From strengthening and supplementing the industrial chain to green circulation, we are on a path of industrial upgrading that requires both efficiency and responsibility. Zhou Qiang, the general manager and chief engineer of Jinhua New Materials, said this in an exclusive interview with China Securities Journal. This enterprise, which has been deeply engaged in the fine chemicals field for 18 years, went public on the Beijing Stock Exchange in September 2025, achieving a leap from a regional leader to a public company. Jinhua New Materials, controlled by Juhua Group, is breaking foreign monopolies through continuous technological iterations, transforming from a traditional chemical supplier to a high-end electronic chemical supplier, and entering a new stage of high-quality development.
Build a green and circular industrial chain
Established in 2007, Jinhua New Materials is dedicated to the research and development, production and sales of ketoxime series fine chemicals. Its main products include silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride and acetaldehyde oxime, etc. It is widely applied in multiple fields such as building materials, 5G/6G, high-speed rail and metro and other rail transit, energy and power, electronics, new energy vehicles, as well as metal extractants for copper, rare earths, etc. Through continuous development, the company has established a leading position in the market of silane crosslinking agents and hydroxylamine salts, and has successively obtained multiple qualifications and honors such as National Manufacturing Single Champion, National Key "Little Giant" Enterprise of Specialized, Refined, Unique and Innovative, National Green Factory, and National Science and Technology Reform Demonstration Enterprise.
In layman's terms, ketoxime is a class of important chemical intermediates, like "chemical building blocks", which can be used to synthesize a variety of high-performance materials. Zhou Qiang told the reporter, "After obtaining my doctorate in 2005, I joined Juhua Group to engage in research and development. In 2015, I joined Jinhua New Materials and subsequently served as the general manager and chief engineer." Since 2016, the company has achieved rapid growth by strengthening and supplementing its industrial chain. Now, it has entered a new stage where stable growth and high-quality development go hand in hand.
The domestic fine chemical industry is characterized by "large industrial scale, strong cost control and rapid technological progress". As a major producer and user, the market demand is strong, but the industry also generally has problems such as being large but not strong and having a low degree of industry concentration. Against this backdrop, green and low-carbon development as well as lean production have become the keys to building the core competitiveness of enterprises.
Taking the company's pioneering "oxime-oxime-silane-hydroxylamine salt" green circular industrial chain as an example, Zhou Qiang pointed out: "This is not only an environmental protection concept, but also an industrial system that can fundamentally improve production efficiency, strengthen cost control, and enhance environmental friendliness." In simple terms, this industrial chain is like a chemical circulation system, using upstream by-products as downstream raw materials to achieve efficient resource utilization and build multi-dimensional competitive advantages for the company: First, the economic benefits are significant, with a substantial reduction in raw material consumption compared to traditional processes; Second, both environmental protection and safety have been enhanced, reducing the discharge of "three wastes" from the source, which has helped the company win the title of "National Green Factory". Third, a broad technological moat has been built. This technology integrates multiple complex technologies such as green processes, co-production cycles, process intensification, purification and separation, and high-efficiency catalysis, and has formed a complete intellectual property system. The related achievements have won the First Prize for Scientific and Technological Progress of the China Petroleum and Chemical Industry Federation, the Second Prize for Scientific and Technological Progress of Zhejiang Province, and the Second Prize of the First Intellectual Property Patent Award of Zhejiang Province.
Meanwhile, the company has established a process control system covering three major modules: safety culture, process safety, and equipment safety, as well as 22 elements, by introducing Honeywell's lean production training and DuPont's safety management system. This has effectively reduced manual operations, lowered the frequency of equipment maintenance, saved materials and energy consumption, thereby enhancing production efficiency, product quality, and delivery capabilities.
The industrial synergy of the fundraising and investment projects is strong
In September 2025, Jinhua New Materials was listed on the Beijing Stock Exchange, marking an important milestone in its development history. Zhou Qiang frankly stated: "Previously, as a state-owned enterprise, we have always adhered to the principle of 'reasonable, compliant and legal profits', with the core goal of achieving stable growth of the enterprise and increasing employees' income." After going public, as a public company, it has a stronger sense of responsibility, but it also creates conditions for the company to attract talents, draw on experience, enhance brand influence and bargaining power.
The "60kt/a high-end Coupling Agent Project" is the core project of the company's fundraising for its listing. Upon completion, the company will add an annual production capacity of 30,000 tons of silane coupling agents and 30,000 tons of functional silane intermediates.
Silane coupling agent can be understood as an "industrial adhesive", which can enhance the bonding force between different materials in composite materials. It has a wide range of applications, covering composite materials, plastics, coatings, metal surface treatment, building waterproofing materials and rubber, etc. It belongs to the functional silane system along with the company's existing product, silane crosslinking agent. Zhou Qiang stated that through this project, the company will further achieve the integration of the functional silane industry, enrich product categories, optimize the structure, and enhance market competitiveness.
For instance, the newly added intermediate vinyl trichlorosilane (A150) in the project can not only be used in the production of silane coupling agents but also in the production of existing silane crosslinking agents. The by-product hydrogen chloride can be applied to the production of hydroxylamine salts and methoxyamine hydrochloride, achieving industrial chain synergy. In addition, the products of this project overlap with the downstream customers of the company's existing main products, forming market synergy.
The company can consume approximately 66% of its functional silane intermediate production capacity through internal production, and the remaining portion can be sold externally. Zhou Qiang said that relying on the existing customer reserves and trader resources, there is no need to worry about the digestion of the new production capacity.
High-end products open up new growth space
The construction of a pilot plant and facilities for hydroxylamine aqueous solution (JH-2) is another significant fundraising project of Jinhua New Materials. Zhou Qiang pointed out that the company has been laying out its industrial chain around the development concept of "strengthening the chain, supplementing the chain and extending the chain". Hydroxylamine salt, as the existing main product, is a key raw material for hydroxylamine aqueous solution, which has positive significance for extending the ketoxime industrial chain and consolidating the green circular system.
Electronic-grade hydroxylamine aqueous solution has become a key leap for the company's transformation towards high-end. This product is mainly used as a cleaning agent in the cleaning process after dry etching of aluminum in chip manufacturing. It is a high-tech barrier and high value-added product. This is a crucial step for the company to move from traditional chemical industry to the field of semiconductor materials.
High-purity hydroxylamine has unstable chemical properties and is difficult to exist in the form of free alkali, thus having a high technical threshold and great preparation difficulty. At present, only a few foreign-funded enterprises such as BASF have the capacity for industrial production worldwide, and no domestic enterprise has achieved large-scale production of similar products yet.
Journalists have learned that Jinhua New Materials has successfully developed a safe and green preparation process for hydroxylamine and will complete the development of hydroxylamine aqueous solution products and project construction in 2024. This project has been included in the national major science and technology Special Project. Starting from October 2024, the product entered trial production and began sales, with a sales volume of 7.60 tons that year (calculated at a 50% concentration).
The current progress of the pilot production of hydroxylamine aqueous solution has exceeded expectations, and it is expected that the construction of industrial facilities can be initiated next year. Zhou Qiang stated that the proportion of high-end chemicals in the company's business will continue to rise in the future, injecting new impetus into high-quality development.
On the dual-track track of fine chemicals and high-end electronic chemicals, Jinhua New Materials is steadily advancing from a hidden champion to an industry benchmark by leveraging its industrial chain advantages, technological accumulation and global layout.
Note: From China Securities Journal