Shandong Aofan New Material Co., Ltd. was established in August 2020, with a registered capital of 127 million yuan, focusing on the research, development, production and sales of fourth-generation fluorine-containing functional new materials. Aofan currently has more than 260 employees. Its wholly-owned subsidiary Zibo Aofan Chemical Co., Ltd. was established in 2011 with a registered capital of 79.8 million yuan. It is a national high-tech enterprise, a "specialized, refined, innovative, and unique" small and medium-sized enterprise in Shandong Province and an enterprise technology center in Zibo City. The leading product HFC-R245fa occupied 60% of the domestic market, and its main customers are industry leaders such as Haier, Hisense, Midea, BASF, and Huntsman.