N Xingheng Tai Listed on Bei Exchange on First Day with Surge of 141.49%: National-Level Specialized and Sophisticated "Little Giant," Focused on R&D and Sales of Functional High-Polymer Foaming Materials

On March 20th, BeiJiaoShuo listed company N XinHengTai (920028) rose, closing at 22.70 yuan per share, up 141.49%, with a trading volume of 767 million yuan.

In terms of performance, according to the company’s disclosed 2025 annual report, it achieved operating revenue of 835.7 million yuan, a year-on-year increase of 7.94%. According to the company’s Q1 2026 performance forecast, net profit is expected to be between 21 million and 23 million yuan, a year-on-year growth of 2.67% to 12.44%.

According to Tongbi Finance, the company focuses on the research, manufacturing, and sales of functional polymer foam materials. After more than ten years of development, it has become a well-known domestic supplier capable of large-scale production of various foam materials. The company has been recognized as a national-level specialized, refined, and innovative “Little Giant” enterprise, a key “Little Giant” enterprise, one of the first Zhejiang Province manufacturing industry single champion enterprises, a Zhejiang Province “Specialized, Refined, and Innovative” SME, a high-tech enterprise, a 2024 Zhejiang Province manufacturing industry single champion cultivation enterprise, a 2023 Zhejiang Province Science and Technology Little Giant enterprise, and a Zhejiang Province Intellectual Property Demonstration Enterprise.

From a global market perspective, the industry scale of functional polymer foam materials is steadily expanding, with high-performance and environmentally friendly products becoming the core development direction. Data shows that global expandable polyurethane foam, as a key segment, is expected to reach a market size of $5.876 billion by 2025, with a compound annual growth rate (CAGR) of 6.8% from 2026 to 2032, surpassing $9.313 billion by 2032. High-end categories such as soft silicone foam and porous silicone foam also maintain an annual CAGR of about 6%, driven mainly by global demand for energy saving, consumption reduction, and high-end equipment upgrades. Industry R&D efforts are increasingly focused on supercritical foaming, bio-based biodegradable materials, and multifunctional composites, continuously enhancing product added value and promoting high-quality industry development.

The domestic functional polymer foam materials industry leads global growth, with market size continuously rising, becoming the core engine of global industry expansion. Data indicates that in 2024, China’s polymer foam material market size reached 2.3 trillion yuan. Among subcategories, polyethylene foam plastic market size reached $1.976 billion in 2023, expected to grow to $3.4 billion by 2028. The market size for foamed polypropylene was about 2.657 billion yuan in 2023, projected to reach 4 billion yuan by 2028. Functional upgrades are driving continuous expansion of market scale.