格隆汇获悉，彤程新材料集团股份有限公司（简称"彤程新材"）于2月8日递表港交所，由国泰海通证券担任保荐人。 2018年6月27日，彤程新材在上交所上市，证券代码：603650.SH，截至2026年2月13日收盘，公司股价58.91元/股，市 值362.9亿元。 近年来，光刻胶的国产替代一直是市场重点关注的方向之一。 光刻胶是电子化学品产业"皇冠上的明珠"，我国光刻胶产业起步较晚，且主要集中在中低端市场，国产化率较低，高 分辨率的光刻胶核心技术被日美垄断。 根据中商产业研究院数据显示，我国光刻胶生产中，技术难度较低的PCB光刻胶占比达94%，面板光刻胶占3%，技术 难度最高且全球市场份额最大的半导体光刻胶仅占2%。 近期，国产光刻胶企业彤程新材向港交所发起了冲击。 | 常运输 | 品种 | 国产化率 | | --- | --- | --- | | PCB 光刻胶 | 干膜光刻胶 | 几乎全进口 | | | 湿膜及阻焊油墨 | 50% | | 面板光刻胶 | 彩色光刻胶 | 5% | | | 黑色光刻胶 | 5% | | | TFT-LCD 正性光刻胶 | 大部分进口 | | 半导体光刻胶 | g 线光刻胶 | ...

Group 1 - Beijing Kehua Microelectronics Materials Co., Ltd. and Shanghai Tongcheng Electronic Materials Co., Ltd. have obtained a patent titled "A Photoresist and Its Application," with authorization announcement number CN115793391B, applied for on November 2022 [1] - Beijing Kehua Microelectronics Materials Co., Ltd. was established in 2004, located in Beijing, primarily engaged in the manufacturing of chemical raw materials and chemical products, with a registered capital of 48.61419143 million RMB [1] - Shanghai Tongcheng Electronic Materials Co., Ltd. was established in 2020, located in Shanghai, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 100 million RMB [1] Group 2 - Tongcheng New Materials Group Co., Ltd. was established in 2008, located in Shanghai, primarily engaged in the manufacturing of chemical raw materials and chemical products, with a registered capital of 599.55455 million RMB [2] - Tongcheng New Materials Group Co., Ltd. has invested in 26 companies and participated in 2 bidding projects, holding 49 trademark records and 302 patent records, along with 13 administrative licenses [2]

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor materials industry Core Insights - The global semiconductor materials market is characterized by "long-term growth and cyclical fluctuations," with the market size expected to grow from $27.5 billion in 2000 to $67.47 billion by 2024, driven by the demand for advanced semiconductor materials in various high-tech applications [3][5] - China's semiconductor materials industry has made significant progress in mid-to-low-end products but still relies heavily on imports for high-end materials, indicating a substantial opportunity for domestic production and technological breakthroughs [1][10] - The report emphasizes the need for a dual approach of technological breakthroughs and ecosystem building to drive the development of the semiconductor materials industry, supported by government policies and strategic collaborations [1][23] Industry Overview - Semiconductor materials are critical strategic materials for the semiconductor industry, with the market experiencing long-term growth and cyclical fluctuations due to factors such as industry cycles and end-user demand [2][3] - The market structure is shifting as the industry chain relocates and domestic production increases, with China rapidly expanding its market share driven by local demand and government policies [5][10] - The report highlights the significant market concentration in the semiconductor materials sector, with a few leading companies dominating the market [10] Industry Bottlenecks - Despite achieving local supply capabilities in mid-to-low-end products, China still faces challenges in high-end semiconductor materials, which remain heavily reliant on imports [10][13] - Key areas such as silicon wafers, electronic specialty gases, and photoresists are identified as critical segments where domestic production is lagging behind, with high-end products still largely imported [13][18][21] - The report notes that the domestic supply of electronic specialty gases is weak, with an overall localization rate of about 15% expected in 2024, indicating a significant gap in high-end product capabilities [16] Path to Breakthrough - The semiconductor materials industry must focus on technological advancements and ecosystem development, emphasizing collaboration between academia, research institutions, and leading enterprises to address core technological challenges [23][24] - Establishing a robust and efficient results transformation chain is crucial, with a focus on concept validation, pilot testing, and mass production to enhance the commercialization of technological innovations [24][25] - The report advocates for a self-sufficient and sustainable industry ecosystem, extending upstream to secure high-purity raw materials and key equipment while deepening collaboration with downstream chip design and manufacturing companies [25] Policy Empowerment - National policies are increasingly directing the industry towards key areas, with a focus on advanced semiconductor materials as a strategic priority [26][27] - The establishment of pilot platforms for new materials is highlighted as a key initiative to support the industry's development, with plans to create approximately 300 local pilot platforms by 2027 [28] - Financial policies are also being implemented to support innovation and market transformation in the new materials sector, including insurance compensation for high-risk areas [29] Future Outlook - The semiconductor materials industry is expected to evolve towards a high-quality development phase, balancing quality and safety while fostering collaboration between domestic and international players [34] - The focus will shift from isolated breakthroughs to collaborative ecosystems, with an emphasis on meeting the increasing demands for material purity, performance, and stability from downstream applications [34]

Core Viewpoint - Tongcheng New Materials, a leading domestic photoresist and tire rubber additive company, has submitted its prospectus to the Hong Kong Stock Exchange, aiming for a dual listing in A+H shares, amidst concerns over its traditional business growth and shareholder cash-out operations [2][8]. Group 1: Company Overview - Founded in 1999, Tongcheng New Materials started in tire chemical materials international trade and has evolved into a platform enterprise integrating R&D, manufacturing, and sales [3]. - The company successfully listed on the Shanghai Stock Exchange in 2018 and has made strategic acquisitions in the electronic materials sector, including leading suppliers of display panel photoresists and semiconductor photoresists [3]. - Tongcheng New Materials holds a dominant position in both the semiconductor photoresist market and the global tire phenolic resin rubber additive market, ranking first in sales [3]. Group 2: Financial Performance - The traditional tire rubber additive business remains a significant revenue contributor, but its share is declining: revenue contributions from 2023 to the first three quarters of 2025 were 77.5%, 74.7%, and 69.7% respectively [4]. - The electronic materials segment is growing rapidly, with its revenue share increasing from 19.1% to 27.8% during the same period, becoming the core growth engine for the company [4]. - Overall revenue growth has slowed, with figures of approximately CNY 2.937 billion, CNY 3.263 billion, and CNY 2.517 billion from 2023 to the first three quarters of 2025, showing a decline in growth rate from 17% to 4% [5]. Group 3: Challenges and Risks - The traditional business is facing a price war, leading to a revenue decline in tire rubber additives and other chemical products, with a reported decrease of 4.7% in revenue for the first three quarters of 2025 [7]. - The biodegradable materials segment has been a financial burden, with cumulative losses of CNY 109 million over three years, and asset impairment provisions of CNY 94.8 million [7]. - Despite the challenges, the company's gross profit and gross margin have remained relatively stable, with gross profits of approximately CNY 685 million, CNY 796 million, and CNY 634 million from 2023 to the first three quarters of 2025 [7]. Group 4: Shareholder Actions - The company has faced scrutiny over high dividend payouts amidst cash flow constraints, with cumulative cash dividends of approximately CNY 1.49 billion since its A-share listing [8]. - The major shareholder, Zhang Ning, has been a significant beneficiary of these dividends, raising concerns about the allocation of funds during a critical period for business transformation [8]. - Frequent share reductions by a key shareholder, Yutong Investment, have raised market concerns, with a total reduction of 5.2% in shareholding since 2021, indicating a potential exit strategy [9].

Group 1 - The company Tongcheng New Materials (603650) plans to list on the Hong Kong Stock Exchange to achieve a dual listing (A+H), aiming to expand financing channels and international presence [1] - The company's electronic materials business is accelerating growth, with semiconductor photoresists becoming a core growth driver, and the CMP polishing pad project has entered the commercialization stage [1] Group 2 - In the first three quarters of 2025, the company reported revenue of 2.523 billion yuan, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 494 million yuan, up 12.65%, although the net profit growth rate has slowed compared to 2024 [3] - The gross profit margin has steadily increased to 25.2%, but trade receivables have risen to 730 million yuan, with turnover days extending to 75 days, indicating a need to monitor collection risks [3] Group 3 - The company has consistently issued large dividends in recent years, with dividends of 48 million yuan, 352 million yuan, and 298 million yuan for the years 2023 to the first three quarters of 2025, respectively [4] - During the same period, financial costs accounted for approximately 3% of total revenue, primarily from interest-bearing borrowings, which may erode profits [4] Group 4 - Shareholder Yutong Investment plans to reduce holdings, cashing out approximately 659 million yuan by 2025, reducing its shareholding ratio to 1.91% [2] - As of February 2, 2026, the financing balance reached 793 million yuan, reflecting a high level of capital activity [2]

Core Viewpoint - Tongcheng New Materials Group Co., Ltd. (hereinafter referred to as "Tongcheng New Materials") has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming for an A+H listing, with joint sponsors being Guotai Junan and Haitong International [2]. Company Overview - Established in 1999, Tongcheng New Materials is a comprehensive new materials service provider focused on advanced chemical products. The company operates in three main segments: electronic materials, rubber additives for tires and other chemical products, and fully biodegradable materials [2]. - In the electronic materials sector, Tongcheng ranked first among Chinese suppliers in sales of semiconductor photoresists and TFT array photoresists for the first nine months of 2025 [2]. - In the rubber additives and other chemical products segment, the company also ranked first in both the global and Chinese markets for phenolic resin rubber additives during the same period [2]. Financial Performance - For the fiscal years 2023 and 2024, Tongcheng reported revenues of RMB 2.937 billion and RMB 3.263 billion, respectively, with annual profits of RMB 404 million and RMB 534 million. The gross profit margins were 23.3% and 24.4% [2]. - In the first nine months of 2025, the company achieved revenues of RMB 2.517 billion, a year-on-year increase of 4.04%, and profits of RMB 522 million, reflecting an 11.61% growth. The gross profit margin was 25.2%, slightly down from 25.4% in the previous year [3][4]. Shareholding Structure - Prior to the IPO, the major shareholders of Tongcheng New Materials included Tongcheng Investment (Hong Kong) holding 47.81%, Virgin Holdings (Hong Kong) with 13.01%, and Zhang Ning with 0.14%. Tongcheng Investment is wholly owned by Zhang Ning, while Virgin Holdings is owned 99.9% by Zhang Ning and 0.1% by Tongcheng Investment [4]. Management Team - The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors. Zhang Ning serves as the executive director and chairman, while Ding Lin is the executive director, vice chairman, and president [6][8]. - Zhang Ning, the founder of Tongcheng New Materials, has over 26 years of experience in chemical materials manufacturing and has held various leadership roles since the company's inception [7]. - Ding Lin has extensive management experience in chemical materials and has been with the company since November 2021 [8].

智通财经APP讯，彤程新材(603650.SH)发布公告，公司已于2026年2月6日向香港联交所递交了发行境 外股份(H股)并在香港联交所主板挂牌上市的申请，并于2026年2月8日在香港联交所网站刊登了本次发 行并上市的申请资料。该申请资料为公司按照香港证监会及香港联交所的要求编制和刊发，为草拟版 本，其所载内容可能会适时作出更新和变动。 ...

股票代码：603650 股票简称：彤程新材 编号：2026-011 彤程新材料集团股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行并上 市申请并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 彤程新材料集团股份有限公司（以下简称"公司"）已于 2026 年 2 月 6 日向香 港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外股份（H 股） 并在香港联交所主板挂牌上市（以下简称"本次发行并上市"）的申请，并于 2026 年 2 月 8 日在香港联交所网站刊登了本次发行并上市的申请资料。该申请资料为 公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交 所的要求编制和刊发，为草拟版本，其所载内容可能会适时作出更新和变动。 联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定 性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 中文： https://www1.hkexnews.hk/app/sehk/202 ...

格隆汇2月10日丨彤程新材(603650.SH)公布，公司已于2026年2月6日向香港联合交易所有限公司 （称"香港联交所"）递交了发行境外股份（H股）并在香港联交所主板挂牌上市（称"本次发行并上 市"）的申请，并于2026年2月8日在香港联交所网站刊登了本次发行并上市的申请资料。 ...

Group 1 - Lianqi Technology (澜起科技) debuted on the Hong Kong Stock Exchange on February 9, 2023, with a closing price of HKD 175 per share, marking a 63.72% increase on its first day of trading [1] - The company focuses on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, with IPO proceeds aimed at R&D, commercialization, strategic investments, and general corporate purposes [1] - The strong market response reflects the company's technological barriers and the benefits of its sector, aligning with the demand for computing infrastructure upgrades [1] Group 2 - Tongcheng New Materials (彤程新材) has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the exclusive sponsor [2] - The company is a leading comprehensive new materials service provider in China, focusing on advanced chemical products, including electronic materials and biodegradable materials [2] - The listing is expected to enhance R&D investment and global production capacity expansion, leveraging its first-mover advantage in domestic photolithography resin [2] Group 3 - China Nuclear International (中核国际) announced a positive earnings forecast, expecting revenue to reach at least HKD 2.46 billion and gross profit to increase to at least HKD 260 million in 2025 [3] - This represents a significant increase from the 2024 expected revenue of approximately HKD 1.841 billion and gross profit of HKD 234 million, driven by increased uranium trading volumes [3] - The company's growth is supported by its unique position within the China National Nuclear Corporation and the rigid demand from domestic nuclear power expansion [3] Group 4 - Hong Kong Telecommunications (香港电讯) reported a 5% year-on-year increase in total revenue for 2025, reaching HKD 36.553 billion [4] - EBITDA grew by 4% to HKD 14.234 billion, while profit attributable to shareholders increased by 4% to HKD 5.286 billion [4] - The steady growth is attributed to robust performance in 5G and data services, reinforcing its position as a leading utility provider in Hong Kong [4] Group 5 - The Hang Seng Index closed at 27,027.16, up 1.76% on February 9, 2023 [5] - The Hang Seng Tech Index rose by 1.34% to 5,417.60, while the Hang Seng Composite Index increased by 1.52% to 9,168.33 [5]