12月12日，中国证监会披露了深圳三地一芯电子股份有限公司（简称"三地一芯"）首次公开发行股票并上市辅导备案报告，公 司上市辅导机构为国泰海通证券，正式迈向资本市场。 USB系列作为公司主力产品，包括USB2.0与USB3.2两大类别。USB2.0系列芯片如FC2279，具备高性能ECC纠错与低功耗设计， 在数据安全、稳定性和兼容性方面表现突出，已在细分领域建立起领先优势，创下多项行业第一。而USB3.2系列芯片支持5Gb/s 高速传输，具有耐用、兼容性强、成本可控等特点，已成为多家品牌客户高速存储方案的选择。 股权结构显示，公司控股股东为陈向兵、胡来胜、张如宏、张辉四人，其通过直接、间接持股及一致行动协议，合计控制公司 80.31%的表决权。其中，陈向兵、胡来胜、张如宏各自直接及间接持股比例均为15.03%，张辉合计持股比例为14.43%。 随着集成电路国产化进程加速，存储主控芯片作为信息产业关键环节，市场前景广阔。三地一芯此次启动上市辅导，有望借助 资本市场进一步强化研发投入、拓展产品矩阵，提升在存储芯片领域的综合竞争力。 三地一芯成立于2015年，是一家以研发、销售与服务为一体的集成电路设计企业，先后获 ...

12月11日，长电科技（600584.SH）发布公告称，公司近日收到中国银行间市场交易商协会出具的《接受注册通知书》。通知同意接受公司面向银行间债 券市场注册总额为48亿元的中期票据，标志着相关债务融资工具正式获批进入注册阶段。 公告显示，本次48亿元中期票据注册额度自通知书落款之日起2年内有效，由交通银行、招商银行等八家银行联合担任主承销商。长电科技可在注册有效 期内根据资金需求和市场环境分期发行中期票据，以实现融资节奏的统筹安排。公司表示，此举有利于拓宽公司融资渠道，优化债务结构，提升资金管理 灵活性。 12月11日，长电科技（600584.SH）发布公告称，公司近日收到中国银行间市场交易商协会出具的《接受注册通知书》。通知同意接受公司面向银行间债 券市场注册总额为48亿元的中期票据，标志着相关债务融资工具正式获批进入注册阶段。 公告显示，本次48亿元中期票据注册额度自通知书落款之日起2年内有效，由交通银行、招商银行等八家银行联合担任主承销商。长电科技可在注册有效 期内根据资金需求和市场环境分期发行中期票据，以实现融资节奏的统筹安排。公司表示，此举有利于拓宽公司融资渠道，优化债务结构，提升资金管理 灵活性 ...

（文/罗叶馨梅）12月11日，长电科技（600584.SH）发布公告称，公司近日收到中国银行间市场交易商协会出具的《接受注册通知书》。通知同意接受公司 面向银行间债券市场注册总额为48亿元的中期票据，标志着相关债务融资工具正式获批进入注册阶段。 公告显示，本次48亿元中期票据注册额度自通知书落款之日起2年内有效，由交通银行、招商银行等八家银行联合担任主承销商。长电科技可在注册有效期 内根据资金需求和市场环境分期发行中期票据，以实现融资节奏的统筹安排。公司表示，此举有利于拓宽公司融资渠道，优化债务结构，提升资金管理灵活 性。 公开资料显示，长电科技是集成电路制造与技术服务提供商，主要提供一站式芯片成品制造解决方案。公司业务涵盖集成电路封装、测试等环节，服务对象 包括多家国内外集成电路设计公司和整机厂商。今年前三季度，公司实现归母净利润9.54亿元，同比下降11.39%。 从公司披露的内容来看，通过在银行间市场注册中期票据，有助于灵活匹配中长期资金需求，为后续技术升级、产线投入及全球客户服务能力建设提供更多 资金支持。在集成电路产业加快国产化和供应链布局的大背景下，优化债务结构也有利于公司提高抗风险能力和经营稳健 ...

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. ("Hengkang New Materials") officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company and the Xiamen region in the A-share market [1][6]. Company Overview - Established in 2004 and headquartered in Xiamen, Hengkang New Materials focuses on the research, production, and sales of key materials for integrated circuit manufacturing, specifically photoresist materials and precursors [2]. - The company is one of the few in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [2]. Financial Performance - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The sales revenue from self-produced products was 124 million yuan, 191 million yuan, 344 million yuan, and 250 million yuan for the same periods, with a compound annual growth rate of 66.89% from 2022 to 2024 [2]. Market Position and Growth - The company’s stock opened at 58 yuan per share, a 286.92% increase from the issue price of 14.99 yuan, and closed at 61.55 yuan, representing a 310.61% increase, with a total market capitalization of 27.6 billion yuan [1]. - Hengkang New Materials has achieved significant milestones in the domestic integrated circuit materials market, with a projected sales scale of approximately 300 million yuan for self-produced photoresist materials in 2024 [12]. Industry Context - The domestic integrated circuit industry has been rapidly developing, with some key materials gradually achieving domestic application, although the overall level of localization remains low [11]. - In the 12-inch integrated circuit sector, the localization rates for i-Line photoresist and SOC are around 10%, while BARC and KrF photoresists are at 1-2%, and ArF photoresist localization is below 1% [11]. Future Outlook - The chairman of Hengkang New Materials emphasized the company's commitment to focusing on "bottleneck" technology breakthroughs in new materials and increasing R&D investment [4]. - The company aims to leverage the opportunities presented by the Sci-Tech Innovation Board to enhance its growth trajectory and contribute to the self-sufficiency of the semiconductor industry [4][6].

Core Viewpoint - The article highlights the upcoming subscription opportunities for three new stocks in the A-share market, emphasizing the high subscription probability for investors in South Network Digital due to its significant issuance volume [2][3]. Group 1: North Mine Testing - North Mine Testing is a national-level specialized "little giant" enterprise in the field of non-ferrous metal inspection and testing [4]. - The company plans to issue 28.32 million shares at an issuance price of 6.70 yuan per share, with a price-to-earnings ratio of 14.9 times, compared to the industry average of 38.77 times [5][6]. - The global inspection and testing market has grown from €107.7 billion in 2012 to €278.5 billion in 2023, with a compound annual growth rate (CAGR) of 9.02%. The Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.6 billion yuan in 2024, with a CAGR of approximately 11.34% [6]. - North Mine Testing's revenue for 2022 to 2025 is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [7][9]. Group 2: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer fabrication, focusing on the development and production of photoresist materials and precursors [11]. - The company plans to issue 67.4 million shares, with the issuance price and price-to-earnings ratio yet to be disclosed, but the industry average is 60.46 times [11]. - Revenue for Hengkun New Materials from 2022 to 2025 is expected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [12]. - The company anticipates its revenue for the first three quarters of 2025 to be between 440 million and 500 million yuan, with a year-on-year growth rate of 12.48% to 27.82% [14]. Group 3: South Network Digital - South Network Digital is a key player in the digital grid construction for the Southern Power Grid, focusing on digitalization in the power energy sector [17]. - The company plans to issue 477 million shares, with the issuance price and price-to-earnings ratio not yet disclosed, but the industry average is 71.09 times [18]. - The digital energy market in China is projected to reach 315 billion yuan in 2024, growing by 14.55%, and is expected to increase to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [19]. - South Network Digital's revenue for 2022 to 2025 is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [19][20].

Core Viewpoint - The Nanjing Pukou Economic Development Zone is actively promoting the localization of integrated circuits through technological innovation, attracting new investments, and optimizing the business environment to enhance the domestic semiconductor industry [2]. Group 1: Promoting Technological Iteration - The Pukou Economic Development Zone focuses on hard technology and key core technologies in the integrated circuit sector, aiming for domestic substitution of core chip technologies [3]. - Huada Semiconductor has invested over 30 billion yuan in various advanced packaging lines and is emphasizing 2.5D/3D packaging [3]. - Huada Semiconductor collaborates with Southeast University to establish a domestic innovation center for chip integration, forming a consortium with multiple companies to achieve technological breakthroughs [3]. - Hongtai Semiconductor has launched MS8000 and MS8800 testing equipment to meet the needs of AI chips and industrial control, filling a gap in high-end testing technology domestically [3]. Group 2: Filling Industrial Gaps - The Pukou Economic Development Zone is enhancing its industrial chain through targeted recruitment and investment, creating a self-sustaining ecosystem [4]. - Xinai Technology is a leading domestic producer of high-end substrates for 5G and FCBGA, serving as a supplier for Huada Semiconductor and Xinde Semiconductor [4]. - The Yunji Chip Probe Card project, set to launch in 2024, will fill the domestic gap in high-end chip testing equipment [4]. - Zhongyin Microelectronics, established less than five years ago, has completed five rounds of financing and offers comprehensive services in high-end SoC solutions and ASIC design [4]. Group 3: Building an Innovative Ecosystem - The development of the integrated circuit industry requires collaboration among capital, talent, and technology, supported by a robust innovation ecosystem [5]. - Xinde Semiconductor has completed its fifth round of financing within five years, raising approximately 400 million yuan for high-end packaging technology development [5]. - A 5 billion yuan advanced manufacturing fund has been established in the Pukou Economic Development Zone to support chip manufacturing [5]. - The zone has invested over 3 billion yuan in infrastructure, including dual-loop gas and electricity supply and an electronic-grade wastewater treatment plant [5]. - The establishment of the Integrated Circuit Industry Association aims to attract quality member companies and enhance industry collaboration [5]. Group 4: Future Goals - The Pukou Economic Development Zone aims to achieve three key targets: gathering 100 chain enterprises, surpassing 10 billion yuan in output value, and attracting 100 talents [6]. - The zone plans to cultivate a local listed company, attract a 10 billion yuan project, establish a national platform, and break through an international standard [6]. - The focus will be on accelerating the signing and production of domestic substitution projects in the integrated circuit sector [6].

Industry Overview - The Chinese integrated circuit industry is experiencing unprecedented development opportunities driven by national policies and market demand, with the "14th Five-Year Plan" elevating integrated circuit technology innovation and new material research to a national strategic level [1] - The collaboration between upstream and downstream sectors of the industry chain is increasingly enhanced, with the localization of key materials becoming a core aspect of supply chain security [1] Company Profile - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is a significant participant and beneficiary in this process, focusing on the research, production, and sales of photolithography materials and precursor materials required for 12-inch wafer manufacturing [3] - The company has become one of the few domestic innovators to achieve mass production of related materials and enter the supply chain of mainstream wafer manufacturers [3] Financial Performance - Hengkang New Materials has shown significant revenue growth in recent years, with projected revenues of 321.77 million yuan, 367.71 million yuan, and 547.94 million yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 30.50% [3] - This performance is attributed to the continuous expansion of industry demand and the company's strong technological foundation and market positioning [3] Market Expansion - The company has established stable partnerships with several leading domestic 12-inch wafer manufacturers, enhancing order continuity and customer loyalty through active participation in client process development and production line validation [4] - Future projects, such as the "Phase II of Integrated Circuit Precursor" and "Advanced Materials for Integrated Circuits," are expected to further enrich the product structure, increase production capacity, and enhance the company's competitiveness in the high-end semiconductor materials market [4] Growth Potential - Hengkang New Materials is positioned to maintain strong growth and profitability in the favorable industry policy environment, continuously injecting new momentum into the localization process of key materials in China's integrated circuit sector [4]

Group 1 - The National Intellectual Property Administration is promoting the revision of the "Regulations on the Protection of Integrated Circuit Layout Designs" to adapt to the needs of ultra-large-scale integrated circuit development, aiming to create a new pattern of three-dimensional protection for integrated circuit layout designs alongside patent and trade secret protections [1] Group 2 - The global semiconductor market is projected to reach $620.2 billion in 2024, with China accounting for 30.1% of the market share, while U.S. companies hold 50% [3] - Domestic companies have made breakthroughs in 5G communication chips and AI chips, but their overall market share remains below 20% [3] - By 2025, the domestic AI chip localization rate is expected to exceed 40%, benefiting companies like Cambrian due to policy-driven localization demand [3] - In the first half of 2025, there were 395 financing events in the semiconductor sector, with a total financing amount of 27.553 billion yuan, both showing year-on-year growth [3] - The investment and financing heat in the semiconductor industry continues to rise, reflecting investors' confidence in localization and the government's ongoing support for key core technologies under the new industrialization context [3]

Core Insights - Hengkun New Materials was established in 2004, initially focusing on the R&D, production, and sales of optoelectronic film devices and window lens products. Since 2014, the company has strategically shifted its focus to key materials in the integrated circuit field, adopting an innovative development path of "introducing, digesting, absorbing, and innovating" [2] - The company successfully validated its products through leading domestic 12-inch integrated circuit wafer manufacturers in 2017, achieving regular supply. By 2022, Hengkun's self-produced photoresist and precursor materials had passed validation from multiple 12-inch wafer customers and achieved sales revenue exceeding 100 million yuan [2] - According to Frost & Sullivan market research, Hengkun's self-produced photoresist sales scale ranks among the top in the domestic market for 12-inch integrated circuits, with its SOC and BARC products ranking first among domestic manufacturers in 2023 [2] Technological Achievements - Since 2020, Hengkun has undertaken several important national special projects, with its subsidiary Fujian Hongguang being recognized as a key materials engineering research center for integrated circuit photoresists in Fujian Province [3] - The subsidiary was also recognized as a national-level "specialized, refined, special, and innovative" small giant enterprise in 2022, and its project on "R&D and industrialization of spin-coating carbon photoresist materials for integrated circuits" has won multiple awards [3] - Hengkun has established strong partnerships with several leading domestic 12-inch integrated circuit wafer manufacturers, with its products being applied in core process manufacturing and receiving awards for value creation and R&D collaboration from clients [3] Future Outlook - Hengkun plans to continue increasing its R&D investment in key materials for integrated circuits, aiming to enrich its product variety and expand application fields to strengthen its market position in the integrated circuit key materials sector [3]

Core Viewpoint - Hengkun New Materials Technology Co., Ltd. has adjusted its revenue recognition method from gross to net, reflecting its adherence to accounting standards and showcasing its technological accumulation and business transformation in the integrated circuit materials sector. The upcoming review of its IPO on August 29 is seen as a critical test of its commercialization process and industry barrier-breaking capabilities [1][2]. Accounting Policy Adjustment - The adjustment to net revenue recognition is based on a deeper understanding of the "Enterprise Accounting Standard No. 14 - Revenue" and aligns with industry practices. This change is consistent with the regulatory guidance emphasizing the distinction between principal and agent roles, focusing on the transfer of control of goods [2][6]. - Over 30 listed companies, including Xunlong Holdings and Huanghe Wind Power, have made similar adjustments since 2024, indicating a consensus in the industry towards net revenue recognition for trade and agency businesses [2][6]. Financial Data and Business Composition - Despite the adjustment leading to a reduction in reported scale, Hengkun New Materials emphasizes that it still meets the listing standards for the Sci-Tech Innovation Board. The net profits for 2023 and 2024, after excluding non-recurring gains and losses, are projected to be 81.52 million yuan and 94.38 million yuan, respectively, totaling over 170 million yuan [4][6]. - The proportion of self-operated business revenue significantly increased, reaching 86.68% under the net method and 61.85% under the gross method in the first half of 2025. This shift reflects the company's strategic transition from trade agency to independent research and development [4][6]. Technological and Market Position - Hengkun New Materials reaffirms its commitment to technology-driven development, with R&D investments, personnel, and patent numbers meeting the criteria for innovation attributes. The company expects to expand its market share in light of rising domestic demand for integrated circuit materials [6][7]. - The proactive response to regulatory inquiries demonstrates the company's respect for accounting standards and highlights the effectiveness of its strategic transformation, positioning it favorably for its IPO and potential market valuation exceeding 1 billion yuan [6][7].