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Core Viewpoint - The company, Hengyun Chang, is a leading domestic supplier of core components for semiconductor equipment, focusing on the development, production, and sales of plasma RF power systems and related technologies, with an IPO planned for June 2025 [2][3]. Company Overview - Hengyun Chang specializes in plasma RF power systems, which are critical for semiconductor equipment, facing high technical barriers and low domestic production rates, with only 12% localization in 2024 [3]. - The company has developed three product generations over ten years, breaking the long-standing monopoly of two major American companies in the domestic market [3]. - The second-generation product supports 28nm processes, while the third generation supports advanced 7-14nm processes, achieving international standards and filling domestic gaps [3]. Market Position and Achievements - The company has established itself as a strategic supplier for leading domestic semiconductor equipment manufacturers, achieving significant revenue milestones with 38 self-developed products generating millions in revenue [4]. - It plays a crucial role in enhancing the supply chain security of China's semiconductor industry, undertaking several national-level projects to improve resilience and safety [4]. Financial Performance - The company reported revenues of 1.58 billion, 3.25 billion, 5.41 billion, and 3.04 billion yuan for the respective years, with corresponding net profits of 261.88 million, 798.27 million, 1.42 billion, and 693.48 million yuan [7]. - As of June 30, 2025, total assets reached 890.79 million yuan, with a net profit of 69.35 million yuan for the first half of 2025 [8]. Revenue Breakdown - For the first half of 2025, self-developed products accounted for 84.81% of total revenue, with plasma RF power systems contributing 76.54% [6]. - The company plans to raise 1.469 billion yuan through its IPO, primarily for projects related to semiconductor RF power system industrialization and technological innovation [6][7]. Research and Development - The company holds 108 authorized invention patents and has 133 patents pending, emphasizing its commitment to innovation in the semiconductor sector [5]. - R&D investment as a percentage of revenue was 14.24% in the first half of 2025, reflecting a strong focus on technological advancement [8].