10 Bottom-Stabilized Dark Horses with Genuine Resilience in 2026 (List)

【Answer 1】 Company Highlights: The company has developed lithium-metal anode materials, anode-free materials, and composite copper foil specifically for sulfide-based solid-state batteries; related products are currently undergoing customer application validation and process optimization. 3. Hengxing New Materials (603276) Theme: Lithium-ion battery electrolyte + fine chemicals + H1 2026 growth Company Highlights: The company’s high-purity electronic-grade propionate and acetate product series have generated stable revenue. According to an exchange on the Interactive Easy platform dated June 1, 2026, these products have passed certification by leading electrolyte customers and the company has established long-term, stable cooperative relationships with industry leaders. 4. Eve Energy (300014) Theme: Lithium-ion batteries + energy storage batteries Company Highlights: The company has established a synergistic business structure encompassing consumer batteries, power batteries, and energy storage batteries. Among its consumer batteries, lithium primary batteries have ranked first in both sales revenue and export value in China for multiple consecutive years. 5. Ningbo Dongli (002164) Theme: Robotics + embodied intelligence + precision reducers Company Highlights: The company’s precision reducers have entered application scenarios including embodied intelligence, industrial automation, and high-end intelligent equipment. It has secured orders, achieved small-batch deliveries, and plans to build an industrialization project for precision reducers. 6. Baoneng Power (000690) Theme: Power generation + ultra-supercritical power generation + wind power + green electricity Company Highlights: The company is a leader in the new-energy power sector. Its strong competitiveness is evident in projects such as the Meixian Heshu Yuan Power Plant and the Lufeng Jiahuwan Power Plant. 7. Zhengzhong Design (002811) Theme: Interior decoration + AIGC concept + artificial intelligence Company Highlights: A national leader in high-end interior design, the company has completed a strategic investment in Shendi Semiconductor and become its largest shareholder, entering the R&D and design赛道 of MEMS gyroscopes and inertial measurement units (IMUs), thereby establishing a second growth engine. 8. Lingkang Pharmaceutical (603669) Theme: Chemical pharmaceuticals + innovative drug concept Company Highlights: The company continues to advance innovative drug development. Its ‘Huperzine A for Injection’ possesses innovative drug attributes; the company is also progressing other innovative drug R&D and full-industry-chain development, benefiting from heightened activity in the innovative drug segment.

2026 Semi-Annual Reports of Five Major Private Chemical Giants: Wanhua Earns RMB 10 Billion, Hengyi Surges 23-Fold

【Answer 2】 In the first half of 2026, China’s private chemical industry delivered results nothing short of spectacular. By early July, five leading private chemical enterprises—Wanhua Chemical, Dongfang Shenghong, Hengli Petrochemical, Hengyi Petrochemical, and Satellite Chemical—had all released their 2026 semi-annual earnings forecasts. Collectively, these five companies forecasted a total net profit attributable to shareholders exceeding RMB 32.7 billion, with year-on-year growth rates generally surpassing 60%. Notably, Hengyi Petrochemical and Dongfang Shenghong led the pack with growth rates exceeding 23-fold and nearly 12-fold, respectively. Within less than one year, the chemical industry pivoted dramatically—from enduring the “grueling pressure at the cyclical bottom” to reveling in the “euphoria at peak prosperity.” This rapid turnaround was driven by multiple converging forces: surging global chemical raw material prices, improved supply-demand dynamics, and the concentrated ramp-up of integrated production capacity. Wanhua Chemical: Semi-Annual Profit Nears RMB 10 Billion, Ending Four Years of Declining Profits As the “ballast stone” of China’s chemical industry, Wanhua Chemical (600309) disclosed its 2026 semi-annual earnings forecast on the evening of July 6. The company expects net profit attributable to shareholders for H1 2026 to range between RMB 9.8 billion and RMB 10.4 billion, representing a year-on-year increase of 60.05% to 69.85%; non-recurring net profit is projected at RMB 9.6 billion to RMB 10.2 billion, up 53.75% to 63.36% year-on-year. This performance signifies that Wanhua Chemical’s semi-annual profit is approaching the RMB 10-billion threshold, fully reversing its 2025 “revenue growth without profit growth” scenario—wherein, despite achieving RMB 203.235 billion in annual revenue (up 11.62% year-on-year), its net profit attributable to shareholders stood at only RMB 12.527 billion, down 3.88% year-on-year. More notably, its Q2 2026 net profit attributable to shareholders is estimated at approximately RMB 6.082 billion to RMB 6.682 billion—a sequential increase of over 60% and a record high for quarterly profit in recent years. The explosive growth stems from three synergistic drivers. First, external factors pushed up product prices: In H1 2026, global chemical raw material prices surged significantly due to geopolitical tensions and international political developments. Industry monitoring data shows that the average price of pure MDI reached about RMB 20,000 per ton—up roughly 8% versus the full-year 2025 average; polymer MDI rebounded over 40% from its early-year lows; and the average TDI price stood at around RMB 15,800 per ton, up approximately 17%. Meanwhile, three major European chemical giants—BASF, Covestro, and Huntsman—plan to shut down a combined 700,000–1.1 million tons of MDI capacity between 2026 and 2027, tightening overseas supply and creating favorable conditions for exports. Second, internal cost reduction and efficiency enhancement efforts bore fruit. In January this year, the company completed the feedstock diversification retrofit of the Phase I ethylene unit at its Yantai Industrial Park, enabling flexible switching between ethane and propane feedstocks—significantly enhancing the cost competitiveness of its petrochemical segment. Third, Wanhua Chemical designated 2026 as its “Year of Quality Improvement and Efficiency Enhancement,” continuously improving operational efficiency through management optimization and technological innovation. Regarding capacity expansion: Wanhua Chemical plans to invest RMB 27.3 billion in major projects in 2026, of which RMB 11.05 billion is allocated exclusively to emerging materials projects. Specifically, new capacities—including 730,000 tons/year of polyether at the Penglai Industrial Park, the Phase II 1.2-million-ton-per-year ethylene plant in Yantai, and the Phase II 360,000-ton-per-year TDI facility at the Fujian base—have successively commenced operations.

5 Chemistry Start-Ups on Our Radar in 2026

23 hours ago

This report highlights five chemistry startups, including Calectra, which provides continuous low-carbon industrial heat via renewable electricity stored in ceramic blocks. The technology targets chemical, cement, and steel plants to reduce reliance on fossil fuels.

cen

2026-10-12

5 Chemistry Start-Ups on Our Radar in 2026

5 Chemistry Start-Ups on Our Radar in 2026

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