关于参加"2023 年陕西辖区上市公司投资者集体 西安瑞联新材料股份有限公司 证券代码：688550 证券简称：瑞联新材 公告编号：2023-031 接待日暨 2022 年度业绩说明会"的公告 公司总经理王小伟先生、副总经理、董事会秘书兼财务负责人王银彬先生（如 有特殊情况，参会人员可能进行调整）将通过互动平台与投资者进行网络沟通和 交流。 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。 重要内容提示： 活动时间：2023 年 5 月 16 日（星期二）15:00-17:00 活动召开方式：网络互动 网址："全景路演"（http://rs.p5w.net） 一、说明会类型 西安瑞联新材料股份有限公司（以下简称"公司"）已于2023年4月17日披露 《2022年年度报告》，为促进公司规范运作、健康发展，增强公司信息透明度， 加强与广大投资者沟通交流，进一步提升投资者关系管理水平，公司将于2023 年5月16日（星期二）参加"2023年陕西辖区上市公司投资者集体接待日暨2022 年度业绩说明会"活动。 二、说明会召开的时间、方式 ...

西安瑞联新材料股份有限公司 关于参加上海证券交易所 2022 年度行业 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 证券代码：688550 证券简称：瑞联新材 公告编号：2023-032 会议召开时间：2023 年 5 月 19 日（星期五）下午 14:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：视频和线上文字互动 投资者可于 2023 年 5 月 10 日至 5 月 17 日 16:00 前将有关问题通过电子 邮件的形式发送至公司投资者关系邮箱 securities@xarlm.com 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 本次投资者说明会以视频和网络互动形式召开，公司将针对 2022 年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地 ...

2023 年第一季度报告 证券代码：688550 证券简称：瑞联新材 西安瑞联新材料股份有限公司 2023 年第一季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同 | | | --- | --- | --- | --- | | | | 期增减变动幅度(%) | | | 营业收入 | 273,954,748.77 | | -35.53 | | 归属于上市公司股东的净利润 | 14,061,419.20 | | -82.38 | | 归属于上市公司股东的扣除非经 | 10,583,891.09 ...

Dividend Distribution and Share Capital - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares (tax included) and a capital reserve of 4 shares per 10 shares, totaling a cash dividend of 117,336,746.40 yuan (tax included) and an increase of 39,112,249 shares, resulting in a total share capital of 137,510,945 shares[5] - The direct cash dividend amount for the year accounts for 47.59% of the net profit attributable to the company's shareholders in the consolidated financial statements[5] - The company's total share capital as of December 31, 2022, was 98,398,696 shares, with 618,074 shares in the repurchase account, resulting in a base of 97,780,622 shares for the dividend distribution[5] Financial Performance - Revenue for 2022 was 1,480,379,426.82 yuan, a decrease of 2.96% compared to 2021[24] - Net profit attributable to shareholders in 2022 was 246,538,464.91 yuan, an increase of 2.82% compared to 2021[24] - Total assets at the end of 2022 were 3,340,456,607.74 yuan, a decrease of 12.79% compared to the end of 2021[24] - Basic earnings per share in 2022 were 2.52 yuan, a decrease of 26.32% compared to 2021[25] - Net cash flow from operating activities in 2022 was 193,633,969.15 yuan, an increase of 8.01% compared to 2021[24] - Weighted average return on equity (ROE) in 2022 was 8.53%, a decrease of 0.14 percentage points compared to 2021[25] - Revenue for Q1 was 424.91 million RMB, Q2 was 472.29 million RMB, Q3 was 291.72 million RMB, and Q4 was 291.47 million RMB[28] - Net profit attributable to shareholders was 79.80 million RMB in Q1, 81.37 million RMB in Q2, 48.01 million RMB in Q3, and 37.36 million RMB in Q4[28] - Non-recurring gains and losses for 2022 totaled 21.997 million RMB, including government subsidies of 10.050 million RMB and gains from financial assets of 8.857 million RMB[31] - Total assets at the end of 2022 were 3.3 billion RMB, a decrease of 13% year-over-year, while net assets attributable to shareholders increased by 4% to 3.0 billion RMB[39] - The company's overall gross margin for 2022 was 39%, an increase of 4 percentage points compared to 2021, driven by R&D innovation, product mix optimization, and favorable foreign exchange movements[39] - Main business revenue decreased by 3.17% year-on-year to 1,477.21 million yuan, while operating costs decreased by 8.05% to 907.19 million yuan[111] - Display materials revenue increased by 3.97% to 1,249.88 million yuan, with a gross margin increase of 6.01 percentage points[114] - Pharmaceutical intermediates revenue decreased by 35.21% to 182.33 million yuan, with a gross margin decrease of 2.28 percentage points[114] - Overseas business revenue decreased by 1.16% to 980.96 million yuan, with a gross margin increase of 2.97 percentage points[114] - Direct sales model revenue decreased by 3.17% to 1,477.21 million yuan, with a gross margin increase of 3.26 percentage points[114] - Production volume of display materials decreased by 13.97% to 285.11 tons, while inventory increased by 32.59%[115] - Production volume of pharmaceutical intermediates decreased by 51.04% to 35.72 tons, with sales volume decreasing by 42.86%[115] - Direct material costs for display materials decreased by 4.61% to 635.29 million yuan, accounting for 79.13% of total costs[117] - Direct material costs for pharmaceutical intermediates decreased by 48.45% to 32.37 million yuan, accounting for 43.44% of total costs[117] - The company achieved a revenue of 1.480 billion yuan in 2022, a decrease of 2.96% compared to 2021[108] - Net profit attributable to shareholders was 246.54 million yuan, an increase of 2.82% year-on-year[108] R&D and Innovation - R&D investment accounted for 7.05% of revenue in 2022, an increase of 1.59 percentage points compared to 2021[25] - R&D expenses increased by 25% to 104.41 million yuan, accounting for 7% of main business revenue[44] - 13 new invention patent applications were added, with a total of 51 patents under application and 67 patents authorized[45] - The company's R&D investment in 2022 was RMB 104.41 million, a 25.34% increase from the previous year, accounting for 7.05% of total revenue[78] - The company has accumulated 67 authorized patents, including 57 invention patents and 10 utility model patents[76] - OLED material R&D achieved a production scale of 740.00 kg, with some materials already passing customer device evaluations and starting pilot-scale production[81] - The company developed high-efficiency OLED materials, such as the 13b-boron naphthalene series, which has been applied to OLED panels to improve device luminous efficiency[81] - The company's R&D personnel totaled 359, accounting for 20.55% of the total workforce, with an average salary of 165,400 RMB[84] - The company has accumulated 67 authorized patents, with 13 new patent applications filed in the reporting period and 51 pending approvals[86] - The company's R&D investment remains high, supporting continuous technological development and product innovation[88] - The company developed longer-lifetime OLED materials, such as the deuterated carbazole series, which has entered pilot testing and is expected to extend OLED device lifespan[81] - The company completed the development of 2-4 pharmaceutical intermediate projects, with some products already undergoing customer sample evaluations[81] - The company's R&D system includes specialized departments for OLED, pharmaceuticals, and liquid crystal research, supported by pilot-scale production and quality testing[86] - The company's advanced quality control and testing capabilities ensure product purity and stability, with technical indicators surpassing national standards[87] - The company developed high-efficiency OLED materials, such as the furan series, which has completed industrial process research and is being introduced to the market[81] - The company successfully completed over 60 pilot-scale projects in 2022, with a success rate exceeding 95%[89] - R&D expenses increased by 25.34% to 104.41 million yuan in 2022[110] Business Segments - Display materials segment revenue was 1.249 billion RMB, accounting for 84.43% of total revenue, with a gross margin of 36%, up 6 percentage points from 2021[40] - OLED business revenue increased significantly, with its share of total revenue approaching 40%, and a notable rise in high-value products generating over 10 million RMB in revenue[41] - Pharmaceutical CDMO segment revenue decreased by 35.21% to 182.33 million yuan, accounting for 12.32% of total revenue, with a gross margin of 59%[42] - Electronic chemicals and new materials segment revenue increased by 6.99% to 45 million yuan, accounting for 3.04% of total revenue[43] - The company's deuterated OLED material sales accounted for 27% of total OLED material sales in 2022[65] - The company has expanded into the pharmaceutical CDMO business, leveraging its expertise in chemical synthesis, purification, and trace analysis from the display materials sector. The current focus is on small molecule chemical drug intermediates, primarily for innovative drugs[66] - As of the end of 2022, the company has 140 pharmaceutical pipelines, a net increase of 40 compared to the end of 2021. Among these, 103 are for innovative drugs, 32 for generic drugs, and 5 are unknown[67] - The company's pharmaceutical pipelines are categorized by progress: 47 are commercialized, 27 are in Phase III clinical trials or post-clinical, 16 are in Phase II clinical trials, 47 are in Phase I clinical trials or pre-clinical, and 3 are unknown[67] - The company has developed multiple photoresist materials, including semiconductor photoresist monomers, TFT planarization layer photoresist, and film material intermediates. These are primarily targeted at the Japanese and European markets[69] - The company's photoresist materials business, though currently small in scale, has high added value and significant market potential, particularly as products pass testing and achieve mass production[69] - The company's pharmaceutical CDMO business is a long-term strategic focus, with continuous optimization in talent acquisition and R&D investment to enrich product variety and structure[67] - The company's photoresist materials include semiconductor photoresist monomers (ArF, KrF, and EUV) and display photoresist (TFT planarization layer photoresist), with applications in LCD panel TFT substrate planarization protection layers[69] - The company's pharmaceutical pipelines cover a wide range of therapeutic areas, including lung cancer, cardiovascular diseases, bacterial infections, diabetes, and various cancers[67] - The company's chemical raw materials and chemical products manufacturing segment generated revenue of 14.772 billion yuan, with a gross profit margin of 38.59%, an increase of 3.26 percentage points year-on-year[150] Market and Industry Trends - Global display panel shipment area decreased by 4% to 250 million square meters, with market size down 21.72% to 123 billion USD[56] - AMOLED panel shipment area in 2022 was approximately 14.12 million square meters, accounting for 5.7% of global display panel shipments, with a market size of $42.6 billion, representing 35% of the global display panel market[57] - Global foldable smartphone shipments in 2022 reached 14.2 million units, a 77.5% YoY increase, with China's foldable market shipments at 3.3 million units, up 118% YoY[57] - OLED automotive display panel shipment area in 2022 was 28,406 square meters, an 86% YoY increase, with shipments expected to grow from 570,000 units in 2022 to 5.2 million units by 2027, a CAGR of 56%[57] - Global OLED TV shipments in 2022 were 7.4 million units, accounting for 3% of total TV shipments, with a forecasted 11% YoY growth to 8.52 million units in 2023[58] - Global LCD TV panel shipments in 2022 were approximately 197 million units, the lowest in 10 years, with Mini LED TV shipments at 3 million units[59] - Global pharmaceutical R&D expenditure grew from $159.4 billion in 2016 to $201.9 billion in 2022, with a projected increase to $232.5 billion by 2026[62] - Global chemical drug CDMO market size increased from $25.9 billion in 2016 to $37.5 billion in 2020, with a projected growth to $46.9 billion in 2022[62] - China's share in the global pharmaceutical CDMO market is expected to rise from 9.5% in 2021 to around 16% by 2026[62] - Global semiconductor market size grew from $412.2 billion in 2017 to $573.5 billion in 2022, with semiconductor materials reaching a record $69.8 billion in 2022[63] - The global demand for mixed crystal materials decreased by 4% in 2022, driven by reduced production of liquid crystal panels[163] - In 2022, OLED smartphone screens accounted for 65% of shipments and 76.8% of revenue in the OLED panel market[164] - Domestic OLED panel manufacturers increased their market share to 21.3% in the global smartphone panel market, while Samsung Display's market share dropped to 63%[164] - The global CDMO market is highly fragmented, with over 60% of the market share concentrated in Europe, the US, and Japan[166] - China's CDMO market is projected to reach 123.5 billion yuan by 2025, accounting for 16% of the global market by 2026[166] - China's photoresist production is expected to reach 190,000 tons in 2022, a 27% year-on-year increase, with a market size of 9.86 billion yuan, up 6% year-on-year[167] - OLED panel shipments and material demand continued to grow in 2022, with high-end OLED products significantly increasing their market share[171] - The liquid crystal panel industry is expected to recover slowly in 2023, with demand potentially returning to 2021 levels by the second half of the year[173] Strategic Initiatives and Future Plans - The company plans to increase R&D investment in photoresist and other electronic chemicals, accelerate new product market promotion, and optimize business structure in 2023[170] - The company aims to improve OLED product gross margin through process optimization and increase R&D investment to enhance new product development efficiency[172] - The company's pharmaceutical CDMO business is focused on extending from intermediates to API and formulation CDMO, with plans to submit 2-4 projects for regulatory approval in 2023[175] - The company's electronic chemicals and new materials business aims to achieve initial large-scale sales of reserve products and maintain continuous revenue growth in 2023[177] - Continue to increase R&D investment and introduce high-end R&D personnel to optimize the talent retention system and address common technical challenges across business segments[178] - Strengthen inventory management by analyzing the causes of inventory formation, especially controllable "management issues," to improve inventory turnover efficiency and reduce overall inventory levels[179] - Implement "material balance calculation" and "fine production scheduling" to enhance production efficiency and ensure stable, timely, and efficient supply for major clients[180] - Optimize business processes and organizational structure to improve operational efficiency and meet customer needs more effectively[181] - Focus on cost control and efficiency improvement in human resources, while enhancing risk response capabilities and optimizing personnel structure[182] - Strategically reserve talent in the pharmaceutical field and improve the KPI system to strengthen performance management and incentive mechanisms[183] - Establish a robust corporate governance framework to ensure compliance with legal and regulatory requirements and protect shareholder rights[186] - Revise key internal systems, including the "Related Party Transaction Management System" and "Fundraising Management System," to enhance governance mechanisms[186] - The company held a total of 5 shareholders' meetings in 2022, all of which complied with relevant laws and regulations, and the resolutions were legally valid[190] - The company's Chairman, Liu Xiaochun, increased his shareholding by 1,836,674 shares, reaching a total of 6,402,109 shares by the end of 2022, due to the implementation of the 2021 equity distribution and the first vesting period of the restricted stock incentive plan[193] - Vice Chairman Liu Qianfeng's shareholding increased by 223,863 shares, totaling 761,645 shares by the end of 2022, also due to the 2021 equity distribution and restricted stock incentive plan[193] - General Manager Wang Xiaowei's shareholding rose by 141,628 shares, reaching 469,449 shares by the end of 2022, driven by the same factors[193] - The company approved the investment in the OLED and other functional materials production project, with changes in the total investment amount and implementation period[189] - The company passed a resolution to invest in the construction of the Dali Ruilian sublimation front OLED materials and high-end fine chemical industry base project[189] - The company proposed a plan to issue convertible bonds to unspecified targets, including the issuance scheme, feasibility analysis, and use of raised funds[189] - The company approved the use of excess raised funds to permanently supplement working capital[189] - The company revised its registered capital and articles of association, and completed the industrial and commercial registration changes[189] - The company implemented a three-year (2022-2024) shareholder dividend return plan[189] - The company implemented the 2021 restricted stock incentive plan, with the first vesting period resulting in significant stock allocations for executives, such as Hu Zhan receiving 4.011 million shares and Zhou Quan receiving 23.845 million shares[197] - The 2021 equity distribution and share capital increase led to additional stock allocations, including Hu Zongxue receiving 7.519 million shares and Lu Zhiyong receiving 12.838 million shares[197] - Zhao Tong, the Quality Inspection Director, received 3.500 million shares as part of the first vesting period of the 2021 restricted stock incentive plan[199] - He Hanjiang, the R&D Director, was allocated 3.360 million shares under the same 2021 restricted stock incentive plan[199] - Li Qigui, the Deputy Chief Engineer, received 76.738 million shares as part of the first vesting period of the 2021 restricted stock incentive plan[199] - Guo Qiang, the LCD R&D Manager, was allocated 11.078 million shares under the 2021 restricted stock incentive plan[199] - Mao Tao, the OLED Research Manager, received 3.360 million shares as part of the first vesting period of the 2021 restricted stock incentive plan[199] Subsidiaries and Investments - The company established a new subsidiary, Japan Ruilian, in 2022[119] - The company invested 26 million yuan during the reporting period, a 100% increase compared to the same period last year[154] - The company invested RMB 26,000,011.80 in Hairong Pharmaceutical, acquiring a 0.9936% stake, with funds sourced from its own capital[155] - The company established a new subsidiary in Japan, investing 5,000万日元 (approximately RMB 250,000), holding 100% ownership, with funds sourced from its own capital[155] - The fair value of other financial assets increased by RMB 760,000,000, reaching a total of RMB 1,070,000,000 by the end of the reporting period[156] - The company's subsidiary, Weinan Haitai, reported total assets of RMB 57,225.37 million, with a net profit of RMB 2,290.02 million[158] -

证券代码：瑞联新材 证券简称：688550 西安瑞联新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|--------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 | | | 参与单位名 称及人员姓 | | 广大投资者与公司通过网络进行文字互动交流 | | 名 | | | | 时间 | 2022 年 5 月 11 日 | 9:00-10:00 | | 地点 | 上海证券交易所上证路演中 ...

证券代码：瑞联新材 证券简称：688550 西安瑞联新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------------|------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | 投资者关 | 媒体采访 | 业绩说明会 | | 系活动类 别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 | | | 参与单位 名称及人 员姓名 | | 广大投资者与公司通过网络进行文字互动交流 | | 时间 2022 | 年 5 月 13 日 | 15:00-17:00 | | | 地点 全景网路 ...

证券代码：688550 证券简称：瑞联新材 2022 年 3 月 西安瑞联新材料股份有限公司 关于接待机构调研的会议纪要 2022 年 3 月，西安瑞联新材料股份有限公司通过线上会议接待机构调研 1 次，交流机构为工银瑞信、天风证券。具体交流情况如下： 一、 参会人员 公司参会人员：董事长 刘晓春、财务总监兼董事会秘书 王银彬、证券事务 代表 武丹 二、 调研主要问题 2022 年 3 月，公司董事长刘晓春先生、财务总监兼董事会秘书王银彬先生 与调研机构进行交流，内容主要集中于公司医药业务及未来发展规划。具体 回复情况如下： 1. 问题：2022 年对 PA0045 有怎样的预期？ 回复：从往年的情况看，预期是一直在增长的，而且客户比较谨慎，一般预 期相对保守，实际订单会更多。 2. 问题：艾乐替尼的新片段目前是什么情况？ 回复：这个片段和 PA0045 配套用在新剂型上，目前国外验证还未结束，预 计今年下半年会量产，产量会有一个爬坡的过程，最终销量要看新剂型取代 老剂型的比例。 3. 问题：艾乐替尼新片段的售价和毛利率如何？ 回复：和 PA0045 差不多。 4. 问题：PA0045 在客户供应链中的占比如 ...

Group 1: Company Strategy and Business Segments - The liquid crystal segment is the company's core business, aiming to expand product variety and market share [3] - OLED is a long-term focus, with plans for new product development and process optimization [3] - The pharmaceutical segment is also a core business, with a focus on accelerating the construction of GMP factories for better performance in raw materials [3] Group 2: Market Conditions and Impact - The decline in LCD panel prices has minimal impact on the company due to already low margins [4] - The growth in the LCD segment is driven by high demand in the display industry and increased material consumption due to the pandemic [5] - OLED demand is supported by rising sales of OLED TVs and foldable smartphones, with expectations for continued growth [10] Group 3: Production and Capacity - The company has sufficient capacity to meet the growing orders for deuterated materials, with new production lines expected to come online [7] - The production model for OLED materials is based on a CDMO approach, allowing for customized production based on client needs [5] - The company anticipates that the gross margin for OLED will surpass that of LCD as production stabilizes and order sizes increase [8] Group 4: Research and Development - The company employs a collaborative approach with clients, engaging from the R&D phase through to clinical trials and market launch [14] - The focus on small molecule organic chemical synthesis underpins the company's competitive advantage in both display materials and pharmaceuticals [14] Group 5: Financial Performance and Projections - The company expects stable gross margins for LCD materials if exchange rates and raw material prices remain stable [19] - The OLED segment is projected to see significant growth, with sales of OLED TVs expected to rise from 7.4 million units in 2021 to over 11 million units in 2022 [12] - The pharmaceutical segment's growth is slower due to the lengthy development process for innovative drugs, but remains a strategic focus [18]

证券代码：688550 证券简称：瑞联新材 2022 年 6 月 西安瑞联新材料股份有限公司 关于接待机构调研的会议纪要 2022 年 6 月，西安瑞联新材料股份有限公司接受现场调研 1 次，通过线上 会议接待机构调研多次，参与机构包括招易方达基金、招商基金、农银基金、鹏 华基金、华安基金、中信证券、广发证券、中银证券、泰康资管等。具体交流情 况如下： 一、 参会人员 公司参会人员：董事长 刘晓春、财务总监兼董事会秘书 王银彬 二、 调研主要问题 2022 年 6 月，公司董事长刘晓春先生、财务总监兼董事会秘书王银彬先生 与调研机构进行交流，内容主要集中于显示材料行业发展趋势及公司新能源 材料项目进展等方面。具体交流情况如下： 1. 问题：目前显示材料的国产化率大概多少，未来如何变化？ 答：2021 年末公司在全球单晶市场的占有率大概是 27%，再加上其他国内单 晶企业的份额，我们估计国产单晶大概占据全球市场份额 70%左右，随着液 晶面板的国产化率越来越高，这两个占比未来大概率还是增长的。OLED 材 料因为专利的原因大部分依赖国外进口。 2. 问题：显示材料今年的预期有何变化？ 答：液晶板块上半年是超预期 ...

证券代码：688550 证券简称：瑞联新材 2022 年 5 月 西安瑞联新材料股份有限公司 关于接待机构调研的会议纪要 2022 年 5 月，西安瑞联新材料股份有限公司通过线上会议接待机构调研 6 次，包括广发证券、民生加银、中欧基金、嘉实基金、建信理财、文渊投资、海 通证券、长江证券、开源证券、民生证券等机构。具体交流情况如下： 一、 参会人员 公司参会人员：董事长 刘晓春、财务总监兼董事会秘书 王银彬 二、 调研主要问题 2022 年 5 月，公司召开了两场业绩说明会，以文字互动的方式与广大投资 者交流，会后多家机构与董事长刘晓春先生、财务总监兼董事会秘书王银彬 先生进行了交流，内容以公司业务情况及未来规划为主。具体交流情况如下： 1. 问题：公司主要的业务都有哪些，这些业务之间有什么联系？ 答：公司业务分四大板块，液晶的产品是单体液晶，下游客户是混合液晶材 料商，再向下游是面板厂和终端设备厂商；OLED 的产品主要为 OLED 升华前 材料，客户主要是 OLED 材料商，下游也是面板商；医药业务的产品目前是 医药中间体，未来会做原料药，电子化学品这两年主要的产品是 VC、FEC、 膜材料中间体和光刻胶 ...