中科院孵化，高分子“小巨人”，冲IPO！

Core Viewpoint - Jiangsu Zhongke Kehua New Materials Co., Ltd. (referred to as "Zhongke Kehua") has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 598 million yuan for the industrialization of high-end epoxy molding compounds for semiconductor packaging and the establishment of a research center [1][4]. Fundraising and Project Allocation - The IPO intends to raise 598 million yuan, with 420 million yuan allocated for the industrialization project of high-end epoxy molding compounds and 98 million yuan for the research center [1][3]. - The company plans to add a design capacity of 22,500 tons for epoxy molding compounds [1]. Company Background - Zhongke Kehua was established in October 2011 with a registered capital of 66 million yuan and is recognized as a national-level "little giant" enterprise specializing in specific and innovative technologies [1][4]. - The controlling shareholder is Beijing Kehua, founded in 1984, which is one of the earliest industrial bases for epoxy molding compounds in China [4]. Market Position and Competition - The domestic semiconductor packaging materials market is primarily dominated by foreign companies, with a localization rate of about 30%, and high-end products are mainly monopolized by Japanese manufacturers [7]. - Zhongke Kehua has become one of the few domestic companies capable of independent R&D and large-scale production of high-end epoxy molding compounds, currently holding the second-largest market share in China [9]. Financial Performance - From 2022 to the first half of 2025, Zhongke Kehua's revenue has shown a steady increase, with figures of 200 million yuan, 250 million yuan, 331 million yuan, and 159 million yuan respectively, alongside a rising net profit trend [11]. - The gross profit margin has improved from 22.68% in 2022 to 30.69% in the first half of 2025, indicating a positive growth trajectory primarily driven by high-end epoxy molding compound sales [11]. Product Development and Innovation - The company has developed a new granular epoxy molding compound for fan-out wafer-level packaging, which has been recognized for its advanced performance, filling a domestic gap [11]. - Zhongke Kehua's product lines include basic, mid-range, and high-end epoxy molding compounds, with the latter gradually passing validation from downstream packaging and testing companies [9][11]. Supply Chain and Raw Materials - The top five raw material suppliers for Zhongke Kehua include companies like Ruile New Materials and Shengquan Group, with over 60% of total procurement coming from these suppliers [8].