Shandong Xinbang New Material Technology Co., Ltd., a wholly-owned subsidiary of Shandong CRRC Zhaoyuan New Material Co., Ltd., was established in February 2021 and is located in Guangli Chemical Industrial Park, Dongying Economic and Technological Development Zone. It is a diversified production enterprise specializing in the research, development, production, and sales of p-(o)chlorotoluene and its derivatives, as well as the promotion of new material technologies.

The company's 40,000-ton/year p-(o)chlorotoluene project and 42,000-ton/year o-chlorobenzaldehyde project cover a total area of 187 mu (approximately 12.5 hectares) with a total investment of 700 million yuan. Its main products include p-chlorotoluene, o-chlorotoluene, and o-chlorobenzaldehyde. Among these, p-chlorotoluene and o-chlorotoluene are the main raw materials for the 42,000-ton/year o-chlorobenzaldehyde project. This series of products are important organic synthesis raw materials, mainly used in biomedicine, pigments, fragrances, coatings, aerospace, and other fields. Some products have also been developed into thermoplastic materials and entered the military industry. With the development and application of downstream products, the variety and usage of this series of products are showing an increasing trend year by year, indicating a broad market prospect.

This project is positioned to meet high standards of "first-class technology, first-class equipment, and professional management." It utilizes proprietary and mature German Bayer technology, implementing full automation control in processes, equipment, and materials to ensure odor-free operation, safety, environmental protection, and energy conservation. Furthermore, the project is supported by the drafting unit of Shandong Province's "Mechanization to Replace Manpower, Automation to Reduce Manpower" work plan for hazardous chemical safety production, providing reliable technical support for the project's inherent safety.

This project is classified as a non-restricted project in the National Development and Reform Commission's "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)," conforming to national industrial policies. Expert evaluation has confirmed that it does not fall under the "high-energy-consuming and high-polluting" category of projects outlined in the "Two Highs" (Lu Zheng Ban Zi [2021] No. 98) document. Moreover, the project enjoys a unique locational advantage, with abundant raw materials such as liquid chlorine and toluene in Dongying and surrounding areas. The project's operation will not only consume approximately 50,000 tons of surplus liquid chlorine annually from the Dongying Guangli Chemical Industrial Park, but also further improve the park's on-site chlorine conversion rate, reduce the risk of chlorine transportation, and align with the overall development plan of the Guangli Chemical Industrial Park. Simultaneously utilizing toluene, a byproduct of the Dongying Refinery, will extend the industrial chain of the park, increase product added value, and move towards the high end of the value chain. Once fully operational, the project is expected to generate annual sales revenue of 2 billion yuan and profits and taxes of 550 million yuan, demonstrating significant economic and social benefits.