China Plastic & Century Digital debut on ChiNext and Beijing Stock Exchange today

Reporter: Lin Jianmin Editor: Li Yanna Video: Xiao Hang

On September 22, two new stocks were listed: Zhongsu Co., Ltd. (301686.SZ) on the ChiNext Board, and Century Digital (920229.BJ) on the Beijing Stock Exchange.

Zhongsu Co., Ltd. (301686.SZ)

Zhongsu Co., Ltd. is a high-tech enterprise and a national-level specialized and new "Little Giant" company, focusing on the R&D, production, and sales of modified engineering plastics. Its core products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET, which are used in consumer electronics, energy storage, automotive, home appliances, and other industries.

R&D Capabilities

As of the end of 2025, Zhongsu held 95 domestic invention patents. It is a national high-tech enterprise and has established a Guangdong Provincial Doctoral Workstation and a Guangdong Provincial Engineering Technology Research Center. The company has participated in national-level scientific research projects, including the "Twelfth Five-Year National Science and Technology Support Plan – Key Technology Development and Industrialization of High-Performance Polyamide Engineering Plastics," and has independently led provincial and ministerial-level projects such as "Key Scientific Issues in the Preparation of Semi-Aromatic High-Temperature PA10T/11" and "R&D of PC-Based In-Mold Decoration Materials and Molding Processes for Large Deep-Cavity Parts."

Financial and Customer Highlights

According to the prospectus, consumer electronics is the company's traditional advantage sector. From 2023 to 2025, revenue from consumer electronics accounted for 65.57%, 70.82%, and 66.90% of total main business revenue, respectively, with gross profit contribution rates of 21.73%, 24.10%, and 26.01%.

Zhongsu's direct customers include major domestic manufacturers of components, modules, and precision structural parts, such as:

• BYD
• FIH Mobile
• Huaqin Technology
• Wingtech Technology
• Longcheer Technology
• Changying Precision
• Goertek
• AAC Technologies
• Lingyi iTech
• Luxshare Precision
• Jierong Technology
• Speed

In addition, the company has entered the qualified supplier pools of multiple terminal brand customers, including:

• Samsung
• Huawei
• Xiaomi
• OPPO
• Transsion
• BOSE
• Lenovo
• Xiaotiancai
• Anker Innovations
• EcoFlow
• BYD
• Jiangling Motors

Risk Warning

Zhongsu reminded investors of the risk of fluctuations in the prices of major raw materials. In 2026, geopolitical tensions in the Middle East led to significant volatility in crude oil and petrochemical product prices. If raw material prices rise sharply in the future, and the company is unable to adjust product prices in a timely manner, pass on cost pressures downstream, optimize processes to improve efficiency, or manage inventory effectively during price fluctuations, its operating performance may be adversely affected.

Century Digital (920229.BJ)

Century Digital is a national-level specialized and new "Little Giant" enterprise and a national high-tech company. It focuses on the R&D, production, and sales of digital inkjet printing equipment and related accessories and consumables, including digital inkjet textile printers, digital printers, and corrugated color box digital printing machines. The company is primarily engaged in industrial applications for textile digital printing, advertising signage, and corrugated box packaging digital printing.

Market Position

• According to a certificate from the Advertising Production and Display Committee of the China Advertising Association, Century Digital's digital printers (micro-piezoelectric digital photo equipment) held a 27% domestic market share from 2022 to 2024, ranking first.
• According to the 2024 China Textile Digital Inkjet Printing Development Report by the China Printing and Dyeing Association, the installed base of digital thermal transfer printing machines in China in 2023 was 6,400 units. Based on Century Digital's domestic sales of such machines in 2023, its domestic market share was approximately 25%, placing it among the industry leaders.
• The company's "roll-to-roll" corrugated color box digital printing machine, the first of its kind in China, was recognized as a "First Set (Batch) of Major Technical Equipment in Henan Province" in September 2025.

Financial and Customer Highlights

From 2023 to 2025, Century Digital's top five customers were primarily agents of digital inkjet textile printers serving textile printing and dyeing clusters in Jiangsu, Zhejiang, Shanghai, and Guangdong, as well as export-oriented trading companies. In 2025, revenue from the top five customers accounted for 26.01% of total revenue. Overseas sales revenue in 2025 accounted for 16.94%, mainly in Southeast Asia and Europe.

In the first half of 2026, the company achieved:

• Revenue: RMB 372 million, up 19.70% year-on-year
• Net profit: RMB 38.1034 million, up 60.93% year-on-year

Risk Warning

Century Digital reminded investors of the risk of macroeconomic fluctuations. During an economic upturn, demand for apparel, footwear, hats, home textiles, food and beverages, and advertising increases, driving capacity expansion in textile printing, corrugated box packaging, and advertising production. This also accelerates the shift from traditional to digital printing and encourages product upgrades. Conversely, during an economic downturn, downstream demand may shrink, slowing industry growth. Therefore, macroeconomic volatility or a downturn could negatively impact sales of the company's main products and hinder stable and sustained performance growth.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors who act on this information do so at their own risk.

Editor: Guo Xutong