Investment Rating - The industry investment rating is "Add" (Maintain) [1] Core Viewpoints - The supply of photoinitiators is becoming concentrated, and demand in emerging fields is booming, leading to a recovery in industry prosperity [1] - Photoinitiators are essential raw materials for light-curing materials, accounting for 3%-5% of the total usage in these materials, but their cost constitutes 10%-15% of the overall cost of light-curing products [2] - The demand for photoinitiators is expected to grow due to the expansion of applications in both traditional and emerging fields, such as automotive parts, electronics, PCB manufacturing, and 3D printing [2] Summary by Sections Basic Information - Photoinitiators are crucial for UV coatings, inks, and adhesives, enabling the curing process through exposure to specific wavelengths of light [2] - Light-curing materials are environmentally friendly and energy-efficient alternatives to traditional solvent-based products, contributing to the reduction of VOC emissions [2] Industry Trends - The main domestic manufacturers of photoinitiators have faced production halts, which may lead to collaborative development within the industry [5] - The competitive landscape shows that China is a major producer of photoinitiators, with significant production capacities from companies like Jiu Ri New Materials and Qiangli New Materials [5] Supply and Demand Dynamics - Supply-side challenges include production stoppages due to safety and environmental issues at key manufacturers, which may hinder recovery efforts [5] - The demand for photoinitiators is driven by the growth of light-curing applications in new sectors, indicating a positive outlook for the industry [5] Related Companies - Key companies in the industry include Jiu Ri New Materials, Qiangli New Materials, Yangfan New Materials, and Gurin Technology [6]

Core Viewpoint - The fire incident at Jiangxi Yangfan's workshop may impact the supply of light curing agent intermediates, particularly affecting the production of light curing agent 907, which is crucial for various applications including PCB inks and fine chemicals [3][4]. Group 1: Incident Overview - On June 9, 2025, a fire occurred at Jiangxi Yangfan, a wholly-owned subsidiary of Yangfan New Materials, resulting in one employee sustaining minor burns [3]. - The local emergency management bureau has mandated Jiangxi Yangfan to halt production and operations for rectification [3]. Group 2: Production Capacity and Revenue Impact - Jiangxi Yangfan has an intermediate production capacity of 3,170 tons, contributing approximately 47.3% of Yangfan New Materials' total revenue of 346 million yuan in 2024 [3]. - The company also has additional production capacities in Inner Mongolia (15,275 tons) and a new facility in Zhejiang (2,200 tons) [3]. Group 3: Market Demand and Supply Dynamics - The demand for light curing agent 907 is driven by the PCB industry, which is experiencing growth due to the recovery in electronic consumer products and the rising computational needs of emerging industries like AI [4]. - Major suppliers of light curing agent 907 in China include Jiurich New Materials and Yangfan New Materials, with the latter relying on intermediates like mercaptan compounds for production [4]. Group 4: Price Trends and Market Outlook - The market for light curing agents has seen continuous growth in production and sales, although prices have fluctuated significantly due to regulatory policies and external factors [5]. - Following a period of price decline from 2020 to 2023, the prices of light curing agents are expected to stabilize and potentially recover as unfavorable factors dissipate, benefiting leading companies in the industry [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The photopolymerization industry is gradually improving, and the company is a leading player in the photoinitiator field with advanced technology, strong new product development capabilities, and global influence [26]. - The application scenarios of the company's photopolymerization products are becoming more extensive, and the future development prospects are broad [28]. - The company is confident in achieving profitability as the prices of its main photoinitiators have rebounded, and it expects the production and sales of photosensitizers to reach a certain scale [28]. - The company's photosensitizers and photoresists have gradually achieved large - scale sales, which will bring new growth to the company [29]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Tianjin Jiuri New Materials Co., Ltd., belonging to the chemical products industry. The reception time was May 22, 2025. The listed company's reception personnel included the chairman, president, independent director, vice - president, board secretary, and financial director [17]. 3.2. Detailed Research Institutions The reception objects included online investors, and the reception object type was related to institutional personnel and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Product Application and Market Situation** - The company's photoinitiators and photosensitizers can be used in the robot field, such as robot shells, components, and circuit boards [25]. - The company has business exchanges with a subsidiary of Huawei, and its photosensitizer products are in the trial - use stage [26]. - As of March 31, 2025, the company had 11,307 shareholders [26]. - The company's upstream raw material prices are relatively stable, and the prices of photoinitiators are gradually increasing [28]. - The company's photosensitizer products need to reach a certain scale of production and sales to achieve profitability [28][30]. - The company has launched new photoinitiator products, and its photosensitizers and photoresists have gradually achieved large - scale sales [29]. - The company's photosensitizers have signed multiple ton - level orders, and the sales of photoresists have exceeded one ton in total. The test performance indicators of related products can compete with similar imported products in the domestic market [30]. - **Semiconductor and Chemical Materials** - The company's semiconductor - related products include semiconductor i - line photoresists, LED g - line/h - line photoresists, panel photoresists, photosensitizers for photoresists, and other products, and it is also developing photo - acid generators [31]. - The company's 4,500 - ton photoresist production line started trial production in November 2024, and the sales have exceeded one ton while the production capacity is still in the climbing stage [31][38]. - **Business Strategy and Response Measures** - The company will seriously consider suggestions on mergers, acquisitions, and reorganizations [27]. - The company will strive to improve its operations, performance, and corporate value to bring good returns to investors [33]. - The company's exports to the United States account for a relatively low proportion of its total revenue, and most of its products are not within the scope of the previous US tariff increases [31]. - The company will start equity incentive work when the time is right [35]. - The company will actively look for suitable targets for mergers and acquisitions according to relevant policies [36]. - The company aims to achieve the localization of photosensitizers and photoresists using its photosensitizers as core raw materials to ensure the stability, continuity, and safety of the supply of corresponding photoresist products [36]. - The company is closely monitoring peer information and market changes and adjusting product prices in real - time [36].