前“二股东”因开赌场被捕，恒坤新材IPO背后的“历史隐秘”

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on the production of semiconductor materials, particularly photolithography materials, and aims to break foreign monopolies in this sector [2][8]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan [2]. - Interest income has become a significant source of profit, contributing 2.07 million yuan, 16.93 million yuan, and 21.29 million yuan over the same period [2]. Product Overview - Hengkang New Materials' products are categorized into introduced products and self-produced products, with self-produced products expected to generate 344 million yuan in revenue by 2024, accounting for 63.77% of total revenue [3]. - The gross margin for self-produced products is declining, projected at 33.52%, 30.29%, and 28.97% from 2022 to 2024 due to product structure changes and price negotiations with clients [3]. Customer Dependency - The company has a high dependency on its top five customers, with their revenue contribution to main business income being 99.22%, 97.92%, and 97.2% from 2022 to 2024 [4]. - The first two major customers account for a significant portion of sales, with combined revenue contributions of 84.43%, 85.44%, and 87.19% during the same period [4]. IPO Details - Initially planning to raise 1.2 billion yuan, the company reduced its fundraising target to 1 billion yuan after inquiries, stating that the cut projects could be funded through self-raised capital [4]. Shareholding Structure - The actual controller of Hengkang New Materials, Yi Rongkun, holds a direct stake of 19.52% and controls a total of 35.65% of voting rights through various entities [4]. - There have been significant shareholding arrangements, including shareholding by Yi Rongkun and others, raising concerns about potential insider trading [5][6]. Industry Context - Hengkang New Materials is positioned as a key player in the semiconductor materials sector, contributing to the localization of critical materials for integrated circuits, which is vital for national strategic security [8].