恒坤新材报考科创板上市，募投项目的必要性和合理性再引问询

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has responded to the second round of inquiry from the Shanghai Stock Exchange, addressing seven categories of questions including customer concentration, revenue, inventory, R&D, fundraising projects, and production land [1][3]. Customer Concentration and Revenue - Hengkang New Materials is the largest supplier of photoresist materials to customer A1, with sales revenue from SKMP's introduced photoresist materials amounting to approximately 138 million yuan, 116 million yuan, and 142 million yuan for 2022, 2023, and 2024 respectively [1][3]. - The company reported a significant decline in orders from customer A1, with on-hand orders decreasing from 47.51 million yuan to 17.73 million yuan over the reporting periods [3]. - As of June 2025, the total on-hand orders from customer A1 were 158 million yuan, reflecting a drop compared to previous periods due to fluctuating order cycles [4]. Financial Performance - In the first half of 2025, Hengkang New Materials generated approximately 288 million yuan in revenue, a 22.68% increase from 235 million yuan in the same period of 2024. Self-produced product revenue rose by 72.53% to 250 million yuan, while introduced product revenue fell by 57.40% to approximately 38.37 million yuan [4][5]. - The overall gross profit for the first half of 2025 was reported at 116.5 million yuan, down 9.99% from the previous year [5]. R&D and Product Development - The company has established a self-research and development strategy for photoresist materials since 2020, focusing on domestic production to meet customer demands [3][6]. - Hengkang New Materials is collaborating with Xiamen University to enhance its R&D capabilities, focusing on key materials for advanced integrated circuit manufacturing [6]. Fundraising and Project Adjustments - Hengkang New Materials initially planned to raise 1.2 billion yuan for various projects but has since revised its fundraising target to 1.007 billion yuan, dropping the SiARC development and industrialization project from its fundraising agenda [6][7]. - The Shanghai Stock Exchange has requested detailed explanations regarding the necessity and rationality of the adjusted fundraising projects, including land use and potential risks of excess capacity [7].