Core Viewpoint - Hydrofluoroethers (HFE) are considered ideal substitutes for chlorofluorocarbons (CFCs) due to their zero ozone depletion potential (ODP), low global warming potential (GWP), and favorable environmental properties, including low toxicity and non-flammability [2][5]. Industry Overview - The HFE market is primarily driven by applications in semiconductor manufacturing, industrial cleaning, and precision cleaning, with a significant reliance on high-end manufacturing processes [5][12]. - The global HFE market size was $258.03 million in 2020 and is projected to reach $377.58 million by 2024, reflecting a compound annual growth rate (CAGR) of 9.99% from 2020 to 2024 [7]. - By 2031, the market is expected to grow to $597.48 million, with a CAGR of 7.01% from 2025 to 2031 [9]. Industry Characteristics - HFE is utilized in high-purity applications, emphasizing cleanliness, volatility behavior, and compatibility with materials, rather than volume [12]. - Regulatory pressures regarding PFAS (per- and polyfluoroalkyl substances) are reshaping supply-demand dynamics, with major suppliers like 3M planning to exit PFAS manufacturing by the end of 2025 [12][13]. - Customization and purity control are becoming key selling points, as different HFE grades cater to specific industrial needs [12]. Favorable Factors - The market for electronic-grade HFE used in lithium batteries is promising, with prices approximately double that of standard HFE products, driven by the rapid growth of the electric vehicle and energy storage markets [15]. - Non-ODS cleaning agents, which do not contain chlorine and have zero ODP, are increasingly being adopted as alternatives to HCFCs [15]. Unfavorable Factors - HFE production involves sensitive processes that require stringent control over impurities, which can hinder market expansion due to high costs [18]. - The high price of HFE limits its application primarily to high-end sectors like semiconductor manufacturing, posing a risk if demand in these areas declines [18]. Barriers to Entry - Regulatory barriers are significant, as companies must comply with stringent assessments related to PFAS, which require ongoing investment in compliance capabilities [20]. - The customer validation and integration cycle is lengthy, creating a hard barrier for new entrants due to the need for extensive testing and certification [20]. - Safety and environmental regulations necessitate advanced engineering solutions, increasing the operational and investment thresholds for new market participants [20]. Industry Planning - The "14th Five-Year Plan" emphasizes high-quality development in the chemical industry, encouraging advancements in high-end, functional chemical products like HFE while imposing stricter energy and emission standards [22]. - Local pollution control initiatives are being implemented, leading to more specific compliance requirements for HFE applications, transitioning from general principles to measurable standards [23].

证券日报网讯 12月19日，新宙邦在互动平台回答投资者提问时表示，公司的含氟冷却液产品已实现在 半导体制程冷却、数据中心浸没式冷却及精密仪器清洗等关键领域的批量应用，氢氟醚（HFE）与全氟 聚醚（PFPE）现有产能合计5500吨，公司凭借在氟化液领域强技术积累和充足产能保障，已与多个应 用领域众多全球主流客户建立合作关系并持续交付中，客户反馈良好，产能利用率持续提升。随着全球 半导体产业投资加速及国际主流公司退出带来的市场机遇，公司氟化液业务有望迎来持续增长，为满足 未来的需求，公司新的产能也在积极布局中。 （文章来源：证券日报） ...

Core Viewpoint - The company has successfully achieved mass application of its hydrofluoroether (HFE) and perfluoropolyether (PFPE) products in key areas such as semiconductor process cooling, data center immersion cooling, and precision instrument cleaning, indicating strong market demand and technological capability [1] Group 1: Product Application and Market Position - The company's HFE and PFPE products are now being used in critical sectors, including semiconductor cooling and data center applications, showcasing their relevance in high-tech industries [1] - The company has established partnerships with numerous global mainstream clients, ensuring a steady delivery of products and positive customer feedback [1] - The company benefits from strong technical accumulation in fluorinated liquids and sufficient production capacity, positioning it well for future growth [1] Group 2: Market Opportunities - The acceleration of global semiconductor industry investments and the exit of international mainstream companies from the market present significant growth opportunities for the company's fluorinated liquid business [1] - The company anticipates sustained growth in its fluorinated liquid segment due to favorable market conditions and increasing demand [1]