Financial Performance - In 2024, the company reported operating revenue of 605 million yuan, a decrease of 13.67% compared to 2023 [1][2] - The net profit attributable to shareholders was -13.80 million yuan, a decline of 169.80% from the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -20.43 million yuan, down 247.21% year-on-year [1][2] - The net cash flow from operating activities was 73.64 million yuan, an increase of 143.60% compared to the previous year [1][2] Q1 2025 Performance - For the first quarter of 2025, the company achieved operating revenue of 95.20 million yuan, a decrease of 4.38% year-on-year [3] - The net profit attributable to shareholders was -9.11 million yuan, an improvement of 36.12% compared to the same period last year [3] - The net cash flow from operating activities was -82.97 million yuan, a decline of 222.12% compared to the previous year [3] Fundraising and Use of Proceeds - The total amount raised by the company was 421 million yuan, with a net amount of 368 million yuan after deducting issuance costs [4] - The final net fundraising amount was 256 million yuan less than originally planned [4] - The funds were intended for the construction of design service networks, information platforms, R&D centers, project management, and working capital [4]

Core Points - The company reported a significant increase in revenue for 2024, achieving 252.17 million yuan, a year-on-year growth of 74.63% [1][2] - Despite the revenue growth, the company experienced a net loss attributable to shareholders of 6.13 million yuan, compared to a profit of 19.48 million yuan in the previous year [1][2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [1] Financial Performance 2024 - Revenue for 2024 was 252,172,673.21 yuan, up from 144,403,649.04 yuan in 2023, marking a 74.63% increase [2] - The net profit attributable to shareholders was -6,133,875.94 yuan, a decrease of 131.49% from the previous year's profit of 19,479,815.27 yuan [2] - The net cash flow from operating activities was 18,960,995.49 yuan, a significant improvement from -17,399,733.48 yuan in the previous year [2] Financial Performance Q1 2025 - In the first quarter of 2025, the company achieved revenue of 84.40 million yuan, a year-on-year increase of 40.52% [3] - The net profit attributable to shareholders for Q1 2025 was 14.32 million yuan, reflecting a growth of 35.93% compared to the same period last year [3] - The net cash flow from operating activities for Q1 2025 was -5,461,966.72 yuan, a decline from 22,407,486.05 yuan in the previous year [3] Fundraising and Share Distribution - The company raised a total of 150.99 million yuan from its IPO, with a net amount of 137.87 million yuan, exceeding the original plan by 39.87 million yuan [4] - The funds raised are intended for projects including the construction of 10G and 25G optical chip production lines, a 50G optical chip industrialization project, and a research and development center [4] - The company announced a cash dividend of 0.65 yuan per share and a capital increase of 0.4 shares per existing share, resulting in a total share capital of 84,838,600 shares after distribution [4]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has submitted a new version of its prospectus to the Shanghai Stock Exchange and responded to the first round of inquiries regarding its planned IPO on the Sci-Tech Innovation Board [1][3]. Group 1: IPO and Fundraising - Hengkang New Materials initially planned to raise 1.2 billion yuan for projects including the second phase of integrated circuit precursors, SiARC development and industrialization, and advanced materials for integrated circuits. However, the total fundraising amount has been reduced to 1.007 billion yuan after the removal of the SiARC project from the fundraising plan [3][4]. - The company aims to allocate the raised funds primarily for the second phase of integrated circuit precursors and advanced materials projects, with total investments of approximately 5.191 billion yuan and 9.091 billion yuan respectively [4][5]. Group 2: Production Capacity and Utilization - As of the end of 2024, Hengkang New Materials operates several production lines, including 7 SOC lines and 16 BARC lines, but the capacity utilization rates remain low. For instance, the utilization rates for SOC, BARC, KrF, i-Line, and TEOS were approximately 57.42%, 21.43%, 17.55%, 46.67%, and 46.47% respectively in 2024 [6][7]. - The company has acknowledged that despite low utilization rates, it still seeks to expand production capacity through fundraising [6]. Group 3: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan during the same periods [9]. - The total assets of the company reached approximately 2.645 billion yuan by the end of 2024, with a debt-to-asset ratio of 43.26% [10]. Group 4: Cash Flow and Funding Management - The company has a cash balance of approximately 291 million yuan and short-term borrowings of about 400 million yuan as of the end of 2024. It anticipates a funding gap of approximately 1.628 billion yuan over the next three years [8][12]. - Hengkang New Materials has indicated that the scale of its fundraising is reasonable, as only 5.31% of the funds will be allocated for R&D and working capital [8]. Group 5: Governance and Management - The chairman and general manager, Yi Rongkun, is the controlling shareholder, holding 19.52% of the voting rights directly and an additional 16.13% indirectly through related entities [17]. - The company has faced inquiries from the Shanghai Stock Exchange regarding the governance structure and the roles of key management personnel, particularly concerning the involvement of family members in decision-making processes [18].