恒坤新材IPO再上会：子公司产能竟超总产能待解释

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has faced a delay in the review of its IPO application on the Sci-Tech Innovation Board, with concerns raised regarding its self-produced photoresist materials and precursor products, accounting practices, and the sustainability of high-yield long-term deposits [2][3]. Group 1: Business Overview - Hengkang New Materials was established in 2004, initially focusing on optoelectronic film devices and window lenses, later transitioning to semiconductor materials, primarily developing photoresist and precursor materials for integrated circuits [3]. - The company's main products are categorized into self-produced and introduced products, with self-produced product sales increasing from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, representing a growing share of total revenue [3][4]. Group 2: Financial Performance - Despite the growth in self-produced product sales, over half of the company's profits still derive from introduced products, which are subject to customer cooperation changes that significantly impact performance [3][4]. - The gross profit from introduced products was 189.41 million yuan in 2022, 167.92 million yuan in 2023, and 192.31 million yuan in 2024, accounting for 82.05%, 74.42%, and 65.86% of total gross profit, respectively [3][4]. Group 3: Customer Dependency - The company's largest customer, referred to as Customer A, accounted for 72.35% of main business revenue in 2022, with sales figures of 229.60 million yuan, 240.29 million yuan, and 345.83 million yuan from 2022 to 2024 [4]. - In 2025, the largest customer terminated its cooperation with Hengkang New Materials, leading to a significant decline in revenue and gross profit from introduced products by 57.4% and 59.09%, respectively, in the first half of 2025 [4]. Group 4: Production and Capacity Issues - Hengkang New Materials' self-produced products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with TEOS being produced under a technology transfer agreement with South Korea's Soulbrain [5][6]. - The company has reported negative gross margins for its self-produced TEOS products, with gross margins of -329.59%, -19.91%, and -1.56% from 2022 to 2024 [6]. Group 5: Expansion Plans - The company plans to raise 1.2 billion yuan for various projects, including the second phase of the integrated circuit precursor project and advanced materials projects, although the total fundraising amount has been reduced to 1,006.70 million yuan due to project adjustments [14][15]. - The second phase of the integrated circuit precursor project is expected to invest 519.11 million yuan and add a production line with a capacity of 720,000 kg [15]. Group 6: Capacity Utilization - Current production capacities for various products in 2024 are reported as follows: SOC at 26,928 gallons, BARC at 20,796 gallons, KrF photoresist at 12,465 gallons, and TEOS at 840,000 kg, with utilization rates of 57.42%, 21.43%, 17.55%, and 46.47%, respectively [16][17]. - There are discrepancies noted between the production capacities reported in the IPO documents and those disclosed in inquiry responses, with some subsidiary capacities exceeding the total capacities reported [18][20].