Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising approximately 1 billion RMB, with significant stock price increases and market capitalization reaching over 28 billion RMB, marking it as the largest IPO in Xiamen this year [2][3]. Company Overview - Established in 2004, Hengkang New Materials has a registered capital of approximately 381.92 million RMB and has formed joint ventures with companies like Jiu Ri New Materials and Ba Yi Space [4]. - Initially focused on optical film devices and window lenses, the company shifted its business model in 2014 to target the supply chain of photolithography materials and precursors for 12-inch integrated circuit wafer manufacturing [5]. Product Development and Market Position - By the end of 2024, Hengkang New Materials achieved mass production of various photolithography materials and precursors, including SOC, BARC C, i-Line photoresist, and KrF photoresist, successfully replacing foreign competitors [5][9]. - The company has become a leader in the domestic market for SOC and BARC sales, with projected sales of SOC reaching approximately 23.24 million RMB in 2024, capturing over 10% of the domestic market share [10][13]. Financial Performance - From 2022 to 2024, Hengkang New Materials reported revenues of approximately 322 million RMB, 368 million RMB, and 548 million RMB, with net profits of approximately 101 million RMB, 89.84 million RMB, and 96.92 million RMB respectively [13]. - The sales revenue from self-produced products increased significantly, accounting for 38.94%, 52.72%, and 63.77% of total revenue in the respective years [13][15]. Production Capacity and Utilization - In 2024, the production capacity for SOC and BARC was 26,928 gallons and 20,796 gallons respectively, with utilization rates of 57.42% and 21.43% [11]. - The production capacity for KrF photoresist reached 12,465 gallons, with a production output of 2,188 gallons and a utilization rate of 17.55% [11]. Market Outlook - According to market research, the domestic market for photolithography materials is expected to grow to 31.92 billion RMB by 2028, with a compound annual growth rate of 21.2% [9].

Core Viewpoint - The article discusses the critical role of photolithography materials in semiconductor manufacturing, highlighting their importance in determining chip performance, integration, and production costs, as well as the ongoing innovation and upgrades in these materials due to evolving technological requirements [2][31]. Group 1: Photolithography Materials Overview - Photolithography materials are essential in the photolithography process, which transfers patterns from masks to substrates, playing a crucial role in integrated circuit manufacturing [3][5]. - Key components of photolithography materials include SOC (Spin On Carbon), anti-reflective coatings (BARC and TARC), photoresists, adhesion promoters, top coatings, diluents, and developers [3][5][19]. Group 2: Market Growth and Trends - The domestic integrated circuit key materials market is projected to grow from CNY 66.47 billion in 2019 to CNY 113.93 billion in 2023, with a compound annual growth rate (CAGR) of 14.4%, and is expected to reach CNY 258.96 billion by 2028 [31][32]. - The domestic photolithography materials market is anticipated to grow from CNY 5.37 billion in 2019 to CNY 12.19 billion in 2023, with a CAGR of 22.7%, and is projected to reach CNY 31.92 billion by 2028 [39]. Group 3: Specific Material Insights - SOC is a foundational material in photolithography, providing excellent anti-reflective properties and etch resistance, with its usage expected to increase significantly due to the complexity of wafer manufacturing processes [7][40]. - BARC serves as a barrier in the photolithography process, effectively reducing interference from reflected light, and its market share is expected to grow alongside advancements in integrated circuit technology [12][45]. - TARC functions as a top anti-reflective coating, enhancing exposure stability and accuracy by controlling light reflection during the photolithography process [17][18]. Group 4: Competitive Landscape - Major global players in the photolithography materials market include DuPont, Shin-Etsu Chemical, and Brewer Science, which dominate due to their technological expertise and comprehensive product offerings [54][55]. - The domestic market is gradually increasing its share, with local companies enhancing their R&D capabilities and production levels, although foreign firms still hold a significant market share in advanced processes [39][54].

Core Viewpoint - The 2025 TrendBank Photolithography Industry Conference held in Hefei focused on advanced photolithography technologies and the current state of domestic photolithography materials, discussing innovation and industry upgrades to enhance self-sufficiency and quality levels in China [1][2]. Group 1: Conference Highlights - The conference covered cutting-edge photolithography technologies such as EUV, electron beam lithography, and nanoimprint lithography, along with the latest research progress and application prospects [1]. - Key discussions included the domestic production status and technical bottlenecks of photolithography materials like photoresists, wet electronic chemicals, and masks [1]. - The conference emphasized the importance of breaking barriers and fostering collaboration in the development of domestic photolithography equipment [12]. Group 2: Industry Developments - The domestic photolithography chemical materials industry is developing a complete supply chain, with significant production capacities established, including 4,000 tons/year for display photoresists and 500 tons/year for semiconductor photoresists [14]. - Research on trace gases under DUV light is complex, requiring precise detection methods and monitoring setups to study potential chemical reactions [16]. - Digital lithography, particularly laser direct-write lithography, is gaining traction in specific fields, with optimistic market prospects expected to mature over the next three years [20]. Group 3: Technical Challenges - The application of excimer laser gas technology faces challenges such as gas mixing, impurity removal, and product testing, despite its advantages in resolution and production efficiency [22]. - Trace cations and anions significantly impact downstream products, with various sources of contamination identified [24].