Core Viewpoint - The successful IPO of Hengkun New Materials, founded by Yi Rongkun, marks a significant milestone in the development of the integrated circuit industry in Xiamen and China, showcasing a remarkable transformation from OEM to a key player in semiconductor materials [2][3]. Group 1: Company Background and Development - Yi Rongkun, a 54-year-old entrepreneur from Fujian, founded Hengkun in 1996, initially focusing on OEM production for companies like Panasonic and Sharp [3]. - In 2004, the company shifted its focus to the research and manufacturing of optoelectronic films and window lens products, eventually rebranding as Hengkun New Materials [3][5]. - The pivotal moment came in 2017 when Hengkun secured an order from Intel's Dalian factory, allowing it to enter the integrated circuit wafer manufacturing supply chain [5]. Group 2: Business Focus and Product Development - Hengkun New Materials specializes in key materials for integrated circuits, including photolithography materials and precursors, which have been historically dominated by foreign companies [5][8]. - The company has successfully developed and mass-produced various photolithography materials, including SOC, BARC, KrF, and i-Line photoresists, with advanced ArF immersion photoresists entering small-scale sales [9]. - The revenue from self-produced products has significantly increased, rising from 38.94% in 2022 to 86.68% in the first half of 2025, indicating a strong improvement in business structure and product competitiveness [10]. Group 3: Financial Performance - The company's revenue grew from 322 million yuan in 2022 to an expected 548 million yuan in 2024, with net profits consistently around 100 million yuan [10][12]. - As of June 30, 2025, total assets reached approximately 293.75 million yuan, with a debt-to-asset ratio of 47.18% [11]. Group 4: Industry Context and Capital Support - Hengkun's growth is supported by local capital, with multiple rounds of financing from Xiamen-based investment institutions, reflecting strong market confidence in the company [15][18]. - The integrated circuit industry in Xiamen has evolved from a 50 billion yuan output in 2014 to an expected 400 billion yuan by 2024, establishing a complete supply chain encompassing design, manufacturing, packaging, testing, and materials [18][20]. - The local government has implemented innovative funding models to attract investment, further enhancing the development of the semiconductor industry in Xiamen [20].
恒坤新材敲钟！厦门迎来年内首个A股IPO！