A-share subscription | Juren New Material (920258.BJ) opens for subscription as the largest supplier of maleic anhydride series products in China.

On July 22, Juren New Materials (920258.BJ) started its subscription, with an issue price of 4.48 yuan per share, a subscription limit of 1.8 million shares, a P/E ratio of 14.97 times, and listed on the Beijiao Stock Exchange. China Securities Co., Ltd. is its sponsoring institution. According to the prospectus, the company is a service-oriented manufacturing enterprise specializing in the research and development, production, and sales of caprolactam series products in China. As an innovative player in the field of advanced chemical materials, the company has been engaged in the technical research and industrial application of caprolactam series products for a long time. During the reporting period, the company completed the construction of the first domestic continuous production line of caprolactam series products with a capacity of ten thousand tons, achieving independent innovation in core technology and production equipment, filling the gap in domestic large-scale production. The company's product performance is on par with international advanced levels, forming a complete gradient product matrix, in line with the national policy orientation of upgrading the new materials industry and promoting the localization of high-end manufacturing. The company has developed a series of derivatives around caprolactam, such as polyether caprolactone, polyether caprolactone diol, and special caprolactam-modified materials. After further processing into polyurethane products, acrylic products, biodegradable products, medical materials, and adjuvant products, they are widely used in new energy vehicles, environmental-friendly coatings, biodegradables, biomedicine, equipment manufacturing, and other fields. During the reporting period, the compound annual growth rate of the company's operating income reached 49.98%, demonstrating strong growth momentum. The company's customer resources have both breadth and depth, successfully entering the supply chain of international manufacturers such as BASF, BYK-Chemie GmbH, Lubrizol, Covestro, and establishing long-term partnerships with domestic leading companies such as Wanhua Chemical Group, Miracll Chemicals, and Zhejiang Hisun Biomaterials. Data from PetroChina and the Chemical Industry Association show that the company's global market share of products increased from 6.19% in 2022 to 22.96% in 2025, and its domestic market share increased from 35.19% to 56.40%, making it the largest domestic and a major global supplier of caprolactam series products. The company's main products cover two categories: caprolactam and caprolactam derivatives. Among them, caprolactam derivatives are based on caprolactam as the core raw material, undergoing chemical reactions such as structural modification and functional group conversion to give them differentiated performance while retaining the core characteristics of the parent structure. Currently, the company has constructed three major derivative product systems: polycaprolactone (PCL), polyether caprolactone diol (PCL diol), and special caprolactam-modified materials. Through process innovations such as molecular weight gradient control and targeted functional group modification, the company has developed various sub-brands and formed a multi-level product tree system covering high-performance elastomers, biodegradable materials, and other high-end applications. In terms of performance, in 2023, 2024, and 2025, the company achieved operating income of approximately 282 million yuan, 479 million yuan, and 635 million yuan respectively; with net profits of approximately 74.20 million yuan, 83.35 million yuan, and 122 million yuan respectively during the same period.