中天科盛曾是一家产能落后、污染严重、濒临淘汰的家族企业，如今已蜕变为年产值3.3亿元的科技型 新材料企业，其自主研发的"脂肪族聚氨酯弹性体原材料"填补国内技术空白，市占率达到20%。 中天科盛的企业成长轨迹，恰是上海金山区用十年时间完成产业涅槃的微观缩影。当全球化工产业周期 性调整与环保压力双重冲击袭来，这座曾因"靠石化、吃石化"闻名的老工业区，通过系统性重构产业基 因，在腾笼换鸟中实现了从化工之城到科创绿洲的跨越。 智通财经记者 | 杨舒鸿吉 智通财经编辑 | 庄键 在碳谷绿湾产业园，上海甘田光学材料也通过自主研发的光致变色材料及其生产的变色眼镜片，占据 80%的国内市场，成为行业内的隐形冠军。 该公司专注于基础材料开发，主要产品为光变色浓缩液、光变色树脂，通过持续研发创新，开辟了变色 镜片、变色玻璃胶片及3C应用领域的技术高地，推动化工产业往智能绿色节能材料方向发展。 上海甘田光学材料总经理王卓告诉智通财经，作为一家从华东理工成果转化而来的科创企业，能明显感 受到金山区的科创浓度在大幅提升。 11月13日，中天科盛总经理陈盛告诉智通财经记者，"转型初期确实面临诸多挑战，但我们始终坚持专 心搞科技创新，持续 ...

Core Insights - TCL Industrial Holdings hosted a global supply chain ecosystem conference in Ningbo, highlighting its collaboration with Jizhi Technology, which received the "Excellent Supplier" award [1][2] - Jizhi Technology's optical materials technology significantly contributed to TCL's 115-inch commercial TV display, enhancing brightness, uniformity, and energy efficiency [1] - The establishment of Jizhi Technology's factory in Malaysia supports TCL's global supply chain strategy, improving flexibility and stability [1] Group 1 - The "Excellent Supplier" award reflects TCL's recognition of Jizhi Technology's R&D capabilities in optical films and global service capacity [2] - Jizhi Technology's innovations in optical film technology have attracted attention from other manufacturers, evidenced by its award at the Hisense Group's global supply chain partner summit [2] - Jizhi Technology aims to strengthen collaboration with partners like TCL, leveraging Ningbo's industrial and port advantages to build a more innovative and sustainable supply chain ecosystem [2]

Core Insights - The company has engaged in R&D collaboration with a well-known leading AI glasses manufacturer [1] - Multiple samples of high-end optical materials, including quantum dot films, have been validated [1] Group 1 - The collaboration indicates a strategic move towards enhancing product offerings in the AI glasses market [1] - The focus on high-end optical materials suggests potential for innovation and competitive advantage [1]

Group 1 - The company has engaged in R&D collaboration with a well-known leading AI glasses company [1] - Multiple samples of high-end optical materials, including quantum dot films, have been validated [1]

Core Viewpoint - The article highlights the significant transformation and development in Dongying City's Kenli District, focusing on high-quality development, green industry transformation, and improved living standards through various initiatives and projects [1][2][3]. Group 1: Industrial Development - Kenli District is undergoing a green industrial transformation, with projects like the National Energy Group's offshore photovoltaic project expected to generate 1.78 billion kWh annually, meeting the clean electricity needs of approximately 2.67 million urban residents and reducing CO2 emissions by 1.3447 million tons [2]. - The establishment of the East Ying Times lithium battery green manufacturing base is projected to generate an annual output value of 26 billion yuan and tax revenue of 1.2 billion yuan, creating 2,400 jobs and forming a billion-level green lithium battery industry chain within five years [2]. - The number of industrial enterprises in Kenli has increased from 119 in 2021 to 146, with total industrial output value expected to exceed 100 billion yuan by the end of 2024, maintaining a double-digit annual growth rate [3]. Group 2: Innovation and Technology - Kenli District is fostering innovation as a key driver for development, with significant advancements in traditional industries and the emergence of new industries, exemplified by the production of optical-grade polyester films at Shandong Shengtong Optical Materials Technology Co., Ltd. [4]. - The district has seen a growth in high-tech enterprises from 42 to 89 and in national technology-based small and medium-sized enterprises from 82 to 168, indicating a robust innovation ecosystem [5][6]. Group 3: Ecological Development - Kenli District prioritizes ecological protection and green development, investing 930 million yuan in 25 water environment governance projects to enhance water quality and management [7]. - The district has been recognized as the first "Beautiful Bay" case along major rivers, showcasing its commitment to ecological sustainability [7]. Group 4: Social Welfare and Living Standards - Kenli District is actively improving living standards through initiatives like the "15-minute health service circle," enhancing healthcare access and quality for residents [10]. - Investments totaling 16.293 million yuan have been made to upgrade facilities in old residential areas, benefiting 1,354 households and improving living conditions [10][11].

Group 1 - A new optical materials store named "Xuwei New Optical Materials" has been established in Yutang District, Xiangtan City, with a registered capital of 50,000 RMB [1] - The legal representative of the store is Lan Yan, indicating a personal ownership structure [1] - The business scope includes sales of functional glass, new optical materials, optical instruments, optical glass, non-metallic minerals and products, electronic materials, construction materials, labor services (excluding labor dispatch), and information consulting services (excluding licensed information consulting services) [1]

Core Viewpoint - The company emphasizes its commitment to a full industry chain layout as its core development path, expecting significant revenue growth in infrared optical materials by the first half of 2025 [1] Group 1: Company Strategy - The company is focusing on enhancing its supply capabilities for terminal products such as infrared lenses, detectors, core modules, and complete machines [1] - The company has reported a significant increase in shipment volume compared to the first half of the previous year [1]

Group 1: Shihua Technology - Shihua Technology achieved operating revenue of 537 million yuan in the first half of 2025, representing a year-on-year growth of 73.79% [1] - The net profit attributable to the parent company was 193 million yuan, up 86.38% year-on-year [1] - The company's gross margin was 55.62%, with high-performance optical materials gross margin at 27.36%, both showing improvement compared to the same period last year and the previous year [1] - Shihua Technology plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, indicating a significant market potential for high-end optical materials and domestic substitution opportunities [1] - The company has completed its IPO fundraising projects and the "New High-Efficiency Sealing Adhesive Project" has been fully utilized and completed [1] - The "Innovation Center Project" is expected to be completed by May 2026, with a total investment of 740 million yuan and a fundraising target of no more than 600 million yuan, projected to generate operating revenue of 1.392 billion yuan upon reaching production [1] - The future product structure will focus on high-performance optical materials, functional electronic materials, and functional adhesives, promoting healthy and sustainable growth for the company [1] Group 2: Giant Network - Giant Network reported operating revenue of 1.662 billion yuan for the first half of 2025, reflecting a year-on-year increase of 16.47% [2] - The net profit was 777 million yuan, up 8.27% year-on-year [2] - The self-developed new product "Supernatural Action Group" has shown outstanding performance, with rapid growth in user base and revenue, although the main contribution will be released in the future due to revenue deferral factors [2] - The company plans to extend the game lifecycle through enhanced content supply, optimized game performance, and collaboration with well-known IPs [2] - "Supernatural Action Group" stands out in competition due to its differentiated gameplay and strong social virality, with plans for continuous content updates and exploration of UGC directions to maintain user activity [2] - Customer acquisition mainly relies on user word-of-mouth and content dissemination, with expected stable sales expense ratio [2] - The company is optimistic about overseas markets and is exploring international expansion for "Supernatural Action Group" [2] - The increase in contract liabilities in Q1 and Q2 is attributed to revenue growth from "Original Journey" and deferred income [2] - R&D expenses in Q2 increased mainly due to rising labor costs and technical service fees [2]

Core Viewpoint - The establishment of Chang's New Materials Technology (Shanghai) Co., Ltd.'s production base in Ningbo, Zhejiang, marks a significant investment in high-end optical film manufacturing, aiming to support the development of industries such as new energy vehicles and displays in the Yangtze River Delta region [1][4]. Investment and Project Details - The total investment for the project is approximately 1 billion RMB, with a planned land area of 80 acres and a total construction area of 115,337.92 square meters, to be built in two phases [4]. - The project will feature a modern intelligent factory that integrates production, research and development, and supporting facilities [4]. Production Capacity and Revenue Projections - Upon full production, the facility is expected to achieve an annual production capacity of 13,000 tons of high-end optical functional films, generating annual sales revenue exceeding 1.3 billion RMB [4]. Product Focus and Applications - Chang's New Materials specializes in the research, production, and sales of optical and electronic nano new materials, with core products including MLCC electrode nano Ni slurry, BOPET multilayer optical films, electronic anti-peep films, and nano thermal insulation materials, which are widely used in MLCC, electronic displays, new energy, automotive, and consumer electronics sectors [4][5]. Recent Financing - In July of this year, Chang's New Materials completed a B+ round financing of nearly 200 million RMB, with funds primarily allocated for the construction of new production bases in Ningbo and Taizhou [5].

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 60.71 and a sector rating of outperforming the market [1]. Core Insights - The company, Hubei Feilihua Quartz Glass Co., Ltd., is positioned to benefit from the growing demand for quartz fiber electronic cloth, which is expected to become a core material in the computing era [3]. - The semiconductor and optical materials sectors are anticipated to benefit from domestic substitution trends, while the aerospace, photovoltaic, and optical communication businesses are expected to maintain a stable foundation [3]. - The report highlights the company's comprehensive industrial chain capabilities, which include quartz sand, quartz fiber, and quartz fiber electronic cloth production [3]. Summary by Sections Financial Performance - The company is projected to achieve EPS of RMB 1.16, 1.65, and 2.45 for the years 2025, 2026, and 2027 respectively, with a total market capitalization of approximately RMB 31.7 billion as of July 16, 2025 [5]. - Revenue forecasts indicate a growth trajectory with expected revenues of RMB 2,318 million in 2025, RMB 3,366 million in 2026, and RMB 5,052 million in 2027, reflecting growth rates of 33.1%, 45.2%, and 50.1% respectively [7]. Industry Positioning - The company is recognized as a leading supplier of quartz glass fiber in the aerospace sector, benefiting from the growth of China's aerospace industry [8]. - The report emphasizes the importance of low dielectric electronic cloth as a core material for printed circuit boards (PCBs), with quartz fiber expected to stand out due to its superior properties [8][30]. Market Trends - The global semiconductor quartz products market is projected to grow significantly, with the market size expected to increase from USD 3.226 billion in 2024 to USD 7.321 billion by 2031 [8]. - The demand for low dielectric electronic cloth is driven by advancements in 5G communication, automotive electronics, and aerospace applications, which require high-speed signal transmission and low energy loss [8][42]. Competitive Advantages - The company has established a full industrial chain from high-purity quartz sand to downstream applications, enhancing its competitive edge in the market [22]. - Feilihua has been actively expanding its production capacity to capture the emerging market opportunities in quartz fiber electronic cloth [8][27].