BOE(SZ:000725) 3 6 Ke·2025-07-30 07:46Core Insights - Semiconductor packaging materials company "Zhizhi Boyue" has recently completed a multi-million Pre-A round financing, with investments from five institutions including Qiming Venture Partners and Dingxing Quantum [1][3] - The funds will be used for the construction of production bases in South China, the Yangtze River Delta, and Sichuan, as well as to expand the R&D team and introduce semiconductor packaging testing equipment [1][3] Company Overview - "Zhizhi Boyue" was established in 2022 in Shaanxi, focusing on the localization of high-end electronic materials in display panels, semiconductor packaging, and military industries [1][3] - The company’s core technology is based on self-modified underlying resins, making it one of the few domestic companies that achieve a full chain of high-end packaging materials [1][3] Technical Capabilities - The team has overcome three major technical barriers: control of electronic-grade impurity ions (PPB level), uniform dispersion of fillers, and long-term reliability [1][3] - The first product, LCD packaging adhesive, has passed a 1000-hour stability test at 60°C and 90% humidity in BOE's 8.5 generation line [1][3] Market Context - Currently, 60% of global LCD panel production capacity is in mainland China, but 85% of high-end packaging adhesives are imported from international giants, with a verification cycle lasting up to two years [3][4] - Testing costs are extremely high, with a single test requiring 2-3 days of downtime on production lines worth billions, making it difficult for most companies to obtain testing opportunities [4] Business Strategy - The company targets leading customers, with initial products tied to the development of new models for BOE and Huaxing Optoelectronics [4] - Operating with a light asset model, the first modular production line in Xi'an is only a few hundred square meters, and materials are sold by the gram to reduce fixed asset investment [4] Future Plans - "Zhizhi Boyue" plans to establish a subsidiary in Beijing by 2025 to enter the automotive packaging materials market and develop an AI simulation system to optimize device testing processes [4] - The company is also advancing other business lines, with its negative photoresist for displays passing the first round of verification by BOE, and semiconductor wafer UV debonding glue entering the pilot test stage [4] Team Composition - The general manager, Sun Jiuli, holds a PhD from Northwestern Polytechnical University and has over ten years of experience in industrial transformation [4] - The chief scientist, Professor Miao, is a doctoral supervisor at Xi'an University of Technology, focusing on display materials research [4]