公司核心产品为电子级酚醛树脂和特种环氧树脂，广泛应用于半导体封装、覆铜板、光刻胶、电子胶等行 业。目前衡封在安徽和泰州落地有现代化的生产线。近两轮融资累计超亿元，将助力公司产品供应体系的 升级以及在电子级特种酚醛树脂和特种酚醛环氧树脂市场的战略布局。 毅达资本合伙人黄礼群表示，"衡封新材项目的创始人和核心团队都有多年外企高管工作经历，技术经验 丰富，客户资源较广，公司的产品为半导体封装领域的关键材料，高端产品的技术壁垒较高，顺应国产替 代的大趋势，非常期待衡封在这方面既有量的突破，又有质的跨越。同时，也希望公司做好扩张过程中的 现金流管理，加强产能爬坡过程中的产品质量管理。" 衡封新材成立于2018年，拥有来自华东理工等高校，在酚醛树脂和环氧树脂行业深耕20年，涵盖技术、生 产、销售等领域的资深团队，以"聚合科技，封载未来"为前瞻发展战略，致力于将衡封新材塑造为全球电 子级特种酚醛树脂和特种酚醛环氧树脂技术的领导者。 近日，电子级酚醛树脂及环氧树脂研发商衡封新材完成数千万元Pre-B轮融资，本轮融资由毅达资本领投， 临港数科基金和尚研莘工基金跟投，老股东耀途资本持续追投。 ...

Core Viewpoint - The article highlights the significant opportunities presented to high polymer materials due to the AI industry boom, with companies like Dongcai and Shengquan benefiting greatly from this trend, particularly Shengquan, which reported a 51.19% year-on-year increase in net profit driven by the surge in AI server demand and other industries [2]. Summary by Sections Shengquan's Performance - Shengquan's net profit increased by 51.19% in the first half of the year, primarily due to the AI computing power construction, high-frequency communication, and new energy vehicles [2]. - The company is a key supplier of materials for chip packaging and server PCBs, with a significant demand for PPO resin [2]. New Projects and Investments - Shengquan has initiated a pilot project for high-performance resin with a total investment of 123.59 million yuan, covering an area of 24,296.6 m² and expected to produce 2,027 tons per year by December 2026 [2]. - The project aims to enhance the production of special electronic resins, which are crucial for PCB manufacturing, especially with the growing demand from 5G/6G and AI developments [2]. Resin Types and Applications - Various types of resins are being developed, including: - **Phenolic Resins**: Known for their excellent heat resistance and mechanical strength, used in high-demand fields like friction materials and refractory materials [3]. - **Liquid Phenolic Resins**: Modified for better solubility and flexibility, used in casting coatings and wood adhesives [3]. - **Amino-modified Phenolic Resins**: Offer quick curing in low-temperature and humid environments, applicable in flooring and marine coatings [3]. - **Dihydroxynaphthalene Phenolic Resins**: High rigidity and heat resistance, used in high-performance engineering plastics [4]. - **Electronic-grade Phenolic Resins**: Require higher technical standards, with low free phenol and high thermal stability, primarily imported [4]. Production Capacity - Shengquan's pilot production lines include: - 100 tons/year for pressurized and atmospheric phenolic solid resins - 500 tons/year for liquid phenolic resins - 600 tons/year for phenolic-modified amine resins - 60 tons/year for electronic-grade phenolic resins [5]. Emerging Resin Technologies - **Low Dielectric Hydrocarbon Resins**: Exhibiting low dielectric constant and loss factor, suitable for high-frequency applications [6]. - **Low Dielectric Reactive Esters**: New generation epoxy resin curing agents with low dielectric loss and high heat resistance [6]. - **Phosphorus-containing Reactive Esters**: Key materials for halogen-free copper-clad laminates in high-end servers and base stations [6]. - **Three-functional Epoxy Resins**: Higher cross-link density leading to improved thermal stability and mechanical strength, used in advanced composite materials [7].

Investment Rating - The report gives an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 1.263 billion, 1.483 billion, and 1.899 billion yuan for the years 2025 to 2027, respectively, benefiting from its leading position in domestic phenolic resin and casting resin, as well as the transformation of the resin system in the electronic and new energy materials industry [2][18]. - The report highlights that while the market believes the value of the company has been fully priced in during the current resin demand upcycle, there is potential for recovery in traditional resin business and the company is positioned as a "technology platform" enterprise in new materials, which may capture more potential products through its ongoing R&D capabilities [2][15]. Summary by Sections 1. Business Development and Financial Performance - The company has a solid foundation in traditional resin business with a production capacity of 648,600 tons for phenolic resin and 143,300 tons for casting resin as of 2023, which supports its ability to navigate through cycles [3][49]. - The company reported a significant increase in net profit of 51.19% year-on-year for the first half of 2025, reaching 5.01 billion yuan, driven by growth in advanced electronic materials and battery materials [24][37]. 2. Electronic Chemicals and New Materials - The company is a leader in domestic electronic materials, with a full production capacity of its four PPO production lines and plans to expand its production capacity for various resin products [3][12]. - The demand for PPO resin is expected to grow significantly, with projections of 6,964 tons and 10,446 tons for 2025 and 2026, respectively, driven by the AI server market [3][15]. 3. Battery Materials - The company is actively expanding its production capacity for silicon-carbon anodes and porous carbon, with plans for 10,000 tons per year of silicon-carbon anodes and 15,000 tons per year of porous carbon [3][27]. - The company has established a production line for hard carbon anodes for sodium batteries, which is expected to see increased demand [3][27]. 4. Biomass Chemical Products - The company is optimizing its Daqing project, which focuses on high-value biomass products, and is expected to turn profitable [13][24]. - Revenue from biomass chemical products is projected to grow steadily, with expected revenues of 1.1 billion, 1.265 billion, and 1.454 billion yuan for 2025 to 2027 [13][14]. 5. Market Position and Competitive Advantage - The company holds a leading position in the phenolic resin market, with a production capacity that ranks among the highest globally, and benefits from significant cost advantages [3][49]. - The report emphasizes the company's strong market position in high-end phenolic resin products, which have a higher added value compared to low-end products [54][55].

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 - Jinan Shengquan Group Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by advancements in chemical new materials and biomass new materials, as well as a strong performance in the advanced electronic materials and battery materials sectors [2][16]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 5.35 billion RMB, a 15.67% increase compared to the same period last year [2]. - Total profit reached approximately 595.65 million RMB, marking a 47.64% increase year-on-year [2]. - Net profit attributable to shareholders was approximately 500.94 million RMB, up 51.19% from the previous year [2]. - The company's total assets stood at approximately 16.28 billion RMB, reflecting a 10.50% increase from the end of the previous year [2]. Main Business and Industry Situation - The company specializes in the research, production, and sales of chemical new materials and biomass new materials, with a leading position in the production of phenolic and furan resins [3][4]. - The advanced electronic materials and battery materials sectors are experiencing rapid growth, with the company reporting an operating revenue of approximately 846 million RMB in these areas, a 32.43% increase year-on-year [16]. - The demand for silicon-based anode materials is expected to grow significantly, with the global market for silicon-based anode materials projected to reach 30 billion RMB by 2025 [7]. Competitive Advantages and Innovations - The company has developed a comprehensive product matrix in the casting materials sector, providing high-quality materials for various strategic emerging industries [20]. - The company has established a strong R&D capability, with 792 valid patents, including 546 authorized invention patents, indicating a robust innovation pipeline [22]. - The company’s unique biomass refining technology allows for the efficient conversion of non-food biomass into high-value products, enhancing its competitive edge in the market [14][15]. Market Trends and Future Outlook - The industry is witnessing a shift towards high-performance, low-weight materials, particularly in the context of the growing demand for electric vehicles and advanced manufacturing [10][11]. - The company is positioned to benefit from the increasing focus on green and sustainable materials, aligning with national policies promoting low-carbon development [11][13]. - The overall market for biomass-based materials is expected to exceed 100 billion RMB by 2025, driven by advancements in technology and increasing environmental awareness [13][21].

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, which may dilute immediate returns, and has proposed specific measures to mitigate this impact while ensuring the protection of minority shareholders' interests [1][4][12]. Financial Impact Analysis - The company has analyzed the impact of the convertible bond issuance on its key financial indicators under various assumptions regarding net profit growth for 2025 and 2026, including scenarios where net profit remains flat, grows by 10%, or grows by 20% [2][3]. - Under the assumption of flat net profit, the diluted earnings per share (EPS) for 2026 would be 0.90 yuan per share, compared to 0.98 yuan per share before the bond issuance [2][3]. - If net profit grows by 10%, the diluted EPS could increase to 1.08 yuan per share in 2026, while a 20% growth scenario could lead to a diluted EPS of 1.29 yuan per share [2][3]. Use of Proceeds - The total investment for the projects funded by the bond issuance is estimated at 300,051.78 million yuan, with the company planning to raise up to 250,000.00 million yuan through this issuance [4][5]. - The projects are aligned with the company's core business in chemical new materials and biomass new materials, particularly in the production of phenolic resins and furan resins, which are leading products in the domestic and global markets [4][5]. Project Implementation and Market Position - The company aims to enhance its production capacity and optimize processes through the "Green New Energy Battery Material Industrialization Project," which is expected to meet the growing demand for high-energy-density batteries in consumer electronics and power batteries [6][9]. - The company has established a strong technical and research team, with over 800 effective patents, to support the successful implementation of the funded projects [8][9]. Measures to Mitigate Dilution - The company has committed to improving the management of raised funds and ensuring their effective use to enhance shareholder returns and mitigate the dilution of immediate returns [10][11]. - A stable profit distribution policy will be maintained to provide reasonable returns to shareholders, particularly minority shareholders, following the bond issuance [11][12]. Commitments from Management - The board of directors and senior management have made commitments to ensure the execution of measures to mitigate the dilution of immediate returns, including adherence to legal and regulatory requirements [12][13].

Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year and month-on-month decrease of 13.6% and 18.0% respectively, with a total disclosed financing amount of approximately 18.233 billion yuan, remaining stable compared to May 2024 but down 21.5% from March 2025 [1] Group 2 - Yida Capital, a management institution under Jiangsu High-tech Investment Group, has a capital management scale exceeding 120 billion yuan and focuses on various investment stages and sectors [2] - As of the end of May 2025, Yida Capital registered three new funds with a total registered capital of 2.12 billion yuan, including the Ma'anshan Charity Lake Venture Capital Partnership and the Ma'anshan Digital Empowerment Industry Fund [2][3] - The Ma'anshan Charity Lake Venture Capital Partnership, with a total scale of 1 billion yuan, primarily focuses on the life and health industry and its upstream and downstream sectors [2] Group 3 - The Ma'anshan Digital Empowerment Industry Fund, also with a total scale of 1 billion yuan, invests in key areas such as artificial intelligence and data elements [3] - Yida Capital disclosed five equity investment events during the reporting period, remaining stable compared to April 2025 but showing a significant increase of 150% year-on-year [3] - In the first five months of 2025, Yida Capital completed 31 investments, which is 93.9% of the total investment events from May to December 2024 [3] Group 4 - In May 2025, Yida Capital's investments were primarily in growth-stage projects, with Pre-B and B rounds accounting for 60% of the investments [6] - Yida Capital led a Pre-B round investment in "Hengfeng New Materials," which will use the funds to upgrade its product supply system and enhance its strategic layout in the electronic-grade specialty phenolic resin market [11] - Hengfeng New Materials, established in 2018, focuses on high-tech products used in semiconductor packaging and has modern production lines in Anhui and Taizhou to support domestic production [12]