部分光引发剂价格上涨，半导体材料进展顺利

⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢The company's products include photopolymerisation materials and semiconductor chemicals. It is primarily involved inresearching, developing and producing photo-curable materials, such as photoinitiators and monomers, as well as semiconductorchemicals, such as photoresists and photosensitizers. Through independent research and development, the company has achievedTPO, 1173, 907, 369, DETX, ITX, PBZ and TPO-L. It has a large-scale production capacity of more than ten types ofphotoinitiator, including 379, and can provide a one-stop supply of raw materials for downstream customers. In the semiconductorfield, the company has developed three major product series: semiconductor photoresist, display panel photoresist, and photoresistcore raw materials and supporting reagents. This creates an integrated industry chain from raw materials to downstream photoresistproducts.➢By 2025, the prices of certain photoinitiators are expected to rise. The company's operating revenue for the first quarter ofeach yearfrom 2020 to 2025 was 10.11 billion, 12.52 billion, 14.11 billion, 12.35 billion, 1.488 billion and 356 billion yuan respectively, withyear-on-year growth of-24.23%, 23.83%, 12.66%,-12.47%, 20.52% and-0.15% respectively. The company adopts diversifiedmarketing strategies to stabilise its existing market share and actively seeks potential customers. From 2020 to 2024, sales ofphotoinitiators increased from 17,000 to 23,000 tons, while sales of fine chemicals rose from 31,000 to 47,000 tons. According toBaichuan Yingfu data, the price of photoinitiator ITX is expected to rise from 133,000 yuan per tonne to 155,000 yuanper tonne by2025, while the prices of TPO, 907 and 184 are expected to rise from 75,000 yuan per tonne, 69,000 yuan per tonne and 34,000yuan per tonne to 83,000 yuan per tonne, 88,000 yuan per tonne and 45,000 yuan per tonne respectively.➢The company is making smooth progress in the field of semiconductor chemical materials. In 2024, its photoinitiator productioncapacity was 22,850 tonnes, with a construction capacity of 500 tonnes and an utilisation rate of 83.05%. In 2020, the companyacquired Dajing Information and invested in Microchip New Materials, thereby entering the core raw materials sector of thesemiconductor chemical industry, including photosensitizers, intermediates, resins and monomers. The company's semiconductorchemical materials, including photosensitizers and electronic-grade gallic acid, have achieved sales at the tonne level. In November2024, Xuzhou Dajing New Material Technology Group Co., Ltd. Annual Production of 4,500 Tons of Photoresist Project" enteredthe trialproduction stage. In March 2025, Da Jing Information Chemicals (Xuzhou) Co. Ltd. Annual Production of 3,600 Tons ofElectronic Information Materials Technical Renovation Project' entered the trial production stage. To date, the company hascompleted the research and development of over 20 g-line and i-line photoresist products for semiconductors, as well as multipleconventional panel photoresist products. Nine display and semiconductor photoresist products have been successfully introduced toclients in the display and semiconductor industries and are now achieving stable sales.➢Risk warning: The expansion project is not put into operation as expected; The risk of downstream demand falling short ofexpectations. 2 Seethe last page for disclaimer分析师介绍分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、天德化工、彩客新能源、天德化工、理文化工等。邮箱:charles.zhuang@gpf.com.hk电话:(852)97487114 3 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuermentioned in this Research Report.(4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuer mentioned in thisResearch Report within the preceding 12 months.(5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in thisResearch Report.(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned inthis Research Report. There is no officer of the issuer mentioned in this Rese