PhiChem Corporation
飞凯材料
300398
Shenzhen Stock Exchange
Company Profile
Here is the English translation of the company's specific operational measures for the fiscal year 2025: 1. Strengthening Capital Operations, Adhering to a Dual-Wheel Drive Strategy The company adheres to a dual-wheel drive model of "consolidating the foundation through physical operations and creating value through capital operations," precisely carrying out strategic investments along the upstream and downstream of the industrial chain. It is accelerating its deployment in high-end new materials and other fields, cultivating new profit growth points, continuously enhancing core competitiveness, and facilitating transformation and upgrading. At the same time, it actively explores equity cooperation, optimizes the asset-liability structure, revitalizes inefficient and idle assets, and disposes of non-performing assets to promote industrial upgrading and quality improvement, forming an industrial pattern where asset operations and capital operations promote and coordinate with each other. During the reporting period, the company orderly advanced several capital operation projects: (1) Optimizing asset structure: Sold the equity of Darui Technology to focus on the domestic solder ball business. (2) Deepening strategic deployment: Subsidiary Hecheng Display completed the acquisition of 100% equity of JNC Liquid Crystal Materials and JNC Advanced Materials, and purchased all display liquid crystal-related patents from JNC Corporation and its affiliates; JNC Corporation simultaneously subscribed for 5.10% equity of Hecheng Display, forming a deep strategic cooperation that significantly enhanced the company's technical strength and market competitiveness in the field of liquid crystal display materials. (3) Forward-looking industrial deployment: Increased capital investment in subsidiary Aikelong to strategically position itself in the polyimide (PI) material industry, laying the foundation for entering the photosensitive polyimide (PSPI) field for advanced semiconductor packaging and achieving business synergies. 2. Tackling R&D Innovation, Building an Innovation-Driven Core The company always adheres to an innovation-driven development strategy, leading transformation and upgrading through technological innovation and continuously enhancing core competitiveness. Based on market demands, the company builds high-level technology breakthrough platforms, continuously improves its R&D system, and steadily strengthens its technical capabilities. The company possesses a professional R&D team, a complete R&D system, and an efficient industrialization system, equipped with well-furnished R&D laboratories and pilot plants, and has full-chain technical capabilities from small-scale development and process optimization to large-scale production. At the same time, the company has established a collaborative communication and feedback mechanism involving multiple departments such as technology, production, engineering, and quality, providing a solid guarantee for efficiently realizing the industrialization of R&D achievements. Furthermore, the company actively promotes deep industry-university-research integration, extensively cooperating with research institutions and universities to facilitate the value transformation of diversified R&D results and accelerate the market application of innovative achievements. During the reporting period, the company continuously increased R&D investment, with R&D expenses of RMB 208.5910 million, a year-on-year increase of 14.83%, and R&D investment accounting for 6.47% of operating revenue. As of the end of 2025, the company held a total of 1,142 valid patents, of which invention patents accounted for over 97%. The company insists on empowering product quality improvement and core competitiveness enhancement through technological innovation, injecting strong momentum into high-quality development. 3. Strengthening Shareholder Returns, Enhancing Investment Value The company has always adhered to the philosophy of "emphasizing both development and returns." While continuously enhancing core value, it places great importance on rewarding investors, establishing a long-term mechanism for sharing development achievements with investors through equity distributions, share repurchases, and other means. Since its listing, the company's total cumulative dividends have exceeded RMB 420 million, fully reflecting its high regard for investor rights and interests. During the reporting period, the company successfully completed the 2024 annual equity distribution and the 2025 semi-annual equity distribution, distributing a total of approximately RMB 59.5294 million in cash dividends, effectively allowing shareholders to share in the company's operating results. Looking ahead, the company will balance the dynamic equilibrium between company development, performance growth, and shareholder returns according to its current development stage. Based on its actual operations and strategic goals, it will scientifically formulate profit distribution policies, actively implement cash dividends, continuously improve the level of investor returns, and continuously enhance the recognition and sense of gain among its broad base of investors. 4. Strengthening Corporate Governance, Enhancing Standardized Operations The company strictly complies with relevant laws and regulations, establishing a sound governance structure and internal systems, and building a decision-making and operation mechanism with clear rights, responsibilities, and standardized procedures. During the reporting period, to actively respond to the latest regulatory requirements, the company comprehensively revised its "Company Articles of Association" in accordance with the "Company Law," the "Model Articles of Association for Listed Companies," and other laws, regulations, and normative documents. The core content of this revision was to abolish the board of supervisors and correspondingly strengthen the functions of the audit committee, aiming to optimize the corporate governance structure and enhance supervisory effectiveness. In addition, the company systematically improved its internal management systems, organizing the revision of 33 systems including the "Company Articles of Association," "Shareholders' Meeting Rules of Procedure," "Board of Directors Rules of Procedure," and "Independent Director Working System," and newly formulated three systems: the "Compensation Management System for Directors and Senior Management," the "Resignation Management System for Directors and Senior Management," and the "Management System for External Donations," ensuring that the company's governance and operational activities fully comply with the latest laws, regulations, and regulatory requirements.
Full description
As a professional enterprise focused on the research, development, production, and sales of materials and specialty chemicals required for high-tech manufacturing, the company has always been committed to providing high-quality materials for high-tech manufacturing. Since its listing on the Shenzhen Stock Exchange's Growth Enterprise Market in 2014, the company has adhered to a technology-driven and stable operation approach as its main development path, continuously enhancing its core competitiveness and operational quality. Centered on its two core capabilities—"organic synthesis technology" and "formulation development technology"—the company actively evaluates the market potential and domestic substitution opportunities of new material projects. Through vertical integration and horizontal expansion, it has gradually expanded its core business from the R&D and production of UV-curing materials for optical communications to fields such as semiconductors, display screens, and organic synthetic materials, establishing a diversified and synergistic product portfolio. During the reporting period, the company's main business operations did not undergo significant changes. The company began its strategic layout in the integrated circuit (IC) field in 2007, consistently focusing on the technological breakthroughs and industrialization of key core materials with low domestic substitution rates. After more than a decade of dedicated efforts, the company has achieved continuous technological breakthroughs in IC manufacturing and packaging, accumulating numerous core patents and deep R&D and production experience. It has developed a relatively comprehensive material portfolio in wafer manufacturing, wafer-level packaging, and chip-level packaging. Currently, its semiconductor materials include solder balls, epoxy molding compounds, photoresists, and wet-process electronic chemicals such as developers, etchants, strippers, and electroplating solutions, used in semiconductor manufacturing and advanced packaging. Additionally, for temporary bonding processes in semiconductor manufacturing and advanced packaging, the company has developed a complete temporary bonding solution, including bonding adhesives and cleaning solutions, supporting thermal, mechanical, and laser debonding. In response to the increasing market demands for thermal stability and reliability of packaging materials, the company's subsidiary, Kunshan Xingkai, has developed low-stress, low-moisture-absorption epoxy molding compounds with independent intellectual property rights, such as EK5600GHQT and EK5600GHBT. Notably, its EMC solutions for third-generation semiconductors, featuring high voltage resistance, high temperature resistance, and high thermal conductivity, have achieved stable mass production and shipment. Looking ahead, the company will continue to deeply explore industry needs, break through cutting-edge technologies, accelerate the transformation of scientific research achievements, further enhance the domestic substitution rate of high-end semiconductor materials, and support high-quality industry development. The company's display screen materials mainly include photoresists for TFT-LCD panel manufacturing, TN/STN mixed liquid crystals, TFT mixed liquid crystals, liquid crystal monomers and intermediates, and supporting materials for OLED screen manufacturing. Additionally, the company is actively promoting innovation in liquid crystal technology, launching non-display products such as smart dimming glass, electronic paper, optical films, and liquid crystal antennas. As the core vehicle for this business segment, the company's important subsidiary, Hecheng Display, has long focused on the R&D, manufacturing, and sales of liquid crystal materials, becoming a significant global supplier of mixed liquid crystal materials for TFT displays. Hecheng Display has not only successfully developed the first TFT new-structure monomers and mixed liquid crystal products with fully independent intellectual property rights in China, achieving a domestic breakthrough in key display materials, but has also strategically acquired the liquid crystal business segment of JNC Corporation, including the acquisition of 100% equity of JNC's subsidiaries JNC Liquid Crystal Materials and JNC Advanced Materials, as well as purchasing all display liquid crystal-related patents from JNC Corporation and JNC Petrochemical Corporation. This has enabled the company to build a liquid crystal material product matrix covering large to small and medium sizes, seizing the growing market demand for small and medium-sized liquid crystal materials. The company's UV-curing materials mainly include UV-curing coatings for optical fiber and cable, as well as other UV-curing materials. Among these, UV-curing coatings for optical fiber and cable play an irreplaceable role in ensuring the mechanical strength and optical performance of communication fibers. In recent years, with the increasing demand from AI data centers for low-latency, high-density interconnect, and bend-insensitive optical fibers, the company has been continuously enriching its product line of specialty fiber coatings, including hollow-core fibers, to cover various application scenarios. At the same time, it can precisely meet customers' individualized needs by providing flexible and customized solutions. Based on its deep expertise in UV-curing technology, the company has successfully extended its technological advantages into the automotive coating field. After more than a decade of intensive development, the company has established a comprehensive automotive coating product system, covering sub-segments such as interior and exterior coatings, including key materials like matte coatings for automotive interiors, PVD coatings, dual-cured piano black topcoats, PU basecoats, and piano black topcoats for body coatings, as well as electroplated silver and other color topcoats. In terms of technological innovation, the polyurethane acrylate resin LuCure®5746 for matte coatings, developed by the company's subsidiary, Runao Chemical, is groundbreaking. Compared to products manufactured using traditional UV matte processes and film transfer processes, this product not only achieves excellent physical matting effects and tactile sensations but also sets new benchmarks in environmental performance and production efficiency. Its low VOC emissions and fast curing characteristics precisely align with the current automotive industry's demands for green, environmentally friendly, and efficient production. In the future, the company will adhere to an innovation-driven development strategy, continuously deepen its technological presence in the automotive coating field, enrich and refine its coating product system, and create high-performance material solutions driven by technological innovation, making coatings a reliable partner in advancing technology and building a better life. The company's organic synthetic materials mainly include photoinitiators for UV-curing materials and pharmaceutical intermediates for antiviral drugs, antibiotics, and cardiovascular and cerebrovascular medicines. Leveraging its excellent corporate culture, advanced R&D technologies, robust quality control systems, and comprehensive market service experience, the company's related products have gained strong market recognition. Among them, the company's next-generation independently developed photoinitiator TMO, with its independent intellectual property rights and superior performance, has received patents in multiple countries and regions. The company has also obtained EU REACH registration certification as the lead registrant. Currently, the company has achieved mass production of TMO, with good production and sales performance.