（编辑 王雪儿） 证券日报网1月29日讯 ，龙图光罩在接受调研者提问时表示，珠海二期工程按计划顺利推进，主体厂房 已于2025年9月完成封顶，该项目是公司突破高端制程、扩大产能的战略性布局，将补充高端制程及新 兴应用领域产能。目前公司资产负债率处于较低水平，未来将考虑通过债权、股权融资等方式筹集项目 资金，具体方案将结合资本市场环境、监管政策及公司财务状况审慎决策，严格履行信息披露义务。 ...

Core Viewpoint - The company has made significant progress with its third-generation mask plate PSM products, enhancing its influence in high-end processes and expanding its downstream coverage [1] Group 1: Product Development - The company’s KrF-PSM and ArF-PSM products have been sent to select customers for testing and validation [1] - The 90nm node product has successfully transitioned from R&D to mass production, while the 65nm product has begun sample validation [1] - The company has completed the layout for 40nm production equipment, further strengthening its capabilities in advanced manufacturing [1] Group 2: Production and Growth Strategy - The Zhuhai facility commenced small-scale mass production in the second quarter and is expected to gradually ramp up production in the second half of 2025 [1] - The company aims to drive performance growth through a dual-engine strategy of "high-end process breakthroughs and customer structure upgrades" [1]

Core Viewpoint - Longtu Photomask, a leading player in the semiconductor photomask sector, successfully listed on the STAR Market, with its closing price on the first day rising by 121.6% from the issue price, marking it as a notable company in the semiconductor supply chain [1]. Company Performance - In 2024, Longtu Photomask achieved a revenue of 247 million yuan, a year-on-year increase of 12.92%, and a net profit attributable to shareholders of 91.83 million yuan, up 9.84%, indicating stable performance [6]. - The company has maintained a high level of R&D investment, with R&D expenses reaching 23.05 million yuan in 2024, a 14.25% increase year-on-year, and accounting for 10.40% of revenue [6]. - Longtu Photomask has established long-term stable partnerships with key clients such as SMIC, Silan Microelectronics, and BYD Semiconductor, enhancing its competitive edge through rich project experience and industry know-how [6]. Technological Advancements - Longtu Photomask has developed a comprehensive technical system covering CAM, lithography, and inspection, with 14 core process technologies, including industry-leading OPC compensation and PSM phase-shifting mask technologies [4]. - The company has made significant progress in its third-generation PSM products, with successful transitions from R&D to mass production for 90nm products and ongoing sample testing for 65nm products [8]. Market Outlook - The global semiconductor photomask market is projected to reach $6 billion by 2025, with China's market expected to approach 5 billion yuan, indicating a growing demand for photomasks [9]. - The shift of semiconductor chip production capacity to mainland China is becoming inevitable, with 15 out of 60 new 300mm wafer fabs being established in the region from 2020 to 2024, further driving the local semiconductor materials supply chain [9]. Industry Context - Currently, the domestic production rate of semiconductor photomasks in China is around 10%, with high-end photomasks at only 3%, highlighting the critical need for domestic production to address supply chain vulnerabilities [10]. - Government policies are increasingly supporting the semiconductor industry, with investments directed towards key materials like photomasks, which are essential for ensuring supply chain security [10]. - Longtu Photomask is positioned to benefit significantly from the domestic substitution trend, leveraging its technological and production capacity advantages to capture growth opportunities in the market [11].