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 revenue growth Company Highlights: The company’s high-purity electronic-grade propionate and acetate product series have generated stable operating revenue. According to its June 1, 2026, interaction on InteractEasy, these products have passed certification by leading electrolyte customers and 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 covering consumer batteries, power batteries, and energy storage batteries. Among them, its 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 gear reducers Company Highlights: The company’s precision gear 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 gear 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, demonstrating strong competitiveness 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 pillar. 8. Lingkang Pharmaceutical (603669) Theme: Chemical pharmaceuticals + innovative drug concept Company Highlights: The company continues advancing innovative drug development; its ‘Huperzine A for Injection’ qualifies as an innovative drug. It is also progressing other innovative drug R&D initiatives and pursuing full-industry-chain layout, benefiting from the active innovative drug sector.

10 Chinese Enterprises Advancing in AEM Membrane Development

【Answer 2】 EVE Hydrogen Energy Huizhou EVE Hydrogen Energy Co., Ltd., founded in November 2021, has already mastered core technologies including anion exchange membranes (AEMs), AEM-based hydrogen production electrolyzers, and hydrogen fuel cell stacks. It independently developed Alkymer® anion exchange membranes (AEMs) featuring aromatic rings as the polymer backbone and piperidinium cations enabling ion conduction. Meanwhile, based on its self-developed functionalized poly(arylpiperidine) resin material, EVE Hydrogen Energy has developed two AEM products: W-25 (a homogeneous membrane) and W-75 (primarily designed for water electrolysis hydrogen production). W-25 has a thickness of 25 ± 2 μm, ionic conductivity ≥150 mS/cm at 80°C (100% RH), and tensile strength ≥30 MPa (at 25 ± 5°C, 60 ± 10% RH). W-75 has a thickness of 75 ± 5 μm, ionic conductivity ≥130 mS/cm at 80°C (100% RH), and tensile strength ≥30 MPa (at 25 ± 5°C, 60 ± 10% RH). Recently, EVE Hydrogen Energy launched its new ‘Wukong’ series AEM hydrogen production systems—powered precisely by its self-developed, mass-produced high-performance AEMs—achieving a remarkably low DC power consumption of just 4.5 kWh/Nm³. Compared to conventional high-energy-consumption hydrogen production equipment, the Wukong system significantly reduces total lifecycle electricity costs. 3 StableStone Hydrogen Energy Shenzhen StableStone Hydrogen Energy Technology Co., Ltd., founded in 2021, focuses on upstream high-tech equipment R&D and manufacturing in the hydrogen energy industry. It holds a first-mover advantage in R&D, production, sales, and engineering application development services for AEM-based water electrolysis hydrogen production, green methanol, green ammonia, and related products. It now possesses 100% independent intellectual property rights over AEMs, catalysts, membrane electrode assemblies (MEAs), and automated remote control systems for hydrogen production equipment. StableStone Hydrogen Energy employs Tröger’s base—a V-shaped rigid molecule—for polymerization, yielding TB-PIM membranes with intrinsic microporosity, high mechanical strength, and minimal deformation. These dry membranes achieve a tensile strength of up to 94 MPa and elongation of 7.6%, offering superior tensile and compressive strength. At 80°C in 1 M KOH, OH⁻ ion conductivity remains stably at 164 mS/cm. After 10,000 hours of stability testing under the same conditions, the membrane’s ion exchange capacity (IEC) loss is merely 0.8%, indicating exceptional chemical stability. Notably, StableStone Hydrogen Energy finalized the TB-PIM membrane design and achieved commercial deployment by the end of last year. 4 Future Hydrogen Energy Beijing Future Hydrogen Energy Technology Co., Ltd., founded on May 18, 2021, and registered in Beijing’s Future Science City Energy Valley, has been designated by Beijing Municipality as one of its first batch of key hydrogen energy projects. Future Hydrogen Energy is a national high-tech enterprise specializing in global hydrogen energy technologies and equipment, holding multiple core patents. It focuses on R&D and manufacturing of critical materials and equipment for next-generation, fully indigenous AEM-based hydrogen production technology. Its current core products include Fusion™ anion exchange membranes, non-precious-metal catalyst anodes and cathodes, metallic bipolar plates, laboratory-scale AEM electrolyzers, and industrial-scale AEM electrolyzers.

Where Are C&EN’s 10 Start-Ups to Watch Now?

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C&EN utilized PitchBook data to analyze the status of 120 chemistry start-ups featured in its 'Start-Ups to Watch' list since 2015, evaluating their industry impact and survival rates.