Rongsheng Petrochemical, first-half revenue 148.63 billion! 76 billion Jintang Project is under accelerated construction

rongsheng Petrochemical's financial data for the first half of 2025 reflects the structural challenges facing the traditional refining industry. Operating income was 148.63 billion billion yuan, down 7.83 percent from the same period last year; attributable net profit was 0.602 billion billion yuan, down 29.82 percent from the same period last year, and net profit margin was only 0.41 percent. This performance in the international oil price center down, crude oil supply and demand tend to ease the background, exposed simply rely on refining business profit model has been difficult to maintain high growth.

It is worth noting that although data from the National Bureau of Statistics show that the processing volume of industrial crude oil above scale reached 0.36161 billion tons from January to June 2025, an increase of 1.6 year-on-year, the overall profitability of the industry has not improved simultaneously. This shows that the refining and chemical industry has entered a mature period, and enterprises must seek new growth points through the extension of the industrial chain and the upgrading of product structure.

the total investment of Rongsheng Petrochemical Jintang New Material Project increased from 67 billion yuan to 76 billion yuan, reflecting the company's firm determination to the new material track. The core of the project is the production capacity layout of its high-end chemical materials, especially the construction of 200000 tons/year POE (polyolefin elastomer) plant.

Construction unit: Rongsheng New Materials (Zhoushan) Co., Ltd.

Construction Address: jintang Island, Dinghai District, Zhoushan City

total investment:76 billion yuan

construction content: new 600000 tons/year propane dehydrogenation unit, 3 million tons/year catalytic cracking unit, 1 million tons/year gas separation unit, 600000 tons/year aromatics extraction unit, 300000 tons/year PEO unit, 1 million tons/year EVA unit, 200000 tons/year POE plant40/250000 tons/year phenol acetone plant, 200000 tons/year 1,3-propylene glycol unit, 40/880000 tons/year PO/SM unit, 400000 tons/year PTT unit, 500000 tons/year isobutane normal structure unit, 600000 tons/year maleic anhydride unit, 500000 tons/year BDO unit, 200000 tons/year PBS unit, 400000 tons/year PBT unit, 120000 tons/year isobutylene unit, 180000 tons/year butene oxidative dehydrogenation unit, 150000 tons/year CO₂ recovery unit, 160000 tons/year ethoxylation unit, 200000 tons/year DMC unit, 480000 tons/year polyether polyol unit, 1.2 million tons/year ABS unit, 2 × 240000 tons/year bisphenol A unit, 2 × 260000 tons/year polycarbonate unit, 100000 tons/year CHDM unit, 100000 tons/year PCT unit, 100000 tons/year PCTG unit, 50000 tons/year UHMWPE unit, 2 × 450000 tons/year PP plant, 300000 tons/year α-olefin plant, 600000 tons/year polyurethane elastomer plant, 140000 standard/hour coal hydrogen plant, 2 × 20000 tons/year sulfuric acid plant and other production plants.

According to the data, on January 2, 2024, Rongsheng Petrochemical issued an announcement with a total investment of 67 billion yuan. The subsidiary Rongsheng New Materials (Zhoushan) Co., Ltd. plans to build the Jintang New Materials Project, which is located in Jintang Island, Dinghai District, Zhoushan City. Build 27 sets of main installations and 16 public works. On November 30, 2023, the main project of Jintang New Material Project of Rongsheng New Material (Zhoushan) Co., Ltd. started construction. It is expected that by the end of 2024, the first 10 sets of main devices will be completed; in June 2025, the relevant devices will be put into operation.

POE as a new energy vehicle battery pack sealant, photovoltaic packaging film key raw materials, market demand is growing rapidly. At present, the global POE production capacity is mainly concentrated in the hands of Dow, ExxonMobil and other international giants, and the breakthrough of domestic enterprises in this field is of great strategic significance. Rongsheng Petrochemical's move can not only break the foreign monopoly, but also occupy a key node in the new energy industry chain.

from a trade perspective, the product structure design of the Jintang project reflects Rongsheng Petrochemical's deep understanding of downstream application scenarios. The 600000 tons/year propane dehydrogenation unit covered by the project is the upstream raw material guarantee, while the downstream engineering plastics, specialty chemicals and other products are directly connected to the end application market, forming a complete industrial chain from basic chemicals to high-end materials.

Of particular concern is the layout of degradable materials in the project, including 200000 tons/year PBS device, 400000 tons/year PBT device, etc. With the tightening of the global plastic limit policy, the biodegradable materials market is expected to usher in explosive growth, providing new profit opportunities for traders.

the construction schedule of the project shows that the first 10 sets of main devices are planned to be completed by the end of 2024, and the relevant devices will be put into operation in June 2025. This time arrangement coincides with the rapid development period of new energy vehicles and photovoltaic industry, and is expected to achieve a benign match between production capacity and market demand.

From the perspective of supply chain, Rongsheng Petrochemical will form an obvious competitive barrier in the industrial chain by virtue of the raw material cost advantage of Zhejiang Petrochemical Refining Integration Project and the high-end product positioning of Jintang Project. This will have a profound impact on both upstream suppliers and downstream customers.

the transformation practice of Rongsheng Petrochemical provides an important reference for the entire chemical industry. Under the background of weak growth of traditional refining and chemical business, the layout of high-end new materials through large-scale capital investment can not only improve the product structure, but also establish a first-mover advantage in the emerging industrial chain.

For chemical trade practitioners, paying attention to the progress of such large-scale projects and laying out the trade channels of related products in advance will be the key to grasp the dividends of industry change. In particular, POE, high-end EVA and other products are expected to become a hot market in the next few years.