Core Viewpoint - Jiangfeng Electronics (300666) emphasizes that the ultra-pure metal sputtering targets produced by the company utilize materials such as ultra-pure aluminum, titanium, tantalum, and copper, which have a higher added value compared to ordinary metals, and their prices are relatively less affected by commodity fluctuations due to their special purification processes and high-quality requirements [1] Group 1 - The materials used for ultra-pure metal sputtering targets include ultra-pure aluminum, titanium, tantalum, and copper [1] - Ultra-pure metals have a higher added value compared to ordinary metals [1] - The price of ultra-pure metals is less influenced by commodity price fluctuations [1]

Core Viewpoint - Tongding Interconnection plans to establish a joint venture, Jiangsu Dingchun Technology Co., Ltd., with partners to enhance its competitiveness in upstream core material fields and promote business development [1][2] Group 1: Joint Venture Details - The registered capital of Dingchun Technology is set at 10 million yuan, with Tongding contributing 4.5 million yuan for a 45% stake [1] - Other partners include Jiangsu Mulinsen High-tech Materials Co., Ltd. with a 40% stake, and individuals Li Xiangyu and Qian Feiyi holding 10% and 5% stakes respectively [1] - Tongding will control 60% of the voting rights through a voting rights entrustment agreement with Li and Qian, allowing it to secure a majority of board seats and key management nominations [1][2] Group 2: Strategic Implications - The joint venture aligns with Tongding's overall development strategy and aims to strengthen its core competitiveness in the supply of high-purity materials [1][4] - The partnership with Mulinsen, which focuses on ultra-pure basic materials, complements Tongding's business and allows for rapid entry into the ultra-pure materials market [3][4] Group 3: Financial and Market Outlook - Mulinsen is currently in its early development stage, projecting revenues of 88,500 yuan in 2024 but facing a net loss of 8.26 million yuan [3] - The joint venture's business direction is expected to have significant market potential due to the growing demand for ultra-pure materials in the electronics industry [4] - Tongding's investment of 4.5 million yuan is considered limited in impact on its financial status, reflecting a prudent investment strategy [4]

Core Viewpoint - The competition in the 3nm chip manufacturing process is intensifying, making ultra-pure metal materials a strategic focus in the global semiconductor industry. The IPO of Shanghai semiconductor ultra-pure metal material supplier Tongchuang Purun is a significant step in breaking the overseas monopoly in semiconductor materials in China [1]. Group 1: Company Overview - Tongchuang Purun, established just over four years ago, has received over 2 billion yuan in financing and is on a mission to break the overseas monopoly in semiconductor materials [1]. - The controlling shareholder of Tongchuang Purun is Yao Lijun, founder and CTO of Jiangfeng Electronics, who holds 17.61% of the company's shares. He has a history of breaking through foreign technology barriers in the semiconductor materials sector [2][3]. Group 2: Industry Context - The purity of materials directly affects chip performance, with ultra-pure metal materials needing to reach purity levels of 99.9995% (5N5) or even 99.9999% (6N) for advanced process chips. The impurity content for 3nm process ultra-pure manganese materials must be controlled at the level of parts per ten million [3]. - Historically, the technology for producing these core materials has been dominated by companies in the US and Japan, with over 80% of the high-end market in China relying on imports, which has been a bottleneck for the domestic chip industry [3]. Group 3: Financial and Market Insights - In August, Tongchuang Purun secured over 1 billion yuan in financing, followed by another over 1 billion yuan in Pre-IPO financing, indicating strong confidence from industry capital in the ultra-pure metal materials sector [5]. - The global semiconductor sputtering target market is expected to reach 25.11 billion yuan by 2027, with the market for ultra-pure metal materials also expanding. The demand for chips is increasing due to the growth of AI and electric vehicles, providing a broad platform for domestic companies [5]. Group 4: Strategic Positioning - Jiangfeng Electronics has achieved industrialization of sputtering targets from 6 inches to 18 inches, with advanced targets already used in 7nm chip manufacturing. Tongchuang Purun focuses on the R&D and production of ultra-pure metal raw materials, creating a self-sufficient industrial chain from raw materials to target manufacturing [6].