Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a revenue of 860 million yuan in Q1 2025, representing a year-on-year increase of 9.4% and a quarter-on-quarter increase of 1.3% [2][4] - The net profit attributable to shareholders reached 160 million yuan, reflecting a year-on-year growth of 10.9% and a significant quarter-on-quarter increase of 104.8% [2][4] - The gross margin for Q1 2025 was 25.2%, up 0.4 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, while the net margin was 19.2%, an increase of 0.3 percentage points year-on-year and 9.5 percentage points quarter-on-quarter [2][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 860 million yuan, with a net profit of 160 million yuan and a net profit excluding non-recurring items also at 160 million yuan, indicating a year-on-year increase of 88.8% [2][4] - The sales volume for special rubber additives, electronic chemicals, and fully biodegradable materials were 39,949 tons, 4,026 tons, and 4,720 tons respectively, with year-on-year growth rates of 4.8%, 9.6%, and 76.3% [10] - The average selling prices for special rubber additives, electronic chemicals, and fully biodegradable materials were 15,044 yuan/ton, 52,349 yuan/ton, and 8,942 yuan/ton, with respective year-on-year changes of -4.0%, +23.4%, and -17.6% [10] Research and Development - The company invested 220 million yuan in R&D in 2024, a 20.5% increase year-on-year, accounting for 6.6% of revenue [10] - New product sales accounted for 43% of total sales, with the top eight new products contributing 80% of sales revenue [10] Project Development - The company has several projects entering production phases, including a semiconductor and flat panel display photoresist project with an annual capacity of 11,000 tons and related supporting agents of 20,000 tons [10] - The semiconductor chip polishing pad project has completed construction and is in trial production as of December 2024 [10] Future Outlook - The company is positioned as a leader in special rubber additives and photoresists, with expectations for net profits of 550 million yuan, 650 million yuan, and 760 million yuan for 2025, 2026, and 2027 respectively [10]

Core Viewpoint - The establishment of the Synthetic Biology and Bio-Manufacturing Institute at Tianjin University marks a significant step in advancing synthetic biology education and research in China, aiming to respond to the challenges of the biotechnology revolution and the transformation of the bio-manufacturing industry [1][2][3]. Group 1: Strength in Synthetic Biology - Tianjin University has a strong foundation in synthetic biology, housing the National Key Laboratory of Synthetic Biology and the Ministry of Education's "Zhu Feng Plan" Frontier Science Center for Synthetic Biology, leading to a vibrant innovation team composed of academicians and national-level talents [2][3]. - The university has undertaken 34 national key research and development projects and has published the highest number of research papers in synthetic biology globally over the past three years [2][3]. Group 2: Goals for World-Class Discipline - The new institute aims to integrate multidisciplinary resources and leverage artificial intelligence to enhance teaching and research, creating a comprehensive talent cultivation and research innovation platform [3]. - The institute plans to achieve significant breakthroughs in forward-looking basic research and leading original results, producing key common technologies and disruptive innovations to support sectors such as healthcare, energy materials, biological breeding, and environmental governance [3]. - A dynamic adjustment mechanism for professional disciplines will be established, along with interdisciplinary courses and practical projects, fostering a cross-disciplinary learning and research environment for students [3].

股票代码：603650 股票简称：彤程新材 编号：2025-035 债券代码：113621 债券简称：彤程转债 彤程新材料集团股份有限公司 关于公司 2025 年一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 彤程新材料集团股份有限公司（以下简称"公司"）主要业务为新材料的研 发、生产、销售和相关贸易业务等，根据上海证券交易所发布的《上海证券交易 所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》及相关要求， 现将公司 2025 年一季度主要业务板块经营数据披露如下： 二、主要化工产品和原材料的价格变动情况 （一）2025 年一季度公司主要化工产品价格变动情况（不含税） | 主要原料 | 采购均价（元/吨） | | | | 同比变动比 | 季度环比变 | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 年一季度 | 2024 | 年一季度 | 率（%） | 动率（%） | | 苯酚 | 6,904.00 | | | 6,725 ...

制作生物支架和生物矿化形成建筑材料的过程 图源 上述论文 论文作者Heveran强调，生物矿化材料还不是一个即插即用的混凝土替代品。正如 Heveran 所指出的，"生物矿化材料的强度不足以在所有应用中取代混 凝土，但我们和其他人正在努力改善其性能。下一步是进一步延长材料的使用寿命，并弄清楚如何大规模种植它——甚至可能在现场种植。" 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 近日，在一篇发表在Cell Reports Physical Science上的研究论文中，美国蒙大拿州立大学的研究人员推出了一种 由真菌菌丝体和细菌组成的新型建筑材 料 。这种材料的特别之处在于，在营造建筑时它依然具有生物活性。理论上，这种材料可以自我维护，通过生长修补自身的裂缝，甚至帮助净化受污染 的环境。 那么，科学家们是如何开发这一略带科幻色彩的生物材料的呢？首先，科学家发现，一些微生物会进行微生物诱导的碳酸钙沉淀，形成坚固的结构。这一 过程被称为生物矿化，它的最初用途不是生成有生命的材料，而是利用微生物的瞬时活力来进行 ...

Core Viewpoint - The signing of a project for a 300,000-ton annual production base of fully biodegradable materials by Tongliao Economic and Technological Development Zone and Beijing Dayou Yulin Group represents a significant investment in sustainable materials and green technology [1] Investment and Economic Impact - Beijing Dayou Yulin Group plans to invest 2 billion yuan in the development zone for the construction of the production base [1] - The project will cover an area of 1,000 acres and aims to achieve an annual output value of 5 billion yuan and generate tax revenue of 350 million yuan [1] - The project is expected to create 500 jobs upon completion [1] Project Details - The first phase of the project, which includes a production line for 100,000 tons of fully biodegradable materials, is scheduled to commence construction in June of this year and be completed by the end of June 2026 [1] - The main raw material for the project will be traditional biodegradable plastic PBAT, supported by plant fiber ultrafine pulverization technology [1] - The production will focus on agricultural films, shopping bags, packaging materials, and various engineering plastics, emphasizing excellent performance and low carbon footprint [1] Environmental and Industrial Significance - The establishment and large-scale application of this project will promote the industrialization of fully biodegradable composite materials in the development zone and Tongliao City, reducing white pollution and advancing the green low-carbon environmental industry [1] - The project aligns with the development zone's strategy of strengthening and expanding the industrial chain, marking a new addition to the new materials industry chain [1] - It supports rural revitalization and embodies the principle of "lucid waters and lush mountains are invaluable assets" through multi-field integrated development [1]

股票代码：603650 股票简称：彤程新材 编号：2025-031 债券代码：113621 债券简称：彤程转债 彤程新材料集团股份有限公司 关于公司 2024 年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 彤程新材料集团股份有限公司（以下简称"公司"）主要业务为新材料的研 发、生产、销售和相关贸易业务等，根据上海证券交易所发布的《上海证券交易 所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》及相关要求， 现将公司 2024 年度主要业务板块经营数据披露如下： 二、主要化工产品和原材料的价格变动情况 （一）2024 年度公司主要化工产品价格变动情况（不含税） | 主要原料 | 采购均价（元/吨） | | | 同比变动比 | 四季度与三 季度环比变 | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2023 年 | | 率（%） | | | | | | | | 动率（%） | | 苯酚 | 7,076.43 | | 7,000.07 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company is a global leader in new materials, focusing on electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It is actively developing its electronic materials business, particularly semiconductor photoresists and display panel photoresists, to address the localization of key materials. The gradual release of production capacity in the electronic materials sector and the large-scale introduction of new photoresist products are expected to drive strong growth in operating performance [2][18]. Summary by Sections 1. Company Overview - The company is a leading new materials service provider with a focus on three main areas: electronic materials, automotive/tire specialty materials, and fully biodegradable materials. It has been expanding its electronic materials business significantly in recent years [18]. - The company has a concentrated shareholding structure, with the controlling shareholder holding over 60% of the shares, allowing for strategic decision-making and resource allocation [24]. 2. Electronic Materials - The company aims to build a platform company in electronic materials, capitalizing on the trend of domestic substitution. The semiconductor photoresist market is expanding, with the company positioned as a domestic leader [2][38]. - The semiconductor photoresist segment is experiencing significant growth, with sales expected to reach 128 million yuan in the first half of 2024, a year-on-year increase of 54.43% [3][54]. - The display panel photoresist segment is also growing, with the company being the largest domestic supplier, achieving a market share of 25.9% in the first half of 2024 [4][63]. 3. Specialty Rubber Additives - The company is the largest supplier of specialty materials for tires globally, with a production volume of 135,000 tons in 2023, representing a year-on-year increase of 16.7% [5]. - The specialty rubber additives business remains the dominant segment, accounting for 77.7% of the company's main revenue in 2023 [28]. 4. Fully Biodegradable Materials - The company has introduced BASF's PBAT technology, becoming a leader in the biodegradable materials sector. However, due to market oversupply, the PBAT production facility is temporarily halted in 2024 [5][10]. 5. Financial Forecast - The company is expected to achieve revenues of 3.278 billion yuan, 3.750 billion yuan, and 4.370 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.37%, 14.40%, and 16.53% [11][13]. - The net profit attributable to shareholders is projected to be 572 million yuan, 656 million yuan, and 768 million yuan for the same years, with growth rates of 40.57%, 14.69%, and 17.19% [11][13]. 6. Research and Development - The company has invested over 700 million yuan in R&D from 2018 to 2023, with R&D expenses increasing year-on-year. In the first three quarters of 2024, R&D expenses reached 148 million yuan, a 12.65% increase [34]. - The company has established a professional R&D platform to address high-end material needs in the semiconductor and display industries, with a total of 597 patent applications and 420 patents granted as of 2023 [34].