恒坤新材IPO成功过会，拟募资10.07亿元加码集成电路材料产业

Core Viewpoint - Hengkun New Materials Technology Co., Ltd. has successfully passed the IPO review, marking a significant step towards its listing on the STAR Market, with its financial status, business model, and compliance recognized by regulators [1][3]. Company Overview - Established in 2004, Hengkun New Materials focuses on the R&D, production, and sales of key materials for integrated circuits, including photoresist materials and precursor materials [3]. - The company is one of the few domestic firms capable of R&D and mass production of key materials for 12-inch wafer manufacturing, with products used in advanced NAND, DRAM storage chips, and logic chip manufacturing processes at technology nodes of 90nm and below [3]. Financial Performance - Hengkun New Materials has shown steady revenue growth, with reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022 to 2024, respectively [3]. - The net profit attributable to the parent company was 101 million yuan, 90 million yuan, and 97 million yuan for the same period [3]. - The sales revenue from self-produced products has experienced rapid growth, with figures of 124 million yuan, 191 million yuan, and 344 million yuan, reflecting a compound growth rate of 66.89% [3]. - The proportion of self-produced product sales in total revenue increased from 38.94% to 63.77%, indicating enhanced competitiveness and optimized business structure [3]. - For the first nine months of 2025, the company expects to achieve revenue between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [3]. Industry Outlook - The demand for key materials in advanced process chips has significantly increased due to breakthroughs in integrated circuit manufacturing processes and packaging technologies in China [4]. - The domestic integrated circuit materials market is projected to grow rapidly, with forecasts indicating a market size of 258.96 billion yuan by 2028 [4]. - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO, primarily for two projects: the second phase of the integrated circuit precursor project and the advanced materials project for integrated circuits [4]. - The implementation of these fundraising projects is expected to expand the product line, enhance R&D capabilities, and better meet the urgent demand for domestic materials from downstream customers [4]. - As these projects are completed and put into production, Hengkun New Materials is anticipated to open up growth opportunities in multiple new product areas and further enhance its market position [4].