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]

8月29日，厦门恒坤新材料科技股份有限公司（以下简称恒坤新材）将迎来科创板IPO上会审议。 据恒坤新材IPO上市招股书披露，公司成立于2004年，设立之初主要从事光电膜器件及视窗镜片产品的研发、生产与销售。自2014年起，恒坤新材启动业务 转型筹划工作，并明确将集成电路领域关键材料作为业务转型的战略方向，创新性地走出一条"引进，消化，吸收，再创新"的发展之路。 2017年，公司引进产品通过国内领先12英寸集成电路晶圆厂的验证，成功实现常态化供应。同时，公司铆定集成电路国产化的必然趋势，积极布局产品的自 主研发和产业化规划，2020年以来，恒坤新材自产的光刻材料与前驱体材料已陆续通过多家12英寸晶圆客户验证并批量化销售，且在2022年实现自产产品销 售收入突破亿元大关。根据弗若斯特沙利文市场研究统计数据，在12英寸集成电路领域，恒坤新材自产光刻材料的销售规模已位居境内同行前列；2023年 度，公司SOC与BARC产品的销售规模在境内市场国产厂商中均排名第一，在业内已建立起较高的知名度和影响力。 与此同时，恒坤新材在技术攻关与资质认定方面也成果丰硕。2020年开始，公司先后承接多项国家重要专项攻关任务。其子公司福 ...

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].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) has disclosed its IPO prospectus, indicating progress in its listing process and plans to raise funds for key projects in the integrated circuit sector [1][4]. Funding Utilization - The IPO proceeds will primarily fund the second phase of the integrated circuit precursor project and advanced materials project, with CNY 400 million allocated to the precursor project in Dalian and CNY 607 million for the advanced materials project in Anhui [4]. Business Overview - Hengkang New Materials specializes in the research and industrial application of critical materials for integrated circuits, particularly in photolithography and precursor materials, filling a domestic gap in these areas [5]. - The company has achieved mass production of products such as SOC, BARC, i-Line photoresists, and KrF photoresists, leading the domestic market in terms of sales volume [5]. Revenue and Profitability - Revenue for Hengkang New Materials is projected to grow from CNY 322 million in 2022 to CNY 548 million in 2024, representing a 49.01% year-on-year increase in 2024 due to increased sales volume and business expansion [6]. - Net profit is expected to slightly decline from CNY 100 million in 2022 to CNY 97 million in 2024, with a year-on-year growth of 7.96% in 2024 [6]. - The gross margin for self-produced products is decreasing, from 33.52% in 2022 to 28.97% in 2024, indicating a downward trend in profitability [6]. Product Performance - Sales revenue from self-produced precursor materials has increased significantly, from CNY 1.89 million in 2022 to CNY 44.20 million in 2024, although the gross margin remains negative due to high fixed costs during the market promotion phase [7]. - The company has indicated that if it cannot secure sustainable orders for self-produced precursor materials, the gross margin may remain low or negative, impacting overall profitability [7]. Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for over 97% of total revenue during the reporting period, indicating a significant reliance on a few key clients [9]. - The company faces risks if relationships with major customers change or if they reduce orders due to operational issues or unmet product quality and delivery standards [9]. Supplier Relationships - The company has seen a decline in the contribution of introduced product sales to overall gross margin, from 82.05% in 2022 to 65.86% in 2024, indicating a shift towards self-produced products [10]. - A termination of cooperation with key suppliers could adversely affect revenue and profitability, particularly as the company has ended its collaboration with SKMP for certain photolithography materials [11]. Client Relationship Risks - Sales to a specific client (Client C) have decreased from CNY 43.08 million in 2022 to CNY 29.61 million in 2024, raising concerns about the stability of this relationship due to a recent acquisition by SK Hynix [12][13].

ff9 本次发行股票拟在科创板上市。科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京屹唐半导体科技股份有限公司 Beijing E-Town Semiconductor Technology Co., Ltd. （北京市北京经济技术开发区瑞合西二路 9 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 北京屹唐半导体科技股份有限公司 招股意向书 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对发行人注册申请文件及所披露信息的真实性、准确性、完整性做出保证，也 不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...

科创板投资风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分 了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 成都华微电子科技股份有限公司 （Chengdu Sino-Microelectronics Tech. Co., Ltd.） 1 栋 22-23 层 2201 号、2301 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 成都华微电子科技股份有限公司 招股说明书 （中国（四川）自由贸易试验区成都高新区益州大道中段 1800 号 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公 告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板 公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 成都华微电子科技股份有限公司 （Chengdu Sino-Microelectronics Tech. Co., Ltd.） （中国（四川）自由贸易试验区成都高新区益州大道中段 1800 号 1 栋 22-23 层 2201 号、2301 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 成都华微电子科技股份有限公司 招股说明书 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资 料不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整 ...