Core Viewpoint - The company Lianlong (300596.SZ) is accelerating its strategic investment in the high-end electronic adhesive market, marking a significant step in its domestic substitution strategy for electronic materials, particularly in the context of increasing demand for localized production in China [1][3]. Company Summary - Lianlong is a leading enterprise in the polymer materials sector, with its main business covering core areas such as aging-resistant additives and lubricant additives. Recently, the company has been expanding into high-value electronic-grade new materials [2]. - The company has made a strategic investment of 50 million yuan in Shenzhen Stofe New Materials Technology Co., Ltd., acquiring a 25% stake, which is a continuation of its efforts to enhance its electronic materials product matrix [1][2]. - The investment in Stofe is seen as a critical step in extending Lianlong's electronic materials product offerings and aligns with its strategy to penetrate the high-end adhesive market [2][3]. Industry Summary - The global electronic adhesive market is projected to grow from 5.1 billion USD in 2023 to 12.1 billion USD by 2033, with a compound annual growth rate (CAGR) of 9%. In China, the market is expected to exceed 17 billion yuan by 2025, with a growth rate of 12%-15% [3]. - Currently, the domestic market for electronic adhesives has a low localization rate of 20-30%, with high-end products accounting for less than 10%, indicating a significant opportunity for domestic substitution [3]. - Stofe, as a key player in the domestic electronic adhesive sector, has established multiple R&D centers and holds 87 patents, positioning itself to break foreign technology monopolies [4]. Strategic Implications - The investment is part of Lianlong's dual approach of "technology introduction + local cultivation" to advance the localization of electronic materials, focusing on high-end applications in flexible displays, semiconductor packaging, and new energy vehicles [5]. - The collaboration with Stofe aims to enhance production capacity for high-end products, addressing the urgent demand for domestic substitutes in the electronic adhesive market [4][6]. - The strategic investment reflects the company's commitment to supporting the domestic supply chain and addressing the challenges of high-end material dependency on foreign technologies [6].

Core Viewpoint - Company Lianlong (300596.SZ) plans to invest 50 million RMB in Stofor, acquiring a 25% stake, to expand its electronic materials business and enhance its product offerings in the core electronic-grade new materials industry [1] Group 1: Investment Details - The company will use its own funds of 50 million RMB to subscribe to Stofor's newly registered capital of 1.785714 million RMB, with the remaining 48.214286 million RMB allocated to capital reserves [1] - After the completion of this capital increase, the company will hold a 25% equity stake in Stofor [1] Group 2: Stofor Overview - Stofor is a key player in the domestic electronic adhesive industry, with four major R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan [1] - The company has formed a research team with over 40 university professors and holds 87 patents covering core resin system adhesives such as epoxy, polyurethane, acrylic, and silicone [1] - Stofor's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and overcome technical barriers in the display industry, supplying over 300 leading customers in downstream industries [1] Group 3: Strategic Importance - The investment in Stofor is aimed at expanding the company's electronic materials business, following its acquisition of Korean IPITECHINC. to enter the electronic-grade PI materials sector [1] - This move represents a significant strategic expansion into core electronic-grade new materials for applications in flexible OLED displays, flexible printed circuits (FPC), chip packaging, and new energy vehicles [1]

Core Viewpoint - The company plans to invest 50 million RMB in Stodaf, acquiring a 25% stake, to expand its electronic materials business and enhance its product offerings in key sectors such as flexible OLED displays and electric vehicles [1] Group 1: Investment Details - The company will use its own funds of 50 million RMB to subscribe to Stodaf's newly registered capital of 1.785714 million RMB, with the remaining 48.214286 million RMB allocated to capital reserves [1] - After the investment, the company will hold a 25% equity stake in Stodaf [1] Group 2: Stodaf Overview - Stodaf is a leading domestic electronic adhesive manufacturer with four R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan [1] - The company has formed a research team with over 40 university professors and holds 87 patents covering core resin systems such as epoxy, polyurethane, acrylic, and silicone [1] - Stodaf's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and overcome technical barriers in the display industry, supplying over 300 leading clients in downstream industries [1] Group 3: Strategic Importance - The investment in Stodaf is part of the company's strategy to expand its electronic materials business, following its acquisition of Korean IPITECHINC. to enter the electronic-grade PI materials sector [1] - This move represents a significant step in the company's efforts to diversify into core electronic-grade new materials used in flexible OLED displays, flexible printed circuits (FPC), chip packaging, and new energy vehicles [1]