Kejian Shares Passes Beijing Stock Exchange Review: Focuses on Butyl Rubber Niche, Plans to Raise 185 Million Yuan

Shanghai – Kejian Polymer Materials (Shanghai) Co., Ltd. (securities abbreviation: "Kejian Shares"), a national-level specialized and sophisticated "Little Giant" enterprise long focused on the R&D, production, and sales of functional materials such as sealants, adhesives, damping, and noise reduction products, has recently passed the review of the Beijing Stock Exchange (BSE) Listing Committee.

The company plans to publicly issue no more than 15.60 million RMB ordinary shares, with Changjiang Securities Underwriting & Sponsorship Co., Ltd. acting as the sponsor. Against the backdrop of the adhesive market being long dominated by international giants such as Henkel and 3M, Kejian Shares has carved out a differentiated development path characterized by "small but refined, specialized yet strong," through its deep focus on the butyl rubber segment.

Focusing on the Core Butyl Rubber Track, Business Scale Steadily Climbs

Kejian Shares is one of the few specialized manufacturers in China dedicated to butyl rubber products. Building on its butyl rubber foundation, the company has gradually expanded its product portfolio to include silicone adhesives, modified polyurethane adhesives, polyolefins, PUR, acrylics, and epoxy adhesives. This has created a product matrix covering multifunctional requirements such as sealing, bonding, damping, noise reduction, mildew resistance, flame retardancy, and structural reinforcement. The products are widely used in automotive, construction, aerospace, wind power, communication and power, home decoration, refrigeration, electronics, and photovoltaic new energy sectors.

According to the prospectus, from 2023 to 2025, the company's operating revenue was RMB 425.0511 million, RMB 438.1074 million, and RMB 518.1999 million respectively, achieving a three-year compound growth rate of 10.42%. Among this, the core product—butyl rubber—generated revenue of RMB 270 million in 2025, accounting for 52.16% of main business revenue, indicating a solid and continuously strengthening business foundation.

Over Two Decades of R&D Accumulation, Mastering Industry Discourse Power

Deep technical R&D accumulation is Kejian Shares' most prominent competitive advantage. The core team has深耕 the butyl rubber field for over 20 years, consistently placing R&D and innovation at the core of development. As of the end of the reporting period, the company had obtained 122 authorized patents, including 34 invention patents.

More critically, the company has not stopped at enterprise-level technical accumulation but has distilled its long-term沉淀 into industry standards. Kejian has undertaken or participated in formulating several standards, including the national standard Butyl Rubber Damping Sheet (GB/T41944-2022) and the industry standard Butyl Rubber Waterproof Sealing Adhesive Tape (JC/T942-2022), thereby gaining a certain degree of industry discourse power. In the "Key Technology of High-Performance Hot-Melt Damping Sheet" project, the relevant technology was recognized by the Shanghai Science and Technology Information Center of the Chinese Academy of Sciences as reaching the domestic leading level. In the field of ultra-high-temperature resistant sealing tape, its preparation technology has also been rated as internationally advanced. Meanwhile, the company continues to deepen its industry-university-research collaborative innovation mechanism with universities such as Donghua University, solidifying its technological foundation for long-term development.

Dual Drive of Product Quality and Manufacturing Process Builds Hardcore Competitive Barriers

In an adhesive market where foreign companies have long held the technological and brand high ground, Kejian Shares has effectively caught up through a "product, process, quality" trinity of hard power.

• Product Side: The company's core products break through performance ceilings. For example, the non-setting adhesive KJ-698 for automotive body seals has a solid content (≥99%) and sag resistance (no sag at 93°C) reaching the same level as international leading brands like Bostik. The aerospace high-temperature vacuum adhesive KJ-662B withstands temperatures up to 230°C, outperforming comparable products from international brands like Airtech (204°C), while also offering cost advantages. This delivers multiple values of "reliable performance, stable supply, and superior overall cost," supporting its deep penetration into high-barrier fields such as aerospace and large-scale wind power composite materials.
• Manufacturing Side: Relying on its professional mechanical automation R&D team, the company provides a full-chain solution encompassing equipment R&D, process optimization, and technology integration, focusing on four dimensions: cost, quality, delivery efficiency, and customer customization. Through deep integration of technologies like high-speed CNC conveying and intelligent speed control, it significantly reduces product length deviation and compression mold change time. It also proactively integrates cutting-edge technologies such as visual inspection, robot collaboration, and digital control into equipment development, laying the foundation for large-scale capacity expansion.
• Quality Side: The company has established a quality control system covering the entire process from procurement and production to inventory and sales. It has passed ISO9001 and IATF16969 certifications. Its subsidiary, Zhongcai Testing, has obtained national authoritative qualifications such as CNAS and CMA. This dual assurance of "self-inspection + third-party certification" provides systematic support for entering the quality-demanding automotive and aerospace sectors.

Deepening Ties with Leading Customers, Cross-Material Synergy Amplifies Growth Potential

Leveraging its superior product performance, stable quality, and outstanding cost-effectiveness, Kejian Shares has built a high-quality customer matrix spanning multiple industries and deeply embedded itself in several high-end industrial chains.

• Automotive: Entered the supply chains of well-known OEMs such as SAIC Motor, Geely Auto, NIO, and Leapmotor.
• Aerospace: Products are used by major domestic aircraft manufacturers, including COMAC.
• Wind Power: Customers cover leading domestic and international companies such as Times New Material, Envision Energy, and Suzlon.
• Communications: Has become a supplier to leading equipment manufacturers like Huawei and ZTE.

The stringent certification and long-term cooperation with benchmark customers not only provide sustained and stable order guarantees but also enable the company to accurately grasp downstream technology iteration and demand evolution trends, forming a virtuous cycle.

With butyl rubber technology as its cornerstone, the company continuously achieves technological iteration and breakthroughs across material systems. Based on cross-material and cross-functional product combinations, it provides one-stop, comprehensive solutions to customers, significantly enhancing customer stickiness and per-customer value. Simultaneously, the synergy effects across product lines in R&D, production, and market channels strengthen the company's overall risk resistance and ability to capture market opportunities.

Fundraising to Boost Smart Manufacturing, Continuously Unlocking Growth Potential

In this issuance, the company plans to use the raised funds for the following projects:

• Polymer Materials Manufacturing Center Upgrade and Construction Project (Investment scale: RMB 209.8097 million)
• R&D Center Upgrade and Construction Project (Investment scale: RMB 52.1375 million)
• Working Capital Supplement Project (Investment scale: RMB 40 million)

The total investment from the raised funds is RMB 185 million.

The implementation of these projects aims to expand the company's existing production capacity and business scale, enhance automation levels and R&D innovation capabilities, and address the current shortcomings of relatively single financing channels and limited capital strength. With the smooth progress of this issuance, the company is expected to leverage the capital market to further consolidate its leading position in the butyl rubber niche and gain broader development space amid the accelerating trend of domestic substitution for imported functional sealing materials.

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