On November 28, 2023, the needle coke device of Hengyuan Stock's transformation and upgrading project from leaving the city to entering the park achieved one-time feeding and start-up.At 13:45 on December 3rd, the company successfully entered the coke cutting program and produced the first tower of oil based needle coke. After testing, the product quality was found to be qualified and met the design requirements. This marks the official completion and operation of the transformation and upgrading project of Hengyuan Group, filling the domestic gap and breaking through foreign monopolies.

The transformation and upgrading project of Hengyuan Group is a major project in Shandong Province in 2022, mainly aimed at the comprehensive development of oil based carbon materials.And the focus is on extending the development of high-end carbon materials and the carbon material industry chain, producing high-precision and cutting-edge market demand products such as ultra-high power graphite electrodes, negative electrode materials for power batteries, graphite products, asphalt based carbon fibers, etc. Its products are mainly used in industries such as electric furnace steel-making, military industry, aerospace, and new energy.

The project started construction on February 23, 2022, and all cadres and employees of Hengyuan strictly followed various technical specifications and safety regulations, focusing on quality, safety, and progress control. It took 20 months for the project to reach the conditions for commencement and testing. Next, Hengyuan will take this as an opportunity to precisely control, optimize operations, further adjust industrial structure, elongate industrial chain, deepen the transformation of "industry academia research" technology, and promote Hengyuan's development towards scale, green, high-end, and clustering, contributing to the sustainable development of Hengyuan Health and the high-quality economic development of Linyi County.