Core Viewpoint - LG Chem and Noritake have successfully developed a high-performance silver paste specifically for silicon carbide (SiC) power semiconductors, which can withstand high temperatures of 300℃, addressing the adhesive technology bottleneck in electric vehicle power modules and supporting next-generation 800V high-voltage platforms and autonomous driving systems [1][4]. Company Overview - LG Chem, founded in 1947 and headquartered in Seoul, South Korea, is the largest chemical company in South Korea, with diverse operations in petrochemicals and IT materials, including optical display materials and printed circuit materials. It developed Korea's first lithium-ion battery in 1999 and became the world's third-largest battery manufacturer by the end of 2011, supplying batteries for multiple electric vehicle brands [3]. - Noritake, established in 1876, has over 120 years of experience in advanced ceramics and is a leading grinding and polishing company in Japan, providing products for the automotive, electronics, and semiconductor industries. It has diversified its technology applications into electronic components and battery materials [3]. Product Development - The newly developed silver paste utilizes nano-sized silver (Ag) particles, combining LG Chem's particle engineering technology with Noritake's particle dispersion technology, showcasing excellent heat resistance and thermal conductivity. This innovation maintains long-term stability at room temperature, simplifying inventory management by eliminating the need for refrigeration and reducing material loss during production [3][4]. - The collaboration aims to extend into the semiconductor packaging materials sector, creating a comprehensive solution for electric vehicle materials. Future developments will focus on adhesive materials that support higher power density and ultra-fast heat dissipation for cutting-edge applications such as autonomous driving lidar and hydrogen fuel cell stacks [4].

Core Viewpoint - Shenzhen Chuangzhixin Technology Co., Ltd. (Chuangzhixin) has submitted its IPO application to the Hong Kong Stock Exchange after withdrawing its A-share IPO application, aiming for faster capital market support and international exposure [12][13]. Group 1: Company Overview - Chuangzhixin, established in 2006, is the largest domestic provider of wet process coating materials in China and ranks sixth in the domestic market for wet process coating materials [2][4]. - The company has transitioned from initial losses to significant revenue growth, with revenues of 320 million yuan, 312 million yuan, and 410 million yuan from 2022 to 2024, and a gross profit margin increasing from 32.3% in 2022 to 42.8% in 2024 [3][4]. Group 2: Financing and Investment - Chuangzhixin has completed multiple financing rounds, raising approximately 589 million yuan, with significant investments from various funds and institutions [6]. - The company plans to allocate about 45% of the funds raised from the IPO for new production lines and service upgrades, with additional funds for R&D, strategic expansion, and general corporate purposes [1]. Group 3: Management and Innovation - The current general manager, Yao Yu, is the daughter of major shareholder Yao Cheng, and they are jointly driving the company's development [10]. - Chuangzhixin holds 71 invention patents and 61 utility model patents domestically, along with 6 overseas invention patents, showcasing its technological advantages in the coating materials sector [10].

Core Viewpoint - The company Huahai Chengke reported a mixed financial performance for Q1 2025, with revenue growth but a significant decline in net profit due to increased costs related to employee stock incentives and depreciation from new facilities [1][2]. Financial Performance Summary - Q1 2025 revenue reached 83.87 million yuan, a year-on-year increase of 15.84% compared to 72.40 million yuan in the same period last year [2]. - Net profit attributable to shareholders decreased by 43.56% to 7.21 million yuan from 12.77 million yuan year-on-year [2]. - The company's net profit after excluding non-recurring items fell by 48.97% to 6.56 million yuan from 12.86 million yuan year-on-year [2]. Annual Performance Overview - For the full year 2024, Huahai Chengke achieved a revenue of 332 million yuan, up 17.23% from 283 million yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 was 40.06 million yuan, reflecting a 26.63% increase from 31.64 million yuan in 2023 [3]. - The net profit after excluding non-recurring items rose by 24.59% to 34.13 million yuan from 27.40 million yuan year-on-year [3]. Product and Market Insights - Huahai Chengke specializes in the research, production, and sales of epoxy molding compounds and electronic adhesives, primarily used in semiconductor packaging and board-level assembly [4]. - The production of epoxy molding compounds reached 12,400 tons in the reporting period, marking a 20.40% increase, with revenue from this segment at 316 million yuan, up 18.81% [4]. - The adhesive segment saw a production decline of 20.92% to 36.23 tons, but revenue increased by 8.44% to 15 million yuan, with a gross margin of 35.05%, down 7.02 percentage points from the previous year [4]. Strategic Initiatives - The company is planning to acquire 100% of Hengsu Huawai through a combination of cash and stock issuance, which is expected to enhance production scale and efficiency [5]. - A project to build a high-density integrated circuit and system-level module packaging epoxy molding compound facility is underway, with an expected annual production capacity of 11,000 tons upon completion [5]. - As of the reporting period, the company has invested 184 million yuan in fundraising projects, achieving 63.83% of the planned progress [5].

股票简称：华海诚科 股票代码：688535 江苏华海诚科新材料股份有限公司 Jiangsu HHCK Advanced Materials Co., Ltd. （连云港经济技术开发区东方大道 66 号） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （上海市静安区新闸路1508号） 二〇二三年四月三日 江苏华海诚科新材料股份有限公司 上市公告书 特别提示 江苏华海诚科新材料股份有限公司（以下简称"华海诚科"、"发行人"、"公 司"或"本公司"）股票将于 2023 年 4 月 4 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 江苏华海诚科新材料股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本公司提醒广大投资者认真阅读 ...