[Chemical Industry - Wang Huabing] Jianbang Co., Ltd.: Jianxing Weibang, the Hidden Champion in the "Small and Beautiful" Environmental Protection Additives Track

(Source: Guotou Securities Research)

【Chemical - Wang Huabing】 Jibang Co., Ltd.: Jixing Weibang—an invisible champion in the “small but beautiful” environmental additives track

Report release date: 2026-4-1

■ Environmental additives invisible champion, a segmented leader in the SAIKE space. The company has focused on R&D, production, and sales of environmental additives for polymer materials for more than twenty years. It has already built a product system centered on SAIKE, titanium esters, DBM, SBM, acetylacetone salts, and more. As functional additives such as stabilizers, catalysts, plasticizers, coupling agents, etc., its products are widely used in industries including insulating coatings, PVC plastics, and lithium battery materials. As a leader in the segmented markets for SAIKE and titanium esters, as of September 2025, the company’s annual production capacities for SAIKE and titanium esters are 34,500 tons and 8,000 tons, respectively. Among them, the company’s global market share for SAIKE products is as high as 60%, and its domestic market share is 80%; the domestic market share of titanium ester products is also above 40%. With its significant capacity advantages, the company has established a leading position in the market.

■ Reversal of the PVC industry downturn, additives are expected to benefit simultaneously. Since 2026, driven by multiple factors including the continued deepening of “anti-overheating” policies, the gradual rollout of differentiated electricity pricing pilot programs, and the cancellation of export tax rebate policies, the domestic PVC market sentiment has been steadily recovering, and prices have been fluctuating upward. According to Baichuan Yingfu, as of March 30, 2026, the PVC price was 5,483 yuan/ton, up 28.77% from the beginning of the year. As a key material indispensable in PVC processing, additives play a core role in improving the overall performance of products, optimizing processing techniques, and expanding application scenarios. With the PVC market recovering, downstream product enterprises’ operating willingness is expected to strengthen, which is likely to gradually release procurement demand for high-performance additives. We believe the additive industry is expected to benefit in parallel from this round of cyclical recovery. We believe that the sustained profitability pressure within the industry in the earlier period may drive out high-cost, low-efficiency capacity step by step, accelerating the industry’s transition into a stage of reshuffling and integration. Looking ahead, as supply-side concentration continues to rise, together with tightening environmental policies that accelerate the release of replacement demand for traditional heat stabilizers such as lead salts, the supply-demand structure of the PVC additives industry is expected to see marginal improvement and come into opportunities for a phased price recovery.

■ Excellent SAIKE supply landscape, high-end demand blooming in multiple areas. SAIKE is also known as tri(2-hydroxyethyl) isocyanurate. Benefiting from its stable triazine-ring structure, it has excellent chemical stability and thermal stability. It is mainly used as a stabilizer in fields such as insulating varnishes, heat-resistant enamel-coated wire, and PVC, and is also expanding into new areas such as polyurethane and flame retardants. On the supply side, the SAIKE market structure is highly concentrated. As the global SAIKE leader, the company has existing capacity of 34,500 tons, accounting for 60% of the global market and 80% of the domestic market, respectively. On the demand side, (1) SAIKE is used as a stabilizer in insulating varnishes, heat-resistant enamel-coated wire, and so on. With downstream high-end application scenarios such as new energy vehicles, humanoid robots, commercial aerospace, the low-altitude economy, and AI computing capacity scaling up, market demand is expected to continue growing. (2) SAIKE is used as an environmental additive in the PVC field, benefiting from the trend of environmental additives replacing traditional non-environmental additives such as lead-salt types. According to China Chlor-Alkali, in 2020, high-pollution stabilizers such as lead-salt types still accounted for about 41.5% of consumption share in the PVC plastic field. The replacement space for environmental additives such as SAIKE and SBM/DBM calcium-zinc types is broad. (3) SAIKE is opening up new application areas such as polyurethane (2023 output: 16.5 million tons; market scale is similar to PVC) and flame retardants. Taken together, the SAIKE supply side is already highly concentrated, and high-end demand areas are expected to bloom in multiple places.

■ Risk warning: risk of product price fluctuations; risk of changes in raw material and energy prices; risk that downstream demand is not as expected; risks that project progress is not as expected, etc.

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