Riplay Fashion Renamed "Puyuan Materials" Company Refocuses on New Energy

From fashion crossover into new energy, Ribo Fashion (603196) (SH603196, stock price 27.34 yuan, market value 11.447 billion yuan) is undergoing a strategic transformation. On March 11, the company issued multiple important announcements, announcing that it has completed industrial and commercial registration changes. The company’s full name has officially changed to “Shanghai Puyuan Chemical Materials Group Co., Ltd.,” and its stock abbreviation is planned to be changed to “Puyuan Materials.” On the same day, the company released a capacity expansion plan: investing 311 million yuan to build Phase II, Stage 2 of the Meishan Indile project, adding an annual capacity of 140,000 tons of lithium battery binders.

This series of actions marks that, after completing the restructuring of a 71% stake in Sichuan Indile Materials Technology Group Co., Ltd. (hereinafter referred to as Indile), the company’s main business has substantially shifted toward new energy chemical materials, with industry integration accelerating across the board.

The local government work report previously mentioned this project

On the evening of March 11, Ribo Fashion announced that it will invest 311 million yuan to expand the Meishan Indile Phase II project.

The disclosed Phase II, Stage 2 project of Indile is part of the previously permitted and actively constructed new material production project in Meishan. Its construction site is located in Pengshan Economic Development Zone, Meishan City, Sichuan Province.

According to the plan, this phase aims to build an annual 200,000-ton adhesive production line, adopting a phased implementation strategy: the first phase has a designed capacity of 60,000 tons of lithium battery binders annually, entered trial production in March 2026, and is expected to reach full capacity by May of the same year; the second phase will utilize the existing factory buildings and public facilities from the first phase, purchase new equipment to build a production line, and add an annual capacity of 140,000 tons.

The substantial financial investment demonstrates a firm commitment to expansion. By the end of 2025, the first phase had paid 310 million yuan, with an additional 241 million yuan still owed. Including the planned 311 million yuan for the second phase, the total required payment for the entire Meishan Phase II project amounts to 552 million yuan. Once fully completed, it will greatly enhance the company’s market supply capacity in lithium battery binders.

On the evening of March 11, a local industry insider from Meishan told reporters, “The company’s performance is quite good.”

The 2025 government work report for Pengshan District, Meishan City, also highlighted this project as a typical case: “Indile’s tax contributions exceeded 90 million yuan,” and “nine projects including the second phase of Indile have been completed and put into production.” It also proposed the goal of “accelerating the construction of a national top ten lithium battery material cluster (county).”

In recent years, Pengshan District has been committed to building a full industry chain cluster for lithium batteries and materials. Adhesives are key auxiliary materials in lithium battery production, though used in small quantities, they have a significant impact on core performance aspects such as safety, consistency, electrical performance, and energy density.

Main clothing business shifts from profit to loss

The renaming from “Ribo Fashion” to “Puyuan Materials” is not just a simple name change. The company’s urgent shift toward new energy is fundamentally driven by the sharp decline in profits from its main clothing business in 2024, necessitating a restructuring of its profit model.

Before entering the new energy sector, Ribo Fashion’s traditional main business focused on mid-to-high-end women’s apparel, with well-known brands such as “Broadcast.” However, in recent years, due to intensified competition in the apparel industry, rising raw material and labor costs, the company’s traditional boutique clothing business has seen very weak growth.

Financial data shows that in 2022, the company’s net profit attributable to shareholders was nearly 17 million yuan, down 79.60% year-on-year. In 2023, revenue reached 1.027 billion yuan, with net profit attributable to shareholders slightly up 3.04% to 17 million yuan. In 2024, revenue declined by 15.68% year-on-year, and full-year net profit attributable to shareholders recorded a loss of 159 million yuan.

The severe decline in core business performance has forced the company to seek a second strong growth driver. The Indile project, as a target of cross-sector restructuring, demonstrates a robust financial foundation.

The transaction report discloses that, as a leading enterprise in China’s PAA (polyacrylic acid) adhesive track, Indile has shown steady high growth in recent years. In 2023, 2024, and January-May 2025, Indile achieved revenues of 503 million yuan, 638 million yuan, and 317 million yuan, respectively, with net profits attributable to shareholders of 181 million yuan, 204 million yuan, and 130 million yuan in the same periods.

As of December 31, 2025, the listed company received approval from the China Securities Regulatory Commission for the purchase of Indile’s equity through issuance of shares and cash payment. According to the restructuring report, the transaction price is 1.42 billion yuan, including 259 million yuan in cash and 1.161 billion yuan in shares.

Following the restructuring, the company quickly proceeded with the industrial and commercial name change and adjusted its Articles of Association. The latest revised scope of business removed items such as “investment activities with own funds” and “investment management,” and added categories like “special chemical product sales” and “new material technology R&D.”