What Zhenshi does

Zhenshi (浙江振石新材料股份有限公司, SSE: 601112) is a Chinese high-performance fiber-reinforced composite materials manufacturer founded in 2000 and headquartered in Tongxiang, Zhejiang. The company produces six core product families — fiber fabrics (carbon fiber, glass fiber unidirectional/multi-axial stitched fabrics, powder pre-shaped fabrics), pultruded plates (glass fiber, carbon fiber, carbon-glass hybrid), composite PV frames (a globally pioneering innovation displacing aluminum), PCM pre-impregnated products (notably EV battery covers), SMC sheet molding compounds, and BMC bulk molding compounds. Products are sold directly B2B to tier-1 wind turbine OEMs (Vestas, Siemens Gamesa, Ming Yang Smart Energy, Zhongcai Science & Technology), solar PV module manufacturers, and new energy vehicle makers. Zhenshi holds over 35% global market share in wind power fabric and is the first Chinese company to manufacture wind power materials inside Europe (Cádiz, Spain — commercial production from April 2025).

The company is vertically integrated from raw glass fiber through to finished composite parts, with proprietary process IP including a peel-ply-free pultrusion method (achieving 67-74% fiber volume fraction and 60-65 GPa modulus for 70-120m turbine blades) and the world's first composite PV frame with TÜV Rheinland and PCCC certifications. Zhenshi's IP portfolio stands at 224+ authorized patents (23+ invention patents) as of June 2024, and the company led or participated in 12+ national/industry composite testing standards. The R&D infrastructure includes a CNAS-accredited testing center with 150+ instruments and a workforce of 44 product R&D personnel and 114 process technicians plus 50+ testing-center technical staff.

Zhenshi's go-to-market is direct enterprise B2B sales supported by a global production-and-sales network of 9 manufacturing bases (China: Tongxiang HQ, Ulanqab, Baotou, Bayannur, Jiuquan, Xing'an League; Egypt: Suez; Turkey: Tekirdağ; Spain: Cádiz) and 2 international sales subsidiaries (Los Angeles, Hong Kong), reaching 50+ countries. Pricing is quote-based per project with no public tiers disclosed. Revenue is diversified across five application segments — wind power, solar photovoltaics, new energy vehicles, building materials, and transportation — though wind power remains the dominant revenue driver. The company completed its Shanghai Stock Exchange main board IPO on January 29, 2026 (raising ~RMB 29.18 billion) and reported FY2025 revenue of approximately RMB 72.02 billion, up 62.26% YoY, with net profit of RMB 7.34 billion (up 21.19% YoY).

Name

Zhenshi

Legal name

浙江振石新材料股份有限公司

Website

https://zhenshi.com

Company type

Public

Founded year

2000

Operating status

Ipo

Short description

Zhenshi (SSE: 601112) is a Chinese high-performance fiber-reinforced composite materials manufacturer producing fiber fabrics, pultruded plates, composite PV frames, and PCM battery covers, supplying tier-1 wind turbine, solar PV, and new energy vehicle OEMs across 50+ countries.

Ownership category

akta.pro rank

Product category

Advanced Composite Materials Manufacturing

NAICS

Broadwoven Fabric Mills (313210), Fiber, Yarn, and Thread Mills (313110)

SIC

Broadwoven Fabric Mills, Man Made Fiber & Silk (2221), Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821)

akta.pro primary industry

Composite Reinforcement Textiles (Carbon/Glass/Aramid Fabrics & Preforms) (IMAOADAH)

akta.pro secondary industries

Technical Fabric Mills (Performance/Protective/Medical Substrates) (IMAOABAH), Industrial & Technical Yarn Manufacturing (High-Tenacity/Aramid/Carbon/Glass) (IMAOAAAG), Renewable Manufacturing Materials & Subcomponents (Glass, EVA/Backsheet, Composites, Magnets) (EUAMAHAL)

Keywords

• Fiber-reinforced composites
• Wind turbine blade materials
• Solar PV composite frames
• Thermoplastic composite materials
• Pultruded glass fiber plates

Headquarters

HQ city

Tongxiang

HQ country

China

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Composite Materials Manufacturing & Sales: Zhenshi generates revenue through the manufacture and sale of high-performance fiber-reinforced composite materials including fiber fabrics, pultruded plates, composite frames, PCM pre-impregnated products, SMC and BMC products. Products are sold directly to wind turbine OEMs, solar PV manufacturers, and new energy vehicle makers globally.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Zhenshi researches, develops, manufactures, and sells high-performance fiber-reinforced composite materials for clean energy industries. Its product portfolio spans glass and carbon fiber fabrics, pultruded glass/carbon fiber plates, composite photovoltaic (PV) frames, PCM (pre-impregnated composite material) battery covers for new energy vehicles, and SMC/BMC thermoset molded products. These materials are sold to wind turbine OEMs, solar PV module manufacturers, and electric vehicle makers globally.

Product overview

Zhenshi (浙江振石新材料股份有限公司, stock 601112) is a global leading high-performance composite material solution supplier, established in 2000 and headquartered in Tongxiang, Zhejiang. The company operates across two main production platforms — Fiber Fabric (恒石) and Thermosetting/Thermoplastic Composites (华美新材) — producing six core product categories: Fiber Fabrics (carbon, glass fiber, powder pre-shaped, unidirectional, multi-axial stitched fabrics), Pultruded Plates (glass fiber, carbon fiber, carbon-glass hybrid), Composite Frames (photovoltaic composite frames — the company's globally pioneering innovation), PCM Pre-impregnated Products (battery covers for new energy vehicles), SMC Sheet Molding Compound Products, and BMC Bulk Molding Compound Products. These products serve five strategic application sectors: Wind Power (风电叶片), Solar Photovoltaics (太阳能光伏), New Energy Vehicles (新能源汽车), Building Materials & Home Decoration (建材家居), and Transportation (交通运输). Zhenshi's global footprint spans 9 production bases (China Tongxiang, Inner Mongolia, Gansu, Egypt, Turkey, Spain) and 2 sales subsidiaries (USA, Hong Kong), exporting to 50+ countries. The company achieved wind fabric global market share exceeding 35% and pultruded plate scale/sales ranking industry first in China.

Differentiator

Problem solved

Functional benefit

Brands

• 华美新材 (Huamei New Materials): Subsidiary specializing in thermoset and thermoplastic composite materials including SMC, BMC, PCM, molding, and pultrusion. Wind power pultruded plates规模和销量稳居行业第一. World's first composite PV frame with fully independent IP.
• 华风碳材 (Huafeng Carbon Materials)

Products and services

• Fiber Fabric (Carbon Fiber Flow Guide Fabric / Glass Fiber Fabric) Carbon fiber flow guide fabrics, glass fiber unidirectional, bi-axial, tri-axial, and quad-axial stitched fabrics, powder pre-shaped fabrics, and E/PP hybrid woven fabrics used as primary reinforcement materials in wind turbine blades for spar caps, shells, and root sections.
• Pultruded Plates (Glass Fiber / Carbon Fiber / Carbon-Glass Hybrid) Glass fiber, carbon fiber, and carbon-glass hybrid pultruded plates manufactured via pultrusion process for wind blade spar caps. Includes a proprietary peelply-free profile (modulus 60-65 GPa for 70-120 m blades), carbon fiber profiles (modulus >150 GPa for 100+ m blades), and carbon-glass hybrid profiles (modulus >100 GPa for 90-100 m blades).
• Composite PV Frames (复材边框) Globally pioneering composite PV frame replacing traditional aluminum alloy frames. Achieves 30% weight reduction, 5x strength improvement, wind resistance above Level 12, and 80%+ carbon emission reduction per ton. TÜV Rheinland and PCCC certified, suitable for offshore, desert, salt-alkali, and acidic environments with 25+ year service life.
• PCM Pre-impregnated Composite Products (incl. Battery Covers) PCM (Pre-impregnated Composite Material) products including battery covers for new energy vehicles. PCM battery covers offer up to 70% weight reduction vs. traditional materials, V0 flame retardancy, dielectric withstand voltage, and post-thermal runaway insulation (≤3 mA leakage after 1000°C for 30 min).
• SMC Sheet Molding Compound Products SMC sheet materials and molded parts including SMC bathroom materials, SMC building materials, SMC automotive appearance parts, and SMC battery covers. Thermosetting composite products offering high strength, flame retardancy, good surface finish, and dimensional stability for automotive and building applications.
• BMC Bulk Molding Compound Products BMC materials including BMC bathroom materials and BMC motor encapsulation compounds. BMC products offer excellent flame retardancy, high surface gloss, strength/rigidity, and dimensional stability, widely used in home appliances and automotive electrical components.

Quantifiable outcome

• Composite PV frame: 30% weight reduction vs. aluminum, 5x strength, 80%+ carbon emission reduction per ton
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Mitsubishi Chemical Group: Japanese diversified chemicals and materials conglomerate with carbon fiber (Dialead), composites, and resin systems — overlapping with Zhenshi's carbon fiber pultruded plates and composite resin offerings while serving a much broader product portfolio.
• Owens Corning: Global incumbent in glass fiber reinforcement and composite materials with overlapping product lines (glass fiber fabrics, nonwovens) for wind, transportation, and construction. Comparable in serving wind OEMs but operates at much larger scale across a broader portfolio.
• Toray Industries: Japanese diversified materials giant with significant carbon fiber and composite materials business — directly comparable to Zhenshi's carbon fiber offerings but operates across much broader portfolio (textiles, chemicals, pharmaceuticals) and at materially larger scale.
• Teijin Limited: Japanese diversified materials company with carbon fiber, aramid fiber, and composite materials operations — comparable to Zhenshi's technical fiber fabric and composite offerings while operating across broader material categories (aramid, pharmaceuticals).

Direct peers

• SGL Carbon: German specialty graphite and carbon fiber composites company with comparable offerings in carbon fiber fabrics, pultruded profiles, and composite components serving wind energy, automotive, and industrial markets — overlapping with Zhenshi's carbon fiber product line.
• TPI Composites: US wind blade manufacturer that also produces composite materials and operates global manufacturing facilities (including in China). Comparable as both a customer and competitor in wind blade composites with similar multi-region manufacturing footprint.
• Gurit Holding: Swiss specialty composites supplier with core wind energy materials (prepreg, core materials, pultruded components) — directly comparable to Zhenshi's wind blade composite offerings and similar customer overlap with Vestas, Siemens Gamesa, and other wind OEMs.
• Hexcel Corporation: Leading manufacturer of advanced composites including carbon fiber fabrics, prepregs, and honeycomb core — directly comparable to Zhenshi's carbon fiber pultruded plates and high-performance fabric offerings for wind and aerospace applications.
• China Jushi: China's largest glass fiber producer and Zhenshi's most direct upstream/downstream peer — overlapping in glass fiber fabrics for wind blades, transportation, and electronics. Comparable product portfolio and Chinese manufacturing footprint, with materially larger scale.
• SAERTEX: German manufacturer of multiaxial non-crimp fabrics and glass/carbon fiber reinforcements — directly comparable to Zhenshi's stitched multiaxial fabric products for wind blade spar caps and similar OEM customer base in the wind energy sector.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Zhenshi