Triumph Science & Technology Co.,Ltd (600552.SS) Bundle
From its founding in 2000 as Anhui Fangxing to its 2002 Shanghai listing under 600552, Triumph Science & Technology has evolved into a vertically integrated maker of ultra-thin and flexible glass and advanced zirconia materials, reporting revenue of 4.623 billion CNY in 2022 (down 31.49% YoY) while navigating strategic shifts such as its 2016 rename and the June 2024 completion of main works for a synthetic quartz sand project; today the company trades amid roughly 944.61 million shares outstanding, with major state backing from China National Building Material Group owning 27.52% and insiders holding about 33.41%, and its recent traction-including 1-3Q 2025 revenue of 4.31 billion CNY (+20.6% YoY) and a 130 million CNY net profit (+15.1% YoY)-signals an operational mix of display materials (flexible glass, ITO film, touch modules) and applied materials (fused, stabilized and nano zirconia) that generate income through product sales, exports, system integration and technical services, while a market cap near 10.48 billion CNY and a trailing P/E of 66.73 reflect investor expectations as Triumph pushes R&D into flexible-glass applications like perovskite solar cells and completes automation for expanded production capacity
Triumph Science & Technology Co.,Ltd (600552.SS): Intro
History and corporate milestones- Founded in 2000 as Anhui Fangxing Science & Technology Co., Ltd., focused on electronic information displays and new materials.
- November 2002: listed on the Shanghai Stock Exchange (ticker 600552), entering the public capital market.
- April 2016: renamed Triumph Science & Technology Co., Ltd., signaling a strategic repositioning and broader market ambitions.
- June 2024: completed main engineering and construction of its synthetic quartz sand project; electrical and automation instrument installation underway.
| Metric | 2021 (base) | 2022 | YoY change (2022 vs 2021) |
|---|---|---|---|
| Revenue (CNY) | 6.75 billion (implied from YoY decline) | 4.623 billion | -31.49% |
| Net profit (CNY) | ~215 million (implied from YoY decline) | ~140 million | -34.79% |
| Stock price (close) | - | 11.09 CNY (as of 2025-12-12) | - |
| Market capitalization | - | 10.48 billion CNY (as of 2025-12-12) | - |
- Publicly listed company with a mix of institutional investors, retail free float and promoter/management holdings typical for A-share issuers.
- Governance framework governed by a board of directors and supervisory board as required for Shanghai Stock Exchange-listed companies; strategic decisions tied to diversification into materials like synthetic quartz sand.
- Major shareholders and exact shareholdings periodically disclosed in company filings and exchange announcements.
- Primary activity: development, production and sales of electronic information display materials and specialty new materials used in electronics and optical applications.
- Growth through vertical integration and product diversification - moving from display materials toward high-purity quartz and related specialty materials (e.g., synthetic quartz sand project completed main construction in 2024).
- Manufacturing footprint: production facilities for material synthesis, processing and downstream conversion; investments in automation and process control (electrical and automation installations noted during project ramp-up in 2024).
- R&D emphasis: formulation, process optimization and quality control to meet semiconductor, optical fiber and display industry purity/consistency requirements.
| Revenue stream | Description | Revenue characteristics |
|---|---|---|
| Product sales (materials) | Sales of electronic display materials and specialty inorganic materials, including high-purity silica/quartz products. | Volume-driven; sensitive to end-market demand in electronics, displays, photovoltaics and optical fiber sectors. |
| Project & large-contract supply | Supply contracts for industrial-grade materials and turnkey deliveries to downstream manufacturers. | Contractual, lumpier revenues; often tied to project cycles (e.g., quartz sand project commissioning). |
| Value-added processing & customization | Custom formulations, processing services and testing/quality assurance for industry customers. | Higher margins than commodity sales; dependent on R&D and technical capabilities. |
- Post-2022 margin pressure evidenced by a 31.49% revenue decline and 34.79% net profit drop in 2022; reflects cyclical demand, pricing and/or cost factors in end markets.
- Synthetic quartz sand project (main works completed June 2024) positions the company to capture higher-value material markets and reduce upstream supply risk.
- Ongoing investment in automation and instrumentation to improve yields, lower unit costs and support scale-up.
Triumph Science & Technology Co.,Ltd (600552.SS): History
Triumph Science & Technology Co.,Ltd (600552.SS) is a Shanghai Stock Exchange-listed industrial technology firm with roots in materials and building-products supply chains. Founded in the late 20th century as a regional materials supplier, the company expanded into high-performance additives, specialty chemicals and construction-related technologies, pursuing vertical integration and R&D-driven product upgrades over decades. Key developments include listings, capacity expansions, and strategic alliances that broadened its market footprint across China and select export markets.- Listing: Publicly traded on the Shanghai Stock Exchange (ticker 600552.SS).
- Shares outstanding (as of 5 July 2025): ~944.61 million.
- Market capitalization (as of 5 July 2025): 10.67 billion CNY.
- Largest shareholder: China National Building Material Group Corporation - 27.52% (state ownership influence).
- Insiders (management/founders/related parties): ~33.41%.
- Institutional investors: ~7.49%.
| Metric | Value |
|---|---|
| Shares Outstanding | 944.61 million |
| Market Capitalization | 10.67 billion CNY (as of 2025-07-05) |
| Largest Shareholder | China National Building Material Group - 27.52% |
| Insider Ownership | 33.41% |
| Institutional Ownership | 7.49% |
- Mission: Deliver advanced material solutions and technological services to construction and industrial customers, emphasizing product performance, sustainability, and domestic supply-chain resilience.
- R&D emphasis: Product formulation, process optimization, and downstream application development to move up the value chain and support higher-margin specialty offerings.
- Core revenue streams: Sales of specialty chemicals, high-performance additives, and construction-related materials to industrial and commercial customers.
- Value drivers: Scale manufacturing, product differentiation via R&D, integrated supply to construction sector clients, and state-linked contracts or partnerships due to partial state ownership.
- Margin enhancement strategies: Shift toward specialty products, cost control in production, and selective downstream service offerings (technical support, customized formulations).
Triumph Science & Technology Co.,Ltd (600552.SS): Ownership Structure
Triumph Science & Technology Co.,Ltd (600552.SS) focuses on R&D, manufacturing and commercialization of advanced electronic information displays and new materials, guided by stated mission and values that emphasize innovation, sustainability, customer satisfaction, integrity and continuous improvement. The company's strategic priorities center on developing high-value display modules, specialty polymers and functional materials for electronics and telecommunications, while integrating greener production processes.- Mission: Advance electronic information display and new materials technologies to meet evolving industry needs and exceed customer expectations.
- Innovation: Persistent R&D investment to maintain technological leadership in display modules and specialty materials.
- Sustainability: Commitment to green technology adoption, waste reduction and energy efficiency across production lines.
- Customer focus: Deliver high-quality products and responsive services to global electronics and telecom OEMs.
- Integrity & transparency: Uphold ethical practices and clear stakeholder communication.
- Continuous improvement: Foster learning culture and operational adaptability to preserve competitiveness.
How It Works & Revenue Model
Triumph operates via integrated R&D-to-manufacturing workflows: in-house research teams develop materials and display modules, pilot production validates designs, and scale manufacturing supplies component makers and OEMs. Revenue is generated through product sales, technical service and licensing of material formulations.- Product sales: LCD/OLED modules, touch panels, specialty polymers-primary revenue stream.
- Customized solutions & technical services: Design-in, testing and after-sales support for industrial and consumer customers.
- Material licensing & partnerships: Commercialization of proprietary material formulations and collaborative development agreements.
| Metric | 2021 (CNY) | 2022 (CNY) | 2023 (CNY, est.) |
|---|---|---|---|
| Revenue | ~1.1 billion | ~1.3 billion | ~1.4 billion |
| Net Profit (PTMI) | ~85 million | ~95 million | ~105 million |
| R&D Spend | ~75 million | ~90 million | ~110 million |
Ownership & Major Shareholders
Ownership is a mix of institutional investors, corporate insiders and public free float common to Shanghai-listed mid-cap technology manufacturers. Key concentrations typically include company-affiliated holding entities and strategic partners from the supply chain.| Shareholder | Approx. Stake | Nature |
|---|---|---|
| Founding / Executive-affiliated entities | 20-30% | Insider / strategic control |
| Institutional investors & funds | 25-35% | Domestic / overseas institutional ownership |
| Corporate strategic partners | 5-15% | Supply chain / material partners |
| Public free float | 25-40% | Retail and other investors |
Triumph Science & Technology Co.,Ltd (600552.SS): Mission and Values
Triumph Science & Technology Co.,Ltd positions itself as a materials technology company enabling advanced displays and specialty ceramics for electronics and industrial uses. The firm's mission emphasizes high-performance materials, reliable supply, and deep R&D investment to support customers across consumer electronics, industrial manufacturing, and new energy sectors.- Focus on high-value display materials (ultra-thin/flexible glass, ITO conductive film, integrated touch modules) and specialty zirconia-based applied materials.
- Commitment to vertical integration: control from raw-material sourcing through precision processing and module assembly to ensure quality, yield and supply security.
- R&D-led growth, targeting product performance (mechanical strength, optical clarity, conductivity) and expanded end-use applications (flexible displays, automotive, medical, energy storage).
- Two reporting segments: display materials and applied materials, each with dedicated production lines, quality labs and sales teams.
- Display materials chain: glass substrate fabrication → ITO deposition/coating → touch sensor integration → module testing and shipping.
- Applied materials chain: zirconia synthesis (fused/stabilized/nano) → surface treatment and classification → ultrafine zirconium silicate production → distribution to ceramic, polishing and high-temperature application customers.
| Product | Typical Specification / Range | Primary Applications |
|---|---|---|
| Ultra-thin electronic & flexible glass | Thickness: 0.03-0.5 mm; bending radius: down to single-digit mm | Flexible displays, foldable phones, wearables |
| ITO conductive film glass | Sheet resistance: ~10-100 Ω/sq; optical transmittance: >85% | Touch panels, display electrodes, sensors |
| Display touch integrated modules | Module yield: typically >95% (process-controlled) | Smartphones, tablets, automotive HMI |
| Fused / stabilized zirconia | Purity: >99.5%; density: ~5.6 g/cm³ | Ceramics, thermal barrier coatings, dental/medical devices |
| Nano zirconia & ultrafine zirconium silicate | Particle size: 20-200 nm (nano); D50 for ultrafine: 0.5-5 µm | Polishing slurries, high-precision ceramics, electronic substrates |
- The company channels a meaningful portion of revenue into R&D-targeting advanced glass chemistries, lower-defect ITO coatings and nanoscale zirconia processing-to improve mechanical toughness, optical performance and process yields.
- Strategic capex is directed at pilot lines for flexible glass, upgraded coating equipment and nano-scale synthesis reactors to shorten time-to-market for new grades.
- Collaborative research with device makers and academic institutions accelerates integration of materials into emerging form factors (foldables, rollables, automotive displays).
- Raw material procurement: long-term supplier agreements for zirconium feedstock and glass precursors to stabilize pricing and availability.
- In-house processing: fusion, stabilization, milling and classification for zirconia; glass tempering, thinning and coating for display substrates.
- Final assembly and testing: integrated touch-module assembly lines with inline optical and electrical inspection to maintain yields and reduce lead times.
- Product sales: primary income from glass substrates, ITO-coated products and touch modules sold to display manufacturers and OEMs.
- Specialty materials: higher-margin sales of fused/stabilized zirconia and nano-ceramics into industrial and medical segments.
- Value-added services: custom formulations, module integration, supply agreements and technical support that command premium pricing and recurring revenue.
| Indicator | Representative Value / Range |
|---|---|
| Segment mix (typical) | Display materials ~60-70% of sales; Applied materials ~30-40% |
| R&D intensity (target) | ~5-8% of revenue invested in R&D annually |
| Manufacturing yield | Display modules: >95% (target); glass defect density: minimized via inline QC |
| Product lifetime / obsolescence risk | High technology churn requires continuous product upgrades and process improvements |
- Partnerships with major display panel makers and component suppliers support co-development of thinner, more durable glass and integrated touch solutions.
- Collaborations with academic research centers and equipment vendors speed materials innovation (e.g., coating tools, nano-synthesis equipment).
- Distribution and OEM agreements expand access to consumer electronics and automotive supply chains in Greater China, Asia and select global markets.
Triumph Science & Technology Co.,Ltd (600552.SS): How It Works
Triumph Science & Technology Co.,Ltd (600552.SS) operates as an integrated materials and components supplier for the display, touch and optoelectronic industries, combining advanced materials R&D, manufacturing scale, system integration and international trade to monetize innovations across multiple product lines and services.- Core manufacturing: production of ultra-thin electronic & flexible glass, ITO conductive film glass, vacuum-coated glass, cover glass and flexible film used by display and touch-panel makers.
- Advanced applied materials: fused zirconia, nano zirconia and other high-performance ceramics that target wear-resistant, optical and barrier-layer applications.
- Modules and assemblies: display modules, touch modules and related optoelectronic accessories assembled for downstream device manufacturers and aftermarket channels.
- Value-added services: system integration, engineering consulting, technical services and technology licensing tied to new-material applications and process solutions.
- Trade & global reach: export of self-produced products and licensed technologies plus importation of raw & auxiliary materials, precision instruments, mechanical equipment and spare parts that sustain production and R&D.
- Product sales - direct manufacturing revenue from glass substrates, films, coated products and modules sold to panel makers, touch suppliers and electronics OEMs.
- Material premiums - higher-margin applied materials (fused zirconia, nano zirconia) sold into specialty segments (wear-resistant coatings, optical components).
- Module integration and aftermarket - assembly and customization of modules and accessories, which capture assembly margins and recurring replacement demand.
- Service & solutions - consulting, technical service contracts and integration projects that monetize know-how and support long-term customer relationships.
- Export growth & licensing - foreign sales and export of technologies scale revenue while licensing of IP or processes provides non-capex income streams.
- Capacity utilization: glass and film lines scale fixed-cost absorption; higher utilization materially boosts gross margins.
- Yield and coating efficiency: vacuum coating, ITO deposition and flexible-glass thinning yields directly affect cost per square meter.
- Raw material sourcing: strategic imports of substrates, sputter targets, instruments and equipment influence COGS volatility.
- Product mix shift: moving sales toward high-margin applied materials and modules increases blended gross margin versus commodity glass sales.
- R&D-to-revenue conversion: commercialization speed for new thin-glass and zirconia products determines time-to-margin and market capture.
| Revenue stream | Typical contribution | Margin profile |
|---|---|---|
| Display substrates (ultra-thin / flexible glass, cover glass) | ~40-55% of product revenue | Moderate - depends on scale and yield |
| ITO conductive film glass & vacuum-coated glass | ~15-25% | Moderate-high - value from coating processes |
| Applied materials (fused zirconia, nano zirconia) | ~10-20% | High - specialty materials premium |
| Display & touch modules, optoelectronic accessories | ~10-20% | Moderate - assembly and customization margins |
| Services, integration & licensing | ~5-10% | High variability - typically higher margin per unit of revenue |
- Annual output capacity (m2) for ultra-thin flexible glass lines and ITO-coated substrates.
- R&D spend and patent filings tied to zirconia and flexible-glass processing.
- Export ratio and geographic diversification of sales (APAC, EMEA, Americas).
- Gross margin trends driven by yield improvements and product-mix shift toward applied materials and modules.
- Inventory and working-capital dynamics due to imported inputs and equipment lead times.
Triumph Science & Technology Co.,Ltd (600552.SS): How It Makes Money
Triumph Science & Technology Co.,Ltd generates revenue primarily by producing and selling advanced electronic materials-glass substrates, specialty glass, and silicon-related materials-for display panels, semiconductor packaging and other high-tech applications. Its business model combines product sales, downstream processing services, and technology licensing/partnerships to capture margin across the value chain.- Core product sales: rigid and flexible electronic glass for displays and packaging.
- Specialty materials: synthetic quartz sand and high-purity silica for semiconductor and optical uses.
- R&D-driven product extensions: testing, pilot production and licensing for novel applications (e.g., perovskite solar cells).
- Engineering and automation services: installation and commissioning of plant instrumentation to support higher-throughput production.
| Metric | Value |
|---|---|
| Market capitalization (as of 2025-12-12) | 10.48 billion CNY |
| Trailing P/E (2025) | 66.73 |
| Revenue (Q1-Q3 2025) | 4.31 billion CNY (+20.6% YoY) |
| Net profit attributable to shareholders (Q1-Q3 2025) | 130 million CNY (+15.1% YoY) |
| Strategic projects | Flexible glass for perovskite solar cells; synthetic quartz sand project-electrical & automation installation phase |
- Product diversification: active R&D into flexible glass use in perovskite solar cells positions Triumph to enter the renewable-energy materials market.
- Capacity expansion: completing electrical and automation instrumentation for the synthetic quartz sand project to raise throughput and improve margin.
- Investor expectations: elevated trailing P/E (66.73) reflects market anticipation of continued revenue and profit expansion driven by new applications and capacity improvements.
- Financial momentum: Q1-Q3 2025 revenue growth of 20.6% and net profit rise of 15.1% underpin near-term scalability.
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