<p>该公司正在加速扩展用于制造半导体的专业材料，因为中国在关键领域寻求供应链韧性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13031125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_105555_thebambooworks.com_-1024x654.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="654" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13031125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_105555_thebambooworks.com_-1024x654.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>红程新材已在香港申请二次上市，以增强其资本基础，进一步投资于先进化学品。</li>
<li>电子材料的收入贡献在两年内跃升了 8.7 个百分点，达到 27.8%，成为公司的主要增长引擎。</li>
</ul>
<p>目前，中国半导体行业的驱动力可以用一个词来概括——自给自足。</p>
<p>随着全球贸易关系处于动荡状态，中国国家主导的技术独立和对供应链的控制的推动变得更加紧迫，特别是在关键的芯片领域。</p>
<p>在整个产品周期内，替代国内产品以取代进口的努力正在进行，从芯片设计和制造设备到半导体耗材，迫使一些传统化工公司重新思考它们在行业中的角色。</p>
<p><strong>红程新材集团有限公司</strong>（603650.SH）就是其中之一。最初是一家轮胎橡胶添加剂的供应商，它选择将未来押注于高风险、高壁垒的高科技先进材料。该公司仍在轮胎化学品业务中，但越来越专注于芯片制造所需的化学材料，如溶剂、光敏聚合物和抛光垫。</p>
<p>因此，它是新材料行业中少数跨越两个不同产业的公司之一。它正在寻求资金以支持进一步扩展，最近已在香港申请了二次上市。</p>
<p>红程新材有一个引人注目的背景，成立于 1999 年，由 25 岁的生物化学毕业生张宁创办。她最初从事轮胎橡胶添加剂的分销，这是一项依赖于与客户建立紧密关系和确保可靠供应的低利润贸易。这段经历使她对轮胎行业的价值链有了深刻的理解。</p>
<p>自 2006 年起，红程新材开始在江苏省建立自己的制造设施，同时还建立了测试和研发中心。这一举措标志着从分销商向制造商的正式转型。公司逐渐获得了特种橡胶添加剂的核心配方和生产能力，为其 2018 年在上海上市奠定了基础。</p>
<p>随着原始业务的成熟，张宁带领公司进入电子和芯片生产化学品领域，成功实现了价值链的跃升。通过收购和建立内部能力，红程新材进入了半导体光刻胶、显示面板材料、高纯度溶剂和晶圆抛光垫。2024 年，公司投资建立了自己的抛光垫生产基地，这在晶圆制造中发挥着关键作用。</p>
<h4><strong>公司离婚</strong></h4>
<p>随着公司的转型，创始人的家庭状况成为焦点。2023 年披露，之前与张宁共同持有的股份已转回到她名下。上市公司的控制权完全归张宁所有，而她的前夫刘东升则退出了股权。</p>
<p>张宁的股份在当时估值约为 139 亿元人民币（20 亿美元），媒体将这次分手称为 “100 亿元离婚”。实际上，这对夫妇的离婚是资本重组的最后一步，因为张宁的丈夫在 2022 年通过股票出售套现。剩余的股份通过私募配售被稀释，张宁重新获得了完全的公司控制权。离婚的消息是在此之后才被披露的。</p>
<p>结果基本上是双赢：前夫带着现金离开，而上市公司保持了稳定。在消息公布当天，股价仅下跌约 1%，观察者称赞创始人在管理这一情况上的智慧。</p>
<p>随着公司转型的持续，产品组合的变化对收益产生了影响。2023 年，收入为 29.4 亿元，2024 年增长 11% 至 32.6 亿元。在 2025 年前九个月，收入较去年同期增长 4%，达到 25.2 亿元。同时，电子材料在 2023 年占总收入的 19.1%，到 2025 年前九个月上升至 27.8%，而轮胎橡胶添加剂和其他化学产品的比例降至约 69.7%。</p>
<p>盈利能力也得到了提升。去年前三个季度的净利润达到 5.11 亿元，同比增长约 12.8%。整体毛利率从 2023 年的 23.3% 提高到 2025 年前三个季度的 25.2%，电子材料的毛利率一度超过 30%。虽然轮胎材料仍然是现金流的来源，但电子材料正日益成为增长引擎。</p>
<p>截至 2025 年 9 月底，总负债为 54.3 亿元，约占总资产的 60%，其中包括超过 25 亿元的借款和一年内到期的金融负债。去年前三个季度的经营活动净现金流入总计约 2.04 亿元。到 9 月底，现金及现金等价物约为 8.06 亿元，提供了一定的缓冲，但资金压力依然存在。公司的外部资本依赖显著增加，因此香港上市的申请显得尤为重要。</p>
<p>红程新材可能提供了一个引人注目的故事，年轻的企业家抓住机遇并与时俱进。但投资者是否愿意相信这个故事，将取决于公司能否扩大业务规模并完成向先进材料的转型。</p>
<p><em>要订阅 Bamboo Works 每周免费的新闻通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

彤程新材

国联安科创芯片设计ETF

华夏国证半导体芯片ETF

国泰CES半导体芯片行业ETF

天弘中证计算机主题ETF

国联安半导体ETF

南方中证半导体行业精选ETF

华夏上证科创板半导体材料设备主题ETF

<p>彤程新材正在加速扩展半导体材料业务，以响应中国在芯片领域自给自足的推动。该公司已在香港申请进行二次上市，以支持这一增长，目前电子材料已占其收入的 27.8%。彤程新材成立于 1999 年，已从橡胶添加剂转型为芯片生产的先进材料。尽管最近经历了创始人离婚的企业重组，该公司仍实现了收入增长和盈利能力改善，2024 年前九个月净利润增长了 12.8%</p>

<p><em>The firm is accelerating its expansion into the specialist materials used to make semiconductors, as China seeks supply-chain resilience in key sectors</em></p>
<div class="lb-trans"><p>该公司正在加速扩展用于制造半导体的专业材料，因为中国在关键领域寻求供应链韧性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13031125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_105555_thebambooworks.com_-1024x654.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/13031125/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_13-2-2026_105555_thebambooworks.com_-1024x654.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Red Avenue has filed for a secondary listing in Hong Kong to bolster its capital base as it doubles down on advanced chemicals</li>
<li>The revenue contribution from electronic materials has jumped by 8.7 percentage points over two years to 27.8%, emerging as the company's main growth engine.</li>
</ul>
<div class="lb-trans"><ul>
<li>红程新材已在香港申请二次上市，以增强其资本基础，进一步投资于先进化学品。</li>
<li>电子材料的收入贡献在两年内跃升了 8.7 个百分点，达到 27.8%，成为公司的主要增长引擎。</li>
</ul>
</div><p>The driving force for China's semiconductor industry right now can be summed up in one word – self-reliance.</p>
<div class="lb-trans"><p>目前，中国半导体行业的驱动力可以用一个词来概括——自给自足。</p>
</div><p>With global trade relationships in a fraught state of flux, China's state-led push for technological independence and control over supply chains has taken on added urgency, particularly in the critical chip sector.</p>
<div class="lb-trans"><p>随着全球贸易关系处于动荡状态，中国国家主导的技术独立和对供应链的控制的推动变得更加紧迫，特别是在关键的芯片领域。</p>
</div><p>The drive to substitute domestic products for imports is underway across the product cycle, from chip design and fabrication equipment to semiconductor consumables, forcing some traditional chemical companies to rethink their roles in the industry.</p>
<div class="lb-trans"><p>在整个产品周期内，替代国内产品以取代进口的努力正在进行，从芯片设计和制造设备到半导体耗材，迫使一些传统化工公司重新思考它们在行业中的角色。</p>
</div><p><strong>Red Avenue New Materials Group Co. Ltd.</strong> (603650.SH) is one of those shapeshifters. Initially a supplier of rubber additives for tires, it has chosen to stake its future on high-risk, high-barrier advanced materials for high-tech use. The Shanghai-listed firm is still in the business of tire chemicals but is increasingly focused on the chemical-based materials for chip manufacture such as solvents, light-sensitive polymers and polishing pads.</p>
<div class="lb-trans"><p><strong>红程新材集团有限公司</strong>（603650.SH）就是其中之一。最初是一家轮胎橡胶添加剂的供应商，它选择将未来押注于高风险、高壁垒的高科技先进材料。该公司仍在轮胎化学品业务中，但越来越专注于芯片制造所需的化学材料，如溶剂、光敏聚合物和抛光垫。</p>
</div><p>As such, it is one of the few companies in the new materials sector to span two distinct industries. And it is looking for funds to support further expansion, having recently filed for a secondary listing in Hong Kong.</p>
<div class="lb-trans"><p>因此，它是新材料行业中少数跨越两个不同产业的公司之一。它正在寻求资金以支持进一步扩展，最近已在香港申请了二次上市。</p>
</div><p>Red Avenue has a striking backstory, founded in 1999 by a 25-year-old biochemistry graduate, Zhang Ning. She started out distributing rubber additives for tires, a low-margin trade that relied on forging close relationships with customers and ensuring dependable supply. The experience gave her a deep understanding of the tire industry's value chain.</p>
<div class="lb-trans"><p>红程新材有一个引人注目的背景，成立于 1999 年，由 25 岁的生物化学毕业生张宁创办。她最初从事轮胎橡胶添加剂的分销，这是一项依赖于与客户建立紧密关系和确保可靠供应的低利润贸易。这段经历使她对轮胎行业的价值链有了深刻的理解。</p>
</div><p>Starting in 2006, Red Avenue began building its own manufacturing facilities in Jiangsu province, while also establishing centers for testing and R&amp;D. The move marked a formal transition from distributor to manufacturer. The company gradually secured core formulations and production capabilities for specialty rubber additives, laying the groundwork for its 2018 listing in Shanghai.</p>
<div class="lb-trans"><p>自 2006 年起，红程新材开始在江苏省建立自己的制造设施，同时还建立了测试和研发中心。这一举措标志着从分销商向制造商的正式转型。公司逐渐获得了特种橡胶添加剂的核心配方和生产能力，为其 2018 年在上海上市奠定了基础。</p>
</div><p>As the original business matured, Zhang led the company into chemicals for electronics and chip production, executing a tricky leap up the value chain. Through acquisitions and building in-house capacity, Red Avenue moved into semiconductor photoresists, display panel materials, high-purity solvents and wafer polishing pads. In 2024, the company invested in building its own production base for polishing pads, which play a key role in wafer fabrication.</p>
<div class="lb-trans"><p>随着原始业务的成熟，张宁带领公司进入电子和芯片生产化学品领域，成功实现了价值链的跃升。通过收购和建立内部能力，红程新材进入了半导体光刻胶、显示面板材料、高纯度溶剂和晶圆抛光垫。2024 年，公司投资建立了自己的抛光垫生产基地，这在晶圆制造中发挥着关键作用。</p>
</div><h4><strong>Corporate divorce</strong></h4>
<div class="lb-trans"><h4><strong>公司离婚</strong></h4>
</div><p>As the company transformed, the spotlight fell on the founder's family situation. It was disclosed in 2023 that shares previously held jointly with Zhang's husband had been transferred back to her. Control of the listed company became solely vested in Zhang while her ex-husband, Liu Dongsheng, exited without an equity stake.</p>
<div class="lb-trans"><p>随着公司的转型，创始人的家庭状况成为焦点。2023 年披露，之前与张宁共同持有的股份已转回到她名下。上市公司的控制权完全归张宁所有，而她的前夫刘东升则退出了股权。</p>
</div><p>Zhang's stake was valued at roughly 13.9 billion yuan ($2 billion) at the time, prompting media to label the break-up a &#34;10 billion yuan divorce&#34;. In fact the couple's divorce was the final step in a capital restructuring, as Zhang's husband had been cashing out through share sales in 2022. The remaining holdings were diluted via a private placement and Zhang regained full corporate control. Only afterwards was the divorce revealed.</p>
<div class="lb-trans"><p>张宁的股份在当时估值约为 139 亿元人民币（20 亿美元），媒体将这次分手称为 “100 亿元离婚”。实际上，这对夫妇的离婚是资本重组的最后一步，因为张宁的丈夫在 2022 年通过股票出售套现。剩余的股份通过私募配售被稀释，张宁重新获得了完全的公司控制权。离婚的消息是在此之后才被披露的。</p>
</div><p>The outcome was largely win-win: the ex-husband walked away with cash, while the listed company maintained stability. On the day the news broke, the stock slipped just about 1% and observers praised the founder's acumen in managing the situation.</p>
<div class="lb-trans"><p>结果基本上是双赢：前夫带着现金离开，而上市公司保持了稳定。在消息公布当天，股价仅下跌约 1%，观察者称赞创始人在管理这一情况上的智慧。</p>
</div><p>As the corporate transformation continued, the shifting product mix had an impact on earnings. Revenue stood at 2.94 billion yuan in 2023 and rose 11% to 3.26 billion yuan in 2024. For the first nine months of 2025, revenue edged up 4% to 2.52 billion yuan from the year-earlier period. Meanwhile, electronic materials rose from 19.1% of total revenue in 2023 to 27.8% in the first nine months of 2025, while rubber additives for tires and other chemical products fell to around 69.7%.</p>
<div class="lb-trans"><p>随着公司转型的持续，产品组合的变化对收益产生了影响。2023 年，收入为 29.4 亿元，2024 年增长 11% 至 32.6 亿元。在 2025 年前九个月，收入较去年同期增长 4%，达到 25.2 亿元。同时，电子材料在 2023 年占总收入的 19.1%，到 2025 年前九个月上升至 27.8%，而轮胎橡胶添加剂和其他化学产品的比例降至约 69.7%。</p>
</div><p>Profitability has also been enhanced. Net profit for the first nine months of last year reached 511 million yuan, up about 12.8%. Overall gross margin improved from 23.3% in 2023 to 25.2% in the first three quarters of 2025, with margins on electronic materials exceeding 30% at one point. While tire materials remain a source of cash flow, electronic materials are increasingly becoming the growth engine.</p>
<div class="lb-trans"><p>盈利能力也得到了提升。去年前三个季度的净利润达到 5.11 亿元，同比增长约 12.8%。整体毛利率从 2023 年的 23.3% 提高到 2025 年前三个季度的 25.2%，电子材料的毛利率一度超过 30%。虽然轮胎材料仍然是现金流的来源，但电子材料正日益成为增长引擎。</p>
</div><p>As of the end of September 2025, total liabilities stood at 5.43 billion yuan, accounting for roughly 60% of total assets, including more than 2.5 billion yuan in borrowings and financial liabilities due within one year. Net cash inflows from operating activities totaled about 204 million yuan in the first nine months of last year. Cash and cash equivalents amounted to roughly 806 million yuan by end-September, providing some buffer, but funding pressure remains. The company's reliance on external capital has clearly increased, hence the Hong Kong listing bid.</p>
<div class="lb-trans"><p>截至 2025 年 9 月底，总负债为 54.3 亿元，约占总资产的 60%，其中包括超过 25 亿元的借款和一年内到期的金融负债。去年前三个季度的经营活动净现金流入总计约 2.04 亿元。到 9 月底，现金及现金等价物约为 8.06 亿元，提供了一定的缓冲，但资金压力依然存在。公司的外部资本依赖显著增加，因此香港上市的申请显得尤为重要。</p>
</div><p>Red Avenue may offer a compelling narrative, with a youthful entrepreneur seizing the initiative and adapting with the times. But whether investors are willing to buy into that story will depend on the company's ability to scale up its business and complete the transition to advanced materials.</p>
<div class="lb-trans"><p>红程新材可能提供了一个引人注目的故事，年轻的企业家抓住机遇并与时俱进。但投资者是否愿意相信这个故事，将取决于公司能否扩大业务规模并完成向先进材料的转型。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

彤程新材在中国推动半导体自给自足的背景下，加速扩展其芯片化学品业务