宝丰堂半导体冲击IPO，专注于等离子处理设备领域，一边融资一边分红

Core Viewpoint - The second Bay Chip Exhibition was held in Shenzhen, showcasing over 600 companies, including leading domestic firms like North Huachuang and Shanghai Microelectronics, with Baofeng Semiconductor gaining attention for its new product launch [1] Company Overview - Baofeng Semiconductor, established in May 2006 and restructured into a joint-stock company in January 2023, specializes in plasma processing equipment for high-tech electronics, including PCB and semiconductor manufacturing [4][5] - The company is headquartered in Zhuhai and has a post-investment valuation of approximately 750 million RMB as of June 2025 [4] Product and Technology - Baofeng Semiconductor's main products include plasma stripping equipment for PCB manufacturing, dry etching equipment for semiconductor manufacturing, and plasma cleaning equipment for semiconductor packaging [6][8] - The company maintains a focus on R&D, with expenditures of 8.4 million RMB, 10.1 million RMB, 10.5 million RMB, and 6.5 million RMB across the reporting periods, representing R&D expense ratios of 10.61%, 7.27%, 7.00%, and 8.21% respectively [17] Financial Performance - The company's revenue has shown growth, with figures of 79.2 million RMB, 139.5 million RMB, 149.7 million RMB, and 79.2 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively [11] - Gross profit margins for the reporting periods were 49.3%, 53.3%, 50.0%, and 59.9%, with a noted decline in 2024 due to initial pricing strategies and production costs [15][16] Market Position - Baofeng Semiconductor holds a market share of less than 0.01% in the Chinese plasma processing equipment market, but approximately 3.9% in the PCB plasma stripping equipment segment, ranking among the top three [21][29] - The global plasma processing equipment market is projected to grow from 120.4 billion RMB in 2018 to 202.7 billion RMB in 2024, with a compound annual growth rate (CAGR) of 9.1% [25] Customer Base and Sales - The company has expanded its overseas revenue share from 6.6% in 2022 to 49.7% in the first half of 2025, with a customer base of 122, where the top five clients contribute 70.8% of revenue [18] - Baofeng Semiconductor has secured stable orders from major clients in the semiconductor sector, including Fuzhou Integrated Circuit and Changjiang Electronics [18] Cash Flow and Dividends - The company reported a decrease in net cash from operating activities in 2025, amounting to a reduction of 6.994 million RMB, while simultaneously distributing dividends of 50 million RMB in the first half of 2025, reflecting a payout ratio of 64.7% [20]