, and over 30% in emerging sectors such as electronics (3C), medical applications, and construction. Its market share in the wind power sector rose rapidly to nearly 20%, maintaining its leading position in the industry. Leveraging strong technological adaptability and large-scale delivery capabilities, the company will continue to consolidate its existing advantages, steadily increase the market share of its core products, and further strengthen its leading position in the carbon fiber industry.

Editor in Charge: Zang Xiaosong