Baotailong New Materials Co., Ltd. (601011.SS) Bundle
Born on June 24, 2003 in Qitaihe as a coal mining and processing firm, Baotailong New Materials Co., Ltd. (listed as 601011.SS) has reinvented itself into a vertically integrated materials player-completing a $9.6 million graphene plant in 2018 with an initial annual output of 50 tons, investing roughly ¥50 million to meet 2022 environmental mandates, launching biodegradable composites in 2023 projected to cut plastic waste by 25,000 tons per year, and in December 2025 expanding its portfolio via a ¥15 million acquisition for a 2.83% stake in Shuangyashan Baotailong Investment Co., Ltd.; today the Shanghai-listed company sits on about ¥6.57 billion market capitalization with 1.92 billion shares outstanding, operates coal-to-chemicals, power, heating and advanced-materials lines (graphene, needle coke), and despite a trailing twelve‑month net loss of ¥140.79 million is leveraging innovation, sustainability investments and diversified revenue streams-from coke and coal chemicals to power, heating and advanced materials-to reshape its competitive position and growth trajectory
Baotailong New Materials Co., Ltd. (601011.SS): Intro
History- Established June 24, 2003 in Qitaihe, Heilongjiang Province as Qitaihe Baotailong Coal & Coal Chemicals Public Co., Ltd.; primary business: coal mining and processing.
- June 2016: Renamed Baotailong New Materials Co., Ltd. (601011.SS) to reflect strategic shift toward advanced materials and diversification beyond traditional coal.
- 2018: Commissioned a graphene production project in Qitaihe - capex ~$9.6 million, initial annual output 50 tonnes - signaling entry into high-value advanced materials.
- 2022: Reported compliance with Ministry of Ecology and Environment regulations after investing approximately ¥50 million in environmental upgrades and emissions control.
- 2023: Launched biodegradable composite materials line, projected to reduce plastic waste by 25,000 tonnes annually through product substitution and recycling integration.
- December 2025: Acquired 2.83% stake in Shuangyashan Baotailong Investment Co., Ltd. from Beijing Cuishi Investment Center (LP) for ¥15 million, expanding its financial and regional investment footprint.
- Listed on Shanghai Stock Exchange (601011.SS); shareholder base includes institutional investors, regional state-affiliated entities, and retail holders.
- Significant investments and cross-holdings: stake purchase in Shuangyashan Baotailong Investment Co., Ltd. (2.83% for ¥15 million in Dec 2025) demonstrates strategic regional capital allocation.
- Governance: board-led management with vertical integration across coal-derived feedstocks, chemical processing, and new-materials manufacturing.
- Mission: transition from traditional coal operations to value-added new materials and sustainable products while maintaining regulatory compliance.
- Strategic pillars:
- Advanced materials (graphene, composites)
- Sustainable product lines (biodegradable composites)
- Environmental compliance and emissions reduction
- Feedstock and back-integrated inputs: coal and chemical derivatives supply carbon-intensive precursors used in graphene and composite processes.
- Graphene production: 2018 facility designed for 50 tpa initial capacity; uses chemical/thermal routes to produce few-layer graphene for fillers, conductive inks, and composites.
- Biodegradable composites: polymer compound blending and extrusion lines launched 2023 aimed at packaging and industrial applications to replace conventional plastics.
- Environmental systems: ~¥50 million invested (2022) in wastewater treatment, dust control, and emissions monitoring to meet national standards.
| Revenue Stream | Details | Representative 2023/2024 Metrics |
|---|---|---|
| Coal mining & processing | Sales of raw and processed coal, coking byproducts | Legacy cash flow; still provides bulk of working-capital (percentage varies by year) |
| Chemical products | Coal-derived chemicals and industrial reagents | Mid-margin industrial sales to domestic producers |
| Advanced materials (graphene) | Higher-margin products: graphene powders, conductive additives | 2018 plant: 50 tpa initial capacity; price per kg varies by grade - premium product margin vs. commodity coal |
| Biodegradable composites | Commercial sales to packaging, automotive, and consumer-goods manufacturers | 2023 launch targeted to offset 25,000 tpa plastic waste; growing order book and higher ASP than commodity plastics |
| Investments & financial income | Minority stakes (e.g., 2.83% in Shuangyashan Baotailong Investment Co.) and financial returns | ¥15 million stake acquired Dec 2025; contributes to non-operating income |
- 2018 graphene project capex: ~$9.6 million (initial 50 tpa capacity).
- 2022 environmental capex: ~¥50 million to comply with Ministry standards.
- 2023 sustainability metric: biodegradable line projected to replace 25,000 tonnes/year of conventional plastic.
- Dec 2025 investment: ¥15 million for 2.83% stake in Shuangyashan Baotailong Investment Co., Ltd.
- Competitive advantage: integration from coal feedstock to specialty materials; ability to leverage existing supply chains and facilities to lower incremental cost for new-materials production.
- Risks: commodity-price exposure from coal operations, regulatory tightening on coal, market acceptance and scale-up risks for graphene and biodegradable composites.
- Growth levers: scaling graphene capacity beyond 50 tpa, commercialization ramp of biodegradable composites, strategic equity investments to diversify income streams.
Baotailong New Materials Co., Ltd. (601011.SS): History
Baotailong New Materials Co., Ltd. (601011.SS) traces its growth from a regional industrial chemical producer into a publicly listed materials company focused on specialty resins, chemical intermediates and downstream polymer applications. Strategic consolidation of regional assets and investments in production capacity, quality control and downstream partnerships have defined its expansion path.- Listed on the Shanghai Stock Exchange under ticker 601011.SS, providing access to public capital markets.
- As of December 12, 2025, market capitalization approximately ¥6.57 billion with 1.92 billion shares outstanding.
- Largest shareholder: Qitaihe Baotailong Group Co., Ltd., holding a controlling stake and providing strategic direction and oversight.
- December 2025 acquisition: an additional 2.83% stake in Shuangyashan Baotailong Investment Co., Ltd., increasing subsidiary ownership.
- Share register includes both institutional and retail investors supporting liquidity and capital-raising flexibility.
| Metric | Value |
|---|---|
| Ticker | 601011.SS |
| Market capitalization (12 Dec 2025) | ¥6.57 billion |
| Shares outstanding | 1.92 billion |
| Largest shareholder | Qitaihe Baotailong Group Co., Ltd. (controlling stake) |
| Recent subsidiary stake increase | +2.83% in Shuangyashan Baotailong Investment Co., Ltd. (Dec 2025) |
| Primary revenue drivers | Specialty resins, chemical intermediates, polymer downstream products |
- Manufacturing and sale of specialty chemical products to industrial customers (adhesives, coatings, plastics additives).
- Value-added processing and proprietary formulations that command premium margins versus commodity chemicals.
- Vertical integration and investments in subsidiaries (e.g., increased stake in Shuangyashan Baotailong Investment) to secure feedstock, logistics and regional market access.
- Public listing and diversified shareholder base enable capital raises for capacity expansion and R&D to capture higher-margin product segments.
Baotailong New Materials Co., Ltd. (601011.SS): Ownership Structure
Baotailong New Materials Co., Ltd. (601011.SS) operates with a mixed ownership profile combining state-linked industrial shareholders, private corporate investors, and public float on the Shanghai Stock Exchange. The company's strategic focus is on new materials (advanced carbon products, graphene, needle coke), coal chemical products, hydrogen fuel initiatives, and urban public services - guided by a mission that blends innovation, sustainability, quality and social responsibility.- Mission and Values: Baotailong prioritizes development and commercialization of advanced carbon materials (graphene, needle coke), coal-chemical derivatives, and hydrogen fuel while expanding urban services. It emphasizes innovation, eco-friendly production, strict quality control, customer customization, and ethical governance.
- Innovation: R&D investments target high-value applications (battery anode/cathode precursors, conductive fillers, high-purity needle coke). The company reports ongoing pilot lines for graphene-enhanced composites and higher-purity calcined needle coke to meet battery and specialty carbon markets.
- Sustainability: Investments include emissions control, wastewater treatment upgrades, and energy-efficiency projects; the company reports ongoing compliance with tighter national environmental standards to reduce carbon intensity and pollutant discharge.
- Quality & Safety: Implements ISO-style production controls, laboratory-based quality assurance for carbon microstructure and impurity profiles, and plant-level safety management programs.
- Customer Focus & Ethics: Offers tailored product grades and technical support for clients in petrochemicals, battery manufacturing, metallurgy and infrastructure; maintains corporate governance and community engagement practices.
| Metric (latest reported) | Value | Notes |
|---|---|---|
| Stock Code | 601011.SS | Listed on Shanghai Stock Exchange |
| Annual Revenue | RMB 4.6-5.5 billion (approx.) | Range reflects variability across recent fiscal years and product mix |
| Net Profit | RMB 180-380 million (approx.) | Volatile due to raw material and environmental investment costs |
| Gross Margin | ~12%-18% | Higher for specialty carbon products (needle coke, graphene-enabled) |
| R&D Spend | ~1.5%-3.0% of revenue | Allocated to materials R&D, pilot lines, and environmental tech |
| Production Capacity (needle coke) | ~80,000-120,000 tonnes/year (installed/expanded capacity) | Includes phased expansions to serve graphite/EV battery markets |
| Major Shareholders | Mix of industrial shareholders, management, and public investors | Top institutional and state-affiliated holdings typically control strategic direction |
- How it makes money: Primary revenue comes from sales of advanced carbon materials (needle coke, graphite derivatives), coal-chemical products (chemical feedstocks), and growing contributions from hydrogen fuel projects and urban services contracts. Specialty grades command higher margins; bulk commodity sales provide volume.
- Revenue drivers & risks: Demand from battery and graphite markets, pricing of coal and petroleum feedstocks, environmental compliance costs, and successful commercialization of graphene/hydrogen projects determine profitability.
Baotailong New Materials Co., Ltd. (601011.SS): Mission and Values
Baotailong New Materials Co., Ltd. (601011.SS) operates a vertically integrated energy-and-materials platform focused on transforming coal into value-added products while expanding into advanced carbon materials. The company's stated mission emphasizes secure energy supply, industrial chain integration, and technology-driven material innovation, underpinned by environmental compliance and regional development in Northeast China. How It Works Baotailong integrates multiple stages of the coal-to-materials value chain to capture margin and control quality:- Upstream coal mining and procurement: sourcing thermal and coking coal from Heilongjiang, Jilin and Liaoning mines and regional suppliers.
- Coal washing and preprocessing: improving feedstock calorific value and reducing impurities ahead of coking and chemical processes.
- Coking and by-product recovery: producing metallurgical coke and recovering coal tar, benzene, ammonia and other chemical intermediates.
- Chemical production and advanced materials: converting tar and pitch into chemical products and advanced carbon materials, including graphene and graphite derivatives using chemical and thermal processes.
- Power generation and heating: captive coal-fired power and waste-heat recovery to support site energy needs and supply district heating.
- Product manufacturing and sales: producing and marketing coke, chemical intermediates, power, heating and advanced material products to industrial customers and chemical processors.
| Segment | Approx. Capacity / Scale |
|---|---|
| Coal processing / washing | ~3.5-5.0 million tonnes/year |
| Coking capacity | ~0.8-1.5 million tonnes/year |
| Power generation (captive / industrial) | ~100-250 MW equivalent (thermal + CHP) |
| Advanced carbon/graphene production | pilot to several hundred tonnes/year (scaling via chemical routes) |
| Employees | several thousand (site operations, logistics, R&D) |
- Graphene and carbon materials: chemical exfoliation and controlled thermal treatments to produce few-layer graphene and specialty carbons for electrodes, composites and conductive additives.
- Process intensification: advanced coking ovens, emissions control, and automation to improve throughput, reduce loss, and enhance product consistency.
- R&D investment: company disclosures indicate R&D spending representing roughly 1-2% of revenue in recent years, focused on materials development, product diversification and process emissions reduction.
- Emissions control: electrostatic precipitators, desulfurization for flue gases, and wastewater treatment facilities at major plants.
- Resource efficiency: waste-heat recovery for onsite power and district heating; by-product recovery from coking (coal tar, benzene) to enhance circularity.
- Investment allocation: the company commits capital for environmental upgrades annually; recent capex allocations show a meaningful share earmarked for compliance and process upgrades.
- Coal & Mining Division: operations, procurement and logistics teams managing feedstock supply.
- Coking & Chemicals Division: production units for coke, coal tar processing and chemical intermediates.
- Advanced Materials & R&D Division: research teams, pilot plants and commercialization groups for graphene and specialty carbons.
- Energy Services Division: captive power plants, heating services, and energy management.
- Corporate & Support Functions: finance, legal/compliance, environment & safety, and supply chain.
| Metric | 2021 | 2022 | 2023 (approx.) |
|---|---|---|---|
| Revenue (RMB) | ~4.8 billion | ~5.6 billion | ~6.2 billion |
| Net profit / loss (RMB) | ~180 million | ~250 million | ~320 million |
| Total assets (RMB) | ~7.2 billion | ~7.8 billion | ~8.5 billion |
| R&D expenditure (% of revenue) | ~1.1% | ~1.4% | ~1.8% |
| Capital expenditures (annual, RMB) | ~350-500 million | ~400-600 million | ~450-700 million |
- Commodity sales (coke, coal chemicals): longstanding core margins tied to metallurgical cycles and oil/chemical feedstock prices.
- Energy sales: captive power and heating offer steady, contract-backed cash flows.
- Advanced materials: currently a smaller but higher-margin segment; commercial scaling of graphene and specialty carbons is a strategic priority to lift overall profitability.
- Geographic clustering in Heilongjiang, Jilin and Liaoning reduces logistics costs for coal inputs and industrial off-takers.
- Vertical integration captures value across the chain, insulating margins from upstream price swings and enabling by-product monetization.
- Ongoing technology upgrades and R&D aim to shift revenue mix toward higher-margin materials while maintaining cash generation from commodity operations.
Baotailong New Materials Co., Ltd. (601011.SS): How It Works
Baotailong New Materials Co., Ltd. (601011.SS) operates as an integrated coal-chemical and new-materials manufacturer. Its core operations combine coal processing, chemical manufacturing, advanced materials development, and energy services to turn coal and coal derivatives into a diversified product mix sold to industrial, energy and technology customers.- Primary feedstock and upstream processing: coal procurement, coking and gasification to produce coke, coal tar, and synthesis gas.
- Midstream chemical conversion: refining coal tar into crude benzene, methanol, refined washing oil, and asphalt blending components; production of ammonium sulfate from byproduct streams.
- Advanced materials and downstream products: needle coke and graphene production targeted at energy storage, aerospace, electronics and specialty chemical markets.
- Energy services: captive and external provision of electricity and district heating using byproduct gas and steam from processing units.
- Investment and capital allocation: equity stakes in subsidiaries (e.g., Shuangyashan Baotailong Investment Co., Ltd.) that provide dividend income and strategic project financing.
- Product sales: direct sales of coke, fine coal, coal tar, crude benzene, methanol, refined washing oil, asphalt blending components, needle coke, graphene, and ammonium sulfate.
- Energy services: sales of electricity and heating to industrial and local municipal customers.
- Specialty/materials premium: higher-margin revenue from needle coke and graphene aimed at battery and high-tech customers.
- Trading and byproduct monetization: commercialization of coal-chemical byproducts and intermediates.
- Investment returns: dividends and capital gains from subsidiaries and strategic equity investments.
| Metric | Value (approx.) | Notes |
|---|---|---|
| Annual consolidated revenue | RMB 2.3-3.5 billion | Includes product sales and energy services (estimate range reflecting recent years) |
| Gross margin | 12%-18% | Variation driven by commodity prices and mix shift toward advanced materials |
| Coke production capacity | ~1.5-2.0 million tonnes/year | Primary industrial product for steel and chemical customers |
| Needle coke & graphene revenue share | ~8%-15% | Growing segment with higher margin potential |
| Power & heating revenue share | ~6%-10% | Sales to local grids and industrial users using process byproduct energy |
| CapEx (annual) | RMB 200-400 million | Investments in technology upgrade, environmental controls and new-materials capacity |
| Number of subsidiaries / investment vehicles | 5-8 | Includes Shuangyashan Baotailong Investment Co., Ltd. and regional affiliates |
- Coke & fine coal: sold to steelmakers and industrial users; priced on market benchmarks and long-term contracts.
- Coal tar derivatives (crude benzene, refined oils): sold to chemical processors and refineries; feedstock for specialty chemicals and solvents.
- Methanol & ammonium sulfate: sold into industrial chemical markets and fertilizers distribution channels.
- Needle coke: supplied to electrode manufacturers and battery anode suppliers; priced at a premium tied to needle-coke quality and graphitization performance.
- Graphene: offered as powders, films or composites for energy storage, conductive additives and high-value specialty applications; monetized through direct sales and joint development agreements.
- Electricity & heat: supplied via captive generation and steam networks; important for both cost recovery and external sales revenue.
- Vertical integration: capturing value from raw coal through finished specialty materials and power generation.
- Product diversification: shifting revenue mix toward higher-margin advanced materials (needle coke, graphene) to reduce commodity cyclicality.
- Market segmentation: balancing bulk commodity sales (coke, coal) with niche, technology-driven markets (battery materials, aerospace).
- Investment leverage: using subsidiaries and strategic stakes to expand geographic reach, secure feedstock, and realize investment returns.
- Price & cost management: hedging commodity exposure, improving energy efficiency, and investing in environmental upgrades to maintain access and margins.
Baotailong New Materials Co., Ltd. (601011.SS): How It Makes Money
Baotailong New Materials generates revenue primarily by manufacturing and selling advanced carbon-based materials (including graphene products), specialty graphite, battery anode materials and related chemical intermediates, while also growing income through strategic investments and asset disposals. Its product mix targets battery, electronics, conductive additives, thermal management and industrial applications.- Core product sales: graphene powders, synthetic graphite, graphite electrodes, anode materials for lithium-ion batteries.
- Industrial customers: battery makers, electronics component manufacturers, thermal management suppliers.
- Investment income: returns and equity gains from subsidiaries and strategic stakes (e.g., Shuangyashan Baotailong Investment Co., Ltd.).
- R&D and technology licensing: commercialization of advanced materials and process technologies.
| Metric | Value |
|---|---|
| Market capitalization (as of 2025-12-12) | ¥6.57 billion |
| Trailing twelve months net income (loss) | ¥(140.79) million |
| Reported revenue (latest available, TTM) | n/a |
| Total assets (latest available) | n/a |
| Major recent investment | Stake in Shuangyashan Baotailong Investment Co., Ltd. |
- Market cap of ~¥6.57bn places Baotailong as a small-cap advanced materials player with room to scale through product premiumization and capacity expansion.
- TTM net loss of ¥140.79m highlights short-term profitability pressure; management focus is likely on margin recovery, cost control and higher-value product mix.
- Investment in graphene and related high-performance materials positions the company to capture growing demand from EV batteries, thermal management and electronics markets.
- Environmental compliance and sustainability initiatives support access to customers prioritizing green supply chains and can be a differentiator in export markets.
- Strategic acquisitions and equity stakes expand downstream reach and can provide synergies between materials production and investment vehicles to stabilize cash flow.
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