1月7日，宁波惠之星新材料科技股份有限公司（简称"惠之星"）正式开启IPO上市辅导，公司拟 向不特定合格投资者公开发行股票并在北京证券交易所上市，开源证券担任辅导机构。 资料显示，惠之星光学级硬化膜等特殊功能薄膜研发、生产和销售，公司的主要产品是CPI功能性 膜材料、偏光片功能性膜材料、PET功能性膜材料，是国内少数可实现 CPI、TAC功能性膜材料 生产的企业之一。 产能方面，2025年12月，惠之星宣布拟以自筹资金购买组装高精密涂布生产线，来满足公司的生 产经营和发展需求。 TZ 不器研究中心 面板产业链市场供需及价格报告 面板价格"Plus"和市况更新月度报告 面板产业市况季度报告 . 面板价格预测月度报告 . 面板出货追踪月度报告 · · 市场供需季度分析报告 . 季度面板产能状况季度报告 . . 面板厂产能利用率月度分析报告(稼动率) 业绩方面，2023年、2024年、2025上半年，惠之星营收为2.62亿元、3.30亿元、2.14亿元；净 利润为-1739.14万元、2145.12万元和2937.75万元。 客户方面，公司已经与日东集团、展新股份、三德信、飞荣达、安洁科技、领益科技、顶峰精 密、三 ...

"十五五"规划建议明确要求培育壮大新兴产业和未来产业，并将新材料作为战略性新兴产业之一进行集 群发展。作为国内显示用光学膜领域的先行者，激智科技凭借自主研发、设备改造与工艺创新，较早实 现了扩散膜、增亮膜的量产突破；同时，公司也是国内少数具备量子点薄膜、COP、复合光学膜稳定量 产供货能力的企业之一，产品品质达到国际领先水平。在国产化替代浪潮持续深化的背景下，公司有望 充分把握行业增量市场机遇，进一步巩固市场地位。 针对下游显示产品轻薄化的行业趋势，公司前瞻性布局二合一、三合一复合光学膜等高端产品，系国内 少数实现多种光学复合膜研发生产突破的企业之一。目前，公司LOP、POP、DOP、DPP等复合膜产品 已实现规模量产并稳定供货，成为公司未来重要的利润增长点。 1月5日，激智科技（300566）发布公告，公司旗下三家子公司江北激智、浙江芯智、宁波天圆均已成功 通过高新技术企业认定。其中，江北激智为原高新技术企业证书有效期满后完成的重新认定，浙江芯智 与宁波天圆则为首次获此认定。根据国家相关政策，上述三家子公司自通过认定当年起连续三个会计年 度可享受高新技术企业税收优惠，按15%的税率缴纳企业所得税。 国家高新 ...

Core Insights - The company, Jizhi Technology, has successfully developed a "high-performance quantum dot film" that has been recognized as one of the first new materials in Zhejiang Province for 2025, marking a significant breakthrough in high-end display core materials and breaking the long-standing foreign monopoly in this field [1][2] Group 1: Product Development and Innovation - The quantum dot film enhances color performance by converting blue light into high-quality green and red light, increasing the NTSC color gamut from 72% to over 100%, which is crucial for applications in 4K/8K ultra-high-definition TVs, high-refresh-rate professional monitors, VR devices, and automotive displays [1][2] - The company has addressed common industry challenges such as poor stability and oxidation of quantum dot films through innovative formulation optimization, high moisture barrier composite technology, and precision coating techniques [2][3] Group 2: Market Position and Financial Performance - Jizhi Technology has established itself as a national champion in manufacturing, leading in innovation, core technology, product quality, and market position within the optical film sector [3][4] - In the first half of 2025, the sales revenue from quantum dot films, composite films, and COP high-end products reached 478 million yuan, reflecting a year-on-year growth of 20.92%, demonstrating the effectiveness of the company's high-end strategy [3] Group 3: Future Prospects and Strategic Direction - The company is well-positioned to benefit from policy support aimed at enhancing consumer demand, with a focus on consumer electronics and smart connected vehicles as key growth areas [2][4] - Jizhi Technology is committed to continuous product development based on market demand, enhancing existing products, and collaborating with domestic universities and research institutions to innovate and develop high-tech products that meet market needs [3][4]

Core Insights - The 2025 Hisense Group Global Supply Chain Partner Summit was held in Qingdao, focusing on the theme "Intelligent Chain Global, Resilient Symbiosis" [1] - Ningbo Jizhi Technology Co., Ltd., a leader in the optical film industry, received the "Technology Leap Breakthrough Award" from Hisense Group for its significant contributions in optical film technology [1][2] Group 1: Technological Breakthroughs - Jizhi Technology is recognized for breaking the monopoly in optical film technology, having developed high-performance optical films that meet international standards [2] - The company's core composite brightness-enhancing film integrates multiple optical films into a single multifunctional film, reducing thickness and cost while enhancing display brightness and assembly efficiency [2][3] Group 2: Supply Chain Resilience - The summit's theme emphasizes Hisense's dual pursuit of supply chain stability and innovation, with Jizhi Technology providing critical "Chinese technological support" to Hisense's supply chain [3] - Jizhi Technology has become a strategic supplier for leading global display brands, showcasing its commitment to research and development [3] Group 3: Future Collaboration - Jizhi Technology and Hisense plan to deepen collaboration in three dimensions: technology, ecology, and globalization [4] - They will establish a "Joint Innovation Laboratory" to focus on next-generation display technologies, such as Mini/Micro LED and flexible displays, enhancing display effects and energy efficiency [4] Group 4: Green Supply Chain Initiatives - The companies aim to advance "low-carbon display" technology by optimizing energy consumption and emissions in optical film production, developing recyclable and low-VOC products [5] Group 5: Globalization Strategy - Jizhi Technology is expanding globally with new factories in Malaysia and offices in Vietnam, leveraging Hisense's global marketing network for efficient production and supply chain management [6] - The collaboration aims to enhance their influence in the global display industry while ensuring rapid delivery and technical support for Hisense's products [6]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 162,779.53 million yuan, with a net profit attributable to the parent company of 16,712.75 million yuan, remaining stable compared to the same period last year [2] - In Q3 2025, the company reported a revenue of 55,394.44 million yuan, representing a 6.49% increase year-on-year, with a net profit of 5,060.26 million yuan, up 12.99% from the previous year [3] Product Development and Market Position - The company has established itself as a leading manufacturer of high-end optical films, with a focus on multi-layer composite optical films, contributing significantly to profit growth [3] - The company is actively developing new products such as reflective films and spectral films to meet the demands of BC battery and component development [3] - The product portfolio includes four main segments: optical, photovoltaic, automotive, and battery, with a steady growth in the optical segment over the past 17 years [3] Emerging Growth Areas - The company is focusing on innovative products like high water-blocking films for electronic paper, glasses-free 3D films, and high color gamut quantum dot films for VR applications, which are expected to drive future profit growth [4] - The high water-blocking film has seen increased shipments in the electronic paper display sector due to continuous optimization in formulation and process [4] - The company aims to enhance its competitive edge in the photovoltaic sector by developing new products and leveraging its proprietary patents [4] Future Outlook - The company is committed to becoming a leading functional film company, enhancing its business layout, and strengthening R&D and team development [5] - Future strategies include reinforcing core technological advantages in optical display fields and expanding into high-value optical films for various applications [5] - The company plans to leverage its experience in R&D and management to continuously improve its business layout in the photovoltaic sector, focusing on reflective films and other foundational products [5]

Core Viewpoint - The company, Jizhi Technology, is a significant partner of Xiaomi, providing various optical film products and technical solutions for Xiaomi's television and mobile phone models [1] Group 1 - The company supplies diffusion films, brightness enhancement films, composite films, quantum dot films, and core layers to Xiaomi's television products [1] - The optical films are also applied in certain models of Xiaomi's mobile phones [1] Group 2 - In 2017, the company invested in OLED emitting materials through Ningbo Woyan Fund, specifically in Ningbo Lumi Blue [1] - The M10 new red emitting material used in Xiaomi's 17 series mobile phones was developed in collaboration between Lumi Blue and Xiaomi's joint laboratory [1]

Core Viewpoint - The article highlights the growth trajectory of Jizhi Technology as a representation of China's manufacturing upgrade, emphasizing its role in breaking foreign monopolies in optical film technology and its resilience against industry cyclicality [3][4]. Company Overview - Jizhi Technology, founded by Zhang Yan, emerged in 2007 when the optical film market was dominated by Japanese and Korean companies. The company started with an investment of 8 million yuan from angel investors [4]. - The company focuses on optical films, essential for LCD panels, and aims to become the best functional film company globally [3][5]. Market Strategy - Initially, Jizhi Technology faced challenges in product development and market acceptance, but after overcoming technical difficulties, it successfully mass-produced optical diffusion films [5]. - The company adopted a pragmatic approach by targeting the domestic market first, leveraging product performance and cost advantages to prepare for entry into international brand systems [5]. Financial Performance - In the first half of 2025, Jizhi Technology reported revenues of 1.074 billion yuan and a net profit of 117 million yuan, with sales of high-end optical films increasing by 20.92% year-on-year [5]. Business Diversification - To mitigate cyclical fluctuations in the display industry, Jizhi Technology implemented a strategy called "one axis, one belt, one core," extending its optical film products into photovoltaic, automotive, and battery sectors [6]. - The company emphasizes the technical similarities between its existing products and those in new markets, such as photovoltaic backplanes and automotive window films [6]. Innovation and Development - Jizhi Technology is focused on enhancing product competitiveness through technological advancements, aiming to develop products that meet market demands and improve efficiency [7][8]. - The company is investing in AI to accelerate product iteration and enhance design capabilities, reflecting a commitment to innovation and quality [8]. Talent and Culture - The company prioritizes talent acquisition and development, implementing incentive programs to align employee growth with company success [8]. - Zhang Yan advocates for a shift in entrepreneurial mindset, emphasizing the need for innovative thinking in navigating complex economic landscapes [8].

Core Viewpoint - The pursuit of battery safety and cost reduction in the electric vehicle sector is driving a pivotal moment for the composite current collector industry, with Shenzhen Hanqiao New Materials Technology Co., Ltd. emerging as a key player due to its innovative technology and mass production capabilities [1][2]. Group 1: Industry Trends - Since 2023, composite current collectors have gained significant market attention, with leading manufacturers collaborating with lithium battery leaders to launch new products, marking the transition from laboratory samples to commercial sales [2][3]. - The new composite current collectors, featuring a "metal-polymer substrate-metal" sandwich structure, replace over 60% of metal with polymer materials, optimizing costs, reducing battery weight, and enhancing energy density by 5%-10% [2][3]. - The urgency for high-performance current collectors is heightened by recent safety incidents in electric vehicles and the impending mass production of solid-state batteries in 2026, indicating a true turning point for the replacement of traditional current collectors [2][3]. Group 2: Company Overview - Hanqiao New Materials has successfully overcome mass production challenges, achieving a stable supply with a product yield rate exceeding 90%, distinguishing itself as one of the few companies capable of consistent bulk supply [3][4]. - The company has pioneered a one-step magnetron sputtering process that addresses issues associated with traditional two-step methods, such as substrate damage and low yield rates, thus creating a significant technological breakthrough [4][5]. - Hanqiao New Materials has established itself as a leader in the composite current collector industry, with a strong focus on R&D, having filed 83 patents, including 57 domestic inventions, and has successfully transitioned to mass production [8][9]. Group 3: Technological Advancements - The one-step process developed by Hanqiao New Materials not only enhances yield and uniformity of the film layers but also creates a high technical barrier, allowing compatibility with two-step methods while making it difficult for competitors to replicate [5][7]. - The company has developed the world's first dual-sided winding magnetron sputtering equipment, significantly improving coating uniformity and efficiency, and achieving over 80% material utilization rate, which contributes to a competitive cost of 4-5 RMB/m² for composite current collectors [7][8]. - Hanqiao's technology platform is versatile, enabling the company to respond to market changes effectively and expand into various sectors, including energy storage and consumer batteries, thereby diversifying its growth engines [9][10]. Group 4: Market Applications - Hanqiao New Materials is positioned to lead in the high-end optical film market, producing ultra-high reflectivity silver films that break the long-standing reliance on imports and support the domestic high-end optical materials industry [10][11]. - The company's 3A optical films, essential for automotive applications, leverage its core magnetron sputtering technology, which is critical for achieving high-performance multi-layer films [11]. - The strategic approach of "technology reuse and multi-field collaboration" not only maximizes production capacity but also mitigates risks associated with single industry dependence, reinforcing the company's competitive edge [11].

Core Insights - The return of the LeKai color film, after 13 years of suspension, highlights the company's resilience and commitment to innovation in response to emerging consumer trends [1][2] Group 1: Product Launch - LeKai officially launched the C200 color film at the 26th Shanghai International Photography Equipment and Digital Imaging Exhibition, attracting significant attention from consumers and photography enthusiasts [1] - The packaging of the C200 film retains the classic red box and white label design, with only minor differences from the previous version [1] Group 2: Technological Advancements - The C200 film is a result of 18 months of concentrated efforts in collaboration with universities, leading to breakthroughs in nano-coating and environmentally friendly development techniques [1] - The performance of the C200 film has reached international standards, significantly improving color representation and tolerance [1] Group 3: Historical Context and Evolution - LeKai has a rich history, being the first film factory established in China in 1965, and has faced various challenges, including market shrinkage and foreign brand monopolies [2] - The company has undergone multiple transformations, focusing on core technologies in film production, coating, and micro-structure to drive innovation [2] Group 4: Current Position and Market Integration - LeKai has evolved into a national champion in three major fields: optical films, printing plates, and functional imaging materials, integrating deeply into modern industrial chains such as smartphones and medical imaging [3] - The company has successfully developed key technologies like optical TAC films, previously reliant on imports, and now supplies products to well-known enterprises [3] Group 5: Commitment to Innovation - LeKai maintains a research and development investment of over 4% of its revenue, fostering a culture of continuous innovation [3] - New product revenue accounts for 62% of the total revenue, demonstrating the effectiveness of the company's innovation-driven transformation strategy [3]

Group 1: Company Overview and Technology - The company specializes in smart dimming conductive films, utilizing four main technologies: PDLC, SPD, LC, and EC [1][2] - EC technology allows reversible changes in optical properties under an electric field, offering low working voltage and energy consumption, making it suitable for automotive applications [2] - The company’s products primarily use EC technology, applied in automotive sunroofs, side windows, and rearview mirrors [2][3] Group 2: Market Demand and Growth - In 2024, the penetration rate of panoramic sunroofs in new energy vehicles is projected to reach 14.4%, an increase of 7.7 percentage points year-on-year [3] - The standard installation rate of panoramic sunroofs in new energy vehicles is expected to be 28.6%, with an increase of 11.6 percentage points [3] - Smart dimming glass can reduce cabin temperature by 8-12°C, addressing heat radiation challenges [3] Group 3: Financial Performance and Challenges - The company is investing in a project with a planned annual production capacity of 6 million square meters of functional films, with funding sourced from self-owned and self-raised funds [3] - OCA optical adhesive business faces challenges due to intensified market competition and high R&D costs, resulting in a 25.23% decline in revenue to 56.0057 million yuan in the first half of 2025 [3]