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].

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 ...