相较于传统非光敏聚酰亚胺，以 PSPI为基质配制成的光刻胶可直接光刻成型，无需复杂的光刻 胶刻蚀和去胶工序，大大简化集成电路的制造工艺，提高光刻胶图形的精度，被广泛应用于半 导体封装、先进封装工艺、OLED显示等领域，具有重要的技术价值和应用前景。 据势银（ TrendBank）统计研究显示：2024年全球封装用PSPI市场规模达4.02亿美元，预计 2030年将达到8.02亿美元。由于PSPI技术壁垒较高，日美厂商垄断高端市场，主要供应28nm 以下制程，五大头部厂商包括Toray（日本东丽）、Fujifilm Electronic Materials（富士胶 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 光刻胶 群 封装材料 PSPI（Photosensitive Polyimide，光敏性聚酰亚胺）是一种兼具光敏性和优异物理 化学性能的高分子材料，结合了聚酰亚胺的优良介电性能、机械强度和耐热性，以及光刻胶的 感光性，承担着芯片表面保护、凸块钝化及重布线层绝缘等 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 材料和设备是集成电路产业基石，是推动集成电路技术创新的引擎。集成电路关键材料处于整个产业链上游环节，对产业发展起着重要支撑作用，具有产业 规模大、细分行业多、技术门槛高、研发投入大、研发周期长等特点。集成电路关键材料细分品类众多，可以分为前道工艺晶圆制造材料和后道工艺封装材 料。 前道工艺晶圆制造材料包含硅片、掩模板、光刻材料、前驱体材料、电子特气、研磨抛光材料、湿电子化学品、高纯试剂、溅射靶材等。在晶圆制造过程 中，硅晶圆环节会用到硅片；清洗环节会用到湿电子化学品；光刻中涂胶环节会用到光刻材料，曝光环节会用到掩模板；显影、去胶环节均会用到高纯试 剂；刻蚀环节会用到高纯试剂、电子特气；薄膜沉积环节会用到前驱体材料和靶材 ...

【DT新材料】 获悉，近日，关于 杭州翰亚微电子科技有限公司 高档光刻胶新材料项目（一期）在相关网站验收公示。 据悉，该项目投资10150万元，建设年产3吨高档光刻胶新材料（一期），于2024年12月竣工，2025年1月开始调试， 实际2.62吨高档光刻胶新材料先行验收，包 括KrF光刻胶材料2.5t/a,ArF光刻胶材料0.5t/a。 资料显示， 杭州翰亚微电子科技有限公司 于2023年6月在杭州市钱塘区成立，注资 625万元， 目前 已完成A轮融资 。公司 致力于发展成为国内首个具备商业量 产能力的高端深紫外光刻胶KrF(248nm)/ArF(193nm)核心树脂材料以及下一代EUV(13nm)极紫外光刻胶树脂材料的高科 技生产企业。 2025"新塑奖"评选颁奖盛典 | 七大论坛 光刻胶又称光致抗蚀剂，组成部分包括：光引发剂(包括光增感剂、光致产酸剂)、光刻胶树脂、单体、溶剂和其他助剂，通过紫外光、电子束、离子束、X射线等 的照射或辐射等光化学反应，经曝光、显影等光刻工序，将所需要的微细图形从光罩（掩模版）转移到待加工基片上。 按曝光波长来看，半导体光刻胶又可分为g线（436nm）、i线（365nm），K ...

Summary of Key Points Core Viewpoint - The company Jiangsu Huahai Chengke New Materials Co., Ltd. plans to acquire 70% equity of Hengsuo Huawei Electronics Co., Ltd. through the issuance of shares, convertible bonds, and cash payment, while raising supporting funds. Group 1: Transaction Overview - The transaction involves the acquisition of 70% equity of Hengsuo Huawei Electronics Co., Ltd. from 13 shareholders, including Shaoxing Shuhui Trading Co., Ltd. [1][11] - The main business of Hengsuo Huawei is the research, production, and sales of epoxy encapsulation materials for semiconductor chips [11]. - The transaction is classified as a major asset restructuring and is expected to create synergies with the company's existing operations [11]. Group 2: Financial Details - The estimated transaction price for the acquisition is set at 112 million yuan, with a market valuation of 165.8 million yuan for the 70% equity stake, reflecting an increase of 321.98% [11]. - The payment structure includes cash and shares, with specific details on the issuance of shares and convertible bonds to be determined based on market conditions [11][13]. Group 3: Regulatory Compliance - The company and its management have committed to ensuring the accuracy and completeness of the information disclosed in the transaction documents, taking legal responsibility for any misrepresentation [2][3]. - The independent financial advisor, legal counsel, and auditing firm have confirmed the authenticity of the information provided in the transaction report [4][5].

Core Viewpoint - The silver alloy target material market in China is experiencing rapid growth, driven by increasing demand in the semiconductor integrated circuit sector, particularly for OLED display panels [1][3][4]. Group 1: Market Size and Demand - The market size for silver alloy targets in China is projected to reach 135 million yuan in 2024, with an expected increase to nearly 160 million yuan by 2025 [3]. - The consumption of silver alloy targets in the G6.0 generation line is significant, with usage increasing from 6.20 tons in 2021 to an estimated 22.38 tons in 2024, and further to 23.56 tons in 2025, indicating a compound annual growth rate (CAGR) exceeding 37% [4]. Group 2: Market Competition and Supply - The silver alloy target market in China is predominantly controlled by Japanese, Korean, and German companies, with over 95% market share held by Mitsubishi (over 50%), LT (34.95%), and Materion (6.8%) [6]. - Following Mitsubishi's gradual exit from the target material market, the market share of Korean LT and German Materion is expected to rise, providing opportunities for domestic manufacturers [6]. Group 3: Technological Development - The development of silver alloy targets in China is hindered by a lag in preparation technology compared to Japan and South Korea, primarily due to long-standing technology and patent restrictions [10]. - Domestic companies such as Astone and Shenzhen Top New Materials are actively researching and developing silver alloy targets by optimizing preparation processes and adding elements like In and Sc to enhance performance [10][12]. Group 4: Innovation and Research Directions - Key research directions for improving silver alloy targets include alloying and preparation process control, with a focus on enhancing electrical, optical, and environmental resistance properties through the addition of various elements [10][12]. - The table outlines the effects of different additive elements on the performance of silver alloy films, highlighting the need for further optimization in alloy composition and preparation techniques to develop high-performance silver alloy targets [12].

Core Viewpoint - The company plans to issue A-shares to specific investors to raise a total of no more than 1,947.829 million yuan, which will be used for projects related to semiconductor materials and components, enhancing its production capacity and international competitiveness [4][20][29]. Group 1: Issuance Details - The issuance will target no more than 35 specific investors, including qualified institutional investors and other eligible entities [21]. - The final issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [22][23]. - The total number of shares issued will not exceed 30% of the company's total share capital before the issuance, amounting to a maximum of 79,596,204 shares [3][24]. Group 2: Fund Utilization - The raised funds will be allocated to three main projects: the production of 5,100 electrostatic suction cups for integrated circuit equipment, and 12,300 ultra-pure metal sputtering targets for large-scale integrated circuits, with a total investment of 2,127.829 million yuan [25][30]. - The company plans to use 997.9 million yuan for the electrostatic suction cup project and 270 million yuan for the ultra-pure metal sputtering target project in South Korea [30][31]. - An additional 9,992.90 million yuan will be allocated for the establishment of a research and technology service center in Shanghai [32]. Group 3: Market Context and Strategic Goals - The semiconductor industry is experiencing significant growth driven by demand in artificial intelligence, 5G, and other advanced technologies, with the global semiconductor market expected to reach approximately 697.2 billion USD by 2025 [36]. - The company aims to enhance its market share and brand influence while addressing the domestic demand for high-purity sputtering targets and precision components, which are currently heavily reliant on imports [13][15][36]. - The strategic goal includes establishing a global production base for sputtering targets in South Korea to better serve international clients like SK Hynix and Samsung, thereby improving localized service capabilities [17][36].

Performance Forecast - The company expects revenue for the first half of 2025 to be between 82.6 billion and 90.6 billion yuan, representing a growth of 3% to 13% compared to 80.224 billion yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be between 1.8 billion and 2 billion yuan, showing an increase of 81% to 101% from 995 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 1.5 billion and 1.65 billion yuan, a significant rise of 168% to 195% from 559 million yuan last year [1] - Basic earnings per share are expected to be between 0.0969 yuan and 0.1077 yuan, compared to 0.0535 yuan in the same period last year [1] Business Segments - The semiconductor display business is anticipated to achieve a net profit exceeding 4.6 billion yuan in the first half of 2025, with a year-on-year growth of over 70% [1] - The large-size display sector is benefiting from an optimized supply-side structure and stable product prices, leading to increased demand [1] - The mid-size segment is seeing significant growth in IT product sales and revenue, with continuous improvement in profitability [1] - The small-size OLED business is successfully implementing a high-end strategy, supplying differentiated products to major clients [1] Strategic Developments - The company is enhancing its display business layout and product structure to consolidate competitive advantages and improve profitability [1] - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronic Semiconductor Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [1] - TCL Zhonghuan is facing challenges due to price declines and inventory impairments, with an expected net loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [1] - Despite challenges, TCL Zhonghuan is focused on strategic implementation, operational improvements, cost control, and organizational changes to maintain positive operating cash flow [1]

Company Overview - Zhanding Materials Technology Co., Ltd. is a key supplier in the global semiconductor materials supply chain, focusing on providing reliable and technologically advanced electronic fluorinated liquid products for leading chip manufacturers and large data centers [3] - The company's products are widely used in the semiconductor and artificial intelligence computing power markets, aiding customers in achieving precise temperature control, safe operation, and energy efficiency optimization [3] - Zhanding has established a research and development team led by experienced semiconductor materials and fluorochemical experts, building a comprehensive technology platform with dozens of authorized and newly applied patents [3] Recent Financing - Zhanding Materials recently completed a 200 million yuan Series B financing round, with participation from well-known investment institutions such as Sequoia China, Yangtze Innovation Capital, and Dingfeng Investment, along with continued support from existing shareholders [2] - The funds from this financing round will be used for innovative technological breakthroughs in core products like immersion cooling agents, effectively alleviating production bottlenecks, enhancing capacity, and strengthening supply assurance for global leading wafer fabs and intelligent computing centers [4] Investment Rationale - Investors from Sequoia China highlighted that immersion cooling is the safest heat dissipation solution for high-performance data centers, and the properties of fluorinated compounds make them the ideal immersion cooling agents [5] - Given the contraction of fluorochemical production capacity overseas, Zhanding Materials, with its strong technical foundation and first-mover advantage, is expected to occupy a significant position in the global market [5] - Investors from Eight Billion Space also recognized Zhanding's unique competitive advantages in the electronic fluorinated liquid sector, which can meet the urgent needs of semiconductor and immersion liquid cooling customers, expressing confidence in its future development [5] Industry Context - The semiconductor materials sector is a key support for the national strategic emerging industries, receiving significant attention from the government, which has introduced a series of supportive policies [6] - The investment in Zhanding Materials by venture capital institutions not only acknowledges its technological strength and market potential but also supports the overall development of the semiconductor materials industry [6] - The founder of Shandao Venture Capital emphasized the importance of creating value for investors while recognizing the entrepreneurial spirit and market position of the financing party, believing that the semiconductor materials industry will see broader development prospects with collective efforts [6]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 7月9日-10日，2025势银（第五届）光刻材料产业大会（安徽合肥） 点此报名 添加文末微信，加 光刻胶 群 2025势银（第五届）光刻材料产业大会 已确定将于 7月9日 在 合肥新站利港喜来登酒店 正式 举行 。 酒店地址： 合肥市新站区铜陵北路1666号 。 目前，已有 10余 家产学研单位 确认参会并发表演讲（此排序不分先后）。 1.张江实验 室 ： 研究生命健康科学、集成电路信息技术、类脑智能等关键核心技术。 2.甬江 实验 室： 研究新材料及相关领域的前沿科学技术。 3.矽磐微 ： 专注于扇出型面板封装技术研发与应用的高科技半导体封装测试企业。 4.凯诺中星 ： 各类型电子信息新材料、医药中间体、功能性精细化学品供应商。 5. 天璇新材料 ： 专注于高性能光学材料的开发和产业化。 6.南开大学： 教育部直属重点综合性大学，材料科学与工程学院专注材料科学领域的人才培养与科技进步，电子信息与光学工程学院专注信息技 术人才 ...

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is advancing its IPO process on the Sci-Tech Innovation Board, focusing on the development, production, and sales of photolithography materials and precursor materials, which are essential for integrated circuit manufacturing [1][9]. Group 1: Company Overview - Hengkang New Materials is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1][9]. - The company's products are primarily used in advanced NAND, DRAM storage chips, and logic chips at the 90nm technology node and below [1][9]. Group 2: Financing and Shareholding Structure - The company has undergone frequent financing, leading to a highly dispersed shareholding structure, with the actual controller, Yi Rongkun, holding only 19.52% directly [8][9]. - The company plans to raise approximately 1 billion yuan through its IPO, which is a reduction from the previously planned 1.2 billion yuan [9][11]. - The first five customers account for over 97% of the company's sales, indicating a high customer concentration risk [17][19]. Group 3: Financial Performance - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024, respectively, showing a general slowdown in growth [18][19]. - The net profit for the same years was 101 million yuan, 90 million yuan, and 97 million yuan, reflecting significant volatility [19]. - The company’s operating cash flow has been relatively stable, with figures of 149 million yuan, 88 million yuan, and 191 million yuan over the same period [19]. Group 4: Production Capacity and Utilization - The company has low capacity utilization rates for its main products, with significant portions of its production lines not yet operational [9][11][13]. - The planned fundraising will be used to build new production capacity for photolithography materials and precursor materials, raising questions about the necessity and rationality of these investments given the current low utilization rates [9][12][16]. Group 5: Supplier Relationships - The top five suppliers account for approximately 75% of the company's procurement, indicating a high supplier concentration [24][25]. - The company primarily sources its raw materials from foreign suppliers due to the technical requirements and quality control standards in the integrated circuit industry [25].