问：尊敬的刘董事长：能否从您资深的显示材料行业专家身份谈谈，下半年显示材料行业量价走势如何演绎？目前公 司显示材料开工率怎么样？ 答：尊敬的投资者您好！根据和下游材料、面板企业的沟通，下半年显示行业的整体市场表现和上半年较为接近。随 着国产液晶面板和国产混晶材料在全球市占率的提升，国内液晶单体生产厂商之间的竞争越发激烈，降价无法避免； 就OLED材料而言，材料更新迭代加快，新品价格高，老产品量升价跌是正常的市场规律，整体价格较为稳定。目前 公司产线的利用率约80%左右。感谢您的关注。 问题2请问国资介入公司的目的是什么？算财务投资还是要给公司赋能什么？ 证券之星消息，2025年8月27日瑞联新材(688550)发布公告称公司于2025年8月27日召开业绩说明会。 具体内容如下： 问题3请问公司光刻胶的种类？月产量？ 尊敬的投资者您好！公司目前现金流较为充沛，资产负债率较低，财务结构稳健。后续若有新的重大战略投资或业务 拓展计划，公司也将综合评估内外部资源，审慎做出融资决策。感谢您的关注。 尊敬的投资者您好！公司的光刻胶材料涉及两类一是平坦层光刻胶，用于显示面板，正在推进在下游面板厂商的验 证。二是半导体光刻胶 ...

今年上半年，公司在有机颜料领域，持续深耕新技术开发与应用，加大研发投入，加速产品升级迭代， 以更好地满足市场需求。其中，颜料产品实现营收2.62亿元，较上年同期增长4.49%；毛利率为 20.50%，保持稳健增长。 据了解，公司颜料产品在油性油墨中颜料具有色彩鲜艳、润湿性好、流平性好，在水性油墨中粘度低、 分散性好、粘度存放稳定性优异的性能。凭借颜料表面处理的核心技术，优化合成工艺、环保工艺、添 加不同多组分反应物，使公司产品具有很强的竞争优势。主要产品经专家认定达到国内领先水平，部分 产品性能达到国际先进水平。 与此同时，基于行业发展趋势和自身技术优势，公司通过控股子公司启辰半导体新材料(盘锦)有限公司 开展光刻胶领域业务，聚焦于半导体光刻胶上游材料苯乙烯类光刻胶单体、树脂的研发与生产。主要应 用于KrF光刻胶、紫外光固化胶粘剂、电子级溶剂与OLED半导体化学品等，以高纯度单体为突破口， 迈出布局光刻胶单体等高纯电子材料的第一步。 事实上，联合化学深耕颜料行业多年，已经积累了丰富的精细化工合成、表面处理等经验，与部分电子 化学品存在技术协同。公司可通过技术迁移快速切入电子化学品细分领域，再逐步向更高端环节拓 ...

首批次新材料是指在行业内实现原始创新或显著技术突破，拥有自主知识产权，进入市场初期尚未 形成规模化应用的新材料产品。开展首批次新材料认定，可以破解新材料产业"无材可用、有材不好 用、好材不敢用"的发展瓶颈，加速创新产品从生产线走向市场应用。 昆山企业艾森股份生产的一款负性光刻胶是此次入选的产品之一，它直接瞄准芯片制造的关键环 节。该企业研发的铜凸块用高性能厚膜负性光刻胶，突破了此前产品均一性差、形貌不良、耐受性差等 技术难题。 近日，江苏省工信厅发布2025年首批次新材料认定结果，此次全省共评选出33项新材料产品，其中 苏州有7个产品入选，数量位列全省第一。这些产品广泛应用于半导体、高端装备、新能源等领域。据 悉，这是江苏首次开展此项认定工作。 ...

Core Viewpoint - The rapid development of the semiconductor industry has intensified competition in the photoresist market, prompting raw material companies to expand downstream into the photoresist sector to enhance their business scope and resource integration [1]. Group 1: Market Demand and Growth Potential - The semiconductor market is experiencing significant growth due to the rapid development of artificial intelligence and high-performance computing, leading to a substantial increase in demand for computing chips. Additionally, the continuous growth of wafer production capacity in mainland China, focusing on mature processes, is driving the demand for semiconductor photoresists. It is predicted that by 2025, the market size for semiconductor photoresists in mainland China will reach 4.985 billion yuan [4]. - The domestic photoresist market has long relied on imports, with a very low localization rate for high-end photoresists. In the context of "import substitution," the government has introduced a series of policies to support the development of the semiconductor materials industry. Companies expanding into photoresists and their raw materials can help break foreign monopolies and meet the urgent demand for photoresists in the domestic semiconductor industry [6]. Group 2: Strategic Transformation and Market Competitiveness Enhancement - By producing their own raw materials, photoresist companies can reduce procurement costs, thereby increasing profit margins [7]. - The stability of raw material supply is crucial in the photoresist industry chain. Raw material companies expanding into photoresists can better integrate the supply chain, reducing production risks associated with fluctuations in raw material supply and enhancing supply chain stability and controllability [7]. - Expanding into the photoresist sector allows upstream raw material companies to diversify their business and reduce reliance on a single product. Conversely, photoresist companies moving upstream can better meet the downstream market's demand for high-end photoresists, especially in advanced processes [7]. - By extending into the photoresist field, companies can establish closer relationships with downstream customers, increasing customer loyalty and further enhancing market share [7]. - The government has implemented a series of policies to support the semiconductor materials industry, including tax incentives, industrial fund support, research project support, and standardization efforts. These policies are aimed at fostering the development of the semiconductor materials sector [7]. - The development of the photoresist industry requires collaborative efforts between upstream and downstream companies. A comprehensive industry chain layout can help form industry alliances to jointly promote the development of the photoresist sector [7].

Group 1 - The A-share market saw a significant rise in photolithography stocks, with notable increases in share prices for several companies [1] - Juguang Technology experienced a 15.04% increase, while Xinlai Materials rose by 12.44%, and Baotong Technology increased by 10.31% [2] - Other companies such as Haili Co., Ltd. and Zhongchuan Special Gas also showed strong performance, with Haili Co. reaching a 10% increase [1][2] Group 2 - The total market capitalization for Juguang Technology is approximately 88.96 billion, with a year-to-date increase of 55.42% [2] - Xinlai Materials has a market value of 15.2 billion and has seen a year-to-date increase of 37.39% [2] - Baotong Technology's market capitalization stands at 11.5 billion, with a year-to-date increase of 50.74% [2]

Group 1 - The A-share market saw a rise in photolithography stocks, with Wavelength Optoelectronics increasing by over 9% [1] - Zhangjiang Hi-Tech experienced a rise of over 7% [1] - Hanghua Co., Taihe Technology, and others rose by over 5% [1] Group 2 - Prilite, Haili Co., and Feikai Materials increased by over 4% [1] - Guolin Technology, Maolai Optics, and Blue Eagle Equipment rose by over 3% [1]

Core Viewpoint - The article summarizes key insights from the "Photoresist Industry Research Report" published by TrendBank, focusing on the photoresist industry chain, application scenarios, industry barriers, and market competition landscape, which aids companies in making informed strategic decisions [2] Key Data - In 2024, China's wafer production capacity is projected to reach 7.5 million pieces per month, representing a year-on-year growth of 13.86% compared to 2023 [3] - The global display panel market size is expected to reach 1.33 trillion yuan in 2024, with an anticipated growth to over 1.4 trillion yuan in 2025, reflecting a year-on-year increase of 6% [4] - From 2019 to 2024, there have been 58 financing events involving photoresist companies in mainland China, with notable large-scale financing [5] Market Size Projections - The market size for semiconductor photoresists in mainland China is projected to be 4.985 billion yuan by 2025 [6] - The market size for display photoresists in mainland China is expected to reach 10.848 billion yuan by 2025 [7] National Policy Support - National policies are empowering the photoresist industry in four major directions: - Tax incentives for integrated circuit enterprises and projects, encouraging the development of materials and components, including photoresists [8] - Import tax incentives for materials like photoresists to reduce costs and promote industry growth [8] - Investment from the National Integrated Circuit Industry Investment Fund, with over 50 billion yuan planned for key material research and industrialization [8] - Special funding exceeding 2 billion yuan for research and innovation in photoresist technology [8]

Group 1 - The A-share photoresist sector is active in early trading, with Kangpeng Technology rising over 7% [1] - Jiuri New Materials and Yida Co., Ltd. both increased by more than 4% [1] - Other companies such as Shanghai Xinyang, Jingrui Electric Materials, Jiaxian Co., Ltd., and Guangxin Materials also experienced gains [1]

Core Viewpoint - The establishment of the first domestic 100-ton semiconductor KrF photoresist resin production line by Eight Billion Space is expected to generate over 100 million yuan in revenue upon reaching full capacity [1][3]. Group 1: Company Overview - Eight Billion Space, a wholly-owned subsidiary of Beijing Eight Billion Space Liquid Crystal Technology Co., Ltd., focuses on semiconductor materials and display panel materials, particularly in photoresist raw materials and photo-sensitive polyimide [5]. - The company has established a comprehensive quality management system covering product development to production control, ensuring the provision of high-quality products and services in the domestic semiconductor materials industry [7]. Group 2: Production Capacity and Plans - Eight Billion Space plans to gradually expand its production capacity based on market conditions, aiming for an annual production capacity of 200-300 tons of high-end photoresist resin within the next five years [2]. - The company has designed two fully autonomous production lines to meet the differentiated needs of the entire industry lifecycle, with expectations of achieving tens of millions in revenue by the second half of 2025 as production capacity is gradually released [3]. Group 3: Production Lines and Technology - The high-flexibility R&D pilot line is designed to meet the "small batch, multiple varieties" R&D iteration and pilot verification needs of domestic photoresist manufacturers and research institutions, enabling rapid switching of different formulations and processes [4]. - The high-capacity mass production line focuses on efficiency and stability, ensuring high consistency between product batches and providing strong material support for the large-scale application of domestic high-end photoresists [4]. Group 4: Product Development and Capabilities - Eight Billion Space has developed multiple technologies for the development of photoresist resins, capable of independently developing KrF and ArF series resins, and has conducted resin procurement verification with several leading companies in the photoresist sector [7]. - The company is also engaged in the synthesis and mass production of electronic-grade monomers and PAG photo acids for KrF, ArF, and PSPI photoresist resins, with capabilities for custom synthesis [10].

Core Viewpoint - The global and Chinese photoresist market is experiencing growth driven by the semiconductor and display panel industries, with future demand expected to increase significantly despite recent fluctuations in specific sectors [5][10]. Group 1: Global Photoresist Market Overview - The global photoresist market size is expected to grow at an annual rate of approximately 5% from 2022 to 2027, despite a 2% decline in 2022 due to decreased demand in the new display industry [5]. - In the semiconductor sector, the global market size reached $573.5 billion in 2022, with a year-on-year growth of 3.2%, and photoresist consumption in this sector was approximately 23.8 billion yuan, growing by 8% [6]. - The new display panel market saw a decline in 2022, with a total shipment area of 237 million square meters, down 4.3%, leading to a 19% decrease in photoresist consumption to about 12.6 billion yuan [7]. - The PCB industry is projected to grow at an average annual rate of 4% from 2022 to 2027, with photoresist consumption in this sector reaching approximately 16.3 billion yuan in 2022, a 2% increase [9]. Group 2: Chinese Photoresist Market Overview - China's photoresist demand is expected to grow at an average annual rate of 7% from 2022 to 2027, despite the market size remaining stable in 2022 compared to 2021 [12]. - In the semiconductor sector, China's photoresist consumption reached 4.6 billion yuan in 2022, with a growth rate of 15%, and is expected to grow at 10% annually over the next five years [13]. - The new display sector in China saw a decline in photoresist consumption to 6.1 billion yuan in 2022, down 13%, but is projected to grow at 8% annually in the coming years [14]. - The PCB industry in China had a total output value of $43.6 billion in 2022, with photoresist consumption reaching approximately 10.1 billion yuan, a 3% increase [16]. Group 3: Development Status of China's Photoresist Industry - The domestic production rate of photoresists is relatively low, with significant reliance on imports for semiconductor and display panel photoresists [19]. - Several domestic companies have made progress in the production of G/I line photoresists, with KrF photoresists seeing some successful local production [25]. - The market for TFT positive photoresists is dominated by foreign companies, with domestic production accounting for about 20% of the total market [32]. - The PCB photoresist market is characterized by a growing domestic supply of wet film photoresists and imaging solder masks, with a current domestic production rate of approximately 55% [36]. Group 4: Challenges and Future Prospects - The high technical barriers in the photoresist industry and the need for collaboration with lithography equipment manufacturers pose challenges for rapid domestic development [19]. - There is a significant opportunity for domestic companies to increase their market share in high-end photoresists, as the current production capabilities are still limited [42]. - Ongoing projects in China aim to enhance the production capacity of photoresists and related materials, indicating a strong push towards achieving greater self-sufficiency [41].