A-share subscription | Juren New Materials (920258.BJ) opens subscription to become the largest supplier of caprolactone series products in China

The Zhitong Finance App learned that on July 22, Juren New Materials (920258.BJ) began subscription. The issuance price was 4.48 yuan/share. The subscription limit was 1.8 million shares, with a price-earnings ratio of 14.97 times. It belongs to the Beijing Stock Exchange, and CITIC Construction Investment Securities is its sponsor.

According to the prospectus, the company is a domestic service-oriented manufacturing enterprise specializing in R&D, production and sales of caprolactone series products. As an innovation-driven manufacturer in the field of advanced chemical materials, the company has long been engaged in technology research and industrial application of caprolactone series products. During the reporting period, the company built the first continuous production line for 10,000 ton caprolactone series products in China to achieve independent innovation in core technology and production equipment, and fill the gap in large-scale domestic production. The company's product performance is in line with international advanced standards, forming a complete gradient product matrix, in line with the country's new materials industry upgrading and high-end manufacturing localization policy guidelines.

The company has developed a series of derivatives such as polycaprolactone, polycaprolactone polyols, and special caprolactone modified materials. After extended processing into polyurethane products, acrylic products, biodegradable products, medical materials and additives, the company is widely used in fields such as new energy vehicles, environmentally friendly coatings, biodegradable, biomedical, and equipment manufacturing. During the reporting period, the compound growth rate of the company's revenue reached 49.98%, showing strong growth momentum.

The company's customer resources are both broad and deep. It has successfully entered the supply chain of international manufacturers such as BASF (BASF), BYK-ChemieGMBH (BYK-ChemieGMBH), Lubrizol (Lubrizol), and Covestro (Covestro), and has long-term cooperation with domestic leaders such as Wanhua Chemical (600309.SH), Meirui New Materials (300848.SZ), and Haizheng Raw Materials (688203.SH). According to data from the China Petroleum and Chemical Industry Federation, the global market share of the company's products increased from 6.19% in 2022 to 22.96% in 2025, and the domestic share increased from 35.19% to 56.40%. It has grown into the largest domestic supplier of caprolactone series products.

The company's main products cover two major categories: caprolactone and caprolactone derivatives. Among them, caprolactone derivatives use caprolactone as the core raw material. Through chemical reactions such as structural modification and functional group conversion, they are given differentiated properties through molecular design on the basis of retaining the core characteristics of the parent structure. At present, the company has built three derivative product systems of polycaprolactone (PCL), polycaprolactone polyol (PCL polyol) and special caprolactone modified materials, and has evolved and developed multiple subgrades through process innovations such as molecular weight gradient control and functional group-targeted modification to form a multi-level product tree system, covering high-end application scenarios such as high-performance elastomers and biodegradable materials.

In terms of performance, in 2023, 2024 and 2025, the company achieved operating income of approximately RMB 282 million, RMB 479 million and RMB 635 million respectively; net profit for the same period was approximately RMB 74.20,600, RMB 83.502 million, and RMB 122 million respectively.