The trillions of new materials industry ecological dilemma: half of the sea half flame

Although there is a constant increase in national policy support, the industrialization dilemma still exists. The long-term and high threshold of investment returns have also made some venture capital capital deterred, and the “small and beautiful” entrepreneurial projects are facing embarrassment.
After several years of development and the increasing support of national policies, the concept of “first-generation model first-generation materials” has changed to “first-generation material generation model”, and materials have become the industry consensus.
At the spring summit of new materials technology investment held on March 29-30, the convener of the Ministry of Science and Technology “Key Specialized and Intelligent Materials Key Project”, deputy chief engineer of China Iron and Steel Research and Technology Group Co., Ltd., Antai Technology Director and Chief Engineer Zhou Shaoxiong It is said that the new material has actually received rare attention at the national level.
Zhou Shaoxiong revealed that four of the six key research and development projects in the field of materials have been launched in the Ministry of Science and Technology. In addition, the “Key New Functional Materials and Devices R&D and Application” project has set up an expert committee, which will be implemented in two months. The program is expected to be released in the second half of the year.
But calmly look at the development of new materials, although many products have gone out of the laboratory for production, but still in small quantities. After overcoming the technical difficulties, the application-side problem reappeared.
Therefore, the long-term and high threshold of return on investment has also made some venture capital capital deterred, and the “small and beautiful” entrepreneurial projects are facing embarrassment.

Industrial dilemma
Since the release of the “Twelfth Five-Year National Strategic Emerging Industry Development Plan” in 2012, and the key development directions and major tasks of the seven strategic emerging industries have been proposed, the new materials industry has received much attention.
Recently, the support policy for new materials has become more intensive, and the action has continued from the end of 2016 to the present months.
In December 2016, the state promulgated the "13th Five-Year Plan for the Development of Strategic Emerging Industries", proposing to improve the support capacity of new materials and organize the implementation of new materials and collaborative application projects. Subsequently, on January 23 this year, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Science and Technology, and the Ministry of Finance issued the "Guidelines for the Development of New Materials Industry."
In terms of staffing, on December 23, 2016, the State Council decided to set up a national new material industry development leading group, and Vice Premier Ma Kai was appointed as the team leader. In this regard, Zhou Shaoxiong said that since the founding of the People's Republic of China, the establishment of a leading group by the State Council for one area is very rare, which is enough to show the importance attached at the national level.
At the same time, under the leadership group, the National New Materials Industry Development Expert Advisory Committee was established on February 28 this year, and the first meeting will be held on March 31. The specific work will begin immediately.
Whether it is often seen in newspapers, 3D printing, or relatively unfamiliar fullerenes, aerogels, metamaterials, the potential market size of these new materials has long been recognized by the industry.
The “New Material Industry Market Prospect and Investment Strategic Planning Analysis Report” issued by China Investment Consulting Industry Research Institute predicts that the market size of China's new materials industry will reach 3.1 trillion yuan in 2017 and 8.0 trillion yuan in 2021, in the next five years ( 2017-2021) The compound annual growth rate is about 26.12%.
However, from another perspective, according to the calculation of Seri research, with the improvement of the domestic new material industry foundation, the growth rate of the new material industry market has shown a downward trend during the 12th Five-Year Plan period.
In this regard, there are experts who participated in the analysis. This is because although many new materials have already gone out of the laboratory and have applications, they are still far from industrialization.
“The material industry is an intermediate manufacturing industry. There must be problems in the upstream and downstream and the ecological circle. The ecological circle is not mature, and the materials are no good.” Zhang Jinhua, vice president and secretary of Antai Technology, said in an interview with the 21st Century Business Herald. "Strictly speaking, there are two types of new materials, one is a real new material, and the other is a new application of materials. The ratio of the two is about 1:9."
In the past two years, the Chinese capital market has been hot-selling sapphire. As a new material, sapphire mainly has two application fields, the first is as the substrate material of LED, and the second is the application on iphone and other 3C.
Zhang Jinhua pointed out that because the lighting market is limited, in order to achieve scale, it must be used on 3C. Until today, the application cycle of sapphire is still not fully open, enough to support it.
Based on foreign experience, the new materials are basically dominated by the government and the military. Although the military needs small quantities, it can pay high prices. Zhang Jinhua introduced that the two companies related to metal materials in the United States, one is the arms company Martin Marietta in the Rockefeller consortium, and the other is Boeing.
Therefore, he believes that from a certain perspective, the key point of industrialization of new materials is not the material itself, but whether the equipment and processes produced can help reduce production costs and improve production quality.

Cold and hot investment
Supported by state-level favorable policies, the new materials industry represented by graphene has been well received by capital.
According to the data of the Investment Research Institute, there were 358 VC/PE investment cases in China's new materials industry in 2010-2015, and the total investment scale was 2.249 billion US dollars (about 13.9 billion yuan).
Because of the characteristics of multi-material, small, scattered and slow, the new materials industry has attracted more and more M&A funds to participate. According to Wind information, the amount of M&A in the new materials industry in 2016 reached 48.8 billion yuan.
Li Guowen, managing director of Zijing Capital, said that because the technical threshold of the new materials industry is high, almost half of the investment cases occur when enterprises are doing quantitative production, and they will be very cautious in the initial stage. “Generally speaking, more than one-third of investment cases will occur in the angel round, but only 2% in the new materials sector.” That is to say, although the investment is hot, many start-up entrepreneurs may not get effective funding. stand by.
When the reporters of the 21st Century Business Herald communicated with a number of investors in the investment circle, they all said that the hotter the industry, the more calm the investment should be, and the blunt words "too much pit."
An investment fund manager told reporters that the new materials industry is too long from research and development to becoming an industry.
"It has a life cycle of more than 80% of the fund's life cycle. There are too many funds in the short period of three to five years in China, and it usually takes ten to fifteen years in foreign countries. This is itself a relatively quick success in the country." Investment phenomenon." The above said.
Zhu Jian, founding partner of Binfu Capital, believes that in addition to the time-cycle factor, it is also necessary to be wary of new materials because the flooding of capital is out of normal business value. For investment institutions, exit is the essence of return, not Investment, rationality is key.
"The new material industry has the scientific property first, and it cannot solve the problem by burning money. In the past one or two years, there are many concepts of new materials in the secondary market, which is obviously contrary to scientific common sense." Zhu Jian said that capital swarmed to a In the segmentation field, the supply and demand are seriously mismatched, the bubble is too large, and the bad money drives out good money. Good money includes relatively rational investors and entrepreneurs, and to a certain extent, it will hurt the industry and pragmatic entrepreneurs.
Therefore, while the investment institution chooses the entrepreneurial team, for the team itself, how to identify the capital also needs to be cautious, and different institutions need to be used for financial relay.
In addition to the angel investment, VC, PE and post-marketing M&A investments that are generally considered, the government's support will be more reliable in the research and development phase of the new material, which is a key research area supported by the state.
Zhu Jian suggested that the laboratory stage is not suitable for seeking venture capital. Because the fund has limited tolerance for a technology or product that is too uncertain in industry incubation, the government does not consider the issue in this way. Some of the teams that have already come out of the lab, have passed the pilot test, and even the customer sample, can properly dock some of the early stage funds, and then can be docked in the open market.
The above-mentioned investment fund managers also said that in recent years, all levels of dual-creation funds, national science and technology achievements transformation guidance funds, China's advanced manufacturing industry investment funds, etc. can be used as an option. "For our investment institutions, the government joins the new materials industry. The long incubation period, supported by research funding, university resources and research and development resources, is also helping us fill in the 'pit' of the previous investment.

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