Summary of Key Points Core Viewpoint - The company has announced a provision for asset impairment totaling 6.50 million yuan for the first half of 2025, reflecting a cautious approach to accurately represent its financial status and operational results as of June 30, 2025 [1][2][3]. Group 1: Impairment Provision Overview - The company conducted impairment testing on accounts receivable, other receivables, long-term receivables, and inventory, resulting in a total impairment loss of 6.50 million yuan [1][2]. - The breakdown of the impairment losses includes 0.63 million yuan for bad debts and 5.87 million yuan for inventory write-downs [1][2]. Group 2: Specifics of Bad Debt Loss - The bad debt loss of 0.63 million yuan was primarily due to an increase in accounts receivable and changes in aging of long-term receivables, leading to a higher provision for bad debts [1][2]. Group 3: Inventory Write-down Details - The inventory write-down of 5.87 million yuan was determined based on the lower of cost or net realizable value, with specific calculations for finished goods and materials held for sale [2]. Group 4: Impact on Financial Statements - The total asset impairment and credit impairment losses of 6.50 million yuan will impact the company's consolidated profit before tax by the same amount [2][3]. Group 5: Compliance and Assurance - The impairment provision complies with the accounting standards and reflects the company's actual situation, ensuring no harm to the interests of the company and its shareholders [3].

Fundraising Overview - The company raised a total of RMB 1,854,157,424.00 from the public offering of 27,806,800 shares at a price of RMB 66.68 per share, with a net amount of RMB 1,709,292,953.28 after deducting issuance costs [1] - As of June 30, 2025, the company has invested RMB 1,068,791,172.99 in projects funded by the raised capital [2] Fund Management - The company has established a fundraising management system to ensure the proper use of raised funds, adhering to principles of regulation, safety, efficiency, and transparency [2] - Multiple special accounts for fundraising have been opened at various banks, including Shanghai Pudong Development Bank and China Merchants Bank, with a tripartite supervision agreement in place [3][4] Fund Usage and Status - As of June 30, 2025, the balance of the fundraising accounts was RMB 85,727,172.32, with additional investments in financial products totaling RMB 610 million [6][15] - The company has utilized part of the idle funds for cash management, generating a total of RMB 164,120,630.38 in investment income by June 30, 2025 [15] Project Investment and Adjustments - The company has made significant adjustments to its investment projects, including the termination of the East Dongying project due to regulatory and market conditions, reallocating funds to other projects [8][9] - The company has also postponed several projects, including the semiconductor materials research laboratory and the light-curing technology research center, due to various external factors and strategic realignments [10][12] Financial Performance - The company reported a total investment of RMB 59,317,808.84 in the current year, with a cumulative investment of RMB 1,128,108,981.83 in various projects [7][8] - The proportion of funds reallocated from the original investment projects reached 78.38% [7] Future Outlook - The company plans to continue its focus on the light-curing and semiconductor industries, with ongoing adjustments to its project timelines and investment strategies to align with market demands [11][14]

Core Viewpoint - Tianjin Jiuri New Materials Co., Ltd. is participating in a capital reduction and extension of the duration of the Tianjin Ruiwu Equity Investment Fund, which involves a reduction of the fund's subscribed capital and an extension of its operational period to ensure smooth project exits and fund operations [1][3][6]. Summary by Sections Transaction Overview - As of April 6, 2025, the Ruiwu Fund has recovered an investment of CNY 23 million and plans to reduce its capital by CNY 22.6 million, changing the subscribed capital from CNY 100 million to CNY 77.4 million [1][3]. - The company's subscribed capital in the Ruiwu Fund will decrease from CNY 38 million to CNY 29.412 million, maintaining a 38% share [3][6]. Related Party Transactions - The ordinary partner of the Ruiwu Fund, Tianjin Ruixing Investment Management Co., Ltd., is a related party, as the company holds a 40% stake in it [4][5]. - The total amount of related party transactions with the same related party in the past 12 months has exceeded CNY 30 million but is below 1% of the company's latest audited total assets or market value [4][5]. Fund Details - The Ruiwu Fund was established on November 9, 2020, with a target fundraising scale of CNY 100 million [2][6]. - The fund's registered capital is CNY 100 million, and it is involved in private equity investment and asset management activities [6][7]. Financial Data - The Ruiwu Fund's total assets as of the latest audit are CNY 127.96 million, with net assets of CNY 127.96 million [7]. - The fund reported a net profit of CNY -722,939.39 in the latest audited financial year [7]. Approval Process - The board of directors and the supervisory board have approved the capital reduction and extension of the fund's duration, with no need for shareholder meeting approval [2][10]. - Independent directors and the audit committee have also expressed their agreement, confirming that the transaction does not harm the interests of shareholders, especially minority shareholders [11][12].

Core Viewpoint - Tianjin Jiuri New Materials Co., Ltd. reported a net loss of 9.06 million yuan for the first half of 2025, a decrease of 3.82 million yuan compared to the same period last year, indicating a 29.69% reduction in losses. The company has adjusted its marketing strategies and implemented price increases for some photoinitiator products, leading to a slight profit in the second quarter of 2025, although overall profitability remains challenged due to significant investments in the semiconductor industry [1][2]. Company Overview - The company operates on the Shanghai Stock Exchange's Sci-Tech Innovation Board under the stock code 688199. The total assets at the end of the reporting period were approximately 4.14 billion yuan, reflecting a 3.12% increase from the previous year. The net assets attributable to shareholders decreased slightly by 0.27% to approximately 2.55 billion yuan [2][3]. Financial Performance - The operating revenue for the reporting period was approximately 713.50 million yuan, down 7.11% from 768.13 million yuan in the same period last year. The total profit was a loss of approximately 2.48 million yuan, compared to a loss of 7.22 million yuan in the previous year. The net profit attributable to shareholders was a loss of 9.06 million yuan, improved from a loss of 12.88 million yuan year-on-year [2][3]. - The net cash flow from operating activities was approximately 39.84 million yuan, a significant increase from 4.82 million yuan in the previous year, indicating improved cash generation capabilities [3]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 10,918. The top shareholder, Zhao Guofeng, holds 18.27% of the shares, followed by other significant shareholders including Jie Minyu and Wang Lixin [3].

[Interpretation](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used throughout the report [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions for key terms and abbreviations, including company entities and specialized chemical products - Company entity definitions: Jiuri New Material refers to Tianjin Jiuri New Material Co., Ltd., Shandong Jiuri refers to Shandong Jiuri Chemical Technology Co., Ltd., Changzhou Jiuri refers to Changzhou Jiuri Chemical Co., Ltd., and so on[13](index=13&type=chunk) - Key chemical definitions: Photoinitiators are compounds that generate free radicals under light to initiate polymerization, cross-linking, and curing; photoresists are critical core materials for fine pattern processing in integrated circuits and semiconductor discrete devices[13](index=13&type=chunk)[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's basic information, contact details, disclosure channels, stock overview, and key financial performance [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's official name, abbreviation, legal representative, registered address, website, and email - Company Chinese name: Tianjin Jiuri New Material Co., Ltd., abbreviation: Jiuri New Material[16](index=16&type=chunk) - Legal representative: Zhao Guofeng[16](index=16&type=chunk) - Company website: www.jiuri.com.cn[16](index=16&type=chunk) [Contacts and Contact Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the names and contact details for the Board Secretary and Securities Affairs Representative - Board Secretary: Hao Lei, Securities Affairs Representative: Luo Xiao[17](index=17&type=chunk) - Contact number: 022-58330799, email: jiuri@jiuri.com.cn[17](index=17&type=chunk) [Brief Introduction to Information Disclosure and Document Storage Location Changes](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, website for semi-annual reports, and report storage location - Company's selected information disclosure newspapers: China Securities Journal, Shanghai Securities News, Securities Daily, Securities Times[18](index=18&type=chunk) - Website address for semi-annual report publication: www.sse.com.cn[18](index=18&type=chunk) [Overview of Company Shares/Depositary Receipts](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section describes the company's stock type, listing exchange and board, stock abbreviation, and code - Stock type: RMB ordinary shares[19](index=19&type=chunk) - Stock listing exchange and board: Shanghai Stock Exchange STAR Market[19](index=19&type=chunk) - Stock code: 688199[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section reports a decrease in operating revenue but a narrowed net loss attributable to shareholders, with a significant increase in net cash flow from operating activities 2025 January-June Key Accounting Data and Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 713,497,467.46 | 768,127,606.26 | -7.11 | | Total Profit (yuan) | -2,477,705.55 | -7,218,846.19 | Not applicable (loss narrowed) | | Net Profit Attributable to Shareholders (yuan) | -9,057,294.11 | -12,881,158.03 | Not applicable (loss narrowed by 29.69%) | | Net Cash Flow from Operating Activities (yuan) | 39,844,893.55 | 4,823,362.16 | 726.08 | | Basic Earnings Per Share (yuan/share) | -0.06 | -0.08 | Not applicable (loss narrowed) | | R&D Investment as % of Operating Revenue | 5.12 | 5.16 | Decreased by 0.04 percentage points | | Net Assets Attributable to Shareholders (period-end, yuan) | 2,549,898,193.39 | 2,556,781,731.64 | -0.27 | | Total Assets (period-end, yuan) | 4,136,574,975.10 | 4,011,278,629.43 | 3.12 | - The narrowing of losses is primarily due to the company's agile marketing strategy adjustments, successful price increases for some photoinitiator products, and a small profit in Q2 2025, despite significant investment in the semiconductor industry still resulting in overall losses[22](index=22&type=chunk) - Net cash flow from operating activities significantly increased by **726.08%**, mainly because the company strategically stockpiled inventory in 2024 based on market analysis, leading to reduced cash payments for goods and services in the current period compared to the prior year[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses for the reporting period, explaining the classification of certain items as recurring 2025 January-June Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -470,720.19 | | Government grants recognized in current profit or loss (non-recurring) | 710,040.89 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal gains or losses | 1,697,428.01 | | Other non-operating income and expenses apart from the above | -891,779.53 | | Less: Income tax impact | -158,649.72 | | Minority interest impact (after tax) | 92,261.01 | | **Total** | **1,111,357.89** | - Certain items are classified as recurring gains and losses: other income - amortization of deferred income (**755,137.60 yuan**), other income - individual income tax handling fee refund (**67,069.17 yuan**), and other income - VAT and surcharges reduction (**2,355,802.30 yuan**), totaling **3,178,009.07 yuan**, because these items have a continuous impact on the income statement[27](index=27&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's industry, main business, operational performance, core competencies, and risk factors - The company primarily engages in the R&D, production, and sales of photocuring materials such as photoinitiators and monomers, and semiconductor chemical materials like photoresists and photosensitizers[57](index=57&type=chunk) - The company is the world's largest supplier of photoinitiators, possessing strong competitive advantages in product categories, R&D and technical service capabilities, stable supply, and brand influence[39](index=39&type=chunk) [Explanation of Industry and Main Business Operations](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section explains the status, trends, and company's position in the photocuring materials and semiconductor chemical materials industries, along with main products [Industry Overview](index=11&type=section&id=(%E4%B8%80)%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section discusses the broad market prospects for the photocuring industry and the strategic importance of domestic photoresist production in the semiconductor sector - Photocuring technology, known for its "5E" characteristics (environmentally friendly, efficient, energy-saving, adaptable, and economical), is hailed as a "new green industrial technology of the 21st century" with wide applications[31](index=31&type=chunk) - In the semiconductor industry, photoresist is a critical core material, and its domestic production is a national strategic priority, though the market remains dominated by a few developed countries[36](index=36&type=chunk) - The photocuring industry has broad future development prospects, particularly in PCB photoresist, 3D printing materials, inkjet inks, packaging and printing, as well as emerging fields like solar photovoltaic copper plating and lithium battery manufacturing[35](index=35&type=chunk) [Analysis of Company's Industry Position](index=12&type=section&id=2.%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E7%9A%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D%E5%88%86%E6%9E%90%E5%8F%8A%E5%85%B6%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) The company maintains a global leading position in the photocuring industry with a comprehensive product line and strong R&D capabilities, while making significant breakthroughs in semiconductor photosensitizers and photoresists - In the photocuring industry, the company is the **world's largest producer and supplier of photoinitiators**, with large-scale production capabilities for over ten types, including 184, TPO, and 1173, and holds **192 patents**[39](index=39&type=chunk)[40](index=40&type=chunk) - In the semiconductor industry, the company has adopted a "photocuring industry as core, semiconductor industry as key focus" development strategy, acquiring Dajing New Material, investing in Weixin New Material, establishing the Jiuri Semiconductor R&D platform, and forming a joint research institute with Nankai University[43](index=43&type=chunk) - Semiconductor product progress: The controlling subsidiary Dajing Information's annual production project of **600 tons of microelectronic photoresist photosensitizers** has commenced operations, achieving large-scale production for over 10 types of diazonaphthoquinone photosensitizers, with multiple display and semiconductor photoresist products successfully introduced to the market and achieving stable sales[44](index=44&type=chunk) [Development Trends of New Technologies, Industries, Business Forms, and Models](index=13&type=section&id=3.%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%96%B0%E6%8A%80%E6%9C%AF%E3%80%81%E6%96%B0%E4%BA%A7%E4%B8%9A%E3%80%81%E6%96%B0%E4%B8%9A%E6%80%81%E3%80%81%E6%96%B0%E6%A8%A1%E5%BC%8F%E7%9A%84%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5%E5%92%8C%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E8%B6%8B%E5%8A%BF) Environmental policies drive the UV photocuring industry, with UV LED, macromolecular, and low-odor photoinitiators as technical hotspots, while semiconductor photoresist focuses on resolution, sensitivity, and environmental performance - The UV photocuring industry benefits from national "dual carbon" goals and environmental regulations, with **UV LED technology**, water-based UV curing materials, macromolecular photoinitiators (low migration), and low-odor photoinitiators being the main future directions for technology and product development[46](index=46&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The semiconductor photoresist market is driven by the rapid development of new energy vehicles, artificial intelligence, and information industries, with market growth further boosted by the maturity of China's LCD panel and OLED display technologies[53](index=53&type=chunk) - Photoresist technology development trends include improving resolution (e.g., EUV), sensitivity (e.g., chemically amplified photoresists), enhancing etch resistance, and improving environmental performance (e.g., water-soluble photoresists)[56](index=56&type=chunk) [Main Business, Main Products, and Their Uses](index=15&type=section&id=(%E4%BA%8C)%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company's main business involves R&D, production, and sales of photocuring materials and semiconductor chemical materials, being the world's largest photoinitiator supplier with products widely used across various industries - The company primarily engages in the R&D, production, and sales of photocuring materials such as photoinitiators and monomers, and semiconductor chemical materials like photoresists and photosensitizers, making it the **world's largest producer and supplier of photoinitiators**[57](index=57&type=chunk) - Photocuring materials are widely used in wood coatings, plastic product coatings, printing, 3D printing, electronic adhesives, and many other fields, serving as an important means to achieve national VOCs emission reduction strategies[57](index=57&type=chunk) Main Photoinitiator, Photosensitizer, Photoresist Products and Their Applications | Product Model | Key Functional Characteristics | Main Application Areas | | :--- | :--- | :--- | | 184 | High efficiency, yellowing resistance, focused on surface curing | Furniture wood clear coats, electronic product coatings, adhesives, etc | | TPO/TPO-L | High efficiency, yellowing resistance, focused on thick coating curing, with photobleaching effect | Furniture wood clear coats, PCB inks, printing inks, etc | | PAC | Photosensitive component in photoresist, critical for photolithographic pattern transfer | Positive photoresist for display panel manufacturing, semiconductor g/i-line photoresist, etc | | i-line photoresist | High resolution, excellent line width uniformity, wide process window, high heat resistance | Semiconductor discrete devices, integrated circuits, diodes, etc | | g-line photoresist | Good wet etch resistance, excellent linear range, clear patterns | Semiconductor discrete devices, integrated circuits, diodes, etc | | Broadband photoresist | Performance comparable to similar foreign products, compatible with general photoresist and Half Tone photoresist | LED, display panels, etc manufacturing | | Polyphenol compounds | Photoresist additives (sensitizers), raw materials for photosensitizer synthesis | Positive photoresist for display panel manufacturing, semiconductor g/i-line photoresist, etc | | Sulfonyl chloride (Nac) | Raw material for photosensitizer production | Preparation of photosensitizers, mainly used in photoresist preparation for panel display and semiconductor fields | | Gallic acid products | Additives for semiconductor cleaning agents | Semiconductor wet electronic chemical field | | Benzoic acid | Broad-spectrum bulk petroleum derivative, plasticizer, preservative, pH regulator | Plastics, textiles, medicine, food, photocuring, and other industries | [Main Business Model](index=17&type=section&id=(%E4%B8%89)%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company adopts a "production-to-order" model, generating profit through R&D, production, and sales, with centralized procurement and a dual sales approach - Profitability model: Primarily generates revenue through product technology, process R&D, organized production, and sales, with profits derived from the difference between product sales revenue and costs/expenses[62](index=62&type=chunk) - Procurement model: Procurement of photocuring materials is centrally managed by the company; the semiconductor chemical materials business unit executes procurement according to ISO quality system requirements through standardized, regulated, and systematic processes[63](index=63&type=chunk)[65](index=65&type=chunk) - Production model: Generally adopts a "production-to-order" model, determining production plans based on customer orders, market trends, and inventory levels, with all production bases strictly adhering to ISO9001 and other quality management systems[66](index=66&type=chunk)[67](index=67&type=chunk) - Sales model: Photocuring materials are sold to both end customers and traders; the semiconductor chemical materials business unit primarily uses a direct sales model, continuously providing high-quality products and services to customers[68](index=68&type=chunk)[69](index=69&type=chunk) [Discussion and Analysis of Operating Conditions](index=18&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company faced a complex global economic environment, resulting in decreased operating revenue, but significantly narrowed net losses through flexible marketing strategies and optimized internal management, continuously enhancing overall competitiveness - The global economic environment remains complex with a continuous slowdown in growth, leading to sluggish downstream demand due to declining consumer spending, though the domestic new energy vehicle and PCB industries maintain good growth momentum[70](index=70&type=chunk) - From January to June 2025, the company achieved operating revenue of **713.50 million yuan**, a **7.11% year-on-year decrease**; net profit attributable to shareholders was **-9.06 million yuan**, a **3.82 million yuan reduction in loss** compared to the same period last year, narrowing the loss by **29.69%**[71](index=71&type=chunk) - The company solidified its market share through new product launches, strategic collaborations with leading enterprises, and flexible sales strategies, while continuously strengthening internal management, reducing costs, and enhancing efficiency to reinforce its industry leadership[71](index=71&type=chunk) [R&D Capabilities Continuously Strengthened](index=19&type=section&id=(%E4%B8%80)%E7%A0%94%E5%8F%91%E8%83%BD%E5%8A%9B%E4%B8%8D%E6%96%AD%E5%8A%A0%E5%BC%BA) During the reporting period, the company continuously increased R&D investment, enhancing innovation based on core technologies, strengthening specialized technical development, and actively developing new products and protecting intellectual property, resulting in six new authorized patents - The company further increased its R&D efforts, enhancing R&D innovation capabilities and strengthening the development and application of specialized technologies based on enriching and developing its existing core technologies[72](index=72&type=chunk) - During the reporting period, the company obtained **6 new authorized patents**, including **3 invention patents** and **3 utility model patents**, further strengthening its independent innovation capabilities and improving its patent portfolio[72](index=72&type=chunk) [Production Scale and Capacity Optimization and Adjustment](index=19&type=section&id=(%E4%BA%8C)%E7%94%9F%E4%BA%A7%E8%A7%84%E6%A8%A1%E5%8F%8A%E4%BA%A7%E8%83%BD%E4%BC%98%E5%8C%96%E8%B0%83%E6%95%B4) The company optimized processes and operations at its production bases, adjusted product lines to improve efficiency and supply timeliness, and invested in the H4 ketone project to integrate the entire photoinitiator 184 industrial chain - The company further optimized the production processes and operational organization of its subordinate production bases, adjusting some product production lines to effectively improve production efficiency and ensure timely product supply[73](index=73&type=chunk) - The company invested in the "Hunan Hongrun Chemical Technology Co., Ltd. 8,000 tons/year Photoinitiator H4 Ketone Project," aiming to achieve full industrial chain integration for photoinitiator 184 and enhance product competitiveness[73](index=73&type=chunk) [Management Level Further Improved](index=19&type=section&id=(%E4%B8%89)%E7%AE%A1%E7%90%86%E6%B0%B4%E5%B9%B3%E8%BF%9B%E4%B8%80%E6%AD%A5%E6%8F%90%E5%8D%87) The company enhanced its management level and economic operational efficiency by improving organizational structure, strengthening management systems, fostering corporate culture, and optimizing work supervision, refined management, and ERP systems - The company further improved its organizational structure, strengthened management systems, and enhanced corporate culture, thereby raising the overall control level and economic operational efficiency of the company[74](index=74&type=chunk) - In terms of management, the company continued to focus on the "four systems" as its main theme, promoting and optimizing work supervision, rationalization proposals, refined management, and 6S on-site management, while deeply improving ERP system construction and OA paperless office processes[74](index=74&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its robust R&D, comprehensive product lines, leading supply capabilities, stable customer base, service-driven marketing, and a skilled talent team - The company's core competencies include: strong R&D capabilities and continuous innovation, a complete product system, industry-leading product supply capabilities, high-quality and stable customer resources, an advanced R&D service-driven marketing model, and a talented team[76](index=76&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=(%E4%B8%80)%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company leverages over 20 years of industry experience, a strong R&D team, 192 patents, and a comprehensive product line to maintain global leadership in photocuring, while also establishing expert teams and full-chain development in semiconductors - The company has **225 R&D technical personnel** (accounting for **15.96%** of total staff), holds **192 patents** (including **128 invention patents**), and has led/participated in the drafting of multiple photoinitiator industry standards[76](index=76&type=chunk)[77](index=77&type=chunk) - The company possesses large-scale production capabilities for over ten types of photoinitiators, offering a comprehensive product line that can independently meet diverse downstream customer procurement needs[80](index=80&type=chunk) - Through strategically located production bases and external strategic collaborations, the company achieves multi-base production and supply for its main photoinitiator products, ensuring stability and security of supply to downstream customers[81](index=81&type=chunk) - In the semiconductor chemical materials sector, the company has established an R&D team led by experts and Nankai University professors, mastered large-scale production of photosensitizer PAC, and achieved full industrial chain development for photoresists[78](index=78&type=chunk) - The company has established long-term, stable, and close cooperative relationships with high-quality customers and has been awarded the title of "National Service-Oriented Manufacturing Demonstration Enterprise," enhancing customer loyalty[83](index=83&type=chunk)[84](index=84&type=chunk) [Core Technologies and R&D Progress](index=21&type=section&id=(%E4%B8%89)%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company's core technologies focus on process improvement and new product development for photoinitiators and photosensitizers/photoresists, with six new patents granted during the reporting period, sustained R&D investment, and a highly qualified R&D team - The company's core technologies include 19 items such as 184 alkaline hydrolysis, distillation, crystallization, and drying equipment and processes, 1173 and 184 ketone new technologies, development and production processes for high-efficiency macromolecular TX-type photoinitiators, photosensitizer production technology, and panel photoresist formulation technology[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - During the reporting period, the company obtained **6 new authorized patents**, including **3 invention patents** and **3 utility model patents**, such as "A Method for Preparing Methyl o-Benzoylbenzoate"[90](index=90&type=chunk) R&D Investment | Indicator | Current Period (Jan-Jun) | Prior Year Period (Jan-Jun) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment (yuan) | 36,500,122.57 | 39,643,569.48 | -7.93 | | Total R&D Investment (yuan) | 36,500,122.57 | 39,643,569.48 | -7.93 | | Total R&D Investment as % of Operating Revenue | 5.12 | 5.16 | Decreased by 0.04 percentage points | - The company has **12 ongoing R&D projects**, including the high-performance monomer 582 project, photoresist formulation technology R&D, and photoresist raw material R&D, with an estimated total investment of **79.02 million yuan** and **12.59 million yuan** invested in the current period[97](index=97&type=chunk)[98](index=98&type=chunk) - The company has **225 R&D personnel**, accounting for **15.96%** of the total staff, including **4 PhDs** and **25 Master's degree holders**[99](index=99&type=chunk) [Risk Factors](index=27&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks including performance decline, core competency challenges, operational management pressures, intensified industry competition, macroeconomic uncertainties (exchange rates, taxes, tariffs), safety, environmental compliance, product price volatility, production halts, talent loss, and rising labor costs - Risk of significant performance decline or loss: Although losses narrowed from January to June 2025, if the company's industry and downstream markets continue to underperform expectations, there remains a risk of further performance decline and continued losses[100](index=100&type=chunk) - Core competitiveness risk: Changes in downstream industry market demand, advancements in technology, and intensified market competition may lead to R&D results falling short of expectations or R&D expenditure overruns, impacting the company's market competitiveness and profitability[101](index=101&type=chunk)[102](index=102&type=chunk) - Macroeconomic environment risks: Uncertainties including exchange rate fluctuations, changes in corporate income tax rates and export tax rebate policies, and tariff policies (e.g., US tariffs on China) may adversely affect the company's operating performance[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - Safety production risk: The company's production processes involve hazardous chemicals and chemical processes, posing potential risks of safety accidents due to improper operation or sudden environmental changes[108](index=108&type=chunk) - Environmental risk: Increasingly stringent national environmental policies may lead to increased operating costs or regulatory measures such as rectification or production restrictions[109](index=109&type=chunk)[110](index=110&type=chunk) - Gross margin decline risk: Due to various factors such as market demand, supply conditions, raw material price fluctuations, and competitors' pricing strategies, the company cannot rule out the risk of short-term gross margin decline[116](index=116&type=chunk) [Main Operating Conditions During the Reporting Period](index=30&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's operating status during the reporting period, including financial changes in its main business, asset-liability structure, investment activities, and the performance of key subsidiaries - From January to June 2025, the company achieved operating revenue of **713.50 million yuan**, a **7.11% year-on-year decrease**; net profit attributable to shareholders was **-9.06 million yuan**, a **3.82 million yuan reduction in loss** compared to the same period last year[118](index=118&type=chunk) [Main Business Analysis](index=30&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) During the reporting period, both the company's operating revenue and costs decreased, but net cash flow from operating activities significantly increased, while investment and financing cash flows varied due to loan interest rates, inventory strategy, and project construction progress Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 713,497,467.46 | 768,127,606.26 | -7.11 | | Operating Cost | 617,145,723.11 | 662,326,474.76 | -6.82 | | Selling Expenses | 14,988,482.71 | 12,627,940.19 | 18.69 | | Administrative Expenses | 33,500,043.67 | 38,168,888.58 | -12.23 | | Financial Expenses | 7,113,130.67 | 5,133,804.97 | 38.55 | | R&D Expenses | 36,500,122.57 | 39,643,569.48 | -7.93 | | Net Cash Flow from Operating Activities | 39,844,893.55 | 4,823,362.16 | 726.08 | | Net Cash Flow from Investing Activities | -47,736,774.05 | -194,582,545.70 | Not applicable (outflow decreased) | | Net Cash Flow from Financing Activities | 141,167,967.89 | 225,836,546.99 | -37.49 | - Reasons for financial expense changes: lower loan interest rates led to reduced interest expenses; lower deposit rates resulted in decreased deposit interest income; and reduced exchange rate fluctuations in the current period led to lower exchange gains/losses[119](index=119&type=chunk) - Net cash flow from operating activities significantly increased by **726.08%**, primarily because the company strategically stockpiled inventory in 2024, leading to reduced cash payments for goods and services in the current period compared to the prior year[120](index=120&type=chunk) - Reasons for changes in net cash flow from investing activities: the scale of structured deposits decreased compared to the prior year; some construction projects neared completion, resulting in reduced cash payments for the acquisition of fixed assets, intangible assets, and other long-term assets in the current period[120](index=120&type=chunk) - Reasons for changes in net cash flow from financing activities: the scale of debt repayment increased in the current period compared to the prior year[120](index=120&type=chunk) [Analysis of Assets and Liabilities](index=31&type=section&id=(%E4%B8%89)%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and short-term borrowings increased, while other receivables and contract liabilities decreased, with 2.99% of total assets being overseas assets and some assets restricted by guarantees or pledges Asset and Liability Status Changes | Item Name | Period-End Amount (yuan) | % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 51,883,882.62 | 1.25 | 60.22 | More bank acceptance bills intended for discounting or endorsement at period-end compared to period-start | | Prepayments | 21,454,271.70 | 0.52 | 124.02 | Increase in prepaid raw material costs | | Other Receivables | 8,058,549.18 | 0.19 | -62.76 | Huaihua Jiuyuan recovered 11 million yuan in state-owned land use right fees | | Short-Term Borrowings | 705,112,763.93 | 17.05 | 26.89 | | | Accounts Payable | 242,869,762.31 | 5.87 | 28.39 | | | Contract Liabilities | 4,377,558.06 | 0.11 | -34.44 | Decrease in advance receipts for undelivered goods at period-end compared to period-start | | Employee Compensation Payable | 12,286,269.84 | 0.30 | -46.39 | Bonuses accrued at the end of 2024 were paid in 2025, leading to a decrease | | Other Payables | 8,149,969.70 | 0.20 | 64.24 | Nantong Changcheng second instance judgment became effective, litigation-accrued deferred interest and related fees transferred from estimated liabilities to other payables | | Estimated Liabilities | - | - | -100.00 | Nantong Changcheng second instance judgment became effective, litigation-accrued deferred interest and related fees transferred from estimated liabilities to other payables | - Overseas assets: Period-end overseas assets totaled **123,694,115.15 yuan**, accounting for **2.99%** of total assets[125](index=125&type=chunk) - Major restricted assets: Including other monetary funds, fixed assets, intangible assets, and long-term equity investments, with a total book value of **394,121,342.35 yuan** at period-end, primarily restricted as acceptance bill deposits or collateral for borrowings[127](index=127&type=chunk) [Analysis of Investment Status](index=34&type=section&id=(%E5%9B%9B)%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total equity investment significantly increased, primarily through participation in equity investment funds and capital injections into subsidiaries, aiming to expand into new materials and strengthen upstream raw material control - The investment amount for the reporting period was **23.00 million yuan**, a **411.11% increase** compared to the same period last year[133](index=133&type=chunk) - The company, as a limited partner, participated in the establishment of Ruiwu No. 2 Fund, with a subscribed capital contribution of **19.00 million yuan**, accounting for **38.00%**, primarily investing in new materials and related fields[128](index=128&type=chunk) - Controlling subsidiary Jiuri Semiconductor increased its capital contribution to Lixin Technology by **4.00 million yuan** using its own funds; after the capital increase, it holds **25.00%** equity in Lixin Technology to enrich the company's photoresist products[129](index=129&type=chunk) - From the end of the reporting period to the disclosure date of this report, the company plans to establish Jinhua Jiuwei New Material Co., Ltd. (holding **51.00%** equity) to expand into the cosmetics field, and plans to acquire additional equity in Hongyuan Tiancheng through Inner Mongolia Jiuri (increasing its stake to **50.175%**) to strengthen control over upstream raw materials[130](index=130&type=chunk)[131](index=131&type=chunk) Private Equity Investment Status | Fund Name | Investment Purpose | Planned Total Investment (yuan) | Investment Amount in Current Period (yuan) | Investment Amount as of Period-End (yuan) | Capital Contribution Ratio at Period-End (%) | Accounting Subject | Impact on Current Period Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Haihe Bohong New Material Equity Investment Fund Partnership (Limited Partnership) | Obtain investment returns | 29,700,000.00 | 0 | 29,700,000.00 | 100.00 | Other equity instrument investments | 59,400.00 | | Tianjin Ruiwu Equity Investment Fund Partnership (Limited Partnership) | Obtain investment returns | 38,000,000.00 | 0 | 38,000,000.00 | 100.00 | Long-term equity investments | 512,955.71 | | Tianjin Ruiwu No. 2 Equity Investment Fund Partnership (Limited Partnership) | Obtain investment returns | 19,000,000.00 | 4,180,000.00 | 4,180,000.00 | 22.00 | Long-term equity investments | 24.57 | | **Total** | | **86,700,000.00** | **4,180,000.00** | **71,880,000.00** | **82.91** | | **572,380.28** | [Analysis of Major Holding and Participating Companies](index=37&type=section&id=(%E5%85%AD)%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the basic information and financial performance of the company's major holding and participating companies during the reporting period, covering various business areas such as photoinitiators, fine chemicals, and semiconductor materials Major Subsidiary and Associate Financial Situations (Unit: million yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Jiuri | Subsidiary | Production and sales of photoinitiators, fine chemicals, monomers | 200.00 | 297.15 | 219.78 | 62.90 | -2.98 | -5.41 | | Hunan Jiuri | Subsidiary | Production and sales of photoinitiators, fine chemicals | 250.00 | 826.31 | 548.62 | 264.55 | 47.02 | 40.29 | | Jiuruixianghe | Subsidiary | Sales of photoinitiators, monomers, resins, and fine chemicals | 50.00 | 547.57 | 65.30 | 401.65 | 0.49 | 0.34 | | Hong Kong Jiuri | Subsidiary | Overseas sales of photoinitiators and other products | 0.5 million HKD | 124.72 | 29.65 | 241.14 | 14.79 | 14.79 | | Inner Mongolia Jiuri | Subsidiary | Production and sales of photoinitiators, fine chemicals | 300.00 | 1,013.97 | 709.71 | 105.80 | -20.07 | -20.07 | | Dajing Information | Subsidiary | Production and sales of information chemicals, coatings, chemical and biomedical raw materials, R&D | 250.01 | 287.08 | 190.04 | 5.74 | -18.10 | -18.10 | | Jiuri Semiconductor | Subsidiary | R&D, manufacturing, and sales of semiconductor-related chemical materials | 200.00 | 153.26 | 131.85 | 1.52 | -7.88 | -7.78 | | Hongrun Chemical | Subsidiary | R&D, production, and sales of chemical products | 173.10 | 264.37 | 149.73 | 124.01 | -2.42 | -2.39 | | Hongyuan Tiancheng | Associate | Production and operation of chemical products; purchase and sale of mineral products, building materials, and chemical products | 37.33 | 84.95 | 53.15 | 38.28 | 3.52 | 3.52 | [Corporate Governance, Environment, and Society](index=39&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in directors and senior management, profit distribution plans, environmental disclosure, and contributions to poverty alleviation and rural revitalization [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=39&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Mr. Kou Fuping, a director, vice president, and core technical personnel, resigned from his vice president and core technical roles due to retirement but continues to serve as a company director and consultant - On January 24, 2025, Mr. Kou Fuping, a director, vice president, and core technical personnel of the company, resigned from his positions as vice president and core technical personnel due to retirement[142](index=142&type=chunk) - After resigning from the aforementioned positions, Mr. Kou Fuping will continue to serve as a company director and as a consultant through a re-employment arrangement after retirement[142](index=142&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=39&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This semi-annual report does not include a profit distribution plan or a capital reserve conversion plan - This semi-annual report does not include a profit distribution plan or a capital reserve conversion plan[142](index=142&type=chunk) [List of Enterprises Required to Disclose Environmental Information by Law](index=39&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has six major subsidiaries included in the list of enterprises required to disclose environmental information, with their respective environmental information disclosure reports available for query - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **6**[143](index=143&type=chunk) - These enterprises include Shandong Jiuri Chemical Technology Co., Ltd., Hunan Jiuri New Material Co., Ltd., Inner Mongolia Jiuri New Material Co., Ltd., Huaihua Taitong New Material Technology Co., Ltd., Dajing Information Chemical Products (Xuzhou) Co., Ltd., and Hunan Hongrun Chemical Technology Co., Ltd[144](index=144&type=chunk) [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=40&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company's subsidiary, Shandong Jiuri, supported rural revitalization efforts through a donation, demonstrating the company's commitment to social responsibility - On May 13, 2025, Shandong Jiuri donated **50,000 yuan** through the Zhao Wang Village Committee of Liubao Town, Wudi County, for "garden co-construction" rural revitalization work[145](index=145&type=chunk) [Significant Matters](index=41&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section addresses the fulfillment of commitments, significant litigation, integrity status, related party transactions, major contracts, and the use of raised funds [Fulfillment of Commitments](index=41&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company, its controlling shareholder, actual controller, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments made during the initial public offering and listing process, including share restrictions, information disclosure, and anti-fraud measures - The company's actual controller, shareholders, related parties, directors, supervisors, senior management, and core technical personnel have strictly fulfilled all commitments related to the initial public offering, including share restrictions, lock-up periods, truthfulness of prospectus, anti-fraud issuance, return compensation, and avoidance of horizontal competition[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Significant Litigation and Arbitration Matters](index=50&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) A construction contract dispute involving the company's controlling subsidiary has reached a final judgment, ordering the subsidiary to pay engineering fees and related interest, leading the company to apply for compulsory enforcement due to the counterparty's non-compliance - The company's controlling subsidiary Dajing Information and its controlling sub-subsidiaries Jinghong Bio, Keli Bio, and Dajing New Material are involved in a construction engineering contract dispute with Nantong Changcheng Construction Group Co., Ltd[181](index=181&type=chunk) - The Xuzhou Intermediate People's Court of Jiangsu Province issued a final judgment, ordering the four Dajing companies to pay engineering fees of **20,694,035.04 yuan** and related interest, compensation of **2,587,190.00 yuan** and related interest, among other items[182](index=182&type=chunk) - As Nantong Changcheng failed to comply with the second instance judgment, the company's relevant controlling subsidiaries and sub-subsidiaries have filed an application for compulsory enforcement with the Pizhou People's Court of Jiangsu Province[183](index=183&type=chunk) [Explanation of Integrity Status](index=51&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no adverse records - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no records of failing to comply with effective court judgments or having large overdue debts[183](index=183&type=chunk) [Significant Related Party Transactions](index=51&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in several significant related party transactions during the reporting period, including daily purchases and sales, participation in equity investment funds, and fund capital reductions, all processed with due approval and disclosure - The estimated total amount for daily related party transactions in 2025 is **65.00 million yuan**, including **14.00 million yuan** for raw material purchases from related parties and **51.00 million yuan** for product and commodity sales to related parties[184](index=184&type=chunk) - During the reporting period, the company and its consolidated subsidiaries and sub-subsidiaries purchased **3.38 million yuan** in raw materials from related parties and sold **2.67 million yuan** in products and commodities to related parties[184](index=184&type=chunk) - The company, as a limited partner, participated in the establishment of Ruiwu No. 2 Fund, with a planned capital contribution of **19.00 million yuan**, accounting for **38.00%**, and since Ruixing Investment is a related party, this constitutes a related party transaction[186](index=186&type=chunk) - The Haihe Bohong Fund, in which the company participated, underwent a capital reduction due to the exit of some projects, reducing the company's subscribed capital contribution from **29.70 million yuan** to **26.69 million yuan**, with the subscribed capital contribution ratio remaining unchanged[188](index=188&type=chunk) [Major Contracts and Their Fulfillment](index=53&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no external guarantees during the reporting period but provided guarantees totaling **1.17 billion yuan** to several subsidiaries, representing **45.84%** of its net assets, with **365 million yuan** provided to entities with a debt-to-asset ratio exceeding 70% - During the reporting period, the company's external guarantees totaled **0 yuan**, and the total guarantee balance at the end of the reporting period was **0 yuan** (excluding guarantees to subsidiaries)[193](index=193&type=chunk) - During the reporting period, the company's guarantees to subsidiaries totaled **385.00 million yuan**, and the total guarantee balance to subsidiaries at the end of the reporting period was **1.17 billion yuan**[194](index=194&type=chunk) - The total guarantee amount represents **45.84%** of the company's net assets[194](index=194&type=chunk) - The amount of debt guarantees provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding **70%** was **365.00 million yuan**[194](index=194&type=chunk) [Explanation of Progress in Use of Raised Funds](index=56&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's overall utilization of raised funds reached **66.00%**, with over-allotment funds at **112.53%**; during the reporting period, some projects were terminated, funds reallocated to new projects, and idle funds managed for cash, which have since been returned Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Raised Funds | 1,854,157,424.00 | | Net Raised Funds | 1,709,292,953.28 | | Total Committed Investment of Raised Funds in Prospectus | 1,595,420,800.00 | | Total Over-Allotment Funds | 113,872,153.28 | | Cumulative Raised Funds Invested as of Period-End | 1,128,108,981.83 | | Cumulative Raised Funds Investment Progress as of Period-End (%) | 66.00 | | Cumulative Over-Allotment Funds Invested as of Period-End | 128,140,133.18 | | Cumulative Over-Allotment Funds Investment Progress as of Period-End (%) | 112.53 | | Amount Invested in Current Year | 59,317,808.84 | | Total Raised Funds with Changed Purpose | 1,339,763,234.25 | - The company terminated the implementation of the "Jiuri New Material (Dongying) Co., Ltd. Annual Production of 87,000 Tons of Photocurable Series Materials Project" and the "Annual Production of 24,000 Tons of Photoinitiator Project" (Huaihua Jiuyuan Project)[202](index=202&type=chunk)[206](index=206&type=chunk) - The company reallocated a portion of the raised funds from the terminated projects, for which the purpose was not yet determined, to the "Hunan Hongrun Chemical Technology Co., Ltd. 8,000 tons/year Photoinitiator H4 Ketone Project"[218](index=218&type=chunk) - The company utilized a maximum of **300.00 million yuan** of idle raised funds to temporarily supplement working capital, with an actual use of **250.50 million yuan**, which was fully repaid on July 2, 2025[225](index=225&type=chunk) - As of June 30, 2025, the balance of temporarily idle raised funds used for cash management was **610.00 million yuan**, generating investment income of **2,218,774.27 yuan** in the current period[227](index=227&type=chunk) [Share Changes and Shareholder Information](index=65&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of share capital changes, shareholder structure, and the holdings of directors, supervisors, and senior management [Share Capital Change](index=65&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total ordinary shares or share capital structure - During the reporting period, there were no changes in the company's total ordinary shares or share capital structure[230](index=230&type=chunk) [Shareholder Information](index=65&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **10,918** ordinary shareholders, with the top ten shareholders holding a concentrated stake, and Mr. Zhao Guofeng being the largest shareholder, married to Ms. Wang Lixin, and brother to Ms. Zhao Meifeng - Total number of ordinary shareholders at the end of the reporting period: **10,918** households[231](index=231&type=chunk) Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhao Guofeng | 29,459,697 | 18.27 | Domestic Natural Person | | Xie Minyu | 9,488,369 | 5.89 | Domestic Natural Person | | Wang Lixin | 2,214,791 | 1.37 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - Penghua Quality Governance Stock Fund (LOF) | 2,137,299 | 1.33 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Noah Pioneer Mixed Fund | 1,862,617 | 1.16 | Other | | Shandong Shengfeng Investment Co., Ltd. | 1,639,000 | 1.02 | Domestic Non-State-Owned Legal Person | | Industrial and Commercial Bank of China Co., Ltd. - Penghua Industry Select Flexible Allocation Mixed Fund | 1,606,915 | 1.00 | Other | | China Merchants Bank Co., Ltd. - E Fund Innovation Growth Mixed Fund | 1,519,871 | 0.94 | Other | | Xiang Jinsheng | 1,500,000 | 0.93 | Domestic Natural Person | | Zhao Meifeng | 1,011,320 | 0.63 | Domestic Natural Person | - Mr. Zhao Guofeng and Ms. Wang Lixin are spouses; Mr. Zhao Guofeng is the actual controller of Shandong Shengfeng Investment Co., Ltd.; Mr. Zhao Guofeng and Ms. Zhao Meifeng are siblings[234](index=234&type=chunk) [Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=67&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, senior management, and core technical personnel - During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, senior management, and core technical personnel[236](index=236&type=chunk) [Bond-Related Information](index=69&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section addresses the company's status regarding corporate bonds and non-financial enterprise debt financing instruments [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=69&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - Not applicable to corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments[239](index=239&type=chunk) [Convertible Corporate Bonds](index=69&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - Not applicable to convertible corporate bonds[239](index=239&type=chunk) [Financial Report](index=70&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Audit Report](index=70&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=70&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the semi-annual period - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[241](index=241&type=chunk)[245](index=245&type=chunk)[249](index=249&type=chunk)[252](index=252&type=chunk)[261](index=261&type=chunk)[266](index=266&type=chunk) [Company Basic Information](index=85&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established in 1998, has undergone multiple capital changes, with a registered capital of **161.23 million yuan** as of June 30, 2025, ultimately controlled by Zhao Guofeng and Wang Lixin, and primarily engaged in chemical raw materials and products manufacturing - Tianjin Jiuri New Material Co., Ltd. was established on October 30, 1998, originally named Tianjin Jiuri Chemical Industry Co., Ltd[269](index=269&type=chunk) - As of June 30, 2025, the company's registered capital is **161.23 million yuan**, its legal representative is Zhao Guofeng, and the ultimate actual controllers are Zhao Guofeng and Wang Lixin (couple)[275](index=275&type=chunk) - The company belongs to the chemical raw materials and chemical products manufacturing industry, primarily engaged in the R&D, production, and sales of a series of photoinitiators, with no change in its main business during the reporting period[275](index=275&type=chunk) [Basis of Financial Statement Preparation](index=86&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and interpretations, with no identified issues affecting its going concern ability - The company's financial statements are prepared on a going concern basis, with recognition and measurement based on actual transactions and events, in accordance with enterprise accounting standards and their application guidelines and interpretations[276](index=276&type=chunk) - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability, thus the preparation of financial statements on a going concern basis is reasonable[277](index=277&type=chunk) [Significant Accounting Policies and Estimates](index=86&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies and estimates for financial instruments, business combinations, revenue recognition, inventory, long-term equity investments, fixed assets, intangible assets, employee compensation, estimated liabilities, government grants, and deferred income tax - The company adheres to the statement of enterprise accounting standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, and the bookkeeping base currency being RMB[279](index=279&type=chunk)[280](index=280&type=chunk)[282](index=282&type=chunk) - Financial assets are measured at fair value upon initial recognition, with subsequent measurement depending on their classification: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in the contract, specifically when the customer obtains control of the relevant goods, and confirms revenue based on conditions such as product delivery to the customer and receipt of payment or payment vouchers as per contract terms[375](index=375&type=chunk)[378](index=378&type=chunk) - The company assesses long-term equity investments in subsidiaries, joint ventures, and associates, as well as fixed assets, right-of-use assets, and intangible assets, for impairment indicators at the balance sheet date and conducts impairment tests as necessary[364](index=364&type=chunk) [Taxation](index=113&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and its subsidiaries' main taxes include VAT and corporate income tax, benefiting from a 15% high-tech enterprise income tax rate and a 13% export tax rebate policy Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13% (domestic sales, processing services); 6% (consulting, technical services); 5%, 3% (simplified tax method) | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 16.5%, 15%, 8.25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2% | | Water Conservancy Fund | 0.5%, 0.06% | - The company and its subsidiaries Shandong Jiuri, Hunan Jiuri, Hunan Hongrun Chemical, Huaihua Taitong, and Inner Mongolia Jiuri all enjoy a **15% corporate income tax preferential rate** as high-tech enterprises[419](index=419&type=chunk)[420](index=420&type=chunk)[421](index=421&type=chunk) - The export tax rebate rate for goods declared for export by the company and its subsidiaries is **13%**[415](index=415&type=chunk) [Notes to Consolidated Financial Statement Items](index=114&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including cash, financial assets, receivables, inventory, borrowings, revenue, and costs, explaining period-end balances and changes - The period-end balance of monetary funds is **686,273,556.11 yuan**, of which **25,743,379.05 yuan** is deposited overseas[422](index=422&type=chunk) - The period-end balance of trading financial assets is **240,397,666.67 yuan**, primarily debt instruments measured at fair value with changes recognized in current profit or loss[424](index=424&type=chunk) - The period-end book balance of accounts receivable is **260,676,131.47 yuan**, with a bad debt provision of **18,689,017.78 yuan**[431](index=431&type=chunk) - The period-end book value of inventory is **363,271,257.34 yuan**, with inventory impairment provisions and contract performance cost impairment provisions totaling **26,547,631.62 yuan**[467](index=467&type=chunk) - The period-end balance of short-term borrowings is **705,112,763.93 yuan**, primarily comprising guaranteed borrowings and credit borrowings[533](index=533&type=chunk) - Operating revenue for the current period is **713,497,467.46 yuan**, and operating cost for the current period is **617,145,723.11 yuan**[590](index=590&type=chunk) [R&D Expenses](index=179&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D expenses for the reporting period amounted to **36.50 million yuan**, primarily consisting of employee compensation and direct inputs, with all R&D expenses treated as period costs R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 18,048,866.64 | 17,541,497.86 | | Direct Inputs | 12,291,563.32 | 14,359,575.39 | | Depreciation and Amortization | 5,336,765.61 | 5,191,508.90 | | Technical Services and Development Fees | 457,975.74 | 1,704,232.50 | | Other | 364,951.26 | 846,754.83 | | **Total** | **36,500,122.57** | **39,643,569.48** | | Of which: Expensed R&D Expenditure | 36,500,122.57 | 39,643,569.48 | | Capitalized R&D Expenditure | | | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses[631](index=631&type=chunk) [Changes in Consolidation Scope](index=179&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no changes in the company's consolidation scope, with no non-same-control or same-control business combinations, reverse acquisitions, or disposals of subsidiaries - There were no changes in the consolidation scope in the current period due to non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[632](index=632&type=chunk)[633](index=633&type=chunk) [Interests in Other Entities](index=181&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in multiple subsidiaries across various business areas, including photoinitiators, fine chemicals, and semiconductor materials, with Hunan Hongrun Chemical Technology Co., Ltd. being a significant non-wholly owned subsidiary - The company owns subsidiaries including Shandong Jiuri, Tianjin Jiuruixianghe, Hunan Jiuri, Changzhou Jiuri, Tianjin Jiuyuan Technology, Jiuri New Material (Hong Kong), Inner Mongolia Jiuri, Xuzhou Dajing New Material, Dajing Information, Tianjin Jiuri Semiconductor, Huaihua Jiuyuan, Hunan Hongrun Chemical, Jinghong Bio, Keli Bio, Huaihua Taitong, Guangzhou Jiuri, Changzhou Jiusheng, and Jiuri Japan[634](index=634&type=chunk) - Hunan Hongrun Chemical Technology Co., Ltd. is a significant non-wholly owned subsidiary, with a minority shareholder stake of **43.6742%**, and the current period's profit attributable to mino

Core Viewpoint - The company reported a revenue of 713 million yuan for the first half of 2025, representing a year-on-year decrease of 7.11%, while the net loss attributable to shareholders narrowed by 29.69% to 9.0573 million yuan [1] Financial Performance - Revenue for the first half of 2025 was 713 million yuan, down 7.11% compared to the same period last year [1] - The net loss attributable to shareholders was 9.0573 million yuan, which is a 29.69% improvement from the previous year's loss [1] Business Operations - The company's main business and core competitiveness have not experienced significant adverse changes during the reporting period [1] - There are no major risks to the company's ongoing operations [1] Market Environment - The external environment is gradually recovering, but full recovery will require time [1] - If the industry and downstream market conditions do not meet expectations in the future, the company may face risks of performance decline and continued losses [1]

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Group 1 - The company has multiple photoinitiators, such as TPO and 184, that can be used in 3D printing materials [2] - Sales of photoinitiators in the 3D printing sector have been steadily increasing in recent years, particularly in 3D printing inks [2]

Group 1 - The company, Jiu Ri New Materials (688199.SH), has confirmed that small samples of related semiconductor materials have been validated and are currently in the medium-scale verification stage [1]

Group 1 - The company, Jiu Ri New Materials (688199.SH), has multiple photoinitiators available for use in 3D printing materials, such as TPO and 184 [1] - Sales of photoinitiators in the 3D printing sector have been steadily increasing in recent years, particularly in the area of 3D printing inks [1]