Core Insights - Dongguan Jintaiyang Grinding Co., Ltd. held a targeted research activity on September 24, 2025, with participation from 10 institutions including Guotai Junan Securities and Huafu Securities [1] - The company reported significant progress in product development and market expansion, particularly in addressing critical material issues in chip manufacturing [1] Company Developments - The company has established an annual production capacity of 10,000 tons for its core product, tungsten polishing liquid, which fills a gap in the domestic supply chain [1] - Performance verification for semiconductor-grade polishing liquids has been completed, and multiple orders have been received from domestic FABs [1] - The company has gained recognition for its polishing materials in the high-end automotive sector and is advancing key supplier qualification certifications [1] Financial Performance - In the first half of 2025, the company reported revenue of 270 million yuan, a year-on-year increase of 15.82% [1] - Revenue breakdown includes 164 million yuan from paper-based and cloth-based polishing materials (60.73%), 38.37 million yuan from new polishing materials (14.22%), and 66.86 million yuan from intelligent equipment and structural components (24.77%) [1] Strategic Outlook - The company aims to upgrade from single product supply to systematic solution offerings and to push product applications into advanced sectors like IC manufacturing [1] - Future plans include accelerating market promotion and mass production in the semiconductor and 3C consumer electronics sectors, with a goal of achieving overall performance turnaround [1]

Group 1: Company Progress and Product Development - Linghang Electronics has made significant progress in product development and market expansion, focusing on addressing key pain points in chip manufacturing, particularly with its tungsten polishing liquid, which fills a domestic industry gap [1] - The company has established an annual production capacity of 10,000 tons, covering polishing liquids and formulated chemicals for semiconductor wafers and consumer electronics [1] - Multiple semiconductor-grade polishing liquids have completed performance validation and are ready for mass production, with major breakthroughs achieved in domestic leading FABs [1] Group 2: Financial Performance and Market Recognition - In the first half of 2025, the company achieved revenue of 270 million yuan, a year-on-year increase of 15.82% [3] - Revenue breakdown: paper-based and cloth-based polishing materials accounted for 60.73% (164 million yuan), new polishing materials 14.22% (38.37 million yuan), and smart equipment and structural components 24.77% (66.86 million yuan) [3] - The company has gained market recognition for its polishing materials in the high-end automotive sector and is actively pursuing key supplier qualifications for global expansion [2] Group 3: Strategic Goals and Future Outlook - The company aims to accelerate the promotion and mass production of semiconductor and 3C consumer electronics markets while enhancing product iteration and upgrading through technological innovation [3] - Long-term strategies include transitioning from single product supply to systematic solutions (consumables, equipment, processes) to improve overall service capabilities and customer loyalty [3] - The company plans to deepen its focus on precision polishing and manufacturing, with an emphasis on expanding applications into higher-value IC manufacturing sectors [3]