Zhejiang Satellite Petrochemical

What Zhejiang Satellite Petrochemical does

The firmographic record identifies the entity as Zhejiang Satellite Petrochemical (szse:002648), based in Jiaxing, China, with 1,001–5,000 employees, founded 2005, and described as a chemical-acids manufacturer. However, virtually the entire substantive source material — including the corporate website at satlpec.com, awards records, product disclosures, partnership lists, and customer logos — describes a Chinese digital-technology conglomerate founded in 1994 in Fuzhou, Fujian, by 18 technology entrepreneurs. The substantive business operates across four pillars: digital commerce (Star Suite Pay third-party acquiring and Huilai Store merchant SaaS), smart terminals (smart POS devices such as N950, N910 Pro, X800), automatic identification (proprietary barcode decoding chips and the newly launched Flow Form Code standard), and industry digitalization (telecom OSS/BSS, digital identity, and AI platforms). Underlying technology includes self-developed QR-decoding silicon (IOTC-0610), the world's first digital-citizen security decoding chip, PCI5.x-certified terminals, and an AI stack comprising a payment-industry LLM, a Zhituo AI platform, and a Kunpeng-Ascend domestic-compute service platform built with Huawei.

The substantive company makes money through a mix of payment-terminal hardware sales (one-time enterprise procurement), transaction fees from third-party acquiring via the Star Suite Pay license, recurring SaaS subscriptions on the Huilai Store platform, and professional services for telecom and government system integration. Go-to-market combines direct enterprise sales into large state-owned banks (ICBC, ABC, Bank of Communications, Postal Savings Bank, China UnionPay) with a partner/VAR channel for international markets across 130+ countries. Customer segments span financial institutions (primary), merchants and SMBs (primary), government and public services, telecom operators, and healthcare/IVD — supporting a diversified but enterprise-anchored revenue mix. Note: the firmographic and descriptive datasets describe two materially different companies; this description is grounded in the substantive source data that constitutes the bulk of the input.

The group operates 12+ wholly-owned subsidiaries, including Newland Payment Technology, Xingyi Payment (a licensed third-party acquirer), Newland Auto Identification, Newland Software, and a Macau entity for cross-border commerce. Its 30-year history includes five documented strategic transformation cycles, expansion from a 21-square-meter office to a 150-acre science park, and growth to 8,000+ global employees.

Name

Zhejiang Satellite Petrochemical

Legal name

米兰·(milan)中国官方网站科技集团公司

Website

https://satlpec.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The firmographic label names Zhejiang Satellite Petrochemical, a Jiaxing-based chemical-acids manufacturer on the Shenzhen Stock Exchange, but the substantive source data describes a Fuzhou-headquartered Chinese digital-technology group (satlpec.com) operating payment terminals, barcode/AIDC products, merchant SaaS, and AI platforms for banks, merchants, government, and telecom operators across 130+ countries.

Ownership category

akta.pro rank

Product category

Petrochemical Manufacturing

NAICS

Petrochemical Manufacturing (32511), Petrochemical Manufacturing (325110)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Base Olefins (Ethylene, Propylene, Butadiene) (IMAEADAA)

Keywords

• Petrochemical manufacturing
• Chemical acid production
• Industrial chemicals
• Acrylic acid products
• Specialty chemical materials

Headquarters

HQ city

Jiaxing

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Payment Terminal Hardware Sales: Sale of payment terminals, POS devices, barcode scanners, and related hardware to financial institutions, merchants, and retailers globally.
2. Payment Processing Services: Third-party payment services including acquiring, processing transactions for merchants. Revenue from transaction fees and merchant services.
3. Software Solutions and SaaS: Digital commercial SaaS, digital marketing, value-added services for merchants. AI platform services and cloud terminal management (TOMS).
4. System Integration and Technical Services: Digital transformation solutions for telecom operators, government, and enterprise clients. System integration and big data operation services.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Zhejiang Satellite Petrochemical develops, manufactures, and sells chemical acids. Founded in 2005 and headquartered in Jiaxing, China, the company operates as a publicly listed petrochemical manufacturer (szse:002648) producing chemical acid products for industrial buyers, with reported revenue on the order of ¥6.59 trillion in 2025.

Product overview

米兰·(milan)中国官方网站科技集团 operates as a digital technology group offering an integrated portfolio of products and platforms. The core offerings include: (1) 数字商业 (Digital Commerce) business centered on 星驿付 payment services and 慧徕店 open platform for merchant digital operations; (2) 智能终端 (Smart Terminals) including smart POS terminals (N950, N910, X800 series) for payment acceptance; (3) 自动识别 (Automatic Identification) products including proprietary barcode decoding chips (IOTC-0610) and the newly launched 流形码 industrial barcode standard; and (4) AI platforms including 智拓AI平台 for automated testing and the 鲲鹏昇腾融合人工智能服务平台 for model development. The group also provides TOMS terminal management platform for device lifecycle management.

Differentiator

Problem solved

Functional benefit

Brands

• 慧徕店: Digital commerce open platform providing merchant services, digital marketing, and value-added services.
• 星驿付
• 米兰·(milan)中国官方网站大学堂
• 新大陆智拓AI平台

Products and services

• Chemical acids Chemical acid products developed, manufactured, and sold by Zhejiang Satellite Petrochemical for industrial B2B buyers. Specific acid product lines (e.g., acrylic acid, glacial acrylic acid, etc.) are not enumerated in the supplied source data.

Quantifiable outcome

• Payment terminals deployed globally
• +4 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability10 records

Feature5 records

Partnerships

23 partnerships are on record, tiered minor and core.

• 芯驰科技 (SemiDrive)minorStrategic or Co-development Partner · 13 May 2026SemiDrive is a leading automotive-grade chip company. Newland reports on their C-round funding as industry news, indicating strategic investment or partnership consideration in automotive chip sector.
• 盛合晶微半导体有限公司 (Shenghe Crystal Micro Semiconductor)minorStrategic or Co-development Partner · 12 May 2026Shenghe Crystal Micro is a leading wafer-level advanced packaging service provider. Newland reports on the company's advanced packaging project groundbreaking as industry news, indicating a strategic industry relationship in semiconductor/advanced packaging supply chain.
• 佰维存储 (Biwin Storage)minorStrategic or Co-development Partner · 12 May 2026Biwin Storage is a leading semiconductor storage solution provider. Newland reports on the company's H-share listing application as industry news, suggesting business relationship or strategic investment consideration.
• 新大陆支付技术有限公司 (Newland Payment Technology)coreChannel Partner/ Reseller/ DistributorSubsidiary company specializing in payment terminals and solutions. Global sales of POS terminals, smart devices, and related software worldwide.
• 福建星驿支付科技有限公司 (Xingyi Payment)coreChannel Partner/ Reseller/ DistributorSubsidiary - leading third-party payment institution. Provides payment acquiring, merchant services, and digital commerce solutions.
• 新大陆自动识别技术有限公司 (Newland Auto Identification)coreChannel Partner/ Reseller/ DistributorSubsidiary - AIDC (Auto Identification) industry leader. Barcode scanners, IVD scanning solutions, and industrial scanning products.
• 新大陆软件工程有限公司 (Newland Software)coreChannel Partner/ Reseller/ DistributorSubsidiary - telecom system integration and AI platforms. OSS/BSS systems and AI service platforms.
• 中国银联 (China UnionPay)coreStrategic or Co-development PartnerStrategic cooperation on payment acceptance ecosystem, digital yuan pilot, new four-party model development. Multiple joint awards and deep collaboration on payment standards.
• 中国工商银行 (ICBC)coreChannel Partner/ Reseller/ DistributorWon ICBC smart POS project tender. Long-term cooperation on payment terminals and financial services.
• 中国农业银行 (ABC)coreChannel Partner/ Reseller/ DistributorWon ABC smart handheld POS project tender. Major bank partnership for payment terminals.
• 中国邮政集团 (China Post Group)coreStrategic or Co-development PartnerStrategic cooperation with postal financial services. Cooperation expanded to 30+ provinces. Joint payment acquiring and smart scenario development.
• 美国运通 (American Express)coreStrategic or Co-development PartnerFirst batch partner of American Express joint clearing institution in China. Deep cooperation on international card acceptance and foreign visitor payment services.
• 公安部第一研究所coreStrategic or Co-development PartnerJoint development of national 'Digital Citizen' identity platform and digital identity solutions. Government strategic partnership.
• 蚂蚁科技集团股份有限公司 (Ant Group)coreStrategic or Co-development PartnerCo-development of mobile device barcode scanning standard. Joint work on Alipay 'touch to pay' devices and solutions.
• 用友网络科技股份有限公司 (Yonyou)coreTechnology or IntegrationStrategic cooperation on ERP system implementation. Newland BIP-ERP integrated construction project using Yonyou platform.
• 华为技术有限公司 (Huawei)coreTechnology or IntegrationAI platform development on Kunpeng and Ascend infrastructure. Won Huawei innovation competition awards. Deep cooperation in AI and computing power.
• 阿里云计算有限公司 (Alibaba Cloud)Technology or IntegrationAI large model cooperation. Payment industry-specific AI model using Alibaba Cloud Qwen series as technical foundation.
• 中国移动通信集团 (China Mobile)coreStrategic or Co-development PartnerTelecom operator digitization services. Strategic cooperation on system integration and big data operations.
• 株式会社ビジcoms (Busicom)minorChannel Partner/ Reseller/ DistributorJapan partner for auto identification products. Joint exhibition at RetailTech Japan showcasing DX solutions.
• 建信金融科技股份有限公司 (CCB Fintech)coreStrategic or Co-development PartnerJoint solution '小灵收银' won CHINASHOP Golden Wing Award. Merchant integrated solutions for banking.
• 数字人民币产业联盟 (Digital Yuan Industry Alliance)coreStrategic or Co-development PartnerWang Jing serves as理事长 (Chairman). 37+ founding members expanding to 63. Industry platform for digital yuan development and ecosystem building.
• 福建省产品质量检验研究院minorStrategic or Co-development PartnerJoint development of mobile device barcode scanning industry standard.
• 中国电子技术标准化研究院coreStrategic or Co-development PartnerLong-term cooperation on national standards. Multiple joint standards in barcode, biometric, IoT fields. 34+ organizations in biometric standard consortium.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• LyondellBasell: Global petrochemical leader producing olefins, polyolefins, and intermediates. Comparable to Zhejiang Satellite Petrochemical in olefins/aromatics focus but operates globally with broader downstream integration and asset footprint.
• SABIC: Saudi Arabian petrochemical company producing olefins, aromatics, and various chemicals. Comparable to Zhejiang Satellite Petrochemical in petrochemical products but operates globally with strategic focus on Asia and a feedstock cost advantage from ethane.
• INEOS: Major European privately-held petrochemical company producing olefins, aromatics, and various chemicals. Comparable in core petrochemical products to Zhejiang Satellite Petrochemical but operates globally with a more diversified portfolio.
• Sinopec (China Petroleum & Chemical Corp): China's largest state-owned petrochemical conglomerate with extensive refining, olefins, aromatics, and downstream chemicals. Overlaps with Zhejiang Satellite Petrochemical but is far larger, more diversified, and integrated upstream into oil & gas.
• BASF: Global petrochemical leader producing olefins, aromatics, and downstream chemicals. Comparable in core petrochemical products to Zhejiang Satellite Petrochemical but operates globally with a much broader specialty portfolio and integrated Verbund sites.

Regional players

• Formosa Plastics Corporation: Major Taiwanese petrochemical producer of olefins, polyolefins, and PVC. Comparable to Zhejiang Satellite Petrochemical in ethylene/ propylene chain focus but operates in a different geographic market with different feedstock economics.
• Lotte Chemical: Korean petrochemical company producing olefins, polyolefins, and various chemicals. Comparable to Zhejiang Satellite Petrochemical in petrochemical products but operates primarily in Korea and broader Asia with different feedstock slate.

Direct peers

• Hengli Petrochemical: Large Chinese petrochemical producer with integrated PTA-polyester and refining operations. Comparable in scale and product overlap (especially olefins and aromatics chain) to Zhejiang Satellite Petrochemical.
• Rongsheng Petrochemical: Major Chinese integrated petrochemical company with refining and olefins/ aromatics capacity, also headquartered in Zhejiang. Closest pure-play domestic comparable to Zhejiang Satellite Petrochemical in scale, product mix, and regional industrial footprint.
• Wanhua Chemical: One of China's largest privately-controlled chemical companies, producing petrochemicals, polyurethanes, and specialty chemicals. Most directly comparable to Zhejiang Satellite Petrochemical in scale, Chinese market focus, and integrated petrochemicals-to-derivatives business model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights4 records

Customer concentration

• Facebookfacebook.com/satlpec
• LinkedInlinkedin.com/company/zhejiang-satellite-petrochemical-co-ltd

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zhejiang Satellite Petrochemical