Core Viewpoint - Hengkun New Materials has successfully registered for an IPO on the Sci-Tech Innovation Board, marking a significant milestone in its transformation from traditional optoelectronic film business to key materials for integrated circuits [1][4]. Transformation Development Process - Established in 2004, Hengkun New Materials initially focused on the R&D, production, and sales of optoelectronic film devices and window lens products [1]. - Since 2014, the company has been planning its business transformation towards key materials in the integrated circuit field [1][3]. Technical Innovation Achievements - Hengkun New Materials has achieved significant milestones in technology innovation and R&D investment, focusing on the development and industrial application of key materials for integrated circuits [3]. - The company has successfully introduced imported photoresist materials and precursor materials, which have been validated by leading 12-inch integrated circuit wafer manufacturers in China since 2017 [3]. - Since 2020, Hengkun has begun selling self-produced photoresist and precursor materials, with sales revenue surpassing 100 million yuan in 2022 [3]. - The company’s products are essential for the production processes of advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below [3]. Market Position and Future Prospects - Hengkun New Materials has achieved domestic substitution of similar foreign products, breaking the foreign monopoly on key materials for 12-inch integrated circuits [4]. - The successful IPO is expected to provide new momentum for the company's development and enhance the self-controllable capabilities of China's integrated circuit industry chain [5].

Group 1 - The core viewpoint is that Xiamen Hengkang New Materials Technology Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, indicating that its application has passed regulatory scrutiny and is set to issue shares on the stock exchange [1] Group 2 - Hengkang New Materials was established in 2004 and specializes in the R&D, production, and sales of photoresist materials and precursor materials, being one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [2] - The company's products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node, thus playing a critical role in integrated circuit wafer manufacturing [2] - Hengkang New Materials has successfully replaced similar foreign products in the domestic market, breaking the foreign monopoly on key materials for 12-inch integrated circuits [2] Group 3 - According to the prospectus, Hengkang New Materials' revenue is projected to be 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024 respectively, with net profit attributable to the parent company expected to be 101 million yuan, 90 million yuan, and 97 million yuan for the same years [3] - For the first nine months of 2025, the company anticipates revenue between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [3] Group 4 - Hengkang New Materials plans to publicly issue no more than 67.3979 million shares of ordinary shares [4] Group 5 - The company aims to raise 1.007 billion yuan, with approximately 400 million yuan allocated for the second phase of the integrated circuit precursor project and about 607 million yuan for advanced materials for integrated circuits [5] Group 6 - Through this IPO, Hengkang New Materials intends to enhance its technological development and industrial layout, expand its product line, improve its core competitiveness and brand influence, and continuously enhance profitability to create value for shareholders and the industry [6]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is set to undergo a review on July 25, showcasing its "hard technology strength" in the semiconductor materials sector [1] Group 1: Business Focus - The company focuses on key materials for integrated circuits, essential for technology upgrades and industry development [2] - Hengkang New Materials is dedicated to the R&D and industrial application of critical materials for the integrated circuit field, serving 12-inch wafer manufacturing [2] - Main products include SOC, BARC, KrF, i-Line, and ArF photoresists, as well as TEOS (purity 9N), primarily used in advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node [2] Group 2: Market Position - In 2024, the company's revenue is projected to approach 540 million yuan, with a year-on-year growth exceeding 49% [3] - SOC revenue is expected to exceed 230 million yuan, and BARC revenue over 45 million yuan, together accounting for more than 50% of total revenue [3] - The domestic market size for SOC is approximately 1.7 billion yuan, and for BARC, about 3.7 billion yuan, indicating a strong market position among domestic manufacturers [3] Group 3: R&D Capabilities - The company has invested over 180 million yuan in R&D over the past three years, with a compound annual growth rate of 43.98% [4] - Hengkang New Materials has developed over 100 products in research, verification, and supply stages, demonstrating its commitment to meeting the needs of wafer manufacturers [4] - The company has been recognized as a "single champion enterprise" in manufacturing and a "national specialized and innovative 'little giant'" enterprise, highlighting its core competitiveness in advanced manufacturing [4] Group 4: Industry Context - The current capital market is increasingly focusing on technology innovation, with Hengkang New Materials' review reflecting the Sci-Tech Innovation Board's support for technological advancements [5] - The Sci-Tech Innovation Board serves as a new support point for "hard technology" enterprises, enabling breakthroughs in key core technologies within new industries and business models [5]