First Day Surge 406% Dark Horse Aluminum Pigment—Zuzu Xingxin Materials Rings the Bell on Beijing Stock Exchange!

Hui Zheng Information, March 18, 2026 — Zuxing New Materials Co., Ltd. (hereinafter referred to as “Zuxing New Materials”) officially listed on the Beijing Stock Exchange. This not only marks the first company in Hunan Province to go public on the BSE in 2026 but also, with its astonishing performance on the first day of trading, set multiple market records.

On that day, Zuxing New Materials opened at 33.00 yuan and closed at 35.30 yuan, a 405.73% increase from the issue price of 6.98 yuan. The total trading volume reached 712 million yuan, with a turnover rate of 96.39%. These results undoubtedly made Zuxing New Materials the “hottest new stock” on the BSE in 2026 and ranked second in the overall A-share market’s first-day gain list.

From focusing on aluminum pigments in a niche market to successfully crossing into the capital markets, every step taken by Zuxing New Materials has been steady and solid. Its underlying technological accumulation and market layout are worth a deep dive.

Path to Advancement

Breaking Monopolies and Achieving Global Leading Technology

Since its establishment, Zuxing New Materials has been dedicated to the research, production, and sales of microfine spherical aluminum powder and aluminum pigments. Historically, the mid-to-high-end aluminum pigment market has been dominated by a few foreign giants, with domestic companies mostly stuck at the lower end of the supply chain, lacking core technologies and struggling to command brand premiums. However, through continuous R&D investment and technological breakthroughs, Zuxing New Materials has managed to carve out a niche, successfully breaking the foreign monopoly. Between 2021 and 2023, the company’s high-performance aluminum powder pigment production and sales ranked third globally, and it held the top position in the Chinese market.

As of early March 2026, Zuxing New Materials has accumulated 90 authorized patents. Its products now match or even surpass imported counterparts in key indicators such as batch uniformity and stability. These products are widely used in high-end automotive, 3C electronics, aerospace, and other fields with strict material performance requirements.

The company’s technological edge has been fully validated in the terminal markets. For example, in the rapidly growing electric vehicle market, Zuxing New Materials’ aluminum pigments have successfully entered the supply chains of major automakers. Through deep cooperation with Huahui Coatings, its high-performance aluminum pigments are extensively used in the original paint of Seres’ “问界” series vehicles.

In addition, Zuxing New Materials has also performed well in the 3C electronics sector. Its aluminum pigments are widely applied in the coatings of high-end smartphones and laptops, giving products a unique metallic appearance and excellent protective properties.

Steady Performance Growth

Capacity and Technology Upgrades through Fundraising Projects

Financially, Zuxing New Materials demonstrates strong operational resilience and ongoing growth potential. From 2022 to 2024, the company’s revenue steadily increased, reaching 629 million yuan, 690 million yuan, and 707 million yuan, respectively. In 2025, performance surged significantly, with full-year revenue hitting 796 million yuan, a 12.61% year-over-year increase; net profit attributable to shareholders of the parent company reached 81.83 million yuan, up 39.36% year-over-year. Notably, in 2025, Zuxing New Materials achieved positive operating net cash flow for the first time, reversing previous cash flow pressures caused by rapid expansion and raw material procurement, leading to a marked improvement in asset quality.

At this listing on the BSE, Zuxing New Materials issued 23 million shares, successfully raising approximately 161 million yuan. The funds will be precisely allocated to three core projects: a 5,000-ton annual capacity project for high-purity microfine spherical aluminum powder, a 1,000-ton annual capacity project for high-performance aluminum pigments for powder coatings, and a technological upgrade of high-performance aluminum silver paste.

These projects, with a construction period of two years, aim to expand capacity and upgrade technology, further consolidating its leadership in niche markets. The expansion of high-purity microfine spherical aluminum powder will directly alleviate supply bottlenecks of key raw materials, enhancing the entire industry chain’s vertical integration. As a critical raw material for aluminum pigment production, the quality of high-purity aluminum powder directly affects the color and performance of the final product.

By building high-capacity production lines independently, Zuxing New Materials can effectively reduce production costs and maintain strict control over product quality from the source. The technological upgrade of high-performance aluminum silver paste will help the company capture more market share in high-end environmentally friendly coatings, aligning with the global trend toward low-VOC, water-based coatings and green development.

Targeting the “Choke Point” of Core Technologies

Crossing into High-Precision Fields

In today’s complex international trade environment, the自主可控 of key basic materials has risen to a national strategic level. As a national-level specialized and innovative “Little Giant” enterprise, Zuxing New Materials bears the responsibility of tackling “choke point” material technologies.

The company states that it will continue to increase R&D investment, leveraging its deep technological foundation in aluminum powder and aluminum pigments, and actively extend into higher-end fields such as semiconductor packaging materials and new energy battery anode materials. These emerging sectors have high technical thresholds for purity, particle size distribution, and surface modification, and are currently weak links that need breakthroughs domestically.

With the gradual implementation of fundraising projects and the expansion into new business areas, Zuxing New Materials will build a product matrix centered on high-performance aluminum pigments, supporting multiple high-end new material products. From serving consumer electronics and automotive coatings to supporting national strategic industries like aerospace and semiconductors, Zuxing New Materials is forging its own unique mark in the global new materials landscape with a “Made in China” approach.