Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has passed the listing committee meeting of the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.55 billion yuan for its semiconductor equipment core component supply business [1] Company Overview - Hengyun Chang specializes in the research, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, and various accessories, providing comprehensive solutions for plasma processes [1] - The company is a leading domestic supplier of plasma radio frequency power systems, with a market share ranking first among domestic manufacturers in the semiconductor industry [1] Market Context - The market size for plasma radio frequency power systems in China's semiconductor industry is projected to reach 6.56 billion yuan in 2024, with a domestic production rate of less than 12% [1] - Plasma technology is essential for semiconductor precision manufacturing, widely used in critical processes such as film deposition, etching, ion implantation, and cleaning [1] Product Development - The second-generation Bestda series supports 28nm processes, while the third-generation Aspen series supports 7-14nm processes [2] - The company has achieved mass production and delivery to leading domestic semiconductor equipment manufacturers and wafer fabs [2] Customer Concentration - The top five customers account for a significant portion of the company's revenue, with the first customer, Tuojing Technology, contributing 62.06% of sales [2] Fundraising and Investment Plans - The company plans to invest the raised funds in several projects, including: - Shenyang Semiconductor Radio Frequency Power System Industrialization Project: 1.657 billion yuan total investment, 1.4 billion yuan from raised funds - Intelligent production base for core components of semiconductors and vacuum equipment: 696.97 million yuan total investment, 690 million yuan from raised funds - R&D and frontier technology innovation center: 362.67 million yuan total investment, 350 million yuan from raised funds - Marketing and technical support center: 123.79 million yuan total investment, 120 million yuan from raised funds - Supplementing working capital: 169 million yuan from raised funds [3] Financial Performance - The company reported revenues of approximately 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were 26.19 million yuan, 79.83 million yuan, 142 million yuan, and 69.35 million yuan [3] - The total assets as of June 30, 2025, are projected to be 890.79 million yuan, with a debt-to-asset ratio of 15.78% [4]