Tianjin Jiuri New Materials (SH:688199) Xin Lang Cai Jing·2026-01-05 04:03Group 1 - UV coatings lead the downstream application of photoinitiators in China, with UV inks following closely behind, driving continuous market demand [1][15] - The photoinitiator market is characterized by high technical barriers and concentration, with leading companies like Jiu Ri New Materials dominating the market [1][27] Group 2 - The UV coatings industry in China has shown steady growth, with market value increasing from 4.785 billion yuan in 2019 to 6.238 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of approximately 5.45% [3][17] - UV inks, recognized for their environmental advantages, have expanded rapidly, with market value rising from 3.675 billion yuan in 2019 to 6.157 billion yuan in 2024, achieving a CAGR of 10.87% [4][19] Group 3 - China's photoinitiator production has increased from 38,400 tons in 2019 to 59,000 tons in 2024, with market value growing from 3.693 billion yuan to 5.15 billion yuan [8][22] - The demand for photoinitiators is projected to reach 38,000 tons in 2024, representing a year-on-year growth of 8.57% [22] Group 4 - Since 2025, the price of photoinitiators has begun to rise due to supply-demand imbalances, with prices reaching 95 yuan per kilogram by August 2025, marking a cumulative increase of over 26% for the year [12][26] - The market is experiencing tightening supply due to production halts from manufacturers facing safety and environmental issues, while demand is bolstered by the recovery of the PCB industry and the acceleration of domestic photomask production [12][26] Group 5 - Jiu Ri New Materials is the largest producer of photoinitiators in China, with a production volume of 19,900 tons in 2024, capturing a market share of 33.73% [13][27] - The company achieved record sales of 23,100 tons, with a revenue of 1.093 billion yuan, reflecting a year-on-year growth of 15.19% [27]