Hangzhou, January 29, 2026 - Zhejiang Zhenshi New Materials Co., Ltd. (Stock Code: 601112) made its debut today on the Main Board of the Shanghai Stock Exchange, opening at an issue price of ¥11.18 per share. The listing marks the first A-share IPO from Zhejiang province on China’s main boards this year.

A globally recognized leader in materials for clean energy applications, Zhenshi New Materials has established itself as a benchmark supplier in the wind turbine blade composites sector, serving customers across more than 50 countries and regions. With over two decades of dedicated R&D and manufacturing in high-performance composites, the company holds a leading global market share exceeding 35% in wind energy materials.

During the 14th Five-Year Plan period, Zhenshi has strategically aligned with China’s “dual-carbon” goals, capitalizing on structural shifts in the energy landscape to achieve significant breakthroughs in production scale, technological sophistication, and market penetration. Wind-energy-related products constitute over 85% of the company’s revenue, forming a robust foundation for sustained growth.

Building on its core wind business, Zhenshi is actively expanding into high-growth segments including photovoltaic systems and new energy vehicles, diversifying its revenue streams and capturing emerging opportunities. The company forecasts a strong year-on-year revenue increase of approximately 60% for the full year 2025, reflecting its accelerating business momentum.

Proceeds from the IPO will be strategically deployed to advance R&D and scale manufacturing capabilities across three key areas: next-generation wind power materials, photovoltaic components, and lightweight composites for electric vehicles.

Moving forward, Zhenshi will continue to strengthen its technological edge in wind blade materials — driving innovation in larger, lighter, and more efficient blade designs — while actively developing new product lines such as photovoltaic frames and advanced composites for automotive applications.

The company’s recently inaugurated New Materials Industrial Park is now fully operational. With the rollout of funded projects, the park is positioned to become one of the world’s largest and most diversified composite materials production bases, characterized by extensive fiberglass utilization, cross-industry application coverage, and a comprehensive portfolio of advanced material solutions - further propelling the sustainable development of the global composites industry.