中化新网讯2025年12月29日，中国—马来西亚钦州产业园区年产70万吨高端半导体化学材料生产基地项 目正式开工。 据了解，该项目是中国—马来西亚钦州产业园区高端半导体材料产业基地首个入驻的链主级项目。项目 创新采用"链主+基金+基地"的模式，以龙头企业安鑫电子为引擎整合资源，通过专项产业投资基金提 供全周期资本支持，依托专业特色园区实现产业集聚发展，带动园区半导体产业和高端精细化工产业提 质升级。 项目规划总投资50亿元，核心产品涵盖电子级硫酸、电子级盐酸、电子级氨水、电子级双氧水、电子级 溶剂等品类，将有效弥补国内高端半导体电子化学品产业发展短板，推动高端半导体化学材料进口替代 的重大创新项目。 该项目分3期推进。一期投资14.5亿元，预计2027年底全面投产，届时将形成年产6万吨电子级硫酸、1 万吨电子级盐酸、1万吨电子级氨水、1万吨电子级双氧水、4万吨电子级溶剂等产品产能，预计年产值 超10亿元，年缴税收约1亿元，直接创造就业岗位1000余个;二、三期将在一期基础上扩产并开发新产 品，产品系列覆盖湿电子化学品品类。待项目三期全部建成达产，年总产值有望突破100亿元，带动上 下游相关产业形成超500亿元 ...

该项目分三期推进。其中，一期投资14.5亿元，预计2027年底全面投产，届时将形成6万吨/年电子级硫 酸、1万吨/年电子级盐酸、1万吨/年电子级氨水、1万吨/年电子级双氧水、4万吨电子级溶剂等产品产 能，预计年产值超10亿元，年缴税收约1亿元，直接创造就业岗位1000余个；二、三期将在一期基础上 扩产并开发新产品，产品系列覆盖主要湿电子化学品品类。待项目三期全部建成达产，年总产值有望突 破100亿元，带动上下游相关产业形成超500亿元的经济规模。(完) 项目规划总投资50亿元(人民币，下同)，核心产品涵盖电子级硫酸、电子级盐酸、电子级氨水、电子级 双氧水、电子级溶剂等品类，将有效弥补国内高端半导体电子化学品产业发展短板，推动高端半导体化 学材料进口替代的重大创新项目。 中新网钦州12月29日电(翟李强)12月29日，中国—马来西亚钦州产业园区年产70万吨高端半导体化学材 料生产基地项目正式开工。 据了解，该项目创新采用"链主+基金+基地"的模式，以龙头企业安鑫电子为引擎整合资源，通过专项 产业投资基金提供全周期资本支持，依托专业特色园区实现产业集聚发展，带动中国—马来西亚钦州产 业园区半导体产业和高端精细化工 ...

Core Viewpoint - The company has demonstrated steady performance in its organic pigment segment while strategically transitioning into the semiconductor industry, aiming to create a second growth engine through both internal and external development strategies [1][3][4]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 388 million yuan and a net profit of 47.42 million yuan, reflecting a year-on-year growth of 7.56% [1]. - Basic earnings per share increased by 7.57% to 0.4234 yuan [1]. - As of the third quarter, total assets reached 968 million yuan, a 10.92% increase from the end of the previous year, and net cash generated from operating activities was 50.41 million yuan, up 49.24% [2]. Group 2: Industry Position and Strategy - The company is a leading player in the azo organic pigment sector, which is experiencing a shift towards environmentally friendly, high-performance, and functional products due to stricter environmental regulations and rising demand in emerging markets [2]. - The company is pursuing a high-end strategy and has made significant strides in establishing a presence in the semiconductor materials and equipment sectors, marking a critical transition from traditional manufacturing to technology-driven operations [3][4]. - Recent investments include the establishment of a subsidiary focused on semiconductor materials and a stake in a semiconductor equipment company, aiming to create a synergistic system of "semiconductor materials + semiconductor equipment" [3].

Core Viewpoint - The company, United Chemical, reported a stable performance in the first three quarters of 2023, with revenue of 388 million yuan and a net profit of 47.42 million yuan, reflecting a year-on-year growth of 7.56% and 7.57% respectively [1][2]. Financial Performance - In the first three quarters of 2023, the company achieved operating income of 388 million yuan and net profit of 47.42 million yuan, with basic earnings per share at 0.4234 yuan, all showing a year-on-year increase of 7.56% and 7.57% [1]. - As of the end of the third quarter, total assets reached 968 million yuan, an increase of 10.92% compared to the end of the previous year [1]. - The net cash flow from operating activities was 50.41 million yuan, up 49.24% from the previous year [1]. Industry Trends - The organic pigment industry, particularly azo organic pigments, is experiencing a shift towards environmental protection, high performance, and functionality due to stricter environmental regulations and upgrading of downstream industries [1]. - The company is positioned as a leading player in the niche market of azo organic pigments and water-based inks [1]. Strategic Initiatives - In the second quarter, the company made strategic investments to enter the semiconductor materials and equipment sector, marking a significant transition from traditional manufacturing to technology-driven operations by 2025 [1][2]. - The establishment of a subsidiary focused on semiconductor materials, including the development and production of styrene-based photoresists and OLED semiconductor chemicals, was completed in May [2]. - The company has also entered the semiconductor equipment sector through a stake in a semiconductor equipment company, creating a synergistic system of "semiconductor materials + semiconductor equipment" [2]. Future Outlook - The company aims to build a second growth engine through a combination of internal development and external acquisitions in the semiconductor industry, while acknowledging the uncertainties associated with this transition [2].

Core Viewpoint - A Taiwanese semiconductor materials manufacturer, 瑞升金属工业, has unexpectedly ceased operations due to financial difficulties exacerbated by U.S. tariff policies and tightening bank credit [1] Company Summary - 瑞升金属, founded in 1974, announced its closure on August 12, 2023, citing an inability to continue operations due to financial challenges [1] - The company had previously warned in May 2023 about the impact of rising global transportation costs, geopolitical tensions, and U.S. tariff policies, predicting a potential 20% increase in raw material and consumer goods prices [1] - 瑞升金属's product lines include electronic-grade solvents, lead and lead-free solder bars, solder balls, solder powder, solder wire, solder paste, special alloys, and semiconductor-related materials such as phosphor copper balls and oxygen-free copper blocks [1] Industry Summary - The traditional manufacturing sector, particularly small and medium-sized enterprises in automotive components and machine tools, is expected to be most affected by U.S. tariffs [1]

Summary of the Conference Call for 联合化学 Company and Industry Overview - **Company**: 联合化学 (Union Chemical) - **Industry**: Semiconductor materials, specifically focusing on photolithography materials and equipment Key Points and Arguments 1. **Strategic Investment in Semiconductor Materials**: 联合化学 is expanding into the semiconductor materials sector through its subsidiary 启辰半导体, focusing on the development and production of styrene-based photolithography monomers, UV monomers, OLED semiconductor chemicals, and electronic-grade solvents [2][5][11] 2. **Investment in 卓光瑞科技**: The company has invested 120 million yuan in 卓光瑞科技, acquiring a 19.35% stake, with plans for an additional investment of up to 120 million yuan within six months to enhance competitiveness in the precision optics and semiconductor exposure equipment sectors [2][6][10] 3. **卓光瑞科技's Business Focus**: 卓光瑞科技 specializes in front-end semiconductor exposure equipment, with its subsidiary 冈井化学 engaged in the development and production of large-diameter optical systems. The expected revenue for 卓光瑞科技 in 2024 is approximately 26 million yuan, with a projected doubling in 2025 [2][4][8] 4. **Financial Performance**: In 2024, 联合化学 reported revenues of 530 million yuan, a year-on-year increase of 24.8%, and a net profit of over 56 million yuan, up 66.81%. For Q1 2025, revenues were 130 million yuan, a 0.5% increase, with a net profit of 16 million yuan, up 17% [4][16] 5. **Funding Allocation**: The 190 million yuan investment in 卓光瑞科技 will be allocated for the development of exposure machine prototypes and optical component research, with a strong financial backing and potential for future financing to ensure ongoing development [9][10] 6. **Market Positioning and Growth**: 联合化学 aims to leverage its expertise in organic pigments to transition into the semiconductor materials market, recognizing the demand for high-end semiconductor materials and the strategic importance of this sector [11][12] 7. **Competitive Landscape**: 卓光瑞科技 faces competition from several domestic companies, but its advantages lie in its strong technical team and supply chain management capabilities, which allow for self-research and development without heavy reliance on external partners [18] 8. **Future Directions**: The collaboration between 联合化学 and 卓光瑞科技 is expected to evolve, with potential for further investments and operational involvement from 联合化学 to maximize the partnership's effectiveness [21][22] Additional Important Insights - **Challenges in the Semiconductor Industry**: The domestic semiconductor industry faces engineering challenges rather than scientific ones, with certain supply chain bottlenecks that are expected to be resolved over time [24][25] - **Technological Advancements**: 卓光瑞科技 has made significant progress in optical lens technology, achieving resolutions of 110 nm and 350 nm for different applications, and has secured substantial orders from leading manufacturers [4][14] - **R&D Focus**: 联合化学 is also developing electronic-grade antifreeze and other electronic materials, indicating a broader strategy to diversify its product offerings in the semiconductor space [19] This summary encapsulates the key discussions and insights from the conference call, highlighting the strategic direction and financial performance of 联合化学 as it ventures into the semiconductor materials industry.

Core Viewpoint - The chemical industry is experiencing a structural optimization and upgrade driven by global capacity restructuring and domestic policies, leading to a recovery in demand and a new upward cycle, with significant stock price increases in the basic chemical sector, particularly for companies like United Chemical [1] Group 1: Company Performance - United Chemical achieved a revenue of 53.46 million yuan in 2024, a year-on-year increase of 24.80%, and a net profit of 5.64 million yuan, up 66.81% [2] - In Q1 2025, the company reported a revenue of 13.00 million yuan, a slight increase of 0.52%, and a net profit of 1.65 million yuan, up 17.97% [2] - The company specializes in the R&D, production, and sales of azo organic pigments and water-based inks, with applications in various industries including printing, packaging, and cosmetics [2] Group 2: R&D and Innovation - United Chemical's R&D investment grew by 27.16% in 2024, with R&D expenses accounting for 4.53% of revenue [3] - The company aims to enhance its core technology and innovation through independent R&D, focusing on developing high-performance, environmentally friendly pigment products [3] - The company holds 12 invention patents and 19 utility model patents, participating in the formulation of 48 national and industry standards [2][3] Group 3: Strategic Expansion - United Chemical is expanding into the electronic chemicals sector, leveraging its experience in fine chemical synthesis and surface treatment [4] - In May 2025, the company established a joint venture, Qichen Semiconductor, to develop and produce various semiconductor materials, including photolithography monomers and electronic-grade solvents [4] - The initial production capacity for the photolithography monomer project is designed at 200 tons per year, with plans for future expansion based on market demand [4][5]

Core Viewpoint - The company, United Chemical, has announced significant stock price fluctuations and potential risks associated with its new joint venture, Qichen Semiconductor, which is still in the early stages of development and market entry [2][3]. Group 1: Stock Performance - As of May 23, United Chemical's stock price increased by 15.22%, closing at 124.15 yuan, marking a historical high [2]. - Over the past year, the company's stock price has surged by 394.82%, while the CSI 300 index has only risen by 6.60% during the same period [2]. - The stock has shown a significant deviation in price, with a 202.59% deviation over 27 consecutive trading days, indicating severe abnormal trading fluctuations [2]. Group 2: Valuation Comparison - The company's rolling price-to-earnings (P/E) ratio stands at 176.00, which is significantly higher than the industry average P/E ratio of 23.28 for the chemical raw materials and products manufacturing sector [3]. - This discrepancy raises concerns about the stock's valuation relative to its peers, prompting the company to advise investors to be cautious in their trading decisions [3]. Group 3: Joint Venture and Market Strategy - United Chemical has established a joint venture, Qichen Semiconductor, in collaboration with Shanghai Panwo Fine Chemical Co., Ltd. and Beijing Shanggu Lianheng Chemical Technology Co., Ltd., focusing on the development and production of various semiconductor-related chemicals [3][4]. - The company aims to leverage its experience in fine chemical synthesis and surface treatment to enter the electronic chemicals market, which is characterized by high technical barriers and significant profit margins [4]. - The initial production capacity for the project is designed to be 200 tons per year, with plans for increased R&D investment and technical personnel to enhance capabilities [4]. Group 4: Financial Performance - For the year 2024, United Chemical projects a revenue of 53,461.73 million yuan, reflecting a year-on-year growth of 24.8%, and a net profit attributable to shareholders of 5,643.21 million yuan, up 66.81% [4]. - In the first quarter of 2025, the company reported a revenue of 13,006.19 million yuan, a slight increase of 0.52%, but the net profit decreased by 17.97% to 1,654.22 million yuan [4].