24. Chinese Tech Company — Anji Technology

【Answer 1】 Rather than condemning, it is wiser to offer reassurance: the STAR Market has granted participants an opportunity to share in the ‘lucky draw’ of new listings; Technology stocks on the Main Board and ChiNext have also enjoyed a brief uplift in valuation; A win-win scenario for all. Follow our WeChat official account: Tech Ya Nan The consensus is that all 25 listed companies will now enter a prolonged period of valuation correction. As this dazzling chapter draws to a close—frozen in this historic instant—this article attempts to unravel the details, adopting an objective perspective and striving for rational language to briefly analyze the brightest among these 25 firms. ‘Chinese Tech Companies’ Series, Issue No. 24 I. Reality Reflected Under the Dream of Domestic Substitution ① Chemical Mechanical Polishing (CMP) Slurry / ② Photoresist Strippers: Revenue Contribution Over Three Years: Above are Anji Technology’s two core businesses, primarily applied in integrated circuit manufacturing and advanced packaging. (Note: CMP comprises both polishing slurry and polishing pads; Anji Technology focuses mainly on polishing slurry.) ① Chemical Mechanical Polishing (CMP) Slurry The company’s core product—CMP slurry—holds no remarkable global market share: As shown in the table above, its global market share stood at 2.42% in 2016, 2.57% in 2017, and 2.44% in 2018. Can it even achieve stable growth? Domestic demand for CMP slurry: As shown in the table above, the company nearly doubled its copper CMP slurry production capacity in 2018—but actual output fell short of the prior year’s level? ② Photoresist Strippers Capacity utilization rate and production-sales ratio as of end-2018: As shown in the table above, the company’s capacity utilization rate remains low, and its production-sales ratio consistently falls below 100%—does this indicate overcapacity? Meanwhile, the company still plans further capacity expansion—will this newly added capacity be promptly deployed into production? Will rising depreciation and amortization expenses further pressure return on net assets? From the three-year revenue and扣非 net profit growth rates, where is the evidence of high growth potential? Does the continuous three-year decline in gross margin signal intensifying product competition? Where lies the company’s product moat? II. Dancing Alongside Global Leaders Cabot Microelectronics (U.S.-based) Global market share: 35% Headquarters: United States 2018 Revenue: USD 590 million; Net Profit: USD 110 million; Current Market Cap: USD 3.366 billion; Static P/E: 30.6x Notably, CMP slurry accounts for 80% of Cabot’s business. In 2000, Cabot held 80% of the global CMP slurry market—its share has since declined steadily to today’s 35%. Cabot’s revenue from mainland China as a percentage of total revenue: 14.70% (RMB 515 million) Anji Technology’s revenue from mainland China as a percentage of total revenue: 90% (RMB 248 million) Differences between Cabot and Anji Technology in CMP slurry products, technologies, and downstream applications: As shown in the table above, Cabot and Anji Technology appear, on the surface, to each possess distinct strengths in CMP slurry products; But in reality, does Anji Technology focus almost exclusively on copper CMP slurry? How large is the gap—regarding product variety and technical capability—between Anji Technology and international giants like Cabot? Versum Materials (U.S.-based) 2018 Revenue: USD 1.372 billion; Net Profit: USD 198 million; Current Market Cap: USD 5.667 billion; Static P/E: 24.83x

Understanding at a Glance: 200 Key Grades and Technical Specifications of Major Global Carbon Black Manufacturers

【Answer 2】 3. Applications and Market of Carbon Black The global carbon black market size was USD 27.44 billion in 2023 and is projected to grow from USD 28.76 billion in 2024 to USD 41.28 billion by 2032, registering a compound annual growth rate (CAGR) of 4.6% during the forecast period. From the perspective of the carbon black industry’s value chain, upstream raw materials dominate the sector: domestically, coal tar serves as the primary feedstock, whereas naphtha prevails overseas. Downstream, carbon black functions primarily as a reinforcing filler for rubber—ranking second only to raw rubber among rubber ingredients. Additionally, carbon black serves as a pigment, UV shield, antistatic agent, or conductive agent, finding broad application across plastics, synthetic fibers, inks, coatings, electronic components, leather chemicals, dry batteries, and more. As a high-purity carbon material, carbon black is also employed in metallurgy and carbon-based materials industries. In plastics, carbon black acts as a conductive filler, pigment, and particulate reinforcement agent. As a filler, it is used to manufacture various plastic products—including industrial bags, pipes, photographic containers, films, and stretch packaging. This demand stems from carbon black’s antistatic properties, thermal conductivity, and high strength. Moreover, it serves as a UV absorber, helping protect plastics against discoloration, chalking, fading, and cracking. Conductive carbon black is currently the most widely used conductive additive in lithium-ion batteries. Its high specific surface area and tight particle packing facilitate intimate interparticle contact, forming a conductive network within electrodes. With the accelerating penetration of new-energy vehicles, global lithium battery shipments are projected to reach 2,396 GWh by 2025. Assuming conductive carbon black prices remain stable at RMB 90,000 per ton from 2021 to 2025, the global conductive carbon black market size is expected to reach approximately RMB 6.47–8.63 billion by 2025—a 90% increase over 2022 levels; China’s conductive carbon black market size is projected to reach RMB 4.72–6.29 billion, representing a 110% growth over 2022 levels. 4. Major Global Producers Below are introductions to four key carbon black manufacturers and their principal commercial grades. CABOT (Cabot Corporation) Company Profile: Cabot Carbon Black ranks as the leading company among the world’s top ten conductive carbon black manufacturers. Founded in 1882 by the U.S.-based Cabot Corporation, it is a Fortune 500 company specializing globally in specialty chemical products and advanced materials. Headquartered in Boston, USA, Cabot operates 36 production facilities across 21 countries on five continents. Table 1: Key Grades and Technical Specifications of Cabot Carbon Black ORION (Orion Engineered Carbons) Company Profile: ORION is the world’s largest producer of specialty carbon black. The ORION Group brings over 150 years of experience in the carbon black industry. At the end of 2018, ORION completed its acquisition of French acetylene black manufacturer SN2A. In 2016, ORION acquired full ownership of Qingdao Evonik Chemical Co., Ltd., following which Evonik Degussa Carbon Black was officially rebranded as ORION Carbon Black.

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