Core Insights - The article highlights that Zhongling Technology, a domestic precision metal mask (FMM) manufacturer, has completed a C-round financing of over 400 million RMB, led by Shenzhen Capital Group with participation from several other institutions [1][4]. Financing and Investment - The funds from this financing round will be allocated as follows: 50% for R&D, including FMM product iteration, domestic production of Invar metal ultra-thin strips, and development of new businesses in photovoltaics and semiconductors; 30% for expanding G8.6 generation FMM production capacity and overseas market layout; and 20% for working capital and IPO reserves [1][4]. Product and Technology - FMM is a critical consumable in OLED display panel manufacturing, where its precision determines screen resolution and display quality. The product utilizes a dense array of micro or sub-micro holes on a metal sheet to control the deposition of RGB organic light-emitting materials, ensuring independent and precise deposition of each sub-pixel [1][4]. Market Position and Production Capacity - Zhongling Technology specializes in ultra-fine metal sheet processing, with product offerings that include high-end ultra-fine processing products for display panels, display terminals, and VR/AR displays [1][4]. - The company has invested over 100 million RMB in the G8.6 generation FMM project, with core equipment for the production line already moved in and other supporting equipment being installed and tested [4]. Achievements and Validation - The company has achieved large-scale production of domestically produced FMM using Invar alloy thin strips, with 20μm thick FMM products validated and supplied in bulk to leading domestic panel manufacturers, supporting the launch of high PPI smartphones like the Xiaomi 17 Pro Max [4].

Core Viewpoint - The company, Dinglong Co., Ltd. (300054.SZ), reported a significant increase in sales revenue from semiconductor display materials, indicating strong growth potential in the OLED display panel market [1] Group 1: Financial Performance - In the first half of 2025, the sales revenue from semiconductor display materials reached 271 million yuan, representing a year-on-year growth of 61.90% [1] - The growth was driven by the continued expansion of existing products such as YPI, PSPI, and TFE-INK, along with the ongoing customer validation of new products like PFAS Free PSPI [1] Group 2: Market Opportunities - The company aims to enhance the penetration of its display material products in panel manufacturers, capitalizing on the strong downstream demand in the OLED display panel industry [1] - The domestic OLED production capacity is expected to grow rapidly, providing further opportunities for the company's display materials business to maintain a fast growth trajectory [1]