PEEK Industry Briefing (Including A-Share List): The ‘High-End Muscle’ of Robotics

If steel is the skeleton of industry, then PEEK is the “high-end muscle” of the industrial sector.

This sector has long been dominated by three giants: Victrex from the UK, Solvay from Belgium, and Evonik from Germany, who have maintained a monopoly and technological blockade. We could only look on in despair. In recent years, domestic manufacturers have been tackling technical challenges while accelerating their catch-up efforts, especially in the fields of humanoid robots, aerospace, and medical implants, where domestic PEEK is beginning to seize the high ground.

China’s PEEK market has historically shown a significant supply-demand gap. In 2017, PEEK production was about 200 tons, while demand was around 700 tons. By 2024, production is expected to increase to approximately 3,808 tons, with demand around 3,894 tons, indicating a rapid expansion trend in both supply and demand overall..

Emerging fields are expected to significantly boost PEEK demand. For instance, the humanoid robot sector alone is projected to bring about an additional demand of approximately 1,790 tons of PEEK to China by 2030. The global PEEK market is expected to expand at a compound annual growth rate (CAGR) of 9.7%, but China’s growth rate is anticipated to be 1.5 times the global average, making China a core growth engine..

The rapid growth of China’s PEEK production capacity, from 200 tons in 2017 to an expected 9,000-10,000 tons by 2025, significantly surpasses historical production levels and closely matches demand, indicating that China is consciously and strategically working to reduce dependence on foreign imports and achieve greater self-sufficiency in this critical material sector. The narrowing gap between domestic production and demand, along with China’s projected growth rate being 1.5 times the global average, strongly suggests a national determination to capture a larger share of the PEEK market.

Table 1: Domestic Market Estimation for PEEK

The Chinese government has listed PEEK as a key development material and included it in the “12th Five-Year Plan for the Development of New Materials Industry”.

The National Raw Materials Industry Symposium in 2024 clearly positioned the new materials industry as a key engine for developing “new quality productivity”. Additionally, a “Three-Year Action Plan for PEEK Industry Breakthrough” has been proposed, aiming to achieve over 90% domestic substitution rate by 2028 through policy tools such as tax reductions and research funding..

However, at the investment level, the real key question is: who can secure more profits, rather than just focusing on production volume?.

1. Analysis and Comparison of Related Companies (Including A-Shares)

Company	Production Capacity & Ranking	Technical Route	Downstream Layout	Cost Advantage	Risks & Challenges	Investment Highlights
China Research Corporation	1,000 tons/year, ranked first in China, fourth globally with a thousand-ton production line	Resin + profile integration, partially self-developed, partially imported	Aerospace, automotive, machinery manufacturing	Medium, with some raw materials purchased externally	High volatility in raw material prices; 98% profit decline in the first quarter	Significant leading advantages, deep integrated layout; high profit recovery elasticity
Zhejiang Pengfulong (Not Listed)	500 tons/year, second tier in China	PPS technology extended to PEEK, some imported equipment	Stable engineering plastics customer base	Strong, with existing economies of scale in engineering plastics	Still catching up with international high-end technology	Stabilizing the mid-to-low-end market, with potential to challenge high-end in the future
Newhan New Materials	DFBP raw material capacity of 8,000 tons, ranked first globally	Raw material monopoly, participating in downstream cooperation	Supplying domestic and foreign PEEK manufacturers	Extremely strong, with high pricing power on the cost side	Slowdown in downstream demand will directly affect shipments	Beneficiary of raw material price increases, high profit elasticity during PEEK ramp-up period
Jida Te Plastic	400 tons/year	University technology transfer, mainly self-developed	High-end precision parts	Medium	Limited market expansion capability	Strong technical reserves, suitable for a differentiated route
Shandong Haoran Te Plastic	300 tons/year	Mid-to-low-end PEEK production	Industrial machinery, chemical parts	Strong	Low product added value	Good price competitiveness, but low ceiling
Water Corporation	Planning to enter PEEK production line	Entering through experience in modified plastics	Consumer electronics, automotive	To be verified	High entry barriers	Leading modified plastics company crossing over, if successful, may rapidly scale up
Kingfa Technology	In planning stage	Relying on polymer materials platform	Diverse customer base	To be verified	Intense market competition	Large platform resources, but strategic focus is key

China Research Corporation

Business Overview and Market Position: China Research Corporation is a high-tech enterprise focused on the R&D, production, and sales of special engineering plastics PEEK pure resin and composite reinforced resins. The company was listed on the Shanghai Stock Exchange’s Sci-Tech Innovation Board on September 20, 2023.

China Research Corporation is recognized as the largest PEEK producer in China, with an annual production capacity of 1,000 tons. Globally, it is the fourth company to achieve a thousand-ton annual production capacity for PEEK and the second globally capable of using a 5,000L reactor for PEEK polymerization, reflecting its significant technical strength..

The company has formed a complete industrial chain from PEEK raw material resin polymerization, modification granulation to injection molding. Its product portfolio includes “two categories, three grades, and six series,” including pure resins (coarse powder, fine powder, granules) and composite reinforced resins (glass fiber, carbon fiber, wear-resistant series). These products are suitable for various processing methods such as injection molding, extrusion, and compression molding..

Technical Advantages: China Research Corporation has developed a fully localized production capability for PEEK, including synthesis, purification, and composite reinforcement technology, and holds multiple patents. Its key technical advantages include good melt stability, appropriate melt index and viscosity balance, excellent batch stability, and outstanding crystallization performance..

Recent Financial Performance and Key Influencing Factors:

• 2023 Full Year: Total operating revenue reported was 291.8 million RMB, with a net profit attributable to shareholders of the parent company of 54.56 million RMB, a year-on-year decrease of 2.43%..

• 2024 First Quarter: Net profit saw a significant decline, only 86,670 RMB, a year-on-year decrease of 98.89%. This sharp decline was mainly due to high prices of fluoropolymer raw materials and increased labor costs.

• 2023 Third Quarter: Net profit was 26.46 million RMB, a year-on-year decrease of 33.36%.

• Market Share: In 2021, China Research Corporation held approximately 30.57% of the domestic PEEK market share.

China Research Corporation is clearly the leader in China’s PEEK production sector, with the largest capacity and a “complete PEEK industrial chain”..

Typically, such vertical integration means a certain degree of resilience against external market fluctuations. However, the significant year-on-year declines in net profit of -33.36% in the third quarter of 2023 and especially -98.89% in the first quarter of 2024 are clearly attributed to the “high fluoropolymer raw material prices”..

This highlights a key risk factor for China Research Corporation: despite its strong market position and technical strength, short-term profitability remains vulnerable to fluctuations in raw material prices. Therefore, closely monitoring the upstream DFBP market and the company’s strategies for managing raw material costs is crucial.

Newhan New Materials

Business Overview and Strategic Focus: Newhan New Materials is primarily engaged in the R&D, production, and sales of high-performance polymer materials. Importantly, the company is a key player in the production of fluoropolymer (DFBP), which is considered the core raw material for PEEK. DFBP accounts for up to 75% of the production cost of PEEK.

Recent Financial Performance and Capacity Expansion:

• 2023 Full Year: Net profit attributable to shareholders of the parent company was 93.34 million RMB, a year-on-year decrease of 12.72%.

• 2024 Third Quarter: Net profit was 41.78 million RMB, a year-on-year decrease of 40.41%.

Stock Performance: The company’s stock is recognized as a PEEK concept stock, exhibiting high volatility and significant increases, such as a 20% limit-up in December 2024 and a 14.63% increase in August 2025.

• Capacity Expansion: Newhan New Materials has expanded its DFBP project capacity to 8,000 tons, giving it over 35% of the global market share for this key raw material.

Strategic Role: Newhan New Materials’ dominant position in DFBP production is strategically significant for the domestic PEEK industry. The localization of DFBP production is expected to reduce the volatility of PEEK production costs and improve the overall gross margins of PEEK manufacturers.

Newhan New Materials’ core business in DFBP (the main raw material for PEEK) places it in a unique and powerful strategic position within the PEEK value chain. Considering that DFBP accounts for 75% of PEEK costs, controlling its production directly translates into significant cost advantages and supply chain stability for the entire domestic PEEK industry.

By expanding its DFBP capacity to 8,000 tons and capturing a substantial share of the global DFBP market, Newhan New Materials effectively acts as a foundational driver for the growth and cost competitiveness of downstream PEEK producers.

Despite recent profit declines, its strategic importance in the value chain remains. For investors, Newhan New Materials represents a foundational investment in the PEEK ecosystem. Its performance is closely tied to the overall expansion of the PEEK market and domestic substitution efforts.

As the PEEK industry grows and localizes, Newhan New Materials’ role in providing cost-effective and stable raw material supplies will become increasingly critical, potentially leading to long-term stability and growth, even if its direct exposure to PEEK products is limited.

Fuheng New Materials

Business Overview and PEEK Involvement: Fuheng New Materials primarily focuses on modified plastic pellets. The company is actively investing in the R&D of glass fiber reinforced PEEK materials and strategically positioning itself in high-end application fields such as medical devices and humanoid robots. Currently, its PEEK products are applied in fields such as valves and pipelines..

Recent Financial Performance and Strategic Direction:

• 2024 Full Year: Total operating revenue was 818 million RMB, a year-on-year increase of 41.11%. However, net profit attributable to shareholders of the parent company was 36 million RMB, a year-on-year decrease of 33.64%. The profit decline is attributed to an increased proportion of low-margin home appliance business, intensified industry competition, and increased credit impairment and asset impairment losses..

• 2023 Third Quarter: Operating revenue reached 393 million RMB, a year-on-year increase of 17.25%, with a net profit of 44.57 million RMB, a year-on-year increase of 46.45%.

Stock Performance: Fuheng New Materials’ stock has been recognized as a PEEK concept stock, showing significant increases, including over 24% in December 2024 and over 8% in August 2025.

• Strategic Direction: Fuheng New Materials is strategically expanding into high-value fields such as new energy vehicles, 5G communications, humanoid robots, and low-altitude economy, collaborating with a team of academicians and experts to deepen PEEK product development.

Fuheng New Materials’ financial data for the full year of 2024 shows a clear divergence: strong revenue growth of 41.11%, but a significant net profit decline of 33.64%. This profit pressure is clearly related to the increased proportion of low-margin home appliance business and intensified industry competition..

The company is “actively researching PEEK materials” and “strategically positioning itself in high-end applications such as medical and humanoid robots.” This indicates that the company is strategically diversifying its product portfolio towards higher-margin, higher-growth PEEK applications.

The company is leveraging its existing expertise in modified plastics to transition into more profitable, technically demanding niche markets, aiming to offset the profitability challenges of its traditional commodity business. The success of Fuheng New Materials’ PEEK strategy will be a key determinant of its future financial performance and market valuation.

Its ability to effectively penetrate and scale production in high-value emerging fields such as robotics and medical applications can significantly enhance its overall profitability and provide new growth engines, transforming its business image from a typical modified plastic supplier to a specialized high-performance materials supplier.

Huami New Materials

Business Overview and PEEK Applications: Huami New Materials is recognized as a PEEK material concept stock. The company applies PEEK materials in key components of humanoid robots, such as gears, bearings, and seals. The inherent properties of PEEK, including wear resistance, self-lubrication, and chemical resistance, are utilized to significantly enhance the performance and lifespan of these robotic components..

Recent Financial Performance and Industry Positioning:

• 2024 Third Quarter: Total operating revenue was 291 million RMB, a slight year-on-year decrease of 0.52%. Net profit attributable to shareholders of the parent company was 32 million RMB, a year-on-year decrease of 23.44%.

• 2024 First Half: Achieved operating revenue of 190.56 million RMB, a year-on-year increase of 0.44%, with a net profit of 20.59 million RMB, a year-on-year decrease of 12.52%.

• 2023 First Half: Reported operating revenue of 203 million RMB, a year-on-year increase of 6.49%, with a net profit of 16.77 million RMB, a year-on-year decrease of 18.57%.

• Stock Performance: Huami New Materials’ stock, as a PEEK concept stock, has shown strong market interest, with significant increases, including over 22% in August 2025, becoming part of the sector’s upward trend.

• Industry Positioning: The company is described as deeply engaged in the rubber and plastic industry, with a forward-looking layout in the field of special engineering plastics.

Huami New Materials clearly focuses on the application of PEEK in humanoid robots, which is its key strategic differentiation factor.

The investment attractiveness of Huami New Materials largely depends on the successful commercialization and mass production of humanoid robots. Its ability to secure and expand orders in this highly specialized and demanding niche market will be a key determinant of its future revenue and profitability, potentially allowing it to outperform broader material industry performance by riding the wave of the robotics revolution.

Zhuxin Fluorine Materials

Business Overview and PEEK Involvement: Zhuxin Fluorine Materials has significantly expanded its business scope from traditional fluorinated pharmaceuticals and pesticide intermediates. Its current business encompasses fluorite mining, hydrogen fluoride production, fluorinated new energy materials, fluorinated polymer materials (including PEEK raw material DFBP), fluorinated electronic chemicals, and new environmentally friendly refrigerants. The company has basically established a complete industrial chain from fluorite to fine chemicals.

PEEK Involvement: Zhuxin Fluorine Materials is an important player in the fluoropolymer (DFBP) market, which is the core raw material for PEEK. The company has successfully built a full industrial chain production line for DFBP and is actively promoting the R&D and pilot testing of related downstream DFBP materials. Since DFBP accounts for 75% of PEEK costs, its production is strategically important for the PEEK industry..

Recent Financial Performance and Outlook:

• 2024 First Half: The company expects net profit attributable to shareholders of the parent company to be between 4.7589 million and 6.0809 million RMB, indicating a turnaround from losses in the same period last year.

• 2024 Full Year Revenue Composition: Fine chemicals account for 57.22% of revenue, basic chemicals account for 33.72%, refrigerants account for 7.65%, trade accounts for 1.0%, and other businesses account for 0.41%.

• Stock Performance: Zhuxin Fluorine Materials has been a standout among PEEK concept stocks, experiencing significant increases, including a 20% limit-up, consecutive two-day limit-ups, and even a “9 days 6 boards” surge.

• Outlook: Its DFBP production capacity is a key advantage, expected to reduce PEEK production costs and improve the gross margins of the entire industry. The company also notes that PEEK has strong radiation resistance, suggesting potential applications in emerging fields such as nuclear fusion.

Unlike companies focused solely on PEEK, Zhuxin Fluorine Materials has a broad “full industrial chain layout” in the fluorochemical industry. While it plays a key role in the PEEK supply chain through DFBP production, this is just part of its broader, more diversified product portfolio, which also includes fine chemicals, basic chemicals, and refrigerants. This diversification indicates that its overall financial performance is less affected by specific fluctuations or technical challenges in the PEEK market.

Its control over the upstream DFBP provides cost advantages for the PEEK industry, while its other business segments offer revenue stability. For investors seeking exposure in the PEEK value chain but potentially reducing direct PEEK market volatility risks, Zhuxin Fluorine Materials presents an attractive option.

Its strategic importance in DFBP production makes it a foundational rather than purely speculative investment in China’s PEEK ecosystem, benefiting from industry growth while buffering through its broader chemical business.

Other Related A-Share Concept Stocks

In addition to the core PEEK companies mentioned above, there are other related concept stocks in the A-share market worth noting, as they participate in the PEEK industry chain in various ways.

• Water Corporation: The company is known for its “full industrial chain capabilities” in PEEK synthesis, modification, and processing, which is considered a significant competitive advantage. Water Corporation also offers customized PEEK solutions, such as carbon fiber reinforced and conductive modified PEEK, to meet diverse industrial needs..

• Kingfa Technology: As a “leading modified plastics company,” Kingfa Technology has successfully entered the supply chains of major companies such as Tesla and UBTECH. The company claims that its self-developed PEEK performance can match international standards. Kingfa Technology boasts an annual production capacity of 3 million tons of modified plastics, the largest globally, indicating its vast scale and broad customer base, including consumer electronics giants like Samsung, Huawei, and Xiaomi..

• Chaojie Corporation: The company has been mentioned in the application of PEEK materials in humanoid robots. Chaojie Corporation also possesses “precision manufacturing capabilities” for PEEK engine connecting rods and gears, supplying automotive and robotics customers..

• Kaisheng New Materials and Jusa Long: These companies are also recognized as PEEK concept stocks and have recently gained attention and seen increases in the market..

Including companies like Water Corporation and Kingfa Technology in the PEEK discussion, although they are primarily regarded as “leading modified plastics companies” or diversified materials companies, indicates a broader trend. These companies are not purely PEEK manufacturers but are strategically integrating PEEK into their existing, larger product portfolios.

Their existing expertise in materials science, extensive manufacturing capabilities, and diversified customer bases (e.g., Kingfa Technology’s close ties with consumer electronics, automotive, and now robotics sectors) enable “cross-domain technology transfer” and “new energy synergies” to become possible..

This suggests that PEEK is increasingly being viewed as a high-growth, high-value niche market capable of enhancing the overall performance and market position of larger, more diversified materials companies. For investors, this provides a different investment portfolio.

Compared to pure PEEK companies, these diversified companies may offer more stable investment opportunities, as their revenue sources are not entirely dependent on the PEEK market. They can leverage existing market coverage and technological synergies to more effectively expand PEEK production and applications, thereby providing balanced exposure to the PEEK growth story while reducing single-product risks.

2. Differentiation of Corporate Strategies

Full Industrial Chain Type (High Moat)

Representative: China Research Corporation

Advantages: Can cover everything from raw materials to finished products, reducing external dependence.

Investment Logic: When the market expands, profits are released quickly, and it occupies a first-mover advantage in downstream high-value markets.

Risks: Fluctuations in raw material prices have a significant impact on short-term profits.

Raw Material Monopoly Type (High Elasticity)

Representative: Newhan New Materials

Advantages: Controls over one-third of the global production capacity of DFBP raw materials, with strong pricing power on the cost side.

Investment Logic: When the PEEK industry is in high demand, gross margins can directly increase.

Risks: Highly dependent on the pace of downstream capacity expansion.

Cost-Driven Type (Price War Players)

Representative: Shandong Haoran Te Plastic, some new entrants

Advantages: Low prices, suitable for capturing the mid-to-low-end replacement market.

Investment Logic: Can quickly capture market share, but with low gross margins.

Risks: May be eliminated after industry concentration increases.

Cross-Industry Entry Type (High Uncertainty)

Representative: Water Corporation, Kingfa Technology

Advantages: Good existing customer resources and industrial foundation.

Investment Logic: If successful in entry, may form economies of scale.

Risks: Technical breakthroughs are difficult and take a long time.

3. Investment Logic

Core Issue: PEEK is not a simple volume-price logic; it is a dual-driven model of technological barriers + downstream application expansion.

Selection Criteria:

Control over the industrial chain (ability to self-supply raw materials, master core technologies)

Downstream diversification (not relying on a single industry, reducing cyclicality)

High-end capability (ability to enter high-margin markets such as aerospace and medical)

Profit resilience (ability to withstand fluctuations in raw material prices)

Priority Allocation Recommendations:

Short to Medium Term: Newhan New Materials (benefiting from raw material price increases), China Research Corporation (high elasticity when both volume and price rise)

Medium to Long Term: China Research Corporation (full industrial chain layout), Zhejiang Pengfulong (strong customer stickiness, gradual technology upgrades)

Previous articles on PEEK:

PEEK

Cyber Finance, WeChat Official Account: Cyber Finance PEEK Material Analysis Report: The dentures you mention are supporting a trillion-dollar robotics market.

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