Huaci shares clarify MLCC powder still in small-batch validation, ceramic new materials at 1.15% of revenue

The clarification matters less for what it confirms than for what it deflates: a rumored MLCC powder story is, by the company's own account, still in small-batch validation with no large-scale supply, and the segment it belongs to is a rounding error against total revenue. That gap between narrative and disclosed contribution is the recurring pattern in materials-adjacent names, where a single customer relationship or plant milestone gets priced as a business. Whether validation converts into volume, and whether the segment's share of revenue moves at all, is the open question.