Group 1: Report Overview - The report is about a research on Boqian New Materials in the small metal industry on May 20, 2025 [1][2][17] Group 2: Research Participants - The participating institutions include online investors [2] Group 3: Company Representatives - The company representatives are Chen Gangqiang (Director and General Manager), Qiu Oute (Director and CFO), Jiang Ying (Director and Board Secretary), and Leng Jun (Independent Director) [17] Group 4: Company Responses to Questions Nickel Powder Business - The company's customers are MLCC and other electronic component manufacturers and electronic paste manufacturers. The Japanese market is being continuously expanded. The demand for small - particle - size nickel powder products has increased due to the upgrade of upstream passive electronic components. In 2024, the company's nickel - based products achieved an operating income of 684,564,670.66 yuan, and the annual sales volume exceeded 1400 tons [24] - The company's production process for different products is unique, and relevant indicators are core technology and business strategies, so they are not disclosed separately. For market share, it is recommended to refer to public third - party industry reports [24][25] - In the first quarter of 2025, the shipment proportion of small - particle - size high - end nickel powder increased significantly compared with the same period in 2024. The company's customers' end - customers cover the AI server field, but the company has no direct cooperation with specific AI server field customers [27] Other Products - New materials in industries such as photovoltaic copper powder, silicon - carbon anode, and 3D printing materials have a long application and promotion verification period due to technical complexity and safety requirements [25] - In 2024, the company's copper - based products achieved an operating income of 121,967,837.44 yuan, and the annual sales volume reached more than 150 tons. The company will strengthen market expansion and cooperate with downstream customers for R & D [26] Financial Issues - The company's performance decline in the fourth quarter of 2024 was mainly due to inventory write - downs and production process adjustments. The cash - flow change in the first quarter of 2025 was normal as the company increased raw material procurement and had growing accounts receivable within the normal payment period [26][27] Information Disclosure - The company strictly complies with relevant laws, regulations, and regulatory requirements for information disclosure, and there is no undisclosed information or insider information leakage [24][26]

Core Viewpoint - Hangzhou Xinchuan New Materials Co., Ltd. has secured 50 million yuan in B+ round financing, aimed at developing and mass-producing new electronic components and core materials for photovoltaics, as well as expanding production capacity [1] Company Overview - Founded in August 2017, Xinchuan New Materials is headquartered in Xiaoshan District, Hangzhou, and aims to become a global provider of basic materials for electronic information and green energy [1] - The company has developed nickel powder for MLCC (Multi-layer Ceramic Capacitor) inner electrodes, addressing the challenge of domestic high-end MLCC material production [1][2] Product Development - Xinchuan New Materials has achieved mass production of nickel powder for MLCC and ultra-fine soft magnetic powder for AI applications, while also advancing the scale application of high-end powder materials for photovoltaics and hydrogen production [1][8] - The company’s nickel powder products have been recognized as a new industrial product in Zhejiang Province for 2024 and are among the first in the country [1] Market Position - The MLCC market is dominated by Japanese and Korean companies, which hold over 70% of the market share, while domestic suppliers like Xinchuan New Materials aim to fill the gap in the production of 200nm and below nickel powder [2] - Xinchuan New Materials has received strategic investment from Japan's Inabata & Co., which supports its expansion into the Japanese market [7] Technological Advancements - The company has developed a proprietary evaporative condensation method for powder production, which automates the heating and cooling processes, enhancing production efficiency and yield [3][5] - Xinchuan New Materials has successfully produced 150nm and 200nm graded nickel powder, with plans to develop new nano-level nickel powder cooling and grading processes by 2025 [7] Future Plans - The company plans to achieve a production capacity of 1,500 tons of ultra-fine metal powder by 2025, with an increase to 2,000-2,500 tons by 2026, and is considering a third production base depending on market conditions [11] - Xinchuan New Materials is also focusing on developing copper powder for photovoltaics, which is expected to significantly reduce costs in the solar industry [9][11]