Texxon is a China-based B2B supply chain management company focused on plastic and chemical raw materials. Through its operating subsidiary, Net Plastic Technology, Texxon runs a technology-enabled procurement platform that connects Chinese SME manufacturers with suppliers of plastic and chemical raw materials across roughly 4,200 SKUs, including basic chemicals (alcohols and aromatics), plastic particles (polyolefins and polymers), and other industrial materials. Customers are SME manufacturers in industries like packaging, wire and cable, electronics, automotive, and construction. Texxon's business model is straightforward: it buys materials from suppliers and resells them to customers at a markup, with gross profit embedded in the product margin rather than platform fees. Texxon's key value proposition is aggregating demand from many small buyers to gain bargaining power with suppliers, then passing some savings on to customers while retaining a margin. Texxon primarily uses direct-ship fulfillment, limiting inventory risk, and offers extended credit terms to customers as a retention tool, with accounts receivable insured through PICC at a 90% coverage ratio. A notable concentration risk exists: a single customer accounted for roughly 59% of revenue in the fiscal year ended June 30, 2025. Beyond its trading business, Texxon is building a polystyrene manufacturing plant in Henan Province with planned annual capacity of 600,000 tons and an estimated construction cost of roughly RMB 955M, which Texxon expects will allow it to sell manufactured product at higher margins than its trading business once operational.