Research Express | Kangda New Materials Hosts 3 Institutions Including CITIC Securities 2025 Performance Expected to Turn Profitable Wind Power Adhesive Market Share Leading

On March 16, Kangda New Materials (Group) Co., Ltd. (hereinafter referred to as “Kangda New Materials”) received a targeted investigation from CITIC Securities, Huabao Fund, Nomura Asset Management, and two other institutions. The company’s Executive Vice President and Secretary of the Board, Shen Yitao, along with Investor Relations Officer Anqi, hosted the investigation team. They discussed in detail the reasons for changes in the 2025 performance forecast, outlook for the wind turbine blade industry, market position of core products, raw material cost management, and mid- to long-term strategic planning.

Basic Information of the Investigation

Key Points of the Investigation

2025 Performance Turnaround: Wind Power Business Drives Growth

Regarding the significant year-over-year change in the 2025 performance forecast, Shen Yitao stated that the company expects to turn losses into profits. The main driver is the substantial increase in sales of adhesives and specialty resin new materials. The improved prosperity of the wind power industry has led to strong demand and significantly increased sales of wind turbine blade-related products, becoming a key factor in profit growth. Additionally, the company has enhanced overall profitability by optimizing industrial layout and improving asset quality. Specific financial data will be disclosed in the 2025 annual report.

Outlook for Wind Turbine Blade Industry: Steady Market Expansion Through Technological Accumulation

For the wind turbine blade industry, Kangda New Materials indicated that sales of adhesives and specialty resin new materials in 2025 steadily increased, driving profit growth in this segment. As the first year of the “14th Five-Year Plan,” the company will closely monitor industry policies and market changes. Relying on technological expertise in epoxy structural adhesives and infusion resins used in wind turbine blades, the company will steadily advance production, operations, and market expansion to achieve stable and healthy business development. The company will also actively respond to industry fluctuations through technological innovation, market development, and cost control.

Regarding market position, the company disclosed that in the first three quarters of 2025, sales of epoxy structural adhesives and infusion resins for wind power increased steadily year-over-year. Among them, the domestic market share of epoxy structural adhesives for wind turbine blades ranks first, and the domestic share of epoxy infusion resins remains leading.

Raw Material Price Increase Response: Multiple Measures to Strengthen Supply Chain

In response to recent sharp increases in the prices of raw materials such as epoxy resin domestically, Kangda New Materials stated that it has adopted multiple measures: first, actively deploying upstream raw materials, flexibly adjusting production schedules based on market changes to ensure long-term stable supply and optimize procurement costs; second, closely monitoring supply and demand and price fluctuations in raw materials through long-term agreements and prepayment arrangements to strengthen supply chain stability and security, smoothing cost fluctuations; third, negotiating with downstream customers to set product prices linked to raw material costs, sharing cost pressures.

Technology Layout and Project Progress: Small Batch Supply of Electronic Grade Resins, CMP Polishing Liquid Samples by End of April

In the field of electronic-grade specialty resins, the company’s holding subsidiary Kangchengda Chuang (Shanghai) New Materials Co., Ltd. mainly plans to produce electronic-grade bismaleimide (BMI) resins, applicable to high-speed copper-clad laminates and BT substrates. The product has passed technical verification with some customers and is in small batch supply, currently not significantly impacting revenue.

In semiconductor materials, CMP polishing liquid is one of the company’s core directions in the semiconductor materials segment, forming an inorganic semiconductor materials matrix with ITO target, alumina target, and low-temperature co-fired ceramics (LTCC). The company revealed that the cerium oxide polishing liquid (CMP) project is progressing as planned, aiming to send samples to target customers by the end of April. In 2026, based on customer feedback, the company will optimize products and achieve small-scale production.

Mid- to Long-term Strategy: Building a “Three Growth Curves” Development Model

Shen Yitao introduced that the company has formed a second growth curve centered on adhesives and specialty resin new materials, supported by high-end electronic information materials. In the future, based on its existing semiconductor materials layout, the company will accelerate its strategic transformation and upgrading into the semiconductor industry through diversified investment models, striving to create a third growth curve. This strategic layout aligns closely with national industrial policies and the company’s long-term development plan.

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