《商道创投网》2025年7月31日从官方获悉：致知博约近日完成了由险峰长青、鼎兴量子、国汽投资、 成都倍特及海河清韦五家机构联合投资的数千万元Pre-A轮融资，万世资本担任独家财务顾问。 《商道创投网》创业家会员·单位简介： 致知博约2022年成立于陕西，起步于军工特种材料，现以底层树脂自主改性为核心，贯通显示面板、半 导体封装及军工场景的高端电子材料全链条。团队曾攻克电子级杂质离子控制、填料均匀分散及长期信 赖性三大难关，首颗LCD封装胶已在京东方8.5代线通过1000小时严苛验证。 致知博约CEO孙九立表示：本轮资金将集中投向华南、长三角及四川三地生产基地扩建，同步引入高 端半导体封装检测设备，并将研发队伍再扩充30%，以加速下一代高可靠封装材料的迭代落地。 《商道创投网》创投家会员·本轮投资原因是什么？ 险峰长青合伙人赵阳表示：致知博约从军工到半导体的技术迁移路径清晰，底层树脂自主改性的技术壁 垒高，且已获头部面板厂验证；核心团队兼具学术、产业背景，具备持续突破材料极限的潜力，这正是 我们押注国产高端封装材料的最大信心来源。 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帅表示：本次 ...

Group 1 - The core viewpoint of the news highlights the contrasting performance of the company in 2024 and Q1 2025, with a significant decline in 2024 followed by a remarkable profit surge in Q1 2025, primarily driven by subsidiaries [1][6] - In 2024, the company's total revenue decreased by 15.49% to 9.146 billion yuan, and net profit dropped by 34.78% to 148 million yuan, indicating challenges in core business operations [1][2] - The company's cash flow from operating activities turned negative, dropping from 221 million yuan in 2023 to -54.52 million yuan, reflecting insufficient cash generation from core operations [2][3] Group 2 - In Q1 2025, net profit surged by nearly 14,698%, reaching 67.38 million yuan, largely due to the performance of subsidiaries, which raises concerns about the sustainability of this growth [1][3] - The main revenue-generating products faced significant declines: platinum group metals revenue fell by 28.94%, rare earth materials by 13.95%, and infrared optical materials by 20.16%, while thin film materials saw a 46.53% increase [2][4] - The company achieved several technological breakthroughs, including advancements in high-purity metal targets and rare earth green extraction, but the low R&D expenditure relative to revenue (2.27%) poses a risk to maintaining its competitive edge [4][5] Group 3 - The company faces multiple challenges for future growth, including cyclical fluctuations in the semiconductor and rare earth industries, high competition from international giants, and uncertainty regarding the sustainability of subsidiary contributions [5][6] - Despite the strategic focus on four major sectors (electric, magnetic, optical, and medical), the company must navigate the risks associated with commodity price volatility and market competition [5][6] - The company's efforts in capacity expansion and industry chain integration are ongoing, but their effectiveness will require time to validate [5][6]

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the report suggests a focus on domestic companies capable of achieving domestic substitution in high-end materials [5]. Core Insights - The antitrust investigation into DuPont China Group is a landmark event for the industry, signaling accelerated growth for domestic enterprises in the high-end materials sector [2]. - The investigation reflects China's strategic response to foreign competition in the chemical high-end materials market, allowing domestic companies to compete more fairly and potentially reduce procurement costs for downstream enterprises [3][4]. - DuPont's significant reliance on the Chinese market, contributing approximately 18% (around $2.29 billion) to its global revenue, indicates that the company is unlikely to abandon this market despite the ongoing investigation [4]. Summary by Sections Event Overview - On April 4, DuPont China Group was investigated for allegedly violating the Anti-Monopoly Law of the People's Republic of China [1]. Event Analysis - The antitrust investigation is seen as a pivotal moment for the industry, coinciding with recent tariff increases imposed by the U.S. on China, which further emphasizes the competitive landscape [2]. - China's chemical market is the largest globally, with domestic companies having made significant advancements in self-sufficiency and competitiveness in the mid-to-low-end product segments [2]. Company Insights - DuPont has a strong presence in protective materials, photovoltaic materials, membrane materials, and electronic materials, having evolved from its origins in military explosives to a leader in fine chemicals [3]. - The antitrust investigation presents opportunities for domestic companies to break existing exclusive agreements and enhance their market positions [3]. Investment Recommendations - The report advises focusing on domestic companies that are positioned to lead in high-end material substitutions, leveraging the current market dynamics [5].