VICTORY Business Summary

Victory New Materials Limited (1340.TW) is a specialized manufacturer of high-performance polymer materials, primarily generating revenue through the B2B production and sale of Ethylene Vinyl Acetate (EVA) foam and advanced composite materials for the global footwear industry. The company’s business model is centered on its proprietary "one-piece" dual-density injection molding technology, which allows for the simultaneous molding of different material densities to reduce assembly labor and costs for athletic brands. Revenue segments are categorized into dual-density shoe soles, high-elasticity polymer materials, and eco-friendly recycled components. Victory occupies a specialized niche in the footwear supply chain, positioning itself as a high-tech material innovator rather than a traditional OEM. Its primary direct competitors include San Fang Chemical Industry (1307.TW), Nan Pao Resins (4766.TW), and Taiwan Paiho (9938.TW). While San Fang leads in synthetic leather and Nan Pao in adhesives, Victory maintains a competitive advantage in the high-end midsole segment through its specialized focus on dual-density material integration. The company is led by its founder and Chairman, Chuang Hsien-Chang (莊賢璋), who established the firm’s core manufacturing and R&D operations in Jinjiang, Fujian, leveraging over three decades of experience in polymer chemistry and footwear manufacturing. The executive leadership includes General Manager Chuang Po-Hao (莊博皓), who has been pivotal in steering the company’s strategic pivot toward sustainable and biodegradable materials to meet the ESG requirements of major international clients like Adidas and Reebok. The leadership team is characterized by a strong technical pedigree in chemical engineering and a focus on vertical integration within the footwear material ecosystem. The Board of Directors includes seasoned professionals with expertise in cross-strait trade and capital markets, providing oversight for its TWSE listing. Institutional interest in the company has historically been driven by its R&D capabilities in "green" manufacturing, reflecting a long-term strategic alignment with the global shift toward circular economy solutions in consumer goods.