近日，拓荆键科（海宁）半导体设备有限公司（以下简称"拓荆键科"）完成新一轮融资，本次融资由国投集新（北京）股权投 资基金（有限合伙）（以下简称"国投集新"）领投，引进多名知名投资人，融资金额约10亿元。 领投方国投集新的唯一有限合伙人为国家集成电路产业投资基金三期股份有限公司（以下简称"大基金三期"）；本项目系大基 金三期自2024年成立以来投资的首个标的，彰显了国家级资本对拓荆键科技术实力与发展前景的认可。 拓荆键科为拓荆科技的控股子公司，主要聚焦应用于三维集成领域先进键合设备（包括混合键合、熔融键合设备）及配套使用 的量检测设备（以下统称"三维集成设备"）的研发与产业化应用，拓荆键科现已先后推出了晶圆对晶圆混合键合设备、晶圆对 晶圆熔融键合设备、芯片对晶圆键合前表面预处理设备、芯片对晶圆混合键合设备、键合套准精度量测产品、键合套准精度量 测设备、永久键合后晶圆激光剥离设备等产品，并已出货至先进存储、逻辑、图像传感器等客户，致力于为三维集成领域提供 全面的技术解决方案。 中伦律师事务所为拓荆键科本次融资提供了全流程法律服务。本项目由合伙人都伟负责，项目组成员包括律师姚腾越、谢莹 等。 ...

Core Viewpoint - The company,拓荆科技, reported significant growth in revenue and net profit for the first half of 2025, driven by its advancements in thin film deposition equipment and three-dimensional integration technology [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.954 billion yuan, a year-on-year increase of 54.25% [1]. - The second quarter alone saw operating revenue reach 1.245 billion yuan, marking a year-on-year growth of 56.64% and a quarter-on-quarter increase of 75.74% [1]. - The net profit attributable to shareholders for the first half of 2025 was 94.288 million yuan, with the second quarter net profit reaching 241 million yuan, reflecting a year-on-year increase of 103.37% and a quarter-on-quarter increase of 388 million yuan [1][2]. Product and Market Position - The company specializes in the research and industrial application of thin film deposition equipment, with a product range that includes PECVD, ALD, SACVD, HDPCVD, and Flowable CVD technologies [1][2]. -拓荆科技 is recognized as a leading enterprise in the domestic chemical vapor deposition equipment and advanced bonding equipment for three-dimensional integration, with a broad product coverage and increasing competitiveness [2]. Strategic Initiatives - The company is expanding its production capabilities with the construction of a new industrial base in Shenyang, with a total investment of 1.768 billion yuan, of which 1.5 billion yuan is planned to be funded through a private placement [3]. - The investment from Guotou Jixin (Beijing) Equity Investment Fund into the company's subsidiary,拓荆键科, is aimed at enhancing production capacity and research capabilities in the advanced bonding equipment sector [3].

Core Viewpoint - The Third Integrated Chip and Chiplet Conference will be held from October 10-13, 2025, in Wuhan, focusing on collaborative design and packaging to advance chip technology [1]. Event Overview - The conference is organized by Wuhan University, the Institute of Computing Technology of the Chinese Academy of Sciences, and Fudan University, featuring 7 keynote speeches and 16 technical forums [1]. - The theme is "Design and Packaging Collaboration, Building the Future of Chips," aiming to foster discussions on cutting-edge topics such as 3D integration, heterogeneous integration, multi-physical field collaboration, high-speed interconnects, EDA design methods, and advanced storage and packaging technologies [1]. Schedule Highlights - The opening ceremony will take place on October 11, 2025, followed by various sessions including: - Keynote on cutting-edge technology research in integrated chips [1]. - Forums addressing topics like storage and computing integration, multi-physical field simulation, and thermal management technologies [4]. - Notable speakers include experts from prestigious institutions such as the Chinese Academy of Sciences and Fudan University [4][1]. Participation Information - Registration for the conference can be completed online or on-site, with a countdown of only 2 days remaining until the event [5].

Core Viewpoint -拓荆 Technology announced a financing plan for its subsidiary,拓荆 Jian Ke, with a pre-investment valuation of 2.5 billion yuan, aiming to raise no more than 1.0395 billion yuan, attracting significant attention from the market due to the participation of Guotou Jixin [1][4] Group 1: Financing Details -拓荆 Technology plans to contribute up to 450 million yuan to the new registered capital of 19.216 million yuan for拓荆 Jian Ke, maintaining a 53.5719% stake post-financing [4] -Guotou Jixin intends to invest up to 450 million yuan, acquiring a 12.7137% stake in the company after the financing [4] -Other investors include Huahong Chuantou and Haining Rongchuang, planning to contribute 30 million yuan and 9.5 million yuan respectively [4] Group 2: Industry Context -3D integration technology is emerging as a new path for China's semiconductor industry, addressing the limitations of traditional 2D chip miniaturization [5][6] -3D-IC technology enhances system performance and reduces power consumption by vertically stacking multiple chips [5] -The demand for high-performance computing chips is surging due to the growth of the global AI server market, with advanced packaging equipment sales expected to grow over 20% by 2025 [6] Group 3: Strategic Shift -Guotou Jixin's investment in拓荆 Jian Ke marks a strategic shift in the National Integrated Circuit Industry Investment Fund's approach, focusing on critical areas with low domestic production rates [8][9] -The investment strategy has evolved from broad-based funding to targeted investments in sectors with high technical barriers and significant international competition [9] -Despite the support from Guotou Jixin,拓荆 Jian Ke faces competition from international giants like EV Group and Applied Materials in the semiconductor equipment market [10]

Core Viewpoint -拓荆科技 announced a series of financing plans, including a capital increase to its subsidiary拓荆键科, aiming to raise up to 4.6 billion yuan to support the rapid development of three-dimensional integration equipment [1][4] Group 1: Financing Details - The financing plan includes a total of no more than 10.4 billion yuan for拓荆键科, with a pre-investment valuation of 2.5 billion yuan [1] - 大基金三期 plans to participate in the capital increase with no more than 450 million yuan, marking its first public investment since its establishment in May 2024 [1][2] - 国投集新 also intends to invest up to 450 million yuan, resulting in a 12.71% stake in拓荆键科 after the capital increase [1][2] Group 2: Company Overview - 拓荆键科, established in September 2020, focuses on the research and industrial application of advanced bonding equipment for three-dimensional integration [2] - The company has launched various products, including wafer-to-wafer bonding equipment and measurement devices, serving clients in advanced storage, logic, and image sensor sectors [2] Group 3: Market Context - Three-dimensional integration aims to overcome the physical limitations of traditional two-dimensional integration by stacking chips vertically, enhancing packaging efficiency and transistor density [3] - The technology is essential for maintaining the momentum of Moore's Law and addressing increasing market demands [3] Group 4: Financial Performance - In 2024, 拓荆键科 reported revenues of 97.3 million yuan and a net loss of 2.1 million yuan [4] - The company has experienced rapid revenue growth, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan in 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [4] Group 5: Project Implementation - The implementation of the projects will significantly enhance the production capacity of high-end semiconductor equipment and improve production efficiency through intelligent facilities [5] - The company plans to allocate 20 billion yuan for the construction of a cutting-edge technology research and development center, focusing on advanced thin film deposition equipment [6]

Core Viewpoint - The third Integrated Chip and Chiplet Conference will be held from October 10-13, 2025, in Wuhan, focusing on "Design and Packaging Collaboration to Build the Future of Chips" [2] Conference Overview - The conference will feature 16 technical sub-forums aimed at professionals in the integrated chip and chiplet technology fields, covering topics such as 3D integration, heterogeneous integration, multi-physical field collaboration, high-speed interconnects, EDA design methods, and advanced storage and packaging processes [2] - The event aims to foster collaborative innovation in integrated chip and chiplet technology, address key bottlenecks, and accelerate industry implementation [2] Agenda Summary - Registration will take place on October 10, 2025, from 14:00 to 20:00 at Wanda Reign Hotel [3] - The opening ceremony and keynote presentations are scheduled for the morning of October 11, followed by technical sub-forum reports in the afternoon [3] - The conference will continue with additional keynote presentations and sub-forum reports on October 12, along with self-service lunches and dinners [3] Sub-Forum Topics - Forum 1: Fusion of Storage and Computing for Large Models [5] - Forum 2: Multi-Physical Field Simulation for Integrated Chips [5] - Forum 3: Heterogeneous Integration of Memory and Computing Chips [5] - Forum 4: Optical I/O and Ultra-High-Speed Interfaces for Integrated Chips [5] - Forum 5: Thermal Management and Packaging Heat Dissipation Technologies [5] - Forum 6: Top Conference Forum - System Architecture [6] - Forum 7: Open Source Community Competitions [7] - Forum 8: IEEE Chiplet Workshop on Standards, Circuits, and Systems [7] - Forum 9: Advanced Packaging Processes and Hybrid Bonding for Chiplets [7] - Forum 10: Wafer-Level/Ultra-Wafer Size High-Performance Chips [7] - Forum 11: Heterogeneous Integrated 3D Power Supply Architectures [7] - Forum 12: Advanced Storage Chips Based on 3D Integration [7] - Forum 13: Silicon Interposer and Glass Substrate for Integrated Chips [7] - Forum 14: EDA Layout and Testing for Chiplet Integration [7] - Forum 15: Post-Processing 3D Heterogeneous Integrated Devices and Processes [8] - Forum 16: Top Conference Forum - Packaging Materials and Processes [8] Registration Information - Early bird registration ends on September 20, 2025, with registration available through the conference website [2][15]

Core Viewpoint - The chairman of Tuojing Technology, Lv Guangquan, emphasizes that the innovation path of integrated circuits needs to shift from planar to three-dimensional to overcome storage wall and I/O bandwidth limitations [1] Group 1: Innovation Path - Integrated circuit innovation should transition from planar to three-dimensional structures to address existing limitations [1] - Key technologies include atomic-level manufacturing (ALD/ALE), device density enhancement, bonding technology, and advanced packaging [1] Group 2: Technical Advancements - Three-dimensional integration can increase I/O bandwidth by over a thousand times [1] - Important directions for development include HBM structures and backside power supply technology [1]

Core Viewpoint - The company has implemented a special action plan for 2025 focused on quality improvement and efficiency enhancement, aiming to drive high-quality development and maintain its leading position in the domestic semiconductor equipment industry. Group 1: Focus on Core Business and Operational Optimization - The company continues to focus on its core business, enhancing the competitiveness of its main products through independent innovation and operational management [1][2] - The company has shipped over 3,000 equipment reaction chambers, entering more than 70 production lines [1] - The company has expanded the production scale of advanced PECVD and ALD equipment, achieving significant order growth in the advanced storage sector [2][3] Group 2: Deepening Customer Cooperation and Market Expansion - The company has maintained strategic cooperation with customers, responding to their needs for new processes and products, and has expanded its customer base [3][4] - The company has a full order book, indicating strong demand for its products [3] Group 3: Accelerating Investment Projects and Capacity Expansion - The company has completed the construction of its semiconductor advanced process equipment R&D and industrialization project, significantly enhancing its capacity [4][5] - The company is progressing with the establishment of a new high-end semiconductor equipment industrialization base [5] Group 4: Enhancing Operational Management for High-Quality Development - The company has upgraded its smart manufacturing execution system (MES) to improve production efficiency and monitoring [5][6] - A comprehensive quality management system has been established to ensure product performance and safety [6] Group 5: Strengthening Supply Chain and Talent Development - The company has enhanced its supply chain stability through collaboration and training with suppliers [6][7] - The workforce has grown to 1,569 employees, with ongoing training programs to improve management and technical skills [7] Group 6: Optimizing Performance Assessment and Shareholder Returns - The company has set performance indicators for management and staff, linking their performance to the company's operational results [7][8] - A cash dividend of approximately 75.18 million yuan has been distributed to shareholders, reflecting the company's commitment to shareholder returns [13] Group 7: Enhancing Information Disclosure and Investor Communication - The company has improved the quality of its information disclosure and actively engaged with investors through various platforms [14] Group 8: Strengthening Corporate Governance and Risk Management - The company has implemented a market value management system and focused on high-end semiconductor equipment, enhancing its core competitiveness [15][16] - The company has established an ESG framework to promote sustainable development and compliance with regulations [16]

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].

Core Viewpoint - The emergence of Tuojing Technology represents a significant step towards domestic production in the monopolized thin film deposition equipment market, which is crucial for high-end semiconductor manufacturing [2][3]. Market Overview - The thin film deposition equipment accounts for over 20% of the wafer manufacturing equipment market, with the Chinese market for this equipment projected to reach approximately $9.7 billion in 2024 [2]. - Tuojing Technology's product market size is estimated at $4.85 billion, with the company generating revenue of 4.1 billion yuan, capturing about 12% market share [2]. Technological Advancements - Tuojing Technology focuses on the research and industrial application of PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. - The company has made significant technological breakthroughs, evidenced by its 1,640 patent applications (including PCT) and 507 authorized patents [3]. Future Prospects - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's future growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3]. - The company is proactively developing technologies for the next two to three generations of products, with 70% of its products being required for new and advanced processes [4].