Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is preparing for its IPO after nearly seven months of waiting, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursor materials and advanced materials [1] Financial Performance - From 2022 to 2024, the company expects revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan, with corresponding net profits of about 101 million yuan, 89.84 million yuan, and 96.92 million yuan [3] - In the first half of 2025, the company achieved revenue of approximately 294 million yuan, a year-on-year increase of 23.74%, while net profit was about 41.58 million yuan, a decline of 5.71% [3] - The revenue growth in the first half of 2025 was primarily due to a significant increase of 105 million yuan in self-produced business revenue, which rose by 72.6%, offsetting the impact of terminated product collaborations [3] - The decline in net profit was attributed to reduced gross profit from introduced business due to terminated collaborations, despite a substantial increase in gross profit from self-produced business [3] Future Projections - For the period of January to September 2025, the company anticipates revenues between 440 million and 500 million yuan, with a fluctuation range of 12.48% to 27.82%, and net profits expected to be between 62 million and 68 million yuan, with a fluctuation range of -11.48% to -2.92% [4] Customer Concentration - The company has a significant reliance on a single customer, with sales to the largest customer amounting to approximately 230 million yuan, 240 million yuan, and 346 million yuan from 2022 to 2024, representing 72.35%, 66.47%, and 64.07% of total revenue respectively [4] - The high customer concentration is attributed to the concentrated nature of the downstream wafer manufacturing industry, which is expected to persist in the foreseeable future [4] Shareholding Structure - Before the IPO, the actual controller of the company, Yi Rongkun, holds 19.52% of the voting rights directly and controls an additional 5.94% indirectly through various entities, along with 15.41% through a concerted action agreement, totaling 40.87% of the voting rights [4][5]