中科院孵化，高分子“小巨人”，冲IPO！

Core Viewpoint - Jiangsu Zhongke Kehua New Materials Co., Ltd. has recently received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 598 million yuan for the development of semiconductor packaging materials [1][2]. Fundraising and Project Allocation - The company plans to raise 598 million yuan, with 420 million yuan allocated for the industrialization project of mid-to-high-end epoxy encapsulation materials and 98 million yuan for the construction of a research center for these materials, which will add a design capacity of 22,500 tons [2][3]. Company Background - Established in October 2011, Zhongke Kehua has a registered capital of 66 million yuan and is recognized as a national-level specialized and innovative "little giant" enterprise [3][4]. - The controlling shareholder is Beijing Kehua, founded in 1984, which holds 64.57% of Zhongke Kehua's shares, with significant backing from the Chinese Academy of Sciences [4]. Market Position and Competition - Epoxy encapsulation materials are critical for over 90% of chip packaging, with the domestic semiconductor packaging materials market being predominantly controlled by foreign companies, with a domestic market penetration rate of about 30% [6][7]. - Zhongke Kehua ranks second in the domestic market, competing with companies like Hengsu Huawai and Huahai Chengke [10]. Product Development and Innovation - The company has developed a range of epoxy encapsulation materials, with high-end products already passing assessments from downstream packaging manufacturers and entering mass production [9]. - The KHG900G-A product, developed for fan-out wafer-level packaging, has been recognized for its advanced performance, filling a domestic gap [13]. Financial Performance - From 2022 to mid-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 gross profit margin [14]. - The company has built a 70,000 square meter facility with eight production lines for epoxy encapsulation materials, achieving a production capacity of 12,000 tons [14][15].