Industry Overview - Coating materials are defined as materials that form a film on the surface of objects under certain conditions, enhancing aesthetics, extending product lifespan, or providing special functions such as insulation, anti-fouling, and heat resistance [2] - The coating materials can be categorized into three main types based on application: architectural coatings, industrial coatings, and other auxiliary materials [2] Current Market Analysis - The coating materials market in China is experiencing steady growth, with the market size increasing from RMB 407.2 billion in 2020 to RMB 463.71 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.3%. It is projected to reach nearly RMB 500 billion by the end of 2025 [3][5] - The industrial coating materials market, which includes sectors such as automotive, pharmaceuticals, and consumer electronics, is expected to grow from approximately RMB 2,731.2 billion in 2024 to nearly RMB 3,000 billion by 2025, driven by policy support and rising consumer demand [5][8] Industry Chain Structure - The coating materials industry chain consists of upstream raw materials, midstream manufacturing, and downstream application markets. The upstream is primarily composed of four categories: film-forming substances, pigments/fillers, solvents, and additives [8] - Raw materials account for over 80% of the manufacturing costs in coating materials production, with film-forming substances, solvents, additives, and pigments/fillers comprising 44.5%, 21.7%, 20.7%, and 13.1% of raw material costs, respectively [9] Competitive Landscape - The coating materials industry in China is characterized by a "large industry, small enterprises" competitive structure, with foreign brands dominating the high-end market due to technological advantages. Domestic companies are primarily concentrated in the mid-to-low-end sectors, facing challenges in product differentiation [10] - Notable domestic companies include Songyi Co., Donglai Technology, Yatu High-tech, Sanxin Co., Kangmite, and Huigu New Materials [10] Development Trends - Domestic brands are upgrading their technologies and accelerating the import substitution process, particularly in high-end industries such as new energy and display panels, indicating significant market potential for domestic enterprises [11] - The demand for functional coating materials is expanding from traditional sectors to emerging industries like new energy, electronics, and aerospace, necessitating enhanced R&D capabilities and driving the industry towards higher value-added products [12]

6月4日， 科力投资宣布完成对哈尔滨星宏科技有限公司（简称"哈尔滨星宏科技"）的天使轮投资。此次融资有望加速星宏科技的技 术迭代与市场拓展，进一步巩固其在特种功能性涂层领域的竞争优势。随着商业航天及半导体产业的快速发展，高性能热控涂层的应 用前景广阔，星宏科技的技术突破或将为相关行业提供关键支持。 公开资料显示， 卢松涛担任哈尔滨工业大学化工与化学学院副教授、哈尔滨工业大学空间表面化学工程与防护技术研究中心副主 任， 主要以空间极端服役环境下的特殊功能需求为导向，开展极端环境用特种功能涂层的设计、制备、功能调控及工程化应用研 究。卢松涛所在团队研究出了集高结合力、高空间环境稳定性和高光学性能于一体的超黑涂层，并已成功应用于风云四号气象卫星、 海洋系列卫星等多种型号航天器的生产。 超黑涂层能吸收几乎所有照射在其上的光，应用领域十分广泛。绝大多数精密光学仪器，都需要超黑涂层来屏蔽光学干扰，提升信噪 比和探测能力。此外，超黑涂层能够隐藏高低起伏的物体轮廓，可为设备或人员提供必要的保护。超黑涂层可应用于商业卫星，有效 提升了我国航天器光学载荷的在轨探测能力和定位精度，为保证载荷全寿命周期高性能稳定运行提供了必要条件。 ...