二、投资者提出的问题及公司的回复情况 四川东材科技集团股份有限公司关于2025年半年度业绩说明会召开情况的公告 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个别及连带责任。 为加强与投资者的沟通交流，使广大投资者更加全面、深入地了解公司经营情况，四川东材科技集团股 份有限公司（以下简称"公司"或"本公司"）于2025年9月23日上午10:00-11:30在上海证券交易所"上证路 演中心"网络平台（http://roadshow.sseinfo.com），以视频录播结合网络文字互动方式召开了2025年半年 度业绩说明会，针对公司的经营情况、战略发展规划等事项与投资者进行了充分交流，现将本次业绩说 明会召开情况公告如下： 问题1：请问公司与韩国Chemax等合作方共同投资的东凯芯半导体，其光刻胶单体及光酸材料的当前进 展如何？特别是投料试生产的具体进度、已实现小批量销售的产品反馈，以及下一步实现规模化量产的 计划与时间表是否有更明确的安排？ 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601208 证券简称：东材科技 公告 ...

Core Viewpoint - Dongcai Technology (601208.SH) produces high-performance and stable quality bismaleimide resin, meeting the performance requirements for AI servers and next-generation X86 servers [1] Group 1: Company Performance - The company benefits from the explosive growth in artificial intelligence and computing power industries, leading to strong downstream demand for its products [1] - The company has a high order volume and production line utilization rate due to the robust market demand [1]

Core Viewpoint - The recent announcement by Dongcai Technology highlights the increased market attention on its high-speed electronic resin products, driven by the rising demand in the high-end server industry due to advancements in artificial intelligence and computing power upgrades [1] Group 1: Company Performance - Dongcai Technology's high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The company has established supply relationships with leading copper-clad laminate manufacturers, providing products to major server systems such as Nvidia, Huawei, Apple, and Intel, which has become a new growth point for its performance [1] Group 2: Industry Trends - Electronic resin is a key material in PCB manufacturing, accounting for 20%-30% of copper-clad laminate costs and 8%-12% of overall PCB costs, with technological iterations directly driving PCB performance upgrades [1] - The explosive demand for AI servers, 5G communication, and new energy vehicles is increasing the penetration rate of high-frequency and high-speed PCBs, leading to a gradual replacement of traditional epoxy resins with new types such as PPO, hydrocarbon resin (PCH), and PTFE [1] - New resins are becoming core materials for AI computing hardware upgrades due to their low dielectric loss (Df≤0.005) and high thermal stability, indicating a broad space for domestic substitution [1]

Core Viewpoint - The stock price of Dongcai Technology (601208.SH) has been influenced by the rising demand in the high-end server industry, leading to increased market attention on the company's high-speed electronic resin products [1] Company Summary - Dongcai Technology has benefited from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades, enhancing its competitive advantage in high-speed electronic resins [1] - The company produces various types of high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, which have seen successful market expansion [1] - The products have been supplied to major server systems from leading companies like Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company's performance [1]

Core Viewpoint - Dongcai Technology has released an announcement regarding its recent market activity, highlighting increased attention on its high-speed electronic resin products due to the rising demand in the high-end server industry driven by artificial intelligence and computing power upgrades [1] Group 1: Company Performance - The company’s high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The products have been supplied to major server systems of leading companies such as Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company’s performance [1] Group 2: Industry Trends - The high-end server industry is experiencing a boost in market interest, particularly influenced by the quality development in emerging fields such as artificial intelligence and computing power upgrades [1]

Core Viewpoint - The report highlights that AI applications are driving the PCB industry into a growth cycle, with expectations for both volume and price increases in the PCB market due to rising demand from end-user electronics, 5G, and AI servers [1][21]. Group 1: AI Driving PCB Growth - AI applications are expected to lead to a significant increase in demand for high-end PCBs, particularly HDI and 18+ layer boards, with global market value CAGR projected at 6.4% and 15.7% respectively from 2024 to 2029 [1][6][39]. - The PCB industry is entering a new growth phase, with AI servers requiring more layers and advanced materials, resulting in a value increase that is several times higher than traditional servers [6][52]. Group 2: Core Material - Copper Clad Laminate (CCL) - CCL accounts for approximately 27% of PCB manufacturing costs, with key raw materials being copper foil, resin, and fiberglass cloth [2][6]. - The demand for high-frequency and high-speed CCL is expected to grow rapidly, driven by applications in AI and 5G [2][6]. Group 3: Evolving Demand for Electronic Resins - Electronic resins are crucial for enhancing the properties of CCL and PCBs, with a shift towards high-performance resins such as PTFE, PPO, and hydrocarbon resins [2][7][12]. - The demand for high-performance electronic resins is increasing as traditional epoxy resins fail to meet the high-speed requirements due to signal loss issues [5][12]. Group 4: Rapid Growth of High-Performance Silica Micro Powder - The demand for silica micro powder is expected to grow rapidly, with projections indicating a 13.2% year-on-year increase, reaching 473,000 tons by 2025 [2][12]. - Silica micro powder is essential for enhancing the performance of high-frequency and high-speed CCL, particularly in AI server applications [12][94]. Group 5: Market Dynamics and Trends - The PCB market is projected to recover with a growth rate of 5.8% in 2024, driven by new AI demands creating a new growth curve rather than just a cyclical recovery [21][29]. - China is the largest PCB manufacturing base globally, accounting for 56% of the market value, which provides a significant advantage for upstream material companies [29][24]. Group 6: Investment Insights - Investors are advised to focus on material companies that are positioned in high-growth segments such as HDI, IC substrates, and high-frequency boards, rather than those targeting low-end rigid boards [30][39]. - Companies capable of producing 18-layer and above PCBs, along with those providing corresponding CCL and materials, are expected to benefit the most from the current market dynamics [39][49].

Core Viewpoint - The company held a 2024 annual performance briefing to enhance communication with investors, discussing operational status and strategic development plans [1] Group 1: Company Operations - The company has a designed production capacity of 3,700 tons for its bismaleimide (BMI) resin, with actual production influenced by customer orders and market demand [2] - The company reported a continuous increase in orders for its BMI resin, achieving a high capacity utilization rate [2] - The company is focused on developing new energy materials, with significant revenue growth expected in this sector for 2024 [2] Group 2: Financial Performance - The company released its 2024 annual report and Q1 2025 report on April 25, 2025, detailing its financial performance [2] - The company acknowledged that despite increased revenue, profitability has not improved due to intense market competition and price differentiation in the epoxy resin and photovoltaic backsheet industries [3] Group 3: Future Growth Drivers - Future growth will be driven by the company's strategy to lead in new energy materials, advanced electronic materials, and environmentally friendly materials [2] - The company aims to increase the sales proportion of high-value-added products, enhancing overall profitability [2] Group 4: Market and Industry Outlook - The company views the new materials industry as having stable growth potential, supported by government policies and a significant market demand for domestic substitutes [3] - The company is actively monitoring the overseas market environment and plans to optimize its supply chain to mitigate potential risks [3] Group 5: Project Developments - The company is constructing a project in Meishan with a planned capacity of 20,000 tons for high-speed communication substrate materials, which is based on market demand and the company's technological capabilities [3] - The company is also involved in a joint venture for high-end photoresist materials, currently in the trial production phase [5] Group 6: Challenges and Responses - The company is addressing challenges from its subsidiary, Shandong Aiment, which has been a drag on overall performance, with efforts underway to achieve profitability in 2025 [3] - The company is enhancing its production processes through automation and AI technology to improve product yield and stability [5]