4 Million Shareholders Are Excited! Bull Stock "600143" Rides on Unitree Robotics, Explodes Again!

Ask AI · How can Jushutec’s IPO enhance Jinfeng Technology’s position in the robotics industry chain?

On March 23, Jinfeng Technology (600143.SH) opened high and quickly surged, ultimately hitting the daily limit.

The company has 395,000 shareholders—excited again, ready for another hype?

It’s worth noting that last year, Jinfeng Technology was a “big bull stock,” with a maximum increase of 210.09% from its low within the year.

Jinfeng Technology is a leader in new chemical materials. Last year, its stock price speculation was related to its investor, humanoid robot star company Jushutec, and this surge is linked to the latest news about Jushutec’s IPO.

Jushutec’s Sci-Tech Innovation Board IPO application has been accepted.

On March 20, the Shanghai Stock Exchange official website announced that Jushutec Co., Ltd.’s IPO application on the Sci-Tech Innovation Board has been accepted.

Jushutec’s IPO is expected to raise approximately 4.202 billion yuan.

The company plans to issue no less than 40.0464 million new shares, representing at least 10% of the total shares after issuance, meaning an initial market value of at least 42 billion yuan.

According to Jinfeng Technology’s announcement on the evening of September 18, 2025, Jinfeng Technology, as a limited partner, jointly invested with Jinshi Investment Co., Ltd. (general partner) and other limited partners to establish the Jinshi Growth Fund. The company’s committed share in the Jinshi Growth Fund is 6.80%, and the fund’s holding in Jushutec is 4.77%. Therefore, Jinfeng Technology’s direct stake in Jushutec is 0.32%.

Based on Jushutec’s 42 billion yuan valuation, Jinfeng Technology’s 0.32% stake is worth about 134 million yuan, with minimal impact on the company’s performance. In 2024, Jinfeng Technology’s revenue was 60.514 billion yuan, with a net profit attributable to shareholders of 825 million yuan.

Even considering that Jushutec’s market value might grow after listing, the impact on Jinfeng Technology is likely limited. If Jushutec’s market cap doubles, the value of Jinfeng’s 0.32% stake would only increase from 134 million yuan to 268 million yuan.

However, Jinfeng Technology has deep involvement in the robotics supply chain.

Jinfeng’s investment in Jushutec is not merely for financial purposes but also strategic.

On July 28, 2025, during an investor visit, Jinfeng Technology stated that by holding shares in Jinshi Growth Fund, the company can quickly identify downstream emerging industry trends and proactively develop materials and products. Currently, the company has supplied materials in bulk to some downstream robot companies and is collaborating with industry leaders to develop more component material solutions.

So, does the company supply Jushutec?

At the November 5, 2025, earnings presentation, when asked, “How much revenue has Jinfeng Technology generated from providing special engineering plastics to Jushutec? Or how many framework agreements have been signed?” Jinfeng responded that the company actively collaborates with top clients in the robotics field on material development. Some clients have achieved bulk supply of materials. Due to commercial confidentiality, the company cannot disclose specific cooperation details.

Jinfeng Technology is a supplier of key robot materials, specifically “PEEK” (a type of specialty engineering plastic). It is reported that the company’s developed ultra-high-temperature, wear-resistant PPA and PEEK materials solve long-term use issues of critical components in humanoid robots and robot dogs, enabling mass application.

PEEK can significantly reduce weight—its density is only half that of aluminum alloy and one-sixth that of steel—while its tensile strength is comparable to metals like aluminum and steel. Reducing weight is crucial for humanoid robots, leading to lower power consumption, longer endurance, more agile movements, higher safety, and lower costs. Additionally, PEEK has excellent fatigue resistance, maintaining stable performance over long-term use, which is especially important for robots that require frequent movement.

Jinfeng Technology’s fundamentals are solid.

In 2024, Jinfeng Technology achieved a net profit attributable to shareholders of 825 million yuan, a year-on-year increase of 160.36%. In the first three quarters of 2025, the company’s revenue reached 49.616 billion yuan, up 22.62%, with a net profit of 1.065 billion yuan, up 55.86%.

The company’s performance growth is mainly due to a significant increase in modified plastic sales.

Modified plastics are Jinfeng’s largest business segment, accounting for 52.07% of revenue in the first half of 2025.

In 2024, the company’s modified plastic finished product sales totaled 2.5515 million tons, up 20.78% year-on-year; in the first three quarters of 2025, sales reached 2.0908 million tons, an 18.16% increase.

On September 16, 2025, during an investor visit, Jinfeng explained:

Thanks to their excellent processing performance and high cost-effectiveness, modified plastics are widely used in automotive, home appliances, electronics, new energy, and other industries. Meanwhile, emerging fields like robotics and low-altitude economy are injecting new demand. As downstream applications increasingly demand “lightweight” and “high strength,” the market for modified plastics continues to expand. Currently, China’s plastic modification rate is about 30%, significantly lower than developed countries like Europe and the US at around 50%, leaving substantial room for growth.

The “special engineering plastics” used in robots are still in low volume. In the first three quarters of 2025, sales of special engineering plastics were only 24,000 tons, compared to 115,000 tons of modified plastics in the same period.

Including new materials such as “biodegradable plastics, special engineering plastics, carbon fibers, and composites,” the revenue from these in the first half of 2025 was 1.99 billion yuan, accounting for only 6.29% of the company’s total revenue during that period.