Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) has disclosed its IPO prospectus, indicating progress in its listing process and plans to raise funds for key projects in the integrated circuit sector [1][4]. Funding Utilization - The IPO proceeds will primarily fund the second phase of the integrated circuit precursor project and advanced materials project, with CNY 400 million allocated to the precursor project in Dalian and CNY 607 million for the advanced materials project in Anhui [4]. Business Overview - Hengkang New Materials specializes in the research and industrial application of critical materials for integrated circuits, particularly in photolithography and precursor materials, filling a domestic gap in these areas [5]. - The company has achieved mass production of products such as SOC, BARC, i-Line photoresists, and KrF photoresists, leading the domestic market in terms of sales volume [5]. Revenue and Profitability - Revenue for Hengkang New Materials is projected to grow from CNY 322 million in 2022 to CNY 548 million in 2024, representing a 49.01% year-on-year increase in 2024 due to increased sales volume and business expansion [6]. - Net profit is expected to slightly decline from CNY 100 million in 2022 to CNY 97 million in 2024, with a year-on-year growth of 7.96% in 2024 [6]. - The gross margin for self-produced products is decreasing, from 33.52% in 2022 to 28.97% in 2024, indicating a downward trend in profitability [6]. Product Performance - Sales revenue from self-produced precursor materials has increased significantly, from CNY 1.89 million in 2022 to CNY 44.20 million in 2024, although the gross margin remains negative due to high fixed costs during the market promotion phase [7]. - The company has indicated that if it cannot secure sustainable orders for self-produced precursor materials, the gross margin may remain low or negative, impacting overall profitability [7]. Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for over 97% of total revenue during the reporting period, indicating a significant reliance on a few key clients [9]. - The company faces risks if relationships with major customers change or if they reduce orders due to operational issues or unmet product quality and delivery standards [9]. Supplier Relationships - The company has seen a decline in the contribution of introduced product sales to overall gross margin, from 82.05% in 2022 to 65.86% in 2024, indicating a shift towards self-produced products [10]. - A termination of cooperation with key suppliers could adversely affect revenue and profitability, particularly as the company has ended its collaboration with SKMP for certain photolithography materials [11]. Client Relationship Risks - Sales to a specific client (Client C) have decreased from CNY 43.08 million in 2022 to CNY 29.61 million in 2024, raising concerns about the stability of this relationship due to a recent acquisition by SK Hynix [12][13].

ff9 本次发行股票拟在科创板上市。科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京屹唐半导体科技股份有限公司 Beijing E-Town Semiconductor Technology Co., Ltd. （北京市北京经济技术开发区瑞合西二路 9 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 北京屹唐半导体科技股份有限公司 招股意向书 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对发行人注册申请文件及所披露信息的真实性、准确性、完整性做出保证，也 不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...

科创板投资风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分 了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 成都华微电子科技股份有限公司 （Chengdu Sino-Microelectronics Tech. Co., Ltd.） 1 栋 22-23 层 2201 号、2301 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 成都华微电子科技股份有限公司 招股说明书 （中国（四川）自由贸易试验区成都高新区益州大道中段 1800 号 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公 告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板 公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 成都华微电子科技股份有限公司 （Chengdu Sino-Microelectronics Tech. Co., Ltd.） （中国（四川）自由贸易试验区成都高新区益州大道中段 1800 号 1 栋 22-23 层 2201 号、2301 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 成都华微电子科技股份有限公司 招股说明书 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资 料不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整 ...