Warm congratulations! Zheng Peng, Chairman of the Board and President of Pengfei Group, has been appointed Honorary Chairman of the China Jinshang Club.

On September 24, the Secretariat of the China Jinshang Club announced that Zheng Peng, Chairman and President of Pengfei Group—a Fortune China 500 company and one of Shanxi’s top 100 private enterprises—has officially assumed the role of Honorary Chairman of the China Jinshang Club.

The China Jinshang Club is the organizer of the annual global gathering for Jin merchants, the “Jinshang Annual Conference,” as well as the International Forum on the Jinshang Ecosystem. It is committed to building an innovative, commercially driven Jinshang ecosystem, operating under a model that integrates “corporation + chamber of commerce + internet‑based thinking,” and guided by the business philosophy of “gratitude, transformation, tolerance, and integration.” The China Jinshang Club serves as an “ecosystem platform” for contemporary Jin merchants, fostering collaborative growth and win‑win partnerships.

The China Jinshang Club has long been committed to “uncovering and promoting the beauty of the Jin merchants.” Its vision of building a “contemporary Jinshang ecosystem,” coupled with 15 years of dedicated implementation, has earned widespread recognition from the global Jinshang community. With Zheng Peng assuming the role of Honorary Chairman of the China Jinshang Club, fresh momentum will be injected into the development of the “Jinshang ecosystem.”

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Liu Wenbin, Secretary-General of the China Jinshang Club, has previously published an analysis of Shanxi Pengfei Group, seeking to offer a perspective on its development through the lenses of “craftsman spirit” and “modern logistics industry clusters.”

The article is excerpted as follows:

 

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Earlier reports indicated that on September 13, riding the momentum of the official release of the “2023 Top 500 Chinese Private Enterprises” list, Liu Wenbin, founder and secretary-general of the China Jinshang Club, along with Vice Chairman Duan Xiaohui, Taiyuan Office Director Zhou Huimin, and Zhou Qinbing, deputy secretary-general of the Taiyuan New Media Association, paid a visit to Shanxi Pengfei Group. Comrade Li Fawei from the Publicity Department of Xiaoyi City accompanied the delegation on the inspection, while Mr. Zheng Peng, Chairman of Pengfei Group, hosted the China Jinshang Club’s visiting team.

Liu Wenbin, Zheng Peng, Duan Xiaohui, Li Fawei

Secretary-General Liu Wenbin first extended his congratulations to Shanxi Pengfei Group on being named among the Top 500 Chinese Private Enterprises, and noted that it is the only Shanxi‑based private company to make the Top 100. Chairman Zheng Peng welcomed the China Jinshang Club for its fact-finding visit to Pengfei Group.

At present, the world and China are undergoing a profound transformation unseen in a century. Regarding the development opportunities for China’s private enterprises, Chairman Zheng Peng stated that the state’s recognition and support for the private sector have reached an unprecedented historical high. In particular, the government places great expectations on outstanding private companies. We must firmly believe this and devote ourselves wholeheartedly to doing our own work well.

Liu Wenbin, Zheng Peng

Secretary-General Liu Wenbin briefed Chairman Zheng Peng on the founding background and strategic positioning of the China Jinshang Club. In his address, Chairman Zheng Peng expressed his hope that the Club would further unite outstanding Jinshang enterprises and entrepreneurs across the country, maintaining a high‑level vision, a broad-minded outlook, and an open, inclusive spirit.

The two sides also engaged in exchanges and discussions on upstream–downstream cooperation in the traditional energy sector and collaboration in the new‑energy industry.

 

Introduction to Shanxi Pengfei Group

Shanxi Pengfei Group Co., Ltd. (referred to as “Pengfei Group”) is a privately owned, digitalized, circular, and green enterprise headquartered in Xiaoyi, Shanxi. It integrates raw coal mining, premium coal washing and selection, coke smelting, modern coal chemical engineering, automobile manufacturing, smart logistics, high-end real estate, cultural tourism and hospitality, waste‑material recycling, and the full hydrogen‑energy industrial chain. Its subsidiaries, Pengfei Coking Green Development Co., Ltd. and Shengshi Fuyuan Methanol Manufacturing Co., Ltd., have been recognized by the Ministry of Industry and Information Technology as “Green Factories.” In 2022, the group’s total output value reached RMB 115 billion, with taxes and profits totaling RMB 15 billion. With current assets of RMB 150 billion and over 25,000 employees, the group ranks among China’s Top 500 enterprises and China’s Top 100 private companies. It is also a leading green, low‑carbon technology enterprise that plays a pioneering role in achieving carbon peak and carbon neutrality goals.

 

I. Development History of Pengfei Group

Pengfei’s journey began in 1993, when its founder, Zheng Peng, used his entire life savings—25,000 yuan—purchased a small earth‑fired coke plant, thus embarking on a challenging entrepreneurial path. After eight years of relentless effort, he expanded the operation from a single earth‑fired coke furnace to more than thirty, becoming a leading local producer of metallurgical coke. The joy of this early success nurtured a lifelong aspiration: “Today’s brilliance is the legacy of Pengfei.”

In 2000, influenced by government policies, small earth‑fired coke ovens were forcibly shut down. Pioneering a shift in mindset, Pengfei Group turned this crisis into an opportunity and resolutely embarked on the independent development of coal washing. Starting with a coal‑washing facility costing less than RMB 500,000, the company, through eight years of relentless effort, expanded from a rudimentary 300,000‑ton‑per‑year plant to integrate 22 such facilities, becoming the largest coal‑washing enterprise in China at the time. It also established itself as an indispensable strategic partner to major steelmakers nationwide, including Baosteel, Ansteel, Shougang, HBIS, TISCO, Shijiazhuang Iron & Steel, and Taiyuan Gasification.

In 2008, amid the financial crisis, coal prices plummeted, severely impacting the company’s coal‑washing operations. Pengfei Group then shifted its focus to the coking industry, gradually acquiring several local coking enterprises. In 2010, responding to the government’s call to “base development on coal while pursuing diversified growth,” Pengfei refrained from clinging to the coal sector and swiftly established a new green coking model—“coking as a supporting pillar, chemicals as the core.” In 2011, construction commenced on a 5-million‑ton coking project, culminating in the completion of China’s first 6.25‑meter three‑stage heated pusher coke oven, setting a national record for the shortest construction period among large‑scale coke ovens. By 2021, two coking plants under the group, with a combined capacity of 4 million tons, had successively commissioned dry quenching waste‑heat power‑generation projects, marking full entry into the era of dry quenching. This approach enabled comprehensive resource utilization, reduced energy consumption, and significantly lowered coking costs.

In 2013, the company launched a 600,000‑ton‑per‑year methanol‑co‑produced LNG and synthetic ammonia project, becoming the nation’s first advanced chemical process to simultaneously produce methanol, LNG, and liquid ammonia on a single production line. The project was recognized by China’s Ministry of Industry and Information Technology as a demonstration project for green integrated manufacturing. With the completion and commissioning of this methanol‑co‑produced LNG and synthetic ammonia facility, the coke oven gas from both coking plants is now fully utilized, enhancing Pengfei’s coking business in terms of profitability and industry competitiveness.

In 2013, coal prices plummeted and the industry was in a severe downturn, with many coal enterprises teetering on the brink of bankruptcy. Leveraging its keen insight, Pengfei Group seized the opportunity to pursue integrated consolidation, expanding into the upstream coal‑mining sector and addressing its operational weaknesses. This move injected fresh momentum into the group’s coking and coal‑washing businesses. In 2016, it acquired three coal mines from Changzhi Majunyu Coal Industry, thereby obtaining formal authorization to engage in coal mining and production. In 2018, it acquired eight coal mines from Jincheng Qinhé Energy, establishing the group’s second dedicated coal‑mining entity. In 2020, it acquired Yangquan Pingding Huineng Coal Industry, creating the group’s third coal‑mining subsidiary. By 2022, through an equity stake in Lüliang Jinliu Group, Pengfei took over the management and operation of ten additional coal mines, bringing the total number of coal‑mining subsidiaries under the group to four.

Through the development of both horizontal and vertical integration, Pengfei Group has steadily strengthened its competitiveness in the traditional energy sector. To date, the Group operates 25 coal mines with a combined production capacity of 30 million tonnes; 12 coal preparation plants with a capacity of 34 million tonnes; two coking plants producing 3.76 million tonnes; and one chemical plant with an annual methanol capacity of 300,000 tonnes, an LNG capacity of 200 million cubic meters, an ammonia synthesis capacity of 100,000 tonnes, and a high-purity hydrogen capacity of 20,000 tonnes, thereby establishing itself as a robust, integrated coal–coking–chemical enterprise.

 

In 2017, the state unveiled its Energy Revolution Strategy, designating Shanxi as a frontrunner in this transformative effort. In response, Pengfei Group proactively aligned itself with the national strategy, leveraging its established industrial base in traditional energy to enter the hydrogen‑energy sector. The company has made substantial investments across the entire hydrogen‑energy value chain, positioning itself as a leading “chain‑leader” enterprise in this emerging industry.

In March 2017, construction officially commenced on the Super‑Suspension Bed Hydrogenation Project. In December 2019, a landmark agreement was signed with the U.S.-based GCES company for a multi‑billion‑dollar hydrogen energy initiative. In line with the Lüliang Municipal Party Committee and Municipal Government’s strategic plan to “build a hydrogen‑energy industry worth hundreds of billions of yuan and establish the nation’s most advanced and largest‑scale hydrogen‑energy industrial base,” in 2021, Pengfei Group broke ground on the Pengwan Hydrogen Port Hydrogen Energy Industrial Park—a project with a total investment of RMB 78 billion, spanning 116,200 mu (77.5 square kilometers), and integrating hydrogen production, storage, transportation, refueling, utilization, research and development, as well as the manufacturing of hydrogen‑powered heavy trucks, fuel cells, systems, trailers, and related equipment. Upon completion, the project is expected to generate an annual output value of RMB 180 billion, annual taxes and profits of RMB 27.5 billion, and create approximately 35,000 jobs. Specifically, the project encompasses:

First, in the hydrogen‑production sector, an investment of RMB 19.4 billion has been made to build a 200,000‑ton‑per‑year hydrogen‑production facility utilizing coking‑oven off‑gas; this project was commissioned on July 21, 2022. Phase I, a 20,000‑ton‑per‑year high‑purity hydrogen plant powered by coking‑oven off‑gas, officially began operations on July 6, 2022. In the area of renewable‑energy‑based hydrogen production and storage, plans include 5 GW of photovoltaic capacity and 100,000 tons of green hydrogen generated from solar power. A 500 MW wind‑power project has already been submitted for approval, and there are also plans to introduce electrolysis‑based hydrogen‑production equipment, leveraging waste heat from dry quenching, photovoltaic generation, and wind power to produce hydrogen for storage via electrolysis.

 

Second, in the area of hydrogen storage, we are deploying a 20-ton high-pressure hydrogen storage and refueling station system, a 100,000-ton liquid hydrogen production and refueling station system, and an 80,000-ton organic liquid hydrogen storage system.

Third, in the hydrogen‑fueling sector, a network of 100 integrated hydrogen refueling stations is being developed. Specifically, 14 such stations are slated for construction within Lüliang City this year; to date, four have been completed in Xiaoyi, while the remaining ten are being actively advanced in collaboration with Shanghai Shenneng, PetroChina Shanxi Company, and Shanxi Communications Control Group.

Fourth, in the hydrogen‑powered sector, an investment of RMB 7.4 billion was made to establish the world’s largest logistics company operating a fleet of 10,000 hydrogen‑fuel‑cell heavy‑duty trucks; on November 22, 2022, the first batch of 100 such trucks was put into service.

Fifth, in the field of hydrogen transportation, a hazardous chemicals logistics company has been established.

Sixth, in the areas of hydrogen‑fuel vehicles, equipment manufacturing, and critical hydrogen technologies, plans are underway to establish a production base capable of annually manufacturing 300,000 hydrogen‑powered heavy trucks, 10,000 hydrogen fuel cell stacks, and 15,000 hydrogen‑fuel powertrain systems. Notably, on July 21, 2022, the Pengfei Zhichuang Automotive Manufacturing Industrial Park—investing RMB 15 billion and slated to produce 300,000 hydrogen‑fuel vehicles per year—held its groundbreaking ceremony. On September 2, 2022, the world’s first 250 kW hydrogen fuel cell (single‑stack) powertrain system was unveiled, and a joint laboratory for fuel‑cell vehicle manufacturing technology was established in collaboration with Shanghai Jiao Tong University. Actively extending, strengthening, and supplementing its industrial chain, Pengfei Group is striving to build an end‑to‑end development ecosystem spanning “hydrogen production–refueling stations–transportation–vehicles,” taking solid steps toward the multi‑scenario application of hydrogen energy.

With this milestone, Pengfei Group has achieved a strategic leap—from traditional energy to new energy, and from conventional industries to emerging ones—ushering in a new era of modern, high‑quality industrial development. While reaping the benefits of economies of scale and scope in its traditional energy business, the company is also unlocking value from new energy, thereby building layered competitive advantages. This will undoubtedly provide a concrete example and contribute valuable insights to the energy transition and the realization of China’s dual carbon goals.

II. The Remaining Business Segments of Pengfei Group

While deeply cultivating and meticulously developing its integrated coal‑, coke‑, chemical‑, and hydrogen‑energy value chain, Pengfei Group is also actively expanding its industrial footprint, amplifying the Pengfei brand across real estate, hospitality, cultural tourism, and other sectors.

I. Real Estate Sector: In 2022, Pengfei Group secured a strategic land parcel in Tianjin’s Nankai District for RMB 2.38 billion and forged a strategic alliance with Tianjin University, Nankai University, and the national-level Haihe Laboratory, leveraging complementary strengths to build a first‑class national hub for quality living and talent development, thereby driving Tianjin’s high‑quality growth. Meanwhile, the Group has developed high‑quality residential communities in the urban centers of Xiaoyi in Lüliang, Qinsui in Jincheng, Qinyuan in Changzhi, and Pingding in Yangquan, ensuring that those committed to Pengfei’s mission enjoy a stronger sense of fulfillment and sustained well‑being.

II. In the hospitality sector, Xiaoyi Pengfei Guobin Hotel, Qinsui Pengfei Youyi Hotel, and Pingding Jinyuan International Hotel have established a chain of hotel services, providing local residents with a high‑quality material and cultural lifestyle. This enables residents of county‑level cities to enjoy accommodation and dining standards comparable to those of first‑tier metropolises, thereby boosting regional economic development and serving as a shining “window” for the Group’s efforts to expand openness and accelerate its transformation.

III. Cultural and Tourism Sector: Upholding the guiding principle of “Chinese characteristics, world-class standards,” Pengfei Group has adopted “industrial upgrading and product innovation” as its development strategy. With an investment of RMB 5 billion, the group is undertaking a comprehensive plan to develop the Xiangyu Ancient Fort Scenic Area and the Liu Family Residence Scenic Area in Qinsui County, Jincheng City, while seamlessly integrating these with the Lishan Scenic Area and the Taihang Honggu Forest Park. Focusing on emerging trends in tourism demand—personalization, diversification, cultural richness, and immersive experiences—the group aims to enhance natural landscapes, enrich cultural offerings, and empower local folk traditions. By upgrading tourism components, fostering inter‑sectoral linkages, and integrating health‑and‑wellness industries, the initiative seeks to transition from destination‑based tourism to all‑area tourism, forging a new paradigm for Qinsui’s tourism sector and establishing the county as a national model for carbon‑neutral, all‑area tourism.

With an investment of 600 million yuan, the Chenghuang Temple Commercial Street in Qinsui County has been developed as an integrated complex encompassing culture, commerce, residential living, tourism, and entertainment. Covering approximately 50 mu of land with a total floor area of about 87,000 square meters, it is a large-scale cultural‑tourism‑commercial project that seamlessly blends cultural heritage preservation, leisure and tourism, retail and shopping, experiential living, and a vibrant environment for entrepreneurship and residence. The project integrates regional development, environmental protection, and catering services, leveraging innovation in the tertiary sector to drive growth in the primary and secondary sectors, establish a unified cultural‑tourism brand, and cultivate a cohesive, region‑wide cultural‑tourism identity, thereby striving to elevate the industrial sophistication of the resource‑rich area.

III. Pengfei Group Corporate Culture

(1) Pengfei’s Mission: To create happiness for those who are dedicated to the Pengfei cause.

Over the past 30 years, Pengfei’s continuous growth and expansion have been a testament to its unwavering commitment to fostering happiness for all those who are dedicated to the company’s mission. As long as you remain committed to Pengfei’s cause, we will create opportunities for your well-being—this is our ultimate responsibility.

(II) Pengfei’s Vision: To become a globally leading smart clean-energy enterprise.

Pengfei’s vision is the development goal and shared ideal of all Pengfei employees, answering the question “Who will we become?”—in other words, “Where are we headed?” It is a bright blueprint that Pengfei people can realize through their relentless efforts, embodying their unwavering dedication and cherished aspirations.

(3) Pengfei’s Core Values: Compassion, Innovation, Pragmatism, and Leadership

Pengfei’s core values define how Pengfei employees live, work, approach their tasks, and position themselves; they serve as the internal driving force, safeguard, and catalyst for Pengfei’s continued growth.

(4) Pengfei Spirit: Loyalty, Nobility, Unity, and Progressiveness

The Pengfei Spirit is the shared ethos and professional aspiration of all Pengfei employees. It addresses the question of what constitutes the fundamental state of our work ethic, defining a spiritual community. This corporate spirit embodies the principles of conduct that Pengfei has consistently championed and upheld, reflecting the soulful aspirations and the source of strength for every member of the Pengfei family.

(5) Pengfei’s Pursuit: Today’s Glory Belongs to Pengfei

Pengfei’s pursuit serves as the guiding belief and embodiment of will that enables Pengfei employees to fulfill their mission and realize their vision. It answers the question, “What do we firmly believe?”—that is, “What state can we surely attain through persistent, proactive action?” It reflects the bold spirit and unwavering determination of Pengfei people in their conviction that they will achieve their goals.

(6) Pengfei’s Work Style:

Shift your mindset, keep pace with the times, rise to challenges, and strive for excellence.

Pengfei’s work style is the standard we have consistently upheld and the demeanor we project, addressing the questions of “professionalism,” “standardization,” and “professionalism”—in other words, “what kind of style should we embody in our work.” It reflects the distinctive approach and character that define how Pengfei employees conduct themselves.

(7) The Pengfei Team: A Group of Tenacious Dream Chasers

The Pengfei People are a collective of corporate employees who embody the Pengfei spirit and regard Pengfei as their home. They answer the question “Who are we?”—that is, “We are what we are; the company is what it is”—and reflect the self‑awareness and bold spirit of the Pengfei community.

IV. Social Honors and Corporate Social Responsibility of Pengfei Group

(1) Social Recognition: From 2019 to 2022, the company was consecutively listed among China’s Top 500 Private Enterprises and China’s Top 500 Private Manufacturing Enterprises for four years. In 2021, the company made its debut on the Fortune China Top 500 list, ranking 354th and becoming the only private enterprise from Shanxi Province to be included. In 2022, it once again appeared on the Fortune China Top 500, climbing to 264th place, and entered the Top 100 Chinese Private Enterprises for the first time, ranking 96th—marking the first Shanxi-based private enterprise to make this elite list since the All-China Federation of Industry and Commerce began its annual survey and ranking of “large-scale private enterprises” in 1998. Additionally, the company ranked 121st on the China Manufacturing Enterprises Top 500 list and 53rd on the China Private Manufacturing Enterprises Top 500 list. In 2023, the company advanced into the upper half of the Fortune China Top 500, placing 244th on the 2023 list and 119th on the 2023 China Manufacturing Enterprises Top 500 list. It also secured the 92nd position on the China Top 500 Private Enterprises list and the 60th spot on the China Private Manufacturing Enterprises Top 500 list.

In 2022, Pengfei Group was awarded the title of “Special Contributor to High-Quality Development in Small and Medium-Sized Cities,” a prestigious national honor recognizing the Group’s steadfast commitment to corporate social responsibility and its contributions to the high-quality economic and social development of local communities. Additionally, the Group successfully hosted the Provincial Coking Dry Quenching Retrofit On-Site Conference, the Provincial Hydrogen Energy Industrial Chain Enterprise Collaboration and Supporting Agreement Signing Ceremony, and the Taiyuan Energy Low-Carbon Development Forum’s thematic summit titled “Green and Low-Carbon: Winning the Future with Hydrogen,” further enhancing its public visibility and reputation.

(II) Social Responsibility: Upholding its corporate mission of “creating happiness for those who are committed to the Pengfei cause,” Pengfei Group proactively assumes both economic and social responsibilities. Guided by the vision of “strengthening the nation through industry and serving the country through enterprise,” the Group has invested a total of several hundred million yuan in areas such as educational donations, ecological greening, road construction, and medical care. During the 2020 COVID‑19 pandemic, it donated over RMB 6 million to support local epidemic prevention and control efforts. In 2021, amid the severe flooding in Shanxi Province, the Group contributed a cumulative RMB 100 million to aid flood relief and post‑disaster reconstruction. In March 2022, the Shanxi Pengfei Charity Foundation was established; to date, the Foundation has received more than RMB 25 million in donations from various sectors of society, which have been allocated to pandemic response, academic research, and the development of education. On July 6, 2022, the Xiaoyi City Wastewater Treatment Plant, constructed by Pengfei Group, officially broke ground, helping to drive Xiaoyi’s high‑quality transformation and development. By making the assumption of social responsibility a matter of conscious, self‑driven commitment, Pengfei Group has demonstrated a strong sense of responsibility and a profound dedication to the nation and its people.

After thirty years of steady progress through both challenges and opportunities, Pengfei Group has embarked on a path of high‑quality transformation and development. With the courage and commitment of reformers and the sense of responsibility and mission of entrepreneurs, the company is forging ahead on a new journey of high‑quality growth—using hydrogen as its driving force and core—steadfastly pursuing a development strategy that is high‑end, differentiated, intensive, circular, environmentally friendly, and internationally collaborative. By doing so, it aims to “add hydrogen‑based empowerment” to China’s energy sector, contributing to its high‑quality development and modernization, and striving to become a globally leading smart clean‑energy enterprise.

(Source: Jinshang Club)