Zhuzhou Feilu High-Tech Materials Co., Ltd. (300665)

Equity Research Report | Industry: Basic Chemicals — Chemical Products — Paints & Inks | Report Date: September 13, 2026 | 2026-09-11 Close (Friday); capital flow data updated at 16:05 that day; Qian Gu Qian Ping data timestamped 17:00 that day; a separate set of technical indicators is dated 2026-09-02 and is for trend reference only, not representative of the 9-11 state

This report was automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.

1. Core Summary

The most decision-relevant fact for Feilu Co., Ltd. (300665) is this: after the company's control rights went through the "Xiaoguang Intelligent's failed takeover" from August 2025 to February 2026, Qingdao Juntuo Qihang completed the transfer of a 10% stake at RMB 13.7 per share for a total consideration of approximately RMB 314 million in June–July 2026 (a nearly 40% premium to the pre-suspension price of RMB 9.80), with the actual controllers changing to the four concert parties Wang Jianhui, Wang Jiangang, Wang Xin, and Wang Ke; subsequently, in September 2026 the company launched a plan to raise RMB 350–450 million through a private placement to controlling shareholder Juntuo Qihang (issuing no more than 68,862,200 shares, with a 36-month lock-up period, with all proceeds used to supplement working capital and repay loans); if calculated at the upper limit, the controlling shareholder's stake is expected to reach 32.10%, and control rights are trending toward stability; during the same period, on September 11, 2026, the industrial and commercial registration change was completed, with the legal representative changed to Li Zhentao. However, it should be noted that after the July transfer, Juntuo Qihang held 10%, while the pre-issuance shareholding disclosed in the September 2 private placement announcement was 11.73%, a difference of approximately 3.96 million shares (about 1.73 percentage points); the intervening increase process was not found in any explicit announcement during this search.

On the operational level, the company remains in a loss-making state: full-year 2025 revenue was RMB 518.61 million (YoY +0.03%), with net profit attributable to parent of -RMB 218.29 million, a further widening of losses compared with 2024 (-RMB 139.78 million); 2026 H1 revenue was RMB 207.7 million (YoY -12.76%), with net profit attributable to parent of -RMB 22.4898 million, a 41.83% YoY reduction in losses, non-GAAP net profit of -RMB 24.9387 million, a 40.38% YoY reduction in losses, and net operating cash flow of RMB 37.4415 million, up 255.24% YoY.

The dramatic fluctuation in profitability is the core contradiction: in 2025, gross margins across all business lines declined sharply across the board (anti-corrosion coatings from 26.08% in 2024 to 10.49%, new energy materials from 11.41% to -33.40%, rail transit equipment from 15.02% to 4.91%, rail transit engineering from 23.19% to 3.42%, civil construction including municipal from 0.62% to 0.11%); in 2026 H1, apart from new energy materials (-16.11%), gross margins across all product lines recovered significantly, with a weighted gross margin of approximately 10.2%, markedly higher than the full-year 2025 level of 3.47%. The company's 2025 annual report recorded RMB 56.54 million in fixed asset impairment for the Zhuzhou plant and other assets, and media reported that utilization rates for coatings, waterproof membranes, adhesives and other production lines were generally below 30%.

Liquidity pressure and valuation basis are realities that cannot be ignored at present: as of June 30, 2026, monetary funds were RMB 76.0824 million, short-term borrowings were RMB 292 million, non-current liabilities due within one year were RMB 122 million, total short-term interest-bearing debt was approximately RMB 414 million, and monetary funds covered less than 20%; accounts receivable were RMB 364 million, accounting for 25.38% of total assets; external guarantee balance was RMB 454 million, accounting for 103.49% of net assets; the debt-to-asset ratio was 68.60%. As of the September 11, 2026 close, the share price was RMB 8.84 (down 4.12% that day), total market capitalization was RMB 2.029 billion, PB was approximately 4.63x, PS(TTM) was approximately 4.16x; because the company has been loss-making for two consecutive years and remains loss-making in 2026 H1 and on a TTM basis, PE is negative and has no practical valuation significance; the 52-week high was RMB 12.74 and the low was RMB 6.86, and the current share price is in the lower-middle part of the range.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Anti-corrosion coatings
• Waterproof and protective materials (waterproof coatings, waterproof membranes)
• Adhesive materials (new energy thermal management materials, adhesives/adhesive films/adhesive tapes)
• Integrated coating and application services
• Coating construction services

2.3 Industry Chain Position and Cost-Profit Structure

The company's main business is the R&D, production, sales, and service of anti-corrosion and protective materials for metal surfaces, non-metal surfaces, concrete surfaces, and the new energy sector, providing integrated solutions spanning solution design—product R&D—product manufacturing—product coating (application); application areas cover rail transit equipment manufacturing and maintenance, rail transit engineering construction and maintenance, civil construction and municipal engineering, steel structure bridges, wind turbine blades and towers, new energy vehicle battery packs, energy storage equipment, photovoltaic modules, and more. The sales model is 100% factory direct sales.

• Actual procurement categories (not the generalized "raw materials"): coatings procure various resins, pigments and fillers, solvents, and additives, of which some resins are purchased externally and some are supplied through outsourced processing using self-developed waterborne resin technology; waterproof membranes procure asphalt and polyethylene (PE), supplemented by base fabric, base oil, hot-melt adhesive, and SBS; adhesives/new energy materials involve adhesive tape resins (which the company says have been self-developed) and related chemical raw materials.
• Major intermediate petrochemicals include asphalt, polyether, polyethylene, xylene, epoxy resin, curing agents, etc. The company discloses that "most are downstream petroleum products or downstream inorganic mineral products, and prices are affected by international crude oil price fluctuations"; energy sources are electricity and natural gas.
• Historical procurement unit prices (excluding tax, RMB/kg): asphalt 3.35 in 2021 → 4.22 in 2022 → 3.83 in 2023 → 3.69 in Jan–Mar 2024; CYD-011 epoxy resin 25.89 in 2021 → 18.51 in 2022 → 12.92 in 2023; JQD-220G polyether 17.11 in 2021 → 11.54 in 2022 → 9.97 in 2023; TDI approximately 15–18; 1000-mesh zinc-based material approximately 22–26; room-temperature vulcanized silicone rubber 37.49 in 2022 → 15.58 in Q1 2024 (extremely volatile).
• Supplier concentration: in 2023, the top five suppliers accounted for 32.21% of tax-inclusive procurement (RMB 178 million); the total procurement amount in the research notes was truncated, so the complete denominator could not be obtained.
• The company is a price taker upstream: its main raw materials are downstream petrochemical intermediates of crude oil, prices are affected by international crude oil price fluctuations, and the company has no pricing power.
• Downstream customers: customers in high-speed rail/subway and other rail transit equipment manufacturing and maintenance, rail transit engineering construction and maintenance, civil construction and municipal engineering construction, steel structure bridges, wind turbine blades and towers, new energy vehicle battery packs, energy storage equipment, photovoltaic modules, and other fields.
• Customer concentration: the research notes do not provide the combined share of the top five customers; this field is missing, and the latest annual report should be relied upon for specifics.
• The sales model is 100% factory direct sales, with no distribution/retail segment.
• Industry structural bargaining dynamics: downstream of rail transit equipment coatings and coating services are rail transit equipment OEMs and engineering construction units. In 2025, the gross margin of the rail transit equipment business was only 4.91%, rail transit engineering 3.42%, civil construction including municipal 0.11%, and new energy -3.49%; gross margins across business lines were generally extremely low, reflecting weak bargaining power vis-à-vis downstream parties; at the same time, under the 2024 comparison basis, rail transit equipment gross margin was 15.02%, new energy 11.41%, and rail transit engineering 23.19%, showing a sharp decline in 2025.
• Competitive landscape: in the rail transit equipment coatings field, international coatings leaders such as AkzoNobel, Valspar, and Nippon Paint hold relatively high market shares, and the company faces foreign competition.
• The research notes do not disclose specific data on accounts receivable balance, accounts receivable as a proportion of revenue or net profit, accounts receivable turnover days, prepayments, or accounts payable and other working capital occupation; this field's data is missing; it can only be confirmed that the company's 2026 H1 operating cash flow increased 255.24% YoY (Securities Times website report on 2026-08-20), but the specific working capital occupation structure should be based on the latest annual report and interim report.
• Supplier concentration: in 2023, the top five suppliers accounted for 32.21% of tax-inclusive procurement (RMB 178 million; source is historical top five supplier data, and the total procurement denominator was truncated in the notes; this data comes from a single source and could not be cross-verified, so the latest annual report should be relied upon for specifics). Customer concentration: the research notes do not disclose the combined share of the top five customers; data is missing. Revenue regional concentration (2025): South China 24.48%, Central China 23.05%, East China 18.82%, North China 18.69%, Southwest 7.50%, others 7.45%, all domestic revenue.

The company sits in the middle of the smile curve (the intermediate manufacturing/processing segment), with weak downstream bargaining power, as a price taker upstream for crude oil-related petrochemical intermediates, a high degree of product homogeneity, and extremely thin gross margins: in 2025, anti-corrosion coatings at 10.49% was already the only product contributing major profit (80.61% of profit), while waterproof materials were only 0.85%, rail transit equipment only 4.91%, and new energy materials -33.40%. The key to further improving profitability lies in product mix upgrading (such as volume ramp-up of higher-value-added products like self-developed waterborne resins and adhesive tape resins), narrowing losses in the new energy materials business (gross margin in 2026 H1 already narrowed from -33.40% to -16.11%), and improving capacity utilization to dilute fixed costs, rather than relying solely on a recovery in pricing power.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

2026 interim report (disclosed 2026-08-20): revenue RMB 207.7 million (RMB 207,707,913.28), YoY -12.76%; net profit attributable to parent -RMB 22.4898 million, YoY loss narrowed 41.83%; non-GAAP net profit attributable to parent -RMB 24.9387 million, YoY loss narrowed 40.38%; basic earnings per share -RMB 0.1019; net operating cash flow RMB 37.4415 million, YoY +255.24%. Historical annual data comes from official disclosures (China Securities Journal, Jiemian News, National Business Daily, stockanalysis, etc.). 2026 Q1 data appears only from a single source on the Bank of China (Hong Kong) etnet financial page and has not been cross-verified by a second source; absolute values should be used with caution.

The company is currently in a loss-making state. Full-year 2025 net profit attributable to parent was -RMB 218.29 million, a further widening of losses compared with 2024 (-RMB 139.78 million); 2026 H1 losses narrowed 41.83% YoY, and operating cash flow surged 255.24% YoY to RMB 37.4415 million. 2026 H1 by product: integrated coating and application RMB 64.45 million (31.03%, gross margin 11.26%), anti-corrosion coatings RMB 61.06 million (29.40%, 10.27%), waterproof materials RMB 53.34 million (25.68%, 10.47%), coating construction RMB 19.92 million (9.59%, 16.81%), new energy materials RMB 8.571 million (4.13%, gross margin -16.11%). 2026 H1 weighted gross margin was approximately 10.2%, significantly higher than full-year 2025's 3.47%; this is a half-year basis and whether it can continue for the full year needs to be observed; the new energy materials segment's gross margin is negative. Key indicators (2026 H1): net assets per share RMB 1.91, ROE -5.65%, total assets RMB 1.434 billion, shareholders' equity approximately RMB 450 million, debt-to-asset ratio approximately 68.6%. End of 2025: total assets RMB 1.520 billion, net assets attributable to parent RMB 399.96 million, weighted ROE -54.36%, gross margin 3.47%, debt-to-asset ratio 72.92%, R&D investment RMB 29.3032 million (5.65% of revenue), top five customers accounted for 37.82%. Dividends: in July 2024, RMB 0.50 per 10 shares; both the 2025 annual report and the 2026 interim report had no profit distribution, and there is currently no dividend.

3.2 Earnings Forecast

No earnings forecast can be effectively cited. The only formal brokerage research report found was East Money Securities (analysts Wang Pianpian/Yu Liang), dated 2024-12-10, titled "Feilu Co., Ltd.: Q3 Under Pressure, Product and Customer Expansion, Awaiting a Demand Inflection Point," forecasting EPS of -RMB 0.12/0.03/0.16 for 2024-2026, corresponding to 2025-2026 PE of 220.59x/45.89x, with an "Accumulate" rating; however, this forecast has been disproven by actual results (2024 actual EPS -RMB 0.7411, 2025 actual EPS -RMB 1.0864), and its earnings forecast figures are not recommended for citation, serving only as evidence that very few institutions cover the stock. The institutional rating/forecast section on Baidu Stock's individual stock page directly shows "No data available." Investing.com shows analyst target prices/forecasts from 4 models, but no specific target price or consensus 2026-2028 revenue/profit estimates were obtained. Conclusion: there is essentially no multi-broker consensus estimate available for citation on this stock, especially a lack of updated 2026-2028 revenue/net profit/EPS forecasts.

3.3 Valuation Levels and Institutional Ratings

As of the 2026-09-11 close: closing price RMB 8.84 (down 4.12% that day), total share capital 229.54 million shares, total market capitalization RMB 2.029 billion, free-float market capitalization RMB 1.927 billion (stcn basis). Dynamic P/E -45.11, dynamic P/B 4.63 (stcn); Cailian Press shows static P/E -9.30, P/E (TTM) -10.04, P/B 4.63. stockanalysis.com (2026-09-11, price RMB 8.84): market capitalization RMB 2.03 billion, EV RMB 2.52 billion, PS 4.16, PB 4.51, P/TBV 5.24, P/FCF 35.19, EV/Sales 5.16, ROE -47.64%, ROIC -13.10%, Altman Z-Score 0.93 (bankruptcy risk warning), Piotroski F-Score 3, Beta 0.56. China Securities Journal basis (using the 2026-04-27 closing price): P/E (TTM) approximately -7.9x, P/B (LF) approximately 4.31x, P/S (TTM) approximately 3.33x. East Money F10 Operations Required shows total market capitalization RMB 2.236 billion, dynamic P/E -49.71, static P/E -10.24, P/B (MRQ) 5.10, but the market capitalization on that page does not match the 9-11 closing price of RMB 8.84 × 229.54 million shares = RMB 2.029 billion, and should be a cache from a different trading day (corresponding to a price of approximately RMB 9.74); market capitalization/valuation citations should be based on the stcn 9-11 basis. Yahoo Finance shows market capitalization 2.23B, price-to-revenue ratio 3.85, price-to-book ratio 5.65, 52-week high 12.85/low 6.86; the "trailing P/E 267.20" on that page contradicts the loss-making fact and is judged to be unusable data. Valuation basis conclusion: because the company has been loss-making for two consecutive years (2024, 2025) and remains loss-making in 2026 H1 and on a TTM basis, PE(TTM) is negative and has no practical valuation significance, and the market can only use PB/PS/EV-Sales for reference; the current PB is approximately 4.5-4.6x (based on the 9-11 close), PS(TTM) approximately 4x (TTM revenue RMB 488 million, stockanalysis), and PB is significantly higher than the 3.87x at end-2025, reflecting that the share price is still relatively high versus net assets. Net assets are being eroded by losses: net assets per share fell from approximately RMB 2.75 at end-2023 to approximately RMB 1.91 in 2026 H1, passively pushing PB higher. Share capital expansion: on 2026-05-20 total share capital increased to 229.54 million shares (+10.6 million shares), with share capital up 14.84% over the past year; dilution effects should be noted. Uncertainties and limitations: no effective institutional consensus estimate; PE has no reference significance; market capitalization/valuation at the same point in time is inconsistent across different sources (stcn RMB 2.029 billion vs East Money F10 RMB 2.236 billion); 2026 Q1 data comes from a single source and has not been cross-verified; Yahoo Finance's trailing P/E of 267.20 is judged to be erroneous data; the company is in the process of a change in control during 2026, and if a change in control/asset restructuring occurs, the current financial and valuation baselines may become invalid; there are similar but differently worded statements for 2025 net profit attributable to parent, and this article adopts the exchange-disclosed basis of -RMB 218,285,732.95.

4. Recent News and Announcements

4.1 Main Line of Control Change: Company Changes Hands After Two Transfer Attempts

The company's change in control went through two rounds: the first (August 2025–February 2026) planned to bring in Shanghai Xiaoguang Intelligent Technology Co., Ltd. (actual controller planned to change to Yang Yixiao), with a Share Transfer Agreement signed on August 22, 2025 and a Voting Rights Entrustment Agreement signed on August 25; Xiaoguang Intelligent received 11 million shares (RMB 12.67/share, total consideration RMB 139 million) and was entrusted with voting rights over 29,966,900 shares, giving it control over 18.71% of voting rights in total, while also planning a private placement to Xiaoguang Intelligent of no less than 32 million shares (issue price RMB 8.08/share); the stock was suspended on August 22 and resumed trading on August 26; on November 19, 2025, the 11 million shares completed transfer, with Xiaoguang Intelligent holding 5.02% and controlling 18.71% of voting rights, becoming the controlling shareholder; in February 2026 the private placement was terminated and the voting rights entrustment was released, with Xiaoguang Intelligent's controllable voting rights falling to 5.02%, and the controlling shareholder/actual controller reverting to Zhang Weiguo (then directly holding 13.69%). The second round (June–July 2026, completed): on June 15, 2026, Zhang Weiguo notified of plans to change control, with suspension from June 16 and continued suspension on June 18; on June 22, a Share Transfer Agreement was signed with Qingdao Juntuo Qihang Intelligent Technology Co., Ltd. to transfer 22,954,085 shares (10.00% of total share capital) at a unit price of RMB 13.7/share, total consideration approximately RMB 314 million, a nearly 40% premium to the pre-suspension closing price of RMB 9.80, with trading resuming on June 23; the transfer was completed on July 15 (announced on the evening of July 16), with Juntuo Qihang holding 10% and becoming the controlling shareholder, Zhang Weiguo's stake falling from 13.06% to 3.06%, and the actual controllers changing to the four concert parties Wang Jianhui, Wang Jiangang, Wang Xin, and Wang Ke (the "Wang family").

4.2 New Controlling Shareholder Juntuo Qihang and the Kekai Electronics Background Behind It

Juntuo Qihang was established on February 3, 2026, with registered capital of RMB 700 million, and is a newly established entity for this capital operation; Kekai Electronics (Qingdao Kekai Electronics Research Institute Co., Ltd.) holds 60.53% and is its controlling shareholder. Kekai Electronics mainly engages in hybrid integrated circuits and microcircuit modules (motor drivers, light source drivers, signal controllers, etc.) for high-end equipment, and is a specialized and sophisticated "little giant." Kekai Electronics' revenue in 2023/2024/2025 was approximately RMB 308/164/193 million, and net profit was approximately RMB 167/100/69 million (generally profitable but declining). Shanghai Securities News reported that Kekai Electronics had previously experienced an IPO application withdrawal, a failed merger and reorganization with Silinjie, and had been subject to regulation due to irregularities in its IPO (single source; verification of the original regulatory documents is recommended).

4.3 2026 Private Placement of A-Shares to Specific Objects

On September 1, 2026, the 19th meeting of the fifth board of directors approved the "2026 Plan for Private Placement of A-Shares to Specific Objects" and other proposals, disclosed on Cninfo on September 3. Key terms: the subscriber is controlling shareholder Juntuo Qihang; the number of shares issued shall not exceed 68,862,219 shares (inclusive), not exceeding 30% of the pre-issuance total share capital; total proceeds raised shall be no less than RMB 350 million and no more than RMB 450 million, and after deducting expenses are all intended to supplement working capital and repay loans; the issue price shall be no less than 80% of the average trading price of the stock over the 20 trading days preceding the pricing benchmark date; the subscribed shares have a 36-month lock-up period; it constitutes a related-party transaction. If calculated at the upper limit, after completion of the issuance Juntuo Qihang's shareholding is expected to reach 32.10%, further consolidating control, and will not result in a change of control. Implementation still requires: approval by the shareholders' meeting, approval by the Shenzhen Stock Exchange, and registration consent from the China Securities Regulatory Commission. ⚠️ Data conflict/to be verified: the September 2 private placement announcement disclosed that "prior to this issuance, Juntuo Qihang held 26,916,385 shares of the company, accounting for 11.73% of the company's total share capital"; while the announcement after the July transfer showed a holding of 22,954,085 shares (10.00%). The two differ by approximately 3.96 million shares (about 1.73 percentage points). How the intervening increase occurred (secondary market/agreement transfer/other) was not found in any explicit announcement during this search, and verification against equity change announcements between July and September is recommended.

4.4 Board/Senior Management and Industrial and Commercial Changes

August 31, 2026: the third extraordinary shareholders' meeting of 2026 approved amendments to the Articles of Association and proposals to by-elect and additionally elect independent/non-independent directors of the fifth board of directors; on the same day, the 18th meeting of the fifth board of directors elected the chairman. The company disclosed the "Announcement on Changing the Chairman, Electing the Vice Chairman, and Adjusting Board Committees" and the "Announcement on Appointing Senior Management" (September 1, 2026). September 11, 2026: completion of industrial and commercial change registration, with the legal representative changed to Li Zhentao, and registered capital of RMB 229.54 million (RMB 229,540,730). Current major senior management (according to Baidu Finance's individual stock page): Li Zhentao as chairman; Wang Jiangang and Zhang Jianjia as vice chairmen; Fan Guodong as president; Yi Jiali as board secretary and vice president; Han Yu'an as senior vice president and CFO; Ren Jie as senior vice president; Zhang Weiguo as lifetime honorary chairman. September 3, 2026: announcement of the "Announcement on Adjusting the 2026 Compensation Plan for Non-Independent Directors" (non-independent director allowance adjusted to a fixed RMB 180,000/year (pre-tax), paid monthly, not linked to performance assessment), still subject to review by the fourth extraordinary shareholders' meeting of 2026.

4.5 2026 Interim Report: Revenue Decline, Narrowed Losses, Operating Cash Flow Turns Positive

2026 interim report (disclosed on the evening of August 20, 2026, announcement no. 2026-054): revenue RMB 207.7 million (YoY -12.76%); net profit attributable to parent -RMB 22.4898 million (prior-year period -RMB 38.6629 million, loss narrowed 41.83%); non-GAAP -RMB 24.9387 million (loss narrowed 40.38%); net operating cash flow RMB 37.4415 million (prior-year period -RMB 24.1178 million, YoY +255.24%); basic EPS -RMB 0.1019; no cash dividend, no bonus shares, no capital reserve conversion. Debt-to-asset ratio 68.60%; gross margin 10.20%. 2026 Q2 single quarter: revenue RMB 127 million (-22.6%), net profit attributable to parent -RMB 16.5087 million.

4.6 2025 Annual Report and 2025 Q3 Financial Data

2025 annual report (disclosed April 28, 2026): revenue RMB 518.6 million (+0.03%); net profit attributable to parent -RMB 218.3 million (losses widened); non-GAAP -RMB 222.8 million; operating cash flow RMB 34.2708 million (+136.13%); no dividend. Accumulated undistributed profit in the consolidated statements -RMB 252 million. 2025 Q3 report (October 29, 2025): first three quarters revenue RMB 390 million (+23.98%); net profit attributable to parent -RMB 65.968 million.

4.7 Liquidity/Risk Points (Interim Report Basis)

As of June 30, 2026, monetary funds were RMB 76.0824 million, short-term borrowings were RMB 292 million, non-current liabilities due within one year were RMB 122 million, total short-term interest-bearing debt was approximately RMB 414 million, and monetary funds covered less than 20%; the external guarantee balance at period-end totaled RMB 454 million, accounting for 103.49% of net assets (the portion exceeding 50% of net assets was RMB 234 million); accounts receivable were RMB 364 million, accounting for 25.38% of total assets. (Source: earnings express article, single source; verification against the original interim report is recommended)

4.8 Other Recent Announcements/Matters

Convertible bonds: Feilu convertible bonds completed suspension of conversion, redemption, and delisting in August 2025 (multiple "upcoming suspension of conversion and redemption" indicative announcements, August 2025). Share reductions: on December 4, 2025, an announcement that "two shareholders plan to reduce holdings by no more than 1.02% in total"; previously on November 17, 2025, the "announcement on the expiration of the shareholder reduction period and reduction results," and on November 26, 2025, "some directors and senior management did not reduce holdings upon expiration of the reduction period" (due to search step limitations, details of the reducing parties and amounts could not be obtained this time; supplementary verification is recommended). Cancellation of stock options: August 2025 "regarding cancellation of some stock options," September 2025 "completion of cancellation of some stock options." Bid wins/projects: November 5, 2025 announcement of winning a procurement project from Beijing-Tianjin-Hebei Intercity Railway Investment Co., Ltd., with a bid amount of RMB 17.5511 million; October 2025 "participation in the Jinping Large Facility project construction for waterproof engineering material supply and construction" (an aggregation page; verification against the original announcement is recommended). Guarantees: December 3, 2025 "progress announcement on providing guarantees for a wholly owned subsidiary."

4.9 Blanks and Uncertainties Not Found/To Be Flagged

1. Share buybacks: this search round found no recent share buyback plan or progress announcement from Feilu Co., Ltd.; if the report requires a "buyback" subsection, further confirmation is needed (there may indeed be no buyback, only option cancellations). 2. Formal earnings forecasts/pre-announcements of increases or decreases: no independent earnings forecast announcement for 2026 H1 or the full year was retrieved; the company directly publishes periodic reports (no April interim forecast was seen). If needed, please check the "Earnings Forecast" section on Cninfo. 3. The process by which Juntuo Qihang's shareholding went from 10% to 11.73% has no clear announcement found (see the private placement item). 4. Top ten shareholders data has a timing conflict: Baidu Finance's individual stock page shows that as of "2026-09-04" the top ten shareholders were still Zhang Weiguo 13.06% and Shanghai Xiaoguang 4.79%, inconsistent with the fact that Zhang Weiguo fell to 3.06% after the July transfer; this is judged to be delayed data updating/a basis issue and should not be cited directly. 5. Regulation/penalties: Shanghai Securities News mentioned that Kekai Electronics had been regulated for IPO irregularities, which is a single media source; verification against original exchange/CSRC documents is recommended. 6. Various "individual stock quotes/announcements" pages (East Money, Tonghuashun, etc.) are mostly JS-rendered; the figures in these notes mainly come from Shenzhen Stock Exchange/Cninfo original PDFs, Shanghai Securities News, Securities Times, Xinhua Finance, China Securities Journal, etc., with relatively high reliability; however, for specific amounts and share counts, the original Cninfo announcements should still be relied upon.

4.10 News Summary

Main line: the company is in the stage of "settling after two changes of actual controller"—in August 2025 the planned introduction of Xiaoguang Intelligent (Yang Yixiao) failed, and in February 2026 control reverted to Zhang Weiguo; then in June–July 2026 Qingdao Juntuo Qihang (backed by military electronics company Kekai Electronics and the Wang family) became the controlling shareholder after receiving 10% of shares for RMB 314 million at a nearly 40% premium, with the transfer completed on July 15. Immediately afterward, in September 2026, a private placement of RMB 350–450 million to the controlling shareholder was launched (working capital supplementation + loan repayment); after subscription, the controlling shareholder's shareholding is estimated at an upper limit of 32.10%, with a 36-month lock-up period—control rights are trending toward stability, while the company faces relatively high liquidity pressure (according to the interim report, monetary funds cover less than 20% of short-term interest-bearing debt). On the governance side: at the end of August 2026 the board was reorganized and Li Zhentao was elected chairman; on September 11 the industrial and commercial change was completed (legal representative Li Zhentao); on September 3 the director compensation plan was adjusted. On the operating side: 2026 H1 revenue declined 12.76% but losses narrowed, and operating cash flow turned from negative to positive; the new energy materials segment grew rapidly (+143.8%) but is small in scale and has negative gross margin. (These notes are a plain-text research draft; all dates are the disclosure dates of announcements/reports; price and market capitalization data are based on around September 11, and verification against original announcements on Cninfo is requested before citation.)

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of the 2026-09-11 close, Feilu Co., Ltd. (300665) closed at RMB 8.84, down 4.12% on the day, having broken below all short-term moving averages MA5 (9.20), MA10 (9.38), and MA20 (9.45), showing a short-term bearish alignment; on September 3 a MACD death cross above the zero axis and an RSI death cross falling below 50 appeared; on September 10 a "moving average death triangle" formed; and on September 4 both the daily and 60-minute levels showed a "bull-bear point" turning bearish, making the technical picture weak in the short term. The current price (RMB 8.84) is below the average chip cost (RMB 9.36), with overhead moving average resistance at RMB 9.64 and lower "tweezers bottom" candlestick support at RMB 7.70; an effective break below would enter a rapid decline channel. Capital flows continued to show net outflows: main force net inflow on the day was -RMB 3.6237 million (net share -6.42%), -RMB 10.9423 million over the past 3 days, -RMB 39.1301 million over the past 10 days, and -RMB 51.4029 million over the past 20 days; institutional participation was 14.40%, indicating light control. Note: the Sina page shows "suspended/temporarily suspended," but the same page as well as Securities Times, East Money, and Jiufang all show normal closing on 9-11 with complete trading data (volume 63,800 lots), judged to be a residual page template rather than an actual suspension, though verification is still recommended; the specific upper/middle/lower Bollinger Band values were not retrieved this time, and MA20 (9.45) is used as a proxy reference for the middle band, which is an estimate and not an official value; the source for the 52-week high/low (RMB 12.74/6.86) only provides the price range and no dates, and the dates have not been verified; TradingView's displayed price and market capitalization (RMB 5.12, 963 million) diverge severely from all other sources and are judged to be stale/abnormal data and are not adopted.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company operates in the paints and inks and waterproof materials industry; the research notes do not separately provide complete quantitative data such as industry size and growth rate; what can be confirmed is that the company is a representative enterprise in China's rail transit anti-corrosion and waterproof materials field, with the market label of "China's first stock in rail transit anti-corrosion and waterproof materials," and the rail transit equipment coatings field is dominated by international coatings leaders with relatively high market share.

6.2 Competitive Landscape

• Competitive landscape of the rail transit equipment coatings market: international coatings leaders such as AkzoNobel, Valspar, and Nippon Paint have relatively high market shares in this field, while leading domestic companies are actively penetrating the high-end market.
• Industry demand covers multiple downstream fields including rail transit equipment manufacturing and maintenance, rail transit engineering construction and maintenance, civil construction and municipal engineering, steel structure bridges, wind turbine blades and towers, new energy vehicle battery packs, energy storage equipment, and photovoltaic modules.
• Industry classification: Basic Chemicals — Chemical Products — Paints & Inks; commonly classified under "Raw Materials" in the Shenwan taxonomy.
• The research notes do not provide specific data on the overall industry market size, growth rate, policies, etc.; this section is limited to information actually appearing in the notes.

6.3 Main Competitors

The research notes do not provide complete comparison data between the company and peer comparables in terms of revenue scale, gross margin, market share, and other dimensions; there is only one gross margin basis note mentioning Yusanxia (paint business gross margin), Jitai Co., Ltd. (waterborne coatings business gross margin), and Kinlita (overall gross margin) as comparable bases, without giving specific values. In terms of the competitive landscape, the rail transit equipment coatings field is dominated by international leaders such as AkzoNobel, Valspar, and Nippon Paint with relatively high market shares; the company is a representative domestic enterprise in the rail transit anti-corrosion and waterproof materials field, but in 2025 gross margins across business lines declined sharply, with anti-corrosion coatings falling from 26.08% in 2024 to 10.49% and new energy materials from 11.41% to -33.40%, putting profitability under clear pressure. In 2026 H1, apart from new energy materials, gross margins across product lines recovered significantly, with losses narrowed 41.83%.

7. Risk Disclosure

• Uncertainty risk related to the change in control: the company's control rights experienced the failed takeover by Xiaoguang Intelligent from August 2025 to February 2026 (in February 2026 the private placement was terminated and the voting rights entrustment was released, with the controlling shareholder/actual controller reverting to Zhang Weiguo), and then in June–July 2026 Qingdao Juntuo Qihang completed the change of control by receiving 10% of shares, with the actual controllers changing to the four concert parties of the Wang family; moreover, the September 2 private placement announcement disclosed that "prior to issuance Juntuo Qihang held 26,916,385 shares, accounting for 11.73%," which differs from the 22,954,085 shares (10.00%) announced after the July transfer by approximately 3.96 million shares (about 1.73 percentage points), and no clear announcement of the intervening increase process was found; if further changes in control/asset restructuring occur, the current financial and valuation baselines may become invalid.
• Liquidity and short-term debt repayment risk: as of June 30, 2026, the company's monetary funds were RMB 76.0824 million, while short-term borrowings were RMB 292 million and non-current liabilities due within one year were RMB 122 million, with total short-term interest-bearing debt of approximately RMB 414 million, and monetary funds covered less than 20%; accounts receivable were RMB 364 million, accounting for 25.38% of total assets; the external guarantee balance at period-end totaled RMB 454 million, accounting for 103.49% of net assets (the portion exceeding 50% of net assets was RMB 234 million). The RMB 350–450 million private placement launched in September 2026 still requires shareholders' meeting review, Shenzhen Stock Exchange review, and CSRC registration consent; if it cannot be completed, liquidity pressure will be difficult to alleviate.
• Continued losses and net asset erosion risk: 2024 net profit attributable to parent -RMB 139.78 million and 2025 -RMB 218.29 million, with losses continuously widening; 2026 H1 net profit attributable to parent -RMB 22.4898 million, which although narrowing losses 41.83% YoY, still did not turn profitable, and 2026 Q1 single quarter was approximately -RMB 5.925 million; in April 2026 the company announced that "unrecovered losses reached one-third of total paid-in share capital"; net assets per share fell from approximately RMB 2.75 at end-2023 to RMB 1.91 in 2026 H1, with weighted ROE at -54.36% in 2025 and -5.65% in 2026 H1, as net assets continued to be eroded by losses and PB was passively pushed higher.
• Gross margin fluctuation and insufficient capacity utilization risk: in 2025 gross margins declined sharply across the board (anti-corrosion coatings 26.08%→10.49%, new energy materials 11.41%→-33.40%, rail transit equipment 15.02%→4.91%, rail transit engineering 23.19%→3.42%), with full-year weighted gross margin of only 3.47%; media reported that in 2025 utilization rates for coatings, waterproof membranes, adhesives and other production lines were generally below 30% (single media source, not directly cross-verified in the original annual report), and on this basis the company recorded RMB 56.54 million in fixed asset impairment for the Zhuzhou plant and other assets. The recovery in gross margin to approximately 10.2% in 2026 H1 is on a half-year basis, and whether it can continue for the full year needs to be observed; new energy materials gross margin in 2026 H1 remained at -16.11%.
• Valuation and share capital dilution risk: the company has been loss-making for two consecutive years (2024, 2025) and remains loss-making in 2026 H1 and on a TTM basis, so PE(TTM) is negative and has no practical valuation significance, and the market can only use PB/PS for reference; the current PB is approximately 4.63x (based on the 9-11 close), significantly higher than 3.87x at end-2025; on 2026-05-20 total share capital increased to 229.54 million shares (+10.6 million shares), with share capital up 14.84% over the past year, and combined with the private placement disclosed in September of no more than 68,862,200 shares (no more than 30% of pre-issuance total share capital), if implemented it will further dilute earnings per share.
• Risk of raw material price fluctuations and weak downstream bargaining power: the company's main raw materials are asphalt, polyether, polyethylene, xylene, epoxy resin, curing agents and other downstream crude oil petrochemical intermediates, and the company is a price taker upstream with no pricing power; historical procurement unit prices have fluctuated significantly, such as room-temperature vulcanized silicone rubber from RMB 37.49/kg in 2022 to RMB 15.58/kg in Q1 2024, and CYD-011 epoxy resin from RMB 25.89/kg in 2021 to RMB 12.92/kg in 2023. Downstream, the company has weak bargaining power; in 2025, apart from anti-corrosion coatings (80.61% of profit), gross margins across business lines were extremely low or even negative, and in the rail transit equipment coatings field it also faces competitive pressure from international leaders such as AkzoNobel, Valspar, and Nippon Paint with relatively high shares.
• Judgment risk arising from data basis and timing conflicts: the company has repeatedly undergone changes in control, and registered capital/legal representative/major shareholder lists differ across different points in time, so citations must include dates; top ten shareholders data has a timing conflict (Baidu Finance shows that as of 2026-09-04 the top ten shareholders were still Zhang Weiguo 13.06% and Shanghai Xiaoguang 4.79%, inconsistent with Zhang Weiguo falling to 3.06% after the July transfer); 2026 Q1 data appears only from a single source, Bank of China (Hong Kong) etnet, and has not been cross-verified; Yahoo Finance's "trailing P/E 267.20" contradicts the loss-making fact, and TradingView's price and market capitalization (RMB 5.12, 963 million) diverge severely from all other sources; supplier concentration (top five in 2023 accounted for 32.21% of tax-inclusive procurement) has a truncated total procurement denominator and a single source, while customer concentration data is missing, and the latest annual report and interim report originals should be relied upon.

8. Conclusion and Outlook

In terms of growth logic, the company is in a new stage of "settling after two changes of actual controller": Kekai Electronics behind Qingdao Juntuo Qihang is a specialized and sophisticated "little giant," mainly engaged in hybrid integrated circuits and microcircuit modules for high-end equipment, with revenue of approximately RMB 308/164/193 million in 2023/2024/2025 and net profit of approximately RMB 167/100/69 million (generally profitable but declining); if the accompanying RMB 350–450 million private placement after the new shareholder takes over is completed, it will directly alleviate the company's liquidity pressure (all private placement funds are used to supplement working capital and repay loans), and will bring the controlling shareholder's shareholding to an upper limit of 32.10%, further consolidating control. The company's own product mix upgrading direction includes volume ramp-up of higher-value-added products such as self-developed waterborne resins and adhesive tape resins, narrowing losses in the new energy materials business (gross margin narrowing from -33.40% in 2025 to -16.11% in 2026 H1), and in 2026 H1 gross margins across product lines excluding new energy materials recovered while operating cash flow turned from negative to positive at RMB 37.4415 million, indicating signs of marginal improvement at the operating level; at the same time, the company has recently been expanding into new application scenarios such as military and shipbuilding, and the new energy materials segment is growing rapidly (+143.8%) but is small in scale (2026 H1 revenue RMB 8.571 million, 4.13% share) and has negative gross margin.

It should be clearly recognized that the company's main business sits in the middle of the smile curve (the intermediate manufacturing/processing segment), as a price taker upstream for crude oil-related petrochemical intermediates and with weak downstream bargaining power (2025 gross margin of only 4.91% for rail transit equipment, 3.42% for rail transit engineering, 0.11% for civil construction including municipal, and -3.49% for new energy), with a high degree of product homogeneity and extremely thin gross margins; in 2025 anti-corrosion coatings at 10.49% was already the only product contributing major profit (80.61% of profit); the rail transit equipment coatings field is dominated by international leaders such as AkzoNobel, Valspar, and Nippon Paint with relatively high market shares, and the company faces foreign competition. There is basically no multi-broker consensus estimate available for citation for the company; the only formal brokerage research report found was East Money Securities' "Accumulate" rating dated 2024-12-10, but its forecast 2024-2026 EPS of -RMB 0.12/0.03/0.16 has been disproven by actual results (2024 actual EPS -RMB 0.7411, 2025 actual EPS -RMB 1.0864).

Overall, the key observation points for the company's future development are: whether the private placement can pass shareholders' meeting review, Shenzhen Stock Exchange review, and CSRC registration and ultimately be completed; whether the new controlling shareholder and the Kekai Electronics background can bring substantive business synergies or order resources to the company; whether the new energy materials business gross margin can continue its narrowing trend and achieve a turnaround; and whether the gross margin recovery can extend from 2026 H1 to the full year. At the same time, the company is in the process of a change in control during 2026; if major matters such as a change in control/asset restructuring occur, the current financial and valuation baselines may become invalid, and investors should make independent judgments based on original announcements on Cninfo.

Data Sources

• 300665 Feilu Co., Ltd.
• Feilu Co., Ltd. (300665.SZ) In-depth F9-PC_HSF9 Materials
• Feilu Co., Ltd.: Announcement on Completion of Industrial and Commercial Change Registration
• Feilu Co., Ltd. Listed Company Information
• Feilu Co., Ltd. (300665.SZ) Core Themes-PC_HSF10 Materials - Core Themes
• <table><tr><td>Company Chinese Name</td><td>Zhuzhou Feilu High-Tech Materials Co., Ltd.</td></tr><tr><td>Company Foreign Name</td><td>Zhuzhou Feilu High-Tech Materials Co
• Feilu Co., Ltd.: Announcement on Completion of Industrial and Commercial Change Registration_Jiufang Zhitou
• Feilu Co., Ltd. (300665)_Stock Overview_Share Price_Real-time Quotes_Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Feilu Co., Ltd.: Two Major Business Segments Work in Synergy in H1, Operating Cash Flow Up 255.24% YoY
• Suspended Tuesday! 300665, Again Planning a Change in Control - Suspended Tuesday! 300665, Again Planning a Change in Control
• Feilu Co., Ltd. (300665)_Company Announcements_Feilu Co., Ltd.: 2025 Tracking Rating Report for Public Issuance of Convertible Corporate Bonds Sina Finance_Sina - Note: 1. The 2024 designed capacity of waterborne resins and adhesives is converted based on actual months of operation during the year; capacity utilization = output/designed capacity; 2. The above capacity excludes Sunjiawan base data Source: Lianhe Ratings compiled based on the company's annual report In 2024, the company's Tongguan base waterborne resins and Jinshan Industrial Park adhesives were put into operation
• Feilu Co., Ltd. - Note: 1. The 2024 designed capacity of waterborne resins and adhesives is converted based on actual months of operation during the year; capacity utilization = output/designed capacity; 2. The above capacity excludes Sunjiawan base data Source: Lianhe Ratings compiled based on the company's annual report In 2024, the company's Tongguan base waterborne resins and Jinshan Industrial Park adhesives were put into operation
• Basic Business Gains Momentum, New Energy Breakthrough: Feilu Co., Ltd. Expected to Turn Profitable in 2023
• Feilu Co., Ltd. (300665)_Company Announcements_Feilu Co., Ltd.: Explanatory Memorandum for Issuance of Shares to Specific Objects (Q3 2023 Financial Data Update Draft) Sina Finance_Sina - Capacity | Anti-corrosion Coatings (tons) | 26,250.00 | 28,816.67 | 8,400.00 | 8,400.00
• Securities Daily - Zhuzhou Feilu High-Tech Materials Co., Ltd. Announcement on Unrecovered Losses Reaching One-Third of Total Paid-in Share Capital - Stock Code: 300665 Stock Name: Feilu Co., Ltd. Announcement No.: 2026-023
• Feilu Co., Ltd.: Expanding into New Application Scenarios Such as Humanoid Robots, Computing Centers, and Low-Altitude Economy
• R&D and Production - Zhuzhou Feilu High-Tech Materials Co., Ltd.
• Feilu Co., Ltd.: Earnings Briefing Held on April 15, Investors Participated - Feilu Co., Ltd.: Earnings Briefing Held on April 15, Investors Participated
• Feilu Co., Ltd.: New Energy Products Such as Photovoltaic Adhesives Have Achieved Batch Supply at Customers
• Feilu Co., Ltd.: 2023 Performance Expected to Turn Profitable
• Feilu Co., Ltd.: 2025 Annual Report Summary _ Feilu Co., Ltd. (300665) _ Announcement Text - Feilu Co., Ltd.: 2025 Annual Report Summary View PDF Original
• Shanghai and Shenzhen Company Announcement Titles - Feilu Co., Ltd.: 2025 Annual Report - April 28, 2026 - Tonghuashun
• Single-Quarter Loss of RMB 152 Million, Second Curve Becomes a Loss Black Hole, This Waterproof Enterprise's Transformation Is Investing More and Losing More! - On April 28, Feilu Co., Ltd.'s 2025 annual report and 2026 Q1 report were disclosed simultaneously
• Feilu Co., Ltd. (300665) Main Business Operating Analysis Query|Chaguwang.cn-Chaguwang.cn-China
• Single-Quarter Loss of RMB 152 Million, Second Curve Becomes a Loss Black Hole, This Waterproof Enterprise's Transformation Is Investing More and Losing More!
• [[Annual Report] Feilu Co., Ltd. (300665): 2025 Annual Report Summary - [Annual Report] Feilu Co., Ltd. (300665): 2025 Annual Report Summary](https://www.cfi.cn/newspage.aspx?id=20260428001376#1)
• 2025 Loss Exceeds RMB 200 Million, Feilu Co., Ltd.'s "Second Growth Curve" Struggles to Take Shape - 2025 Loss Exceeds RMB 200 Million, Feilu Co., Ltd.'s "Second Growth Curve" Struggles to Take Shape
• Loss of RMB 218 Million, Gross Margin "Halved," Control Turmoil: Can Feilu Co., Ltd. Still "Fly"?
• Feilu Co., Ltd.: 2025 Annual Report_Jiufang Zhitou - Management Expenses 51209680.0351541509.76
• Feilu Co., Ltd. (300665.SZ) 2025 Net Profit Was -RMB 218 Million, YoY Loss Widened
• Feilu Co., Ltd. - Note: Yusanxia is its paint business gross margin; Jitai Co., Ltd. is its waterborne coatings business gross margin; Kinlita is its overall gross margin
• Blockbuster Release! Research Report on the Market Competition Landscape and Future Development Prospects of China's Rail Transit Equipment Coatings Industry - Original Blockbuster Release! Research Report on the Market Competition Landscape and Future Development Prospects of China's Rail Transit Equipment Coatings Industry
• Company Announcements_Feilu Co., Ltd.: Reply to the Review Inquiry Letter Regarding Zhuzhou Feilu High-Tech Materials Co., Ltd.'s Application for Issuance of Shares to Specific Objects with Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. (Revised Draft) Sina Finance_Sina - Note: Yusanxia is its paint business gross margin; Jitai Co., Ltd. is its waterborne coatings business gross margin; Kinlita is its overall gross margin
• China Stock Investor Relations Platform Interactive Q&A - Zhuzhou Feilu High-Tech Materials Co., Ltd. - June 29, 2017 - Tonghuashun
• [2025 China Rail Transit Equipment Coatings Industry Barriers, Policies, Development Scale, Application Market Structure, Competitive Landscape and Development Trends: Market Demand Continues to Expand, Leading Domestic Enterprises Actively Penetrate the High-End Market [Chart]](https://m.chyxx.com/industry/1246894.html#1#1#1)
• [So That's How It Is: Two-Way Demand