【上交所IPO】恒坤新材29日再迎上会审核，自产业务成其核心支撑力量

Core Viewpoint - Hengkun New Materials Technology Co., Ltd. has adjusted its revenue recognition method from gross to net, reflecting its adherence to accounting standards and showcasing its technological accumulation and business transformation in the integrated circuit materials sector. The upcoming review of its IPO on August 29 is seen as a critical test of its commercialization process and industry barrier-breaking capabilities [1][2]. Accounting Policy Adjustment - The adjustment to net revenue recognition is based on a deeper understanding of the "Enterprise Accounting Standard No. 14 - Revenue" and aligns with industry practices. This change is consistent with the regulatory guidance emphasizing the distinction between principal and agent roles, focusing on the transfer of control of goods [2][6]. - Over 30 listed companies, including Xunlong Holdings and Huanghe Wind Power, have made similar adjustments since 2024, indicating a consensus in the industry towards net revenue recognition for trade and agency businesses [2][6]. Financial Data and Business Composition - Despite the adjustment leading to a reduction in reported scale, Hengkun New Materials emphasizes that it still meets the listing standards for the Sci-Tech Innovation Board. The net profits for 2023 and 2024, after excluding non-recurring gains and losses, are projected to be 81.52 million yuan and 94.38 million yuan, respectively, totaling over 170 million yuan [4][6]. - The proportion of self-operated business revenue significantly increased, reaching 86.68% under the net method and 61.85% under the gross method in the first half of 2025. This shift reflects the company's strategic transition from trade agency to independent research and development [4][6]. Technological and Market Position - Hengkun New Materials reaffirms its commitment to technology-driven development, with R&D investments, personnel, and patent numbers meeting the criteria for innovation attributes. The company expects to expand its market share in light of rising domestic demand for integrated circuit materials [6][7]. - The proactive response to regulatory inquiries demonstrates the company's respect for accounting standards and highlights the effectiveness of its strategic transformation, positioning it favorably for its IPO and potential market valuation exceeding 1 billion yuan [6][7].