<p>該公司正在加速擴展用於製造半導體的專業材料，因為中國在關鍵領域尋求供應鏈韌性。</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>紅程新材已在香港申請二次上市，以增強其資本基礎，進一步投資於先進化學品。</li>
<li>電子材料的收入貢獻在兩年內躍升了 8.7 個百分點，達到 27.8%，成為公司的主要增長引擎。</li>
</ul>
<p>目前，中國半導體行業的驅動力可以用一個詞來概括——自給自足。</p>
<p>隨着全球貿易關係處於動盪狀態，中國國家主導的技術獨立和對供應鏈的控制的推動變得更加緊迫，特別是在關鍵的芯片領域。</p>
<p>在整個產品週期內，替代國內產品以取代進口的努力正在進行，從芯片設計和製造設備到半導體耗材，迫使一些傳統化工公司重新思考它們在行業中的角色。</p>
<p><strong>紅程新材集團有限公司</strong>（603650.SH）就是其中之一。最初是一家輪胎橡膠添加劑的供應商，它選擇將未來押注於高風險、高壁壘的高科技先進材料。該公司仍在輪胎化學品業務中，但越來越專注於芯片製造所需的化學材料，如溶劑、光敏聚合物和拋光墊。</p>
<p>因此，它是新材料行業中少數跨越兩個不同產業的公司之一。它正在尋求資金以支持進一步擴展，最近已在香港申請了二次上市。</p>
<p>紅程新材有一個引人注目的背景，成立於 1999 年，由 25 歲的生物化學畢業生張寧創辦。她最初從事輪胎橡膠添加劑的分銷，這是一項依賴於與客户建立緊密關係和確保可靠供應的低利潤貿易。這段經歷使她對輪胎行業的價值鏈有了深刻的理解。</p>
<p>自 2006 年起，紅程新材開始在江蘇省建立自己的製造設施，同時還建立了測試和研發中心。這一舉措標誌着從分銷商向製造商的正式轉型。公司逐漸獲得了特種橡膠添加劑的核心配方和生產能力，為其 2018 年在上海上市奠定了基礎。</p>
<p>隨着原始業務的成熟，張寧帶領公司進入電子和芯片生產化學品領域，成功實現了價值鏈的躍升。通過收購和建立內部能力，紅程新材進入了半導體光刻膠、顯示面板材料、高純度溶劑和晶圓拋光墊。2024 年，公司投資建立了自己的拋光墊生產基地，這在晶圓製造中發揮着關鍵作用。</p>
<h4><strong>公司離婚</strong></h4>
<p>隨着公司的轉型，創始人的家庭狀況成為焦點。2023 年披露，之前與張寧共同持有的股份已轉回到她名下。上市公司的控制權完全歸張寧所有，而她的前夫劉東昇則退出了股權。</p>
<p>張寧的股份在當時估值約為 139 億元人民幣（20 億美元），媒體將這次分手稱為 “100 億元離婚”。實際上，這對夫婦的離婚是資本重組的最後一步，因為張寧的丈夫在 2022 年通過股票出售套現。剩餘的股份通過私募配售被稀釋，張寧重新獲得了完全的公司控制權。離婚的消息是在此之後才被披露的。</p>
<p>結果基本上是雙贏：前夫帶着現金離開，而上市公司保持了穩定。在消息公佈當天，股價僅下跌約 1%，觀察者稱讚創始人在管理這一情況上的智慧。</p>
<p>隨着公司轉型的持續，產品組合的變化對收益產生了影響。2023 年，收入為 29.4 億元，2024 年增長 11% 至 32.6 億元。在 2025 年前九個月，收入較去年同期增長 4%，達到 25.2 億元。同時，電子材料在 2023 年佔總收入的 19.1%，到 2025 年前九個月上升至 27.8%，而輪胎橡膠添加劑和其他化學產品的比例降至約 69.7%。</p>
<p>盈利能力也得到了提升。去年前三個季度的淨利潤達到 5.11 億元，同比增長約 12.8%。整體毛利率從 2023 年的 23.3% 提高到 2025 年前三個季度的 25.2%，電子材料的毛利率一度超過 30%。雖然輪胎材料仍然是現金流的來源，但電子材料正日益成為增長引擎。</p>
<p>截至 2025 年 9 月底，總負債為 54.3 億元，約佔總資產的 60%，其中包括超過 25 億元的借款和一年內到期的金融負債。去年前三個季度的經營活動淨現金流入總計約 2.04 億元。到 9 月底，現金及現金等價物約為 8.06 億元，提供了一定的緩衝，但資金壓力依然存在。公司的外部資本依賴顯著增加，因此香港上市的申請顯得尤為重要。</p>
<p>紅程新材可能提供了一個引人注目的故事，年輕的企業家抓住機遇並與時俱進。但投資者是否願意相信這個故事，將取決於公司能否擴大業務規模並完成向先進材料的轉型。</p>
<p><em>要訂閲 Bamboo Works 每週免費的新聞通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

彤程新材

國聯安科創芯片設計ETF

華夏國證半導體芯片ETF

國泰CES半導體芯片行業ETF

天弘中證計算機主題ETF

國聯安半導體ETF

南方中證半導體行業精選ETF

華夏上證科創板半導體材料設備主題ETF

<p>彤程新材正在加速擴展半導體材料業務，以響應中國在芯片領域自給自足的推動。該公司已在香港申請進行二次上市，以支持這一增長，目前電子材料已佔其收入的 27.8%。彤程新材成立於 1999 年，已從橡膠添加劑轉型為芯片生產的先進材料。儘管最近經歷了創始人離婚的企業重組，該公司仍實現了收入增長和盈利能力改善，2024 年前九個月淨利潤增長了 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>該公司正在加速擴展用於製造半導體的專業材料，因為中國在關鍵領域尋求供應鏈韌性。</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>紅程新材已在香港申請二次上市，以增強其資本基礎，進一步投資於先進化學品。</li>
<li>電子材料的收入貢獻在兩年內躍升了 8.7 個百分點，達到 27.8%，成為公司的主要增長引擎。</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，中國半導體行業的驅動力可以用一個詞來概括——自給自足。</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>隨着全球貿易關係處於動盪狀態，中國國家主導的技術獨立和對供應鏈的控制的推動變得更加緊迫，特別是在關鍵的芯片領域。</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>在整個產品週期內，替代國內產品以取代進口的努力正在進行，從芯片設計和製造設備到半導體耗材，迫使一些傳統化工公司重新思考它們在行業中的角色。</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>紅程新材集團有限公司</strong>（603650.SH）就是其中之一。最初是一家輪胎橡膠添加劑的供應商，它選擇將未來押注於高風險、高壁壘的高科技先進材料。該公司仍在輪胎化學品業務中，但越來越專注於芯片製造所需的化學材料，如溶劑、光敏聚合物和拋光墊。</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，它是新材料行業中少數跨越兩個不同產業的公司之一。它正在尋求資金以支持進一步擴展，最近已在香港申請了二次上市。</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>紅程新材有一個引人注目的背景，成立於 1999 年，由 25 歲的生物化學畢業生張寧創辦。她最初從事輪胎橡膠添加劑的分銷，這是一項依賴於與客户建立緊密關係和確保可靠供應的低利潤貿易。這段經歷使她對輪胎行業的價值鏈有了深刻的理解。</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，紅程新材開始在江蘇省建立自己的製造設施，同時還建立了測試和研發中心。這一舉措標誌着從分銷商向製造商的正式轉型。公司逐漸獲得了特種橡膠添加劑的核心配方和生產能力，為其 2018 年在上海上市奠定了基礎。</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>隨着原始業務的成熟，張寧帶領公司進入電子和芯片生產化學品領域，成功實現了價值鏈的躍升。通過收購和建立內部能力，紅程新材進入了半導體光刻膠、顯示面板材料、高純度溶劑和晶圓拋光墊。2024 年，公司投資建立了自己的拋光墊生產基地，這在晶圓製造中發揮着關鍵作用。</p>
</div><h4><strong>Corporate divorce</strong></h4>
<div class="lb-trans"><h4><strong>公司離婚</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>隨着公司的轉型，創始人的家庭狀況成為焦點。2023 年披露，之前與張寧共同持有的股份已轉回到她名下。上市公司的控制權完全歸張寧所有，而她的前夫劉東昇則退出了股權。</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>張寧的股份在當時估值約為 139 億元人民幣（20 億美元），媒體將這次分手稱為 “100 億元離婚”。實際上，這對夫婦的離婚是資本重組的最後一步，因為張寧的丈夫在 2022 年通過股票出售套現。剩餘的股份通過私募配售被稀釋，張寧重新獲得了完全的公司控制權。離婚的消息是在此之後才被披露的。</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>結果基本上是雙贏：前夫帶着現金離開，而上市公司保持了穩定。在消息公佈當天，股價僅下跌約 1%，觀察者稱讚創始人在管理這一情況上的智慧。</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>隨着公司轉型的持續，產品組合的變化對收益產生了影響。2023 年，收入為 29.4 億元，2024 年增長 11% 至 32.6 億元。在 2025 年前九個月，收入較去年同期增長 4%，達到 25.2 億元。同時，電子材料在 2023 年佔總收入的 19.1%，到 2025 年前九個月上升至 27.8%，而輪胎橡膠添加劑和其他化學產品的比例降至約 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。去年前三個季度的淨利潤達到 5.11 億元，同比增長約 12.8%。整體毛利率從 2023 年的 23.3% 提高到 2025 年前三個季度的 25.2%，電子材料的毛利率一度超過 30%。雖然輪胎材料仍然是現金流的來源，但電子材料正日益成為增長引擎。</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，總負債為 54.3 億元，約佔總資產的 60%，其中包括超過 25 億元的借款和一年內到期的金融負債。去年前三個季度的經營活動淨現金流入總計約 2.04 億元。到 9 月底，現金及現金等價物約為 8.06 億元，提供了一定的緩衝，但資金壓力依然存在。公司的外部資本依賴顯著增加，因此香港上市的申請顯得尤為重要。</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>紅程新材可能提供了一個引人注目的故事，年輕的企業家抓住機遇並與時俱進。但投資者是否願意相信這個故事，將取決於公司能否擴大業務規模並完成向先進材料的轉型。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週免費的新聞通訊，請點擊</em> 這裏</p>
</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

彤程新材在中國推動半導體自給自足的背景下，加速擴展其芯片化學品業務