In early March, the European Commission released the 2021 EU Industrial R&D Investment Scoreboard that comprises the 2,500 companies investing the largest sums in R&D in the world. Sinochem International ranked among the top 1,000 companies and the third in R&D investment among all Chinese chemical companies.
Sinochem International's R&D investment in 2020 was 1.177 billion yuan. Since 2017, the company's investment in sci-tech innovation has maintained a high double-digit growth rate, with an average annual compound growth rate of 30%. The total R&D expenditure exceeded 3.5 billion yuan in the five years, accounting for more than 4% of industrial revenue.
Liu Hongsheng, general manager of Sinochem International, said, "Innovation of core technologies plays a key role to enable China's chemical industry to move up the value chain and become differentiated. In recent years, Sinochem International has been increasing R&D investment, with an aim to leverage our in-house innovation and partnerships to enable scientific 'seeds' to take root in our own courtyard."
In the past five years, Sinochem International has filed applications for 834 patents, including 547 invention patents. In addition to increasing R&D investment, Sinochem International focused on building R&D platforms and professional teams, while optimizing the sci-tech innovation system.
Based on the I2P (Idea to Profit) concept, Sinochem International has built an IPD innovation management system to enable the whole-process product development. Also, the company has contributed to an open innovation ecosystem by fostering industry-university and industry chain-wide collaboration, such as setting up joint laboratories.
Sinochem International will further enhance original research along the industrial chain, covering special resins, engineering plastics, polymer additives, high-end fibers, electronic chemicals, degradable plastics, new energy materials, and high-end membrane materials. The company will also conduct more application research on materials recycling and energy conservation.