36Kr Exclusive: China's Only POD Material Industrialization Team Launches New Venture, Focusing on 3C and AI Chip Cooling with Global Leading Technology 36氪首发 | 国内唯一POD材料产业化团队再创业，布局3C与AI芯片散热，技术积累全球领先

Another "ancient" material track has been jointly revitalized by capital and industry. POD—polyarylene oxadiazole—a name that sounds like a chemistry class specimen, is quietly becoming a crucial yet understated variable in the field of hard technology with the new round of financing by Mofeng Technology. Its story is more hardcore than many star tracks and worth savoring.

The material age of POD is older than most people present. It attracted attention in the 1960s and 1970s but has remained largely dormant in academic papers for decades. The core obstacle is brutally straightforward: the equipment gets "sick" (corroded) during processing, and the molding process is dauntingly complex. This led to its long-term status as a "top student in theory but underperformer in practice." Domestic research started late, but the perseverance of Professor Xu Jianjun's team at Sichuan University—who endured the "cold bench" for nearly a decade—finally transformed this "admirable from afar" material into mass-producible fiber and then advanced it to films. The background of Mofeng Technology's founding team directly reflects this journey from academic obscurity to industrialization.

The core highlight of this news is not just another company securing tens of millions in financing—this is hardly news today. The real incisive point is: it reveals a slightly contradictory yet real phenomenon in current hard-tech investment. Capital is enthusiastically pursuing "ancient technologies" with "mature fundamental principles but extremely high engineering barriers." POD is not graphene, lacking flashy conceptual hype; nor is it a large language model with widespread public appeal. Its value lies in specific, nuanced process parameters: achieving thermal conductivity above 2000 W/(m·K) and producing TIM materials thinner and more thermally efficient than graphene-based solutions. This extreme engineering capability—"working miracles within confined constraints"—is precisely what the current industrial chain needs most and finds scarcest. Investing in it essentially pays for "deterministic, scalable performance improvements," which is far more practical than gambling on a distant "from 0 to 1" breakthrough.

But don’t rush to celebrate. The biggest shortcoming of POD films, as the founder himself revealed, is production capacity. Annual capacity stands at 100 tons, while "single orders have reached tens of tons." This figure is a bucket of cold water poured over all the bright prospects. From lab-scale "globally leading" performance to stable delivery of tens of tons in workshops, the gap is not a technological abyss but a series of "tedious yet critical" industrialization swamps: scaling production lines, controlling process stability, and optimizing costs. Mofeng plans to expand capacity to 300–500 tons, which sounds quick, but the construction, commissioning, and ramp-up of new chemical material production lines take a long time, and customer validation processes are stringent. In the window of surging heat dissipation demands for AI chips and consumer electronics, whoever can first transform "paper" high performance into stable "shelf products" ready for delivery will truly control this niche track. What Mofeng Technology currently holds is a highly promising ticket to enter, but there is still a long way to go before it can firmly sit at the table.

The company's proposed "dual-track strategy"—using consumer electronics as a base while expanding into AI chips and aerospace—sounds appealing. But behind this are two entirely different business logic and competitive ecosystems. The consumer electronics market is a red sea within red seas, competing on extreme cost control, responsiveness, and customer lock-in. Even with leading performance, it may face close combat with mature alternatives. As for AI chip thermal management materials, the market has huge potential, but the rules are harsher: you must face the rigorous—sometimes harsh—validation systems of global chip giants and directly compete with material systems from international giants like 3M. From "leading technical indicators" to "being included in top-tier customers' BOM lists," there lies a mountain in between. As for longer-term visions like aerospace, they involve lengthy cycles, heavy investments, and numerous variables.

Thus, the news outlines the profile of a typical technology-driven hard-tech company: armed with unique expertise, it has achieved the critical leap in industrialization "from 9 to 10" and won early capital trust. Its story is inspiring, proving the value of deep diving into foundational materials. But we should also see that it stands at a critical crossroads: ahead lies the golden period for technology monetization, as well as the life-or-death trial of capacity ramp-up and market validation. The prospects for POD materials may be bright, but Mofeng Technology's journey has only just begun. The market will calmly measure: how much actual revenue and profit can that 2000 thermal conductivity ultimately translate into.

又一条“上古”材料赛道，被资本和产业合力重新激活了。POD——聚芳噁二唑，这个听起来像化学课标本的名字，正随着墨锋科技的新一轮融资，成为硬科技领域一个低调却关键的变量。它的故事，比很多明星赛道更硬核，也更值得玩味。

POD的材料龄比在座的大多数人都要年长，上世纪六七十年代就被盯上，但几十年来几乎“躺”在论文里。核心障碍直白得近乎粗暴：加工时设备会“生病”（腐蚀），成型工艺复杂得令人望而却步。这导致它长期是个“理论上的优等生，实践里的差生”。国内的研究起步晚，但四川大学徐建军教授团队近乎“板凳甘坐十年冷”的坚持，最终把这种“只可远观”的材料，变成了可量产的纤维，再推向了薄膜。墨锋科技创始团队的背景，就是这条从学术冷板凳到产业化流水线的最直接注脚。

这则资讯的核心看点，并非又一家公司拿到千万元融资——这在当下已不算新闻。真正的尖锐观点在于：它揭示了当前硬科技投资一个略显矛盾却真实的现象：资本正以极大的热情，追逐那些“基础原理成熟、但工程化壁垒极高”的“上古技术”突破。POD不是石墨烯，没有炫目的概念泡沫；也不是大模型，拥有全民级的话题热度。它的价值，体现在具体而微的工艺参数里：能把导热系数做到2000 W/(m·K)以上，能做出比石墨烯方案更薄、导热性能更优的TIM材料。这种“螺丝壳里做道场”的极度工程化能力，恰恰是当下产业链最渴求、也最稀缺的。投资它，本质上是在为一种“确定性的、可规模化的性能提升”买单，这比赌一个遥远的“从0到1”要务实得多。

但别急着唱赞歌。POD薄膜目前最大的短板，恰恰是创始人自己透露的：产能。年产能100吨，而“单一订单规模已达到数十吨”。这个数字像一盆冷水，浇在所有美好前景上。从实验室的“全球领先”性能，到车间里稳定供应数十吨的订单，中间隔着的不是技术深渊，而是产线放大、工艺稳定性控制、成本优化这一系列“枯燥却要命”的工业化沼泽。墨锋计划扩产到300-500吨，这听起来很快，但化工新材料的产线建设、调试、达产周期漫长，客户验证流程严苛。在AI芯片和消费电子的散热需求井喷的窗口期，谁能先把“纸上”的高性能，变成仓库里稳定交付的“货架产品”，谁才能真正卡住这个细分赛道的咽喉。墨锋科技目前手握的，是一张极具潜力的入场券，但距离稳坐牌桌，还有很长的路要走。

公司提出的“双轨布局”策略——以消费电子为基，向AI芯片和航空航天拓展——听起来很美。但这背后是两种截然不同的商业逻辑和竞争生态。消费电子市场，是红海中的红海，拼的是极致的成本控制、响应速度和客户绑定能力，即便性能领先，也可能陷入与成熟方案的贴身肉搏。而AI芯片散热材料，市场想象空间巨大，但游戏规则更残酷：你要面对的是全球顶级芯片巨头严苛甚至严苛的验证体系，是与3M等国际巨头的材料体系直接对抗。从“技术指标领先”到“被纳入顶级客户的BOM清单”，中间隔着的是一座大山。至于航空航天等更远期的愿景，更是周期长、投入重、变数多。

所以，这篇资讯勾勒出的，是一家典型的技术驱动型硬科技公司的剪影：手握独门秘技，解决了产业化“从9到10”的关键一跃，赢得了资本的早期信任。它的故事是励志的，证明了深挖基础材料的价值。但我们更应该看到，它正站在一个关键的岔路口：前方是技术变现的黄金期，也是产能爬坡、市场验证的生死劫。POD材料的前景或许一片光明，但墨锋科技的征途，此刻才刚刚开始。市场会冷静地衡量：那2000的导热系数，最终能换算成多少实实在在的营收与利润。