Domestic coating material leader Huigu New Materials listed on the Shenzhen Stock Exchange ChiNext Board

(Source: China Chemical News)

China Chemical News reported that on April 1st, Guangzhou Huigu New Materials Technology Co., Ltd. (Stock code: 301683,简称: Huigu New Materials), a member unit of the Guangdong Coatings and Ink Industry Association, officially listed on the Shenzhen Stock Exchange’s ChiNext Board, ringing the listing bell in Shenzhen.

Huigu New Materials was established in 1999 and is a platform-based functional coating materials company focused on the field of polymer materials driven by independent research and development. The company’s core business is the research, production, and sales of functional resins and functional coating materials, with molecular structure design as the technological foundation, building two major technological platforms: functional resins and coating materials.

Huigu New Materials’ listing is not only a milestone in the company’s development but also an important footnote in China’s localization process of functional materials. In an era when “hidden champions” in the capital market are highly sought after, this “coating expert” that operates behind the industry chain but is ubiquitous is now experiencing a reassessment of its value as it moves from “behind the scenes” to “center stage.”

Based on molecular structure design as the technological starting point, Huigu New Materials has established an industry-leading dual core technology platform of “functional resins + functional coating materials,” achieving a full industrial chain technological closed-loop from the synthesis of core raw materials to the research and development and production of end-use coating products, reducing dependence on foreign core resins. As of the end of June 2025, Huigu New Materials has accumulated 84 authorized patents, and has led or participated in the formulation of 6 national standards, 2 industry standards, and 9 group standards, with its technological strength recognized by the industry.

Relying on its technological R&D capabilities, Huigu New Materials has achieved breakthroughs and leadership in multiple niche fields: the domestic market share of heat exchanger energy-saving coating materials exceeds 60%, the market share of aluminum caps for metal packaging exceeds 30%, and it has become one of the few domestic suppliers capable of integrating fluid coating materials and Mini LED optoelectronic coating materials into localization efforts, providing key material support for new energy, new display, and other strategic emerging industries.

It is understood that Huigu New Materials, centered around its dual core technology platform, has built a product matrix covering four downstream application fields: home appliances, packaging, new energy, and electronics. From 2022 to June 2025, the revenue share of these four fields has remained above 92%. In the traditional advantage sectors of home appliances and packaging, Huigu New Materials has formed long-term stable cooperation with well-known domestic and international brands such as Gree, Midea, Snow Beer, and Wong Lo Kat, becoming their core material supplier. In emerging fields like new energy and electronics, it supplies fluid coating materials indirectly to top battery manufacturers such as EVE Energy and CATL, and has successfully introduced Mini LED optoelectronic coating materials into the supply chains of BOE and TCL, with related product revenue continuing to grow rapidly, becoming a new engine for the company’s performance growth. Additionally, Huigu New Materials has achieved technological breakthroughs in aerospace special coating materials, with revenue reaching 19.0222 million yuan in the first half of 2025, successfully opening the high-end application market and further expanding growth potential.

Huigu New Materials plans to issue no more than 15.7791 million common shares to raise 900 million yuan, with all funds focused on core business, including capacity expansion, R&D upgrades, technological transformation, and working capital.

Among these, 405 million yuan will be invested in the Qingyuan Huigu annual production of 130k tons of environmentally friendly coatings and resins expansion project, which will add 50k tons of functional resins and 80k tons of coating materials annual capacity after completion, mainly to fill capacity gaps in high-growth fields such as new energy and electronics. Currently, 61% of the new energy coating materials from this project have obtained downstream customer intent orders, ensuring sufficient capacity utilization. Another 200 million yuan will be invested in the Qingyuan Huigu New Material R&D Center construction project, strengthening Huigu New Materials’ fundamental research and technological transformation capabilities in high-end functional coating materials, and helping achieve technological breakthroughs in Micro LED optoelectronic coatings and new battery collector coatings. 45 million yuan will be used for production line technological upgrades to improve the company’s intelligent manufacturing level and production efficiency. Additionally, 250 million yuan will be allocated to supplement working capital, effectively alleviating the capital demands brought by business expansion and ensuring the continuous operation and R&D investment of Huigu New Materials.

Huigu New Materials stated that in the future, guided by its “dual core strategy of functional resins + functional coating materials,” it will continue to tackle high-end functional coating material technologies, expand application scenarios in aerospace, new generation information technology, new energy, and other high-end fields, and strengthen and enhance its leading position in the domestic market. Meanwhile, Huigu New Materials will steadily promote its global market layout, push domestic functional coating materials onto the international stage, and strive to grow from a “domestic single champion” into a “Chinese benchmark in the global functional coating materials field.”