点击 最 下方 "在看"和" "并分享，"关注"材料汇 引言：芯片精密制造的"磨刀石" CMP 抛光液的战略盲点 在全球半导体产业竞争日趋激烈的今天，供应链安全已成为核心议题。当人们的目光聚焦于光刻机、 EDA 软件等"明星"环节时，化学机械抛光（ CMP ）工艺及其核心材料——抛光液，这一尖端芯片制造 中不可或缺的"磨刀石"，却往往成为战略布局中的盲点。 图： CMP 工艺应用在硅片制造、前道、后道等环节中 资料来源：华海清科招股说明书 抛光液的性能直接决定芯片的良率、性能与可靠性。然而，一组数据触目惊心：全球 CMP 抛光液市场 规模已超过 20 亿美元，并以年复合增长率约 8% 的速度持续增长，但在中国市场，尤其是在 14 纳米及 以下的高端制程中，国产抛光液的市占率不足 10% 。这一数据揭示了其在供应链中潜在的"卡脖子"风 险，其自主可控的战略意义不言而喻。 一、全球市场格局 添加 小编微信 ，遇见 志同道合 的你 正文 巨头的游戏与高耸的壁垒 1.1 市场高度集中，巨头形成垄断 图 全球 CMP 抛光液市场代表企业区域分布 全球 CMP 抛光液市场呈现出高度集中的格局，代表企业包括 卡博特 (Ca ...

Core Viewpoint - The company, Hengyun Chang, is a leading domestic supplier of core components for semiconductor equipment, focusing on the development, production, and sales of plasma RF power systems and related technologies, with an IPO planned for June 2025 [2][3]. Company Overview - Hengyun Chang specializes in plasma RF power systems, which are critical for semiconductor equipment, facing high technical barriers and low domestic production rates, with only 12% localization in 2024 [3]. - The company has developed three product generations over ten years, breaking the long-standing monopoly of two major American companies in the domestic market [3]. - The second-generation product supports 28nm processes, while the third generation supports advanced 7-14nm processes, achieving international standards and filling domestic gaps [3]. Market Position and Achievements - The company has established itself as a strategic supplier for leading domestic semiconductor equipment manufacturers, achieving significant revenue milestones with 38 self-developed products generating millions in revenue [4]. - It plays a crucial role in enhancing the supply chain security of China's semiconductor industry, undertaking several national-level projects to improve resilience and safety [4]. Financial Performance - The company reported revenues of 1.58 billion, 3.25 billion, 5.41 billion, and 3.04 billion yuan for the respective years, with corresponding net profits of 261.88 million, 798.27 million, 1.42 billion, and 693.48 million yuan [7]. - As of June 30, 2025, total assets reached 890.79 million yuan, with a net profit of 69.35 million yuan for the first half of 2025 [8]. Revenue Breakdown - For the first half of 2025, self-developed products accounted for 84.81% of total revenue, with plasma RF power systems contributing 76.54% [6]. - The company plans to raise 1.469 billion yuan through its IPO, primarily for projects related to semiconductor RF power system industrialization and technological innovation [6][7]. Research and Development - The company holds 108 authorized invention patents and has 133 patents pending, emphasizing its commitment to innovation in the semiconductor sector [5]. - R&D investment as a percentage of revenue was 14.24% in the first half of 2025, reflecting a strong focus on technological advancement [8].