恒坤新材IPO下周二次上会：增收不增利，存在大客户依赖，引进业务确认收入方式引争议

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is set to have its IPO reviewed again on August 29, 2025, after a previous postponement on July 25, 2025, marking it as the first IPO to be delayed in 2025 [1][2] Fundraising and Project Details - The company aims to raise 1.007 billion yuan through its IPO, which will be allocated to the second phase of the integrated circuit precursor project and the advanced materials project for integrated circuits [3] - Total investment for the integrated circuit precursor phase II project is 519.11 million yuan, with 399.80 million yuan from the raised funds, while the advanced materials project has a total investment of 909.17 million yuan, with 606.89 million yuan from the raised funds [4] Business Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [4] - The company's products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below, serving major domestic 12-inch integrated circuit wafer manufacturers [4] Financial Performance - Revenue for the years 2022 to 2024 is projected to be 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with net profits showing a downward trend at 101 million yuan, 89.84 million yuan, and 96.92 million yuan [5] - As of December 31, 2024, total assets are expected to reach 2.645 billion yuan, with equity attributable to shareholders at 1.500 billion yuan and a debt ratio of 43.26% [6] Recent Performance and Challenges - In the first half of 2025, the company's revenue increased by 23.74% year-on-year to 294 million yuan, primarily due to a significant rise in self-produced business income [6] - However, total profit and net profit decreased by 16.76% and 5.71%, respectively, attributed to the termination of some product collaborations and increased operational costs [7] Customer Concentration Issues - The company has a high customer concentration, with the top five customers accounting for over 99% of sales during the reporting periods, raising concerns about dependency on a single major client [7] - The number of customers has decreased significantly over the reporting periods, indicating potential challenges in customer acquisition and retention [7] Regulatory Scrutiny - The Shanghai Stock Exchange has requested further clarification from Hengkang New Materials regarding its customer concentration and the rationale behind its reliance on a single client, as well as the slow growth of new customers [8] - The company has faced scrutiny over its revenue recognition methods, particularly regarding its introduction business, which has been questioned by the listing committee [9]