恒坤新材科创板IPO冲刺，六大隐患不容忽视

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) faces multiple challenges on its IPO journey, including increasing revenue without profit growth, high customer concentration, and negative gross margins on self-produced products [1][3]. Financial Performance - Hengkang New Materials has seen continuous revenue growth over the past three years, increasing from 322 million yuan in 2022 to 548 million yuan in 2024. However, net profit has declined during the same period, with figures of 101 million yuan, 89.84 million yuan, and 96.92 million yuan respectively [4]. - In the first half of 2025, the trend of "increasing revenue without increasing profit" became more pronounced, with revenue rising by 23.74% to 294 million yuan, while total profit and net profit decreased by 8.96 million yuan and 2.52 million yuan, respectively, representing declines of 16.76% and 5.71% [5]. - The company is highly dependent on government subsidies, which accounted for over 15% of total profit during the reporting period, with subsidies of 19.12 million yuan, 16.76 million yuan, and 16.24 million yuan received [6]. Business Model Concerns - Hengkang New Materials' business is divided into self-produced and imported products, with revenue from imported products recognized using the net method. This accounting treatment has raised regulatory concerns [7]. - The proportion of revenue from self-produced products increased from 28.22% in 2021 to 63.77% in 2024, but gross profit from imported products still accounted for 65.86% of total gross profit, indicating reliance on imported products for profitability [8][9]. Customer Concentration Issues - The company has a very high customer concentration, with the top five customers accounting for 99.22%, 97.92%, and 97.20% of sales revenue in the respective reporting periods [10]. - The number of customers has been decreasing, with reductions of 2, 9, and 9 customers in the reporting periods, leading to increased reliance on the top two customers (Customer A and Customer B) [12][13]. Technical Dependencies - Despite claims of independent R&D capabilities, Hengkang New Materials relies on imports for 30%-50% of the resin used in its photolithography materials, with self-developed resins still in the collaborative development stage [14]. - The company's patent portfolio raises questions, as over half of its 36 patents were applied for after 2021, coinciding with the IPO preparation period, which casts doubt on the sustainability and advancement of its technology [15]. Investment and Capacity Utilization - The company plans to raise 1.007 billion yuan through its IPO for projects related to integrated circuit precursors and advanced materials [23]. - However, the current capacity utilization for self-produced products is below 50%, raising concerns about the rationale and necessity of large-scale expansion when existing capacity is not fully utilized [24]. Conclusion - Hengkang New Materials' IPO journey reflects the typical challenges faced by semiconductor material companies, balancing the benefits of domestic substitution policies with issues of core technology deficiencies, high customer concentration, and unstable profitability [25].