在半导体产业链中，半导体晶圆的电镀是晶圆制造中不可缺少的一环，其中镀金工艺主要应用于激光器件和晶圆封装环节。而无氰镀金因其环 保、对光刻胶兼容性好等特性，逐渐成为镀金技术发展的主流趋势。长期以来，这一关键领域一直被美国、日本、德国等国际大公司所垄断，国 产化率很低，国产替代势在必行。 0 1 无氰镀金产品定义及统计范围 无氰镀金（ Cyanide-free Gold Plating ）是一种不使用氰化物（氰化钠或氰化钾）作为金镀层电解液的金属镀金工艺。传统的金镀工艺通常使用含 有氰化物的电解液来完成金的沉积，因为氰化物能够有效地溶解金并提供稳定的电镀过程。但氰化物具有较高的毒性，对环境和操作人员健康构 成风险。无氰镀金则采用了替代氰化物的化学配方，通常使用不含氰化物的有机化合物或其他金属盐，来保证金属的镀层质量，同时减少环境污 染和操作危险。这类技术在电子 和半导体 、 珠宝首饰 及其他高端制造业中被广泛应用，尤其在对环境友好性要求较高的情况下， 将 逐渐取代 传统的氰化镀金工艺。 无氰镀金技术相比传统含氰镀金工艺具有显著的环保、安全和经济优势。首先，它彻底消除了氰化物这一剧毒物质的使用，大大降低了对环境和 ...

Core Viewpoint - The company is currently in the product sampling and optimization phase for its lithium sulfide solid-state battery materials, with an annual production capacity of 300 tons, and has not yet established stable production and sales [1][2]. Financial Performance - In Q1 2025, the company's operating revenue reached 588,046,436.78 yuan, an increase of 14.85% year-on-year. The net profit attributable to shareholders was 25,213,223.30 yuan, up 563.86% year-on-year. The net profit excluding non-recurring gains and losses was 20,230,280.30 yuan, an increase of 733.88% year-on-year. The basic earnings per share were 0.0542 yuan, up 470.53% year-on-year [1][5]. Debt Management - The company has a monthly operating cash flow and notes receivable of nearly 300 million yuan, with a balanced distribution of financing maturing in 2025, averaging around 100 million yuan per month, indicating a strong debt repayment capability [1]. Industry Outlook - The electronic chemicals industry is expected to benefit from emerging technology developments, national policy support, and the demand for industrial upgrades, leading to accelerated domestic substitution processes and a favorable overall industry outlook [4]. R&D and Market Strategy - The company plans to continue increasing R&D investment and market expansion to enhance its leading position in specialized chemicals and PCB chemical products, aiming to improve overall profitability [3][4]. Market Position and Competition - The company is focused on overcoming challenges in high-end PCB chemical products, which still rely on over 30% imports, by investing in R&D to break through key technology areas [3]. Future Projections - The company has reported a significant impairment provision of 39.7 billion yuan for the new energy materials sector in 2024, primarily due to the optimization of industrial layout and idle fixed assets [2]. Investment Ratings - Recently, one institution has given a rating of "buy" for the stock, with profit forecasts for 2025 and 2026 indicating a net profit of 110 million yuan and 151 million yuan respectively [6].