What kind of value can a factory with a floor area of 16,667 square meters generate?

A private enterprise with about 60 employees and a factory area of roughly 16,667 sq m is located in Boxing county, Binzhou. Its output value hit 200 million yuan ($29.42 million) in 2021, and taxes paid exceeded 16 million yuan, outperforming other regional businesses and propelling it to the forefront of high-quality development.

Binzhou Zhiyuan Biological Technology Co is the name of the company.

The company has focused solely on the research, development, and production of cyclodextrin derivatives for the past 10 years.

An industrial park in Boxing county, Binzhou

"The cyclodextrin derivatives are mainly used as functional pharmaceutical excipients in pharmaceutical production," said Bian Xunjie, executive director of Zhiyuan Biological. "They are used in many antiviral drugs to increase dissolution."

The company has risen to the top of the domestic cyclodextrin segmentation market. It has met domestic demand while also exporting in large quantities around the globe.

Their products are used in anti-Ebola drugs and the anti-Novel Coronavirus drugs, according to Bian.

In 2021, Zhiyuan Biological was identified as a State-level "little giant", which is also known as a leading small or medium enterprise that specializes in niche sectors.

Bian said that the company's achievements have benefited from scientific and technological innovation. In recent years, the company has conducted industry-university-research cooperation with top domestic universities such as Nankai University, Fudan University and Shandong University to turn scientific and technological innovation into real productivity.

Boxing county was listed among advanced regions with high-quality development of the private economy in Shandong in 2020. Zhiyuan Biological's development story has become a microcosm of Boxing's thriving private economy.

Binzhou had seven businesses in the list of China's Top 500 Private Enterprises in 2021, including four in Boxing, and ranked second in the province.

Chambroad Holding Group (136th), Shandong Bohi Industrial Co (226th), Xiangchi Holding Co (349th), and Shandong Yongxin Energy Group (455th) were the four enterprises listed in Boxing.

The enterprises have risen to the top of Boxing's top five industrial clusters, namely fine petroleum chemicals, grain, oil, and deep food processing, and new sheet metal, high-end aluminum foil and commercial kitchenware, as leaders of high-quality industrial development.