Furi Xuanwei Achieves Record High Revenue Growth of 121% in 2024

At the 2025 marketing annual meeting, Shandong Furi Xuanwei New Materials Technology Co., Ltd. reviewed its achievements over the past year on January 8. General Manager Li Guangjun pointed out that 2024 was a challenging year for the company, but through the unremitting efforts and proactive approach of all employees, the company not only rejected a passive waiting attitude but also took the initiative to achieve a historical high in sales revenue. He emphasized that it was the contribution of every employee that allowed the company to move forward steadily and create new opportunities for all.

Li Guangjun further elaborated on the significant progress the company made across various business segments in 2024. The Marine Engineering Division, as a key area of the company’s strategic development, has achieved preliminary results, successfully developing multiple new projects in Tianjin, Fujian, Guangdong, and Zhejiang and fulfilling its sales targets. Additionally, the company successfully joined the China National Petroleum Corporation network, gradually expanding into the petrochemical market. The dual-use business also made significant progress, with the successful handling of relevant qualifications providing strong momentum for business development. In terms of collaboration with large state-owned enterprises, the company has also achieved fruitful results, with in-depth cooperation with companies such as China Railway and CRRC fully underway.

Furi Co., relying on its subsidiary Furi Xuanwei, is actively expanding its functional coating materials business, covering areas such as thermal shielding energy-saving cooling coatings, marine heavy-duty anti-corrosion coatings, petrochemical energy specialty anti-corrosion coatings, water-based industrial anti-corrosion coatings, and automotive coatings. The 10.6 billion RMB investment in a new dual-use functional coating materials project with an annual production capacity of 100,000 tons is expected to generate annual sales revenue of 3 billion RMB after reaching full capacity.

According to observations from Coating Journal, the first phase of the 50,000-ton functional coating materials project launched by Furi Xuanwei has achieved explosive growth since its production began in 2022. The financial report shows that Furi Xuanwei’s revenue in 2023 reached 135.6 million RMB, a substantial increase from 49.6 million RMB in the same period last year; the net profit was -19.1261 million RMB, showing improvement from -10.1884 million RMB in the previous year. The coating businesses in marine engineering, petrochemical energy, and shipping have rapidly developed, bringing a strong start for the company.

Entering 2024, Furi Xuanwei's performance continued to grow rapidly. The financial report indicates that Furi Co.’s coating materials business achieved 82.13 million RMB in revenue in the first half of 2024, a year-on-year increase of 54.16%; the gross profit margin was 10.12%, a decrease of 2.57% compared to the same period last year. The company stated that in the first three quarters of 2024, the coating business experienced rapid revenue growth, mainly deepening relationships with large state-owned enterprise clients, with the current capacity utilization rate at about 40%.

Local media reported that the first phase of the 50,000 tons/year project for Furi Xuanwei has been completed and is expected to achieve sales revenue of 300 million RMB in 2024, with full production anticipated in 2025. Additionally, recent reports from Gaomi Media indicated that Furi Xuanwei successfully secured an order from Wanhua Chemical in Yantai, further breaking through collaborations with large enterprises, achieving 250 million RMB in total industrial output value from January to November 2024, a year-on-year increase of 89.4%. Based on this data, Furi Xuanwei's sales revenue in 2024 saw a year-on-year growth of 121.24%.

Regarding the future layout of its coating business, Furi Co. expects that the marine engineering business will account for about 50% of the coating business revenue, with a gross profit margin expected to reach 40%; the petrochemical energy business will account for about 20%, with a gross profit margin expected to reach 30%; the shipping and container business is expected to account for 20%, with a gross profit margin expected to be 30%; and the military industry will account for approximately 10%.

The coating materials project team at Furi Co. focuses on four major sectors: petrochemical energy, marine engineering and shipping, national infrastructure, and military applications, achieving a balanced layout across multiple fields. The company previously stated that the certification and qualification processes for relevant products in the shipping, container, and military coating fields are progressing smoothly, and it is expected to gradually complete these by 2025.

Li Guangjun concluded that it is the insight, foresight, and action of Furi Xuanwei's team that gives 2024 special significance, adding value to the past year and bringing hope for 2025. Looking forward to 2025, the coating industry will welcome new growth points and development space. Furi Xuanwei will continue to be market-oriented, turning challenges into motivation, and drawing a new development blueprint with optimism, aiming for a 50% increase in annual sales.