多年攻坚下，他攻克11步反应的复杂合成路线难题，研发的除草剂、杀虫剂、杀菌剂等 农药品类，被完整保存在办公室电脑里。通过与山东、江苏、湖北等地企业深度合作，他成 功将国外优质农药的生产工艺本土化，推动多项技术实现产业化，打破了大众对农药"高毒 低效"的固有偏见。 从阳离子光引发剂到低毒高效农药，从3000元小项目到3000万大业绩，从实验室到生产 线，刘安昌用二十年坚守践行着科研工作者的使命。如今，已届花甲的他仍奋战在科研一 线，谈及未来，他表示团队将持续迭代技术成果，让更多实验室里的创新突破，成为赋能地 方经济发展的坚实力量。 编辑：熊展平 这份"让科研落地"的初心，早在2000年就已扎根。彼时还在华中科技大学读博的刘安 昌，一篇科研论文被苏州一家农药企业关注，随后促成了一笔3000元的小型合作。"看着自 己的研究能造福社会，那种成就感无可替代。"正是这次经历，让他坚定了"科研要对接市场 需求"的方向。 科研之路从非一帆风顺，却总有诚意与坚持照亮前路。2008年冬天，刘安昌与温州一家 企业负责人约定洽谈合作，突遇大雪导致火车停运，对方竟辗转乘船赶往他的江西老家赴 约。这份赤诚让刘安昌深受触动，也让他在农药领 ...

Group 1 - The company, Jiu Ri New Materials, announced a provision for impairment losses totaling 15.92 million yuan, impacting the total profit by the same amount for the first three quarters of 2025 [1] - The revenue composition for Jiu Ri New Materials in 2024 is as follows: 78.4% from light-curing materials, 21.29% from fine chemicals, 0.18% from electronic chemicals, and 0.13% from other businesses [1] - As of the report, the market capitalization of Jiu Ri New Materials is 4 billion yuan [1] Group 2 - The Chinese innovative drug sector has generated 80 billion USD in overseas licensing deals this year, indicating a robust secondary market for biopharmaceuticals [1] - There is a contrast between the hot secondary market and the cooling fundraising environment in the primary market for biopharmaceuticals [1]

Group 1 - The company, Jiu Ri New Materials, announced a change in the total amount of raised funds to be 48 million yuan, which accounts for 2.81% of the total fundraising amount after deducting issuance costs [1] - The funds will be allocated to two projects: the acyl phosphine oxide series photoinitiator project with a total investment of 40 million yuan, using 39 million yuan from the raised funds, and the Hongyuan Tiancheng project with a total investment of 10 million yuan, using 9 million yuan from the raised funds [1] - For the year 2024, the revenue composition of Jiu Ri New Materials is projected to be: 78.4% from photopolymer materials, 21.29% from fine chemicals, 0.18% from electronic chemicals, and 0.13% from other businesses [1] Group 2 - The current market capitalization of Jiu Ri New Materials is 4.3 billion yuan [2]

Investment Rating - The industry investment rating is "Add" (Maintain) [1] Core Viewpoints - The supply of photoinitiators is becoming concentrated, and demand in emerging fields is booming, leading to a recovery in industry prosperity [1] - Photoinitiators are essential raw materials for light-curing materials, accounting for 3%-5% of the total usage in these materials, but their cost constitutes 10%-15% of the overall cost of light-curing products [2] - The demand for photoinitiators is expected to grow due to the expansion of applications in both traditional and emerging fields, such as automotive parts, electronics, PCB manufacturing, and 3D printing [2] Summary by Sections Basic Information - Photoinitiators are crucial for UV coatings, inks, and adhesives, enabling the curing process through exposure to specific wavelengths of light [2] - Light-curing materials are environmentally friendly and energy-efficient alternatives to traditional solvent-based products, contributing to the reduction of VOC emissions [2] Industry Trends - The main domestic manufacturers of photoinitiators have faced production halts, which may lead to collaborative development within the industry [5] - The competitive landscape shows that China is a major producer of photoinitiators, with significant production capacities from companies like Jiu Ri New Materials and Qiangli New Materials [5] Supply and Demand Dynamics - Supply-side challenges include production stoppages due to safety and environmental issues at key manufacturers, which may hinder recovery efforts [5] - The demand for photoinitiators is driven by the growth of light-curing applications in new sectors, indicating a positive outlook for the industry [5] Related Companies - Key companies in the industry include Jiu Ri New Materials, Qiangli New Materials, Yangfan New Materials, and Gurin Technology [6]