据麦姆斯咨询报道，近期，专注于生物基及高性能材料微流智能制造的产业化企业「象生科技」宣布， 已完成连续两轮数千万元天使+轮融资。本轮融资由产业方CVC美丽境界资本、毅达资本、纳川资本联 合领投，英诺天使基金、苏州市科创投、苏州天使母基金、苏高新科创天使基金等机构跟投。资金将主 要用于AI催化技术平台建设、产品研发、产线拓展及智能工厂建设。 该平台包含两大核心模块：AI纳米催化剂模块通过微流控高通量实验构建催化剂预测模型，在纳米尺 度精准控制反应条件；流体模拟计算模块通过传热传质优化，实现FDCA一步法制备，收率提升30%。 这种模块化设计使产线具备"搭积木"式扩展能力，可快速适配不同反应体系。 「象生科技」流体计算仿真模型 目前，公司技术已应用于功能聚酯薄膜、纳米涂料等领域，与多家世界500强企业建立供应链合作。下 一步计划建设千吨级智能微工厂，加速高性能材料量产进程。其多米诺流化学推进模型（DFCM）通 过"触发-传递-放大"机制，实现从实验室到千吨级生产的无缝衔接，为精细化工行业提供智能化解决方 案。 「象生科技」成立于2024年1月，依托深圳清华大学研究院、南京工业大学全国重点实验室等科研平 台，致力于 ...

Core Viewpoint - The Ministry of Emergency Management of China has announced the inclusion of five new chemical substances into the "Catalog of Hazardous Chemicals," aiming to enhance safety risk management for hazardous chemicals. Public feedback is being solicited until February 21, 2026 [1]. Group 1: New Chemical Substances - The five newly added chemical substances are 3-chloropropyne, 2-iodobenzoyl acid, 2-diazoacetyl nitrobenzyl ester, methanesulfonyl azide, and 2-methyl-2-nitrobenzoic acid [1]. - These substances are categorized as fine chemicals and are widely used in the synthesis of pharmaceutical intermediates and as reagents in organic chemical reactions [1]. Group 2: Regulatory Implications - Once included in the catalog, these substances will be legally defined as "hazardous chemicals," subjecting their entire lifecycle to strict regulatory oversight by national laws [1].

Core Viewpoint - The company, Nanjing Hongtaiyang Co., Ltd., plans to issue overseas bonds not exceeding $200 million to support its strategic development needs, including capacity upgrades and green transformation [1][30]. Group 1: Bond Issuance Details - The proposed overseas bond issuance has been approved by the company's board and requires shareholder approval, needing a two-thirds majority vote [2][31]. - The bond issuance will be up to $200 million or equivalent in foreign currency, with a term not exceeding three years [1][30]. - The bonds will be issued to qualified overseas investors according to relevant regulations and may be listed on the Hong Kong Stock Exchange or other overseas exchanges [3][4]. Group 2: Purpose and Use of Funds - The funds raised from the bond issuance will be used for general corporate purposes, project construction, debt replacement, and to supplement working capital [3][4]. - The issuance aligns with the company's strategy for fine chemical capacity upgrades, extending the industrial chain, and transitioning to green chemicals [7][30]. Group 3: Authorization and Implementation - The board seeks authorization from shareholders to manage the bond issuance process, including determining the specific issuance plan and engaging underwriters and intermediaries [6][31]. - The authorization will remain valid until the bond issuance matters are completed [5][6].

Core Viewpoint - The company plans to issue overseas bonds not exceeding $200 million to support its strategic development needs, including capacity upgrades, industry chain extension, and green chemical transformation [1] Group 1: Strategic Development - The issuance of bonds aims to further diversify the company's financing channels [1] - The company seeks to optimize its debt structure to better meet project investment, production operations, and working capital turnover needs [1] - The strategy is aligned with the company's goal of promoting sustainable and stable development [1] Group 2: Market Context - The decision to issue bonds is influenced by the current market conditions for overseas bonds [1] - The bonds will have a maturity period of no more than 3 years [1]

zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所上市"后备军"217 家，分布在高端装备、TMT 等新质生产力行业中 截至 2026 年 1 月 20 日，北交所已有 217 家公司获受理，待上会企业 167 家，覆 盖高端装备（71 家）、TMT（29 家）、化工新材料（35 家）、消费（21 家）、生 物医药（13 家）等多元细分领域。受理和辅导中公司中，包含了一些新质生产 力公司，我们从中首选专精特新、单项冠军企业、"独角兽"企业。同时，我们 也着重关注氢能源、商业航天、低空经济等行业。 后备军筛选系列已 29 期，筛选出一批已经上市的新质生产力公司 北交所策略专题报告 2026 年 01 月 26 日 优中选优，布局营收超 10 亿、利润过亿的成长领军者华晟智能等 ——北交所策略专题报告 北交所研究团队 在 2025 年北交所上市的 26 家公司中，本系列报告我们优选出星图测控、开发科 技、天工股份、广信科技、酉立智能、志高机械、宏远股份、能之光、三协电 机、世昌股份、锦华新材、江天科技等。其余优选公司中已过会公司包括：英氏 控股、雅图高新、金钛股份、新恒泰、原力数 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors, with a unique "oxime-silane-hydroxylamine salt" green circular industry chain that showcases industry-leading technology [3][12]. - The company is expected to benefit from the growing demand in the new energy vehicle and electronics sectors, with projected net profits of 201 million, 269 million, and 350 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.48, 1.98, and 2.58 yuan per share [3][4]. - The company has successfully developed electronic-grade hydroxylamine water solution, breaking the monopoly of foreign manufacturers and supporting the localization of semiconductor cleaning agents [5][12]. Financial Summary - The company’s revenue is projected to reach 1.239 billion yuan in 2024, with a net profit of 211 million yuan, reflecting a year-on-year growth of 11.2% and 22.3% respectively [4][39]. - The gross profit margin is expected to improve from 27.7% in 2023 to 32.5% in 2027, while the net profit margin is projected to increase from 15.5% to 21.7% over the same period [4]. - The company’s earnings per share (EPS) are forecasted to be 1.48 yuan in 2025, 1.98 yuan in 2026, and 2.58 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 38.6, 28.9, and 22.2 [3][4]. Industry Outlook - The fine chemical industry is experiencing rapid growth, with China's fine chemical industry output expected to exceed 11 trillion yuan by 2027, reflecting a compound annual growth rate of over 19.17% from 2024 to 2027 [55]. - The demand for silane crosslinking agents is anticipated to expand significantly, driven by applications in construction materials, energy, electronics, and new energy vehicles [61][66]. - The production of functional silanes in China is projected to grow from 46.90 million tons in 2024 to 59.88 million tons by 2028, indicating a compound annual growth rate of 6.30% [65][68].

沈阳中化新材料科技有限公司技术中心经理弓玮表示，该平台可以帮助企业快速筛选和优化生产技术， 提供共享服务平台，加速低危化技术的验证与推广，对推动精细化工行业的可持续发展具有重要意义。 近日，沈阳中化新材料科技有限公司的化工新材料中试平台，成功入选工信部首批国家级制造业中试平 台名单。该平台系统构建了精细化工低危化生产共性技术中试"试验场"，确保低危化生产技术的可行性 和稳定性，将重点服务于农药、染颜料等领域，着力破解这些领域传统生产方式中物料存量大、风险 高、转化率低等难题。 化工行业对技术本质安全要求高，存在危险工艺多、反应条件复杂、工程化能力不足等特点，不仅制约 行业技术创新与产业升级，也影响科技成果转化效率。该中试平台借助在微通道、反应风险控制等方面 的技术优势，通过加氢技术平台、聚合技术平台、试验规模试生产小型设备(Mini-plant)三个子平台的建 设，为化工企业提供产品开发阶段的高效测试和试产支持，帮助企业验证优化技术的可行性，加速科技 成果转化。 该中试平台建有化工新材料中试车间、精细化工中试车间、多功能加氢中试平台等生产生活设施，能同 时满足15个以上中试产品的研发及相关产品的孵化，已完成2 ...

Core Viewpoint - Liaoning Province is focusing on the construction of pilot test bases in key sectors such as equipment manufacturing, fine chemicals, and new materials, aiming to integrate technological and industrial innovation through a comprehensive public service network for pilot testing [1] Group 1: Pilot Test Base Development - The pilot test base in Panjin, Liaoning, features 22 high-standard pilot test workshops and has already industrialized 9 pilot projects, leading to an investment of over 3 billion yuan [1] - By the end of 2025, Liaoning plans to establish 70 provincial-level pilot verification platforms and has published 219 public service items related to pilot testing, with over 4,000 pilot projects conducted [1] Group 2: Policy and Financial Support - Since the 14th Five-Year Plan, Liaoning has implemented management measures for pilot test bases and performance evaluation methods to enhance operational management and clarify intellectual property and profit distribution [1] - The province has allocated a total of 180 million yuan in special funds to support the development and construction of pilot test bases, accelerating the upgrade of facilities, equipment, and talent cultivation [1]

Group 1 - The core viewpoint emphasizes the need for the city of Panjin to implement economic strategies effectively, focusing on project breakthroughs and enhancing industrial capabilities [1][3] - The city aims to sign and register at least 80 projects worth over 100 million yuan and ensure the timely production of the Huajin Amoco project, along with the establishment of downstream industrial chain projects [1] - There is a strong focus on promoting consumption through over 300 events, integrating cultural, tourism, and sports sectors to enhance the overall consumer experience [1] Group 2 - The city plans to improve the business environment by implementing measures such as "certificate-free" services and comprehensive inspections to enhance operational efficiency [2] - A target of over 15 billion yuan in total import and export value is set, with the goal of exceeding the provincial average for foreign investment per capita [2] - The government is committed to addressing key social issues such as employment, education, and healthcare, while also focusing on environmental protection and sustainable development [2] Group 3 - The leadership in Panjin emphasizes the importance of practical governance and accountability, aiming to contribute significantly to the overall provincial development [3]

Group 1 - Liaoning's grain production is projected to reach 51.556 billion jin by 2025, marking a historical high with a year-on-year growth of 3.1%, the highest increase among major grain-producing provinces in China [1] - Over 60 well-known companies have recently invested in Liaoning, reflecting growing confidence in the province's development prospects [1] - The "Ninth Consumption Season" is currently underway, promoting local experiences and products, which is contributing to a boost in consumer spending [1] Group 2 - President Xi Jinping emphasized the importance of Liaoning in driving the comprehensive revitalization of Northeast China during his visit before the 2025 Spring Festival, outlining a new mission and vision for the province [2][3] - The provincial government is focused on stabilizing employment, businesses, and market expectations while promoting growth, reform, and risk prevention [3] Group 3 - The transformation of traditional industries and the cultivation of strategic emerging industries are key to building a modern industrial system in Liaoning, as highlighted by President Xi Jinping [4] - The provincial government has been actively engaging in high-level discussions on future industrial strategies, focusing on technological innovation and industry integration [4] Group 4 - Liaoning is advancing its "2211" industrial system, emphasizing intelligent, green, and integrated development, with significant progress in digital transformation among small and medium-sized enterprises [8] - The province's key tool CNC rate and digital R&D tool penetration rates have reached 69.3% and 85.8%, respectively, both exceeding the national average [8] Group 5 - The emergence of new industries is exemplified by the launch of China's first photon-counting CT scanner by Neusoft Medical, marking a significant advancement in medical technology [9] - Liaoning is focusing on deep integration of technological and industrial innovation, enhancing the local transformation of scientific achievements [9] Group 6 - The province is implementing reforms in its scientific and technological systems, utilizing new research organization models to drive innovation and competitiveness [11] - The optimization of the business environment is a top priority, with various initiatives aimed at improving investment conditions and reducing bureaucratic obstacles [12][13] Group 7 - Liaoning's manufacturing sector is experiencing a surge in productivity and efficiency due to digital transformation initiatives, with companies like Benxi Steel achieving significant improvements [7] - The province is enhancing its open economy, with increased cross-border e-commerce activities and international logistics operations [14][15] Group 8 - The province is committed to improving public services, including healthcare and education, to enhance the quality of life for its residents [18][19] - Initiatives to support the elderly and promote cultural activities are being implemented, reflecting a focus on community well-being and cultural enrichment [17][22]