科创板风险提示 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。 深圳市恒运昌真空技术股份有限公司 Shenzhen CSL Vacuum Science and Technology Co., Ltd. （深圳市宝安区桃花源智创小镇功能配套区 B 栋） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 深圳市恒运昌真空技术股份有限公司 招股说明书 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、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》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，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格 ...

Group 1 - The company Hengyun Chang (科创板, 68878) is a representative supplier of core components for semiconductor equipment, with a total market value of 4.68 billion yuan and an issuance price of 92.18 yuan [2][3] - The company has a dynamic price-to-earnings ratio of 48.39, with comparable companies including Fuchuang Precision and Kema Technology [2] - The main business composition includes plasma RF power systems (76.54%), self-developed products (8.27%), introduced products (14.66%), and technical services (0.53%) [2][3] - The company is a leader in domestic production in the semiconductor equipment sector, where the localization rate is less than 12% [3] - The company has shown significant growth in recent years, with a net profit of 541 million yuan in 2024 (+66.26%) and revenue of 325 million yuan in 2023 (+105.66%) [3] Group 2 - The company Kema Materials (北交所, 920) has an issuance price of 11.66 yuan and a price-to-earnings ratio of 14.20 [5] - Kema Materials is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, with over 20 years in the dry friction plate industry [5] - The company ranks second in the domestic dry friction plate market share, offering over 8,000 models across more than 20 materials [5] - The core product T2 process is noted for being more environmentally friendly and superior in performance, with applications in leading companies such as China National Heavy Duty Truck Group and FAW Liberation [5]

Core Viewpoint - Fuchuang Precision experienced a 5.03% increase in stock price, reaching 81.50 yuan per share, with a trading volume of 655 million yuan and a turnover rate of 2.71%, resulting in a total market capitalization of 24.956 billion yuan [1] Company Overview - Fuchuang Precision Equipment Co., Ltd. is located in Shenyang, Liaoning Province, and was established on June 24, 2008. The company went public on October 10, 2022. It specializes in the manufacturing of precision components for semiconductor equipment using 7nm process technology [1] - The revenue composition of the company includes: 68.56% from mechanical and electromechanical components, 28.92% from gas transmission systems, and 2.51% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Fuchuang Precision, a fund under Harvest Fund holds a significant position. The Harvest SSE STAR Market Chip ETF (588200) reduced its holdings by 160,300 shares in the third quarter, now holding 3.4752 million shares, which accounts for 1.96% of the circulating shares. The estimated floating profit today is approximately 13.5532 million yuan [2] - The Harvest SSE STAR Market Chip ETF (588200) was established on September 30, 2022, with a current scale of 40.404 billion yuan. Year-to-date returns are 11.01%, ranking 833 out of 5525 in its category; the one-year return is 76.04%, ranking 289 out of 4208; and since inception, the return is 160.52% [2] Fund Performance - The fund manager of the Harvest SSE STAR Market Chip ETF (588200) is Tian Guangyuan, who has been in the position for 4 years and 314 days. The total asset scale of the fund is 75.408 billion yuan, with the best return during his tenure being 161.1% and the worst being -46.65% [3] Top Holdings - The Harvest New Trend Mixed A Fund (002222) also holds a significant position in Fuchuang Precision, with 2,074 shares, representing 0.5% of the fund's net value, making it the fourth-largest holding. The estimated floating profit today is approximately 8,088.6 yuan [4] - The Harvest New Trend Mixed A Fund (002222) was established on April 8, 2016, with a current scale of 19.5612 million yuan. Year-to-date returns are 4.24%, ranking 3,874 out of 8,840; the one-year return is 8.14%, ranking 6,667 out of 8,094; and since inception, the return is 81.74% [4] Fund Managers - The fund managers of the Harvest New Trend Mixed A Fund (002222) are Lai Lihui and Xuan Xuan. Lai has been in the position for 5 years and 90 days, managing assets totaling 2.951 billion yuan, with the best return during his tenure being 42.13% and the worst being 0.16% [5] - Xuan has been in the position for 6 years and 74 days, managing assets totaling 25.251 billion yuan, with the best return during his tenure being 32.23% and the worst being 1.3% [5]

Group 1 - The core point of the news is that 富创精密 experienced a decline of 5.01% in its stock price, closing at 76.52 yuan per share, with a trading volume of 586 million yuan and a turnover rate of 2.43%, resulting in a total market capitalization of 23.431 billion yuan [1] - 富创精密 specializes in the manufacturing of precision components for semiconductor equipment using 7nm process technology, with its main business revenue composition being 68.56% from mechanical and electromechanical components, 28.92% from gas transmission systems, and 2.51% from other sources [1] Group 2 - Longcheng Fund has a significant holding in 富创精密, with its Longcheng SSE Sci-Tech Innovation Board 100 Index Enhanced A fund (023446) holding 11,600 shares, accounting for 2.18% of the fund's net value, making it the ninth largest holding [2] - The fund has reported a year-to-date return of 12.76% and a cumulative return of 50.75% since its inception, with a current fund size of 11.4939 million [2]

IPO Review and Registration Progress - Two companies, Chenguang Electric and Banzhe Chuangke, were reviewed for IPO on the North Exchange, with a notable increase in IPO review frequency expected in 2025 [2][3] - Chenguang Electric reported revenue of 687 million yuan and a net profit of 68 million yuan for the first three quarters of 2025, focusing on micro-special motors for cleaning appliances [2][3] - Banzhe Chuangke's revenue for 2022 to 2025 was reported as 1.071 billion yuan, 1.168 billion yuan, 1.51 billion yuan, and 1.354 billion yuan, with net profits of 7.14 million yuan, 108 million yuan, 148 million yuan, and 121 million yuan respectively [3] Upcoming IPOs - Six companies are set to undergo IPO reviews this week, with Tianhai Electronics planning to raise 2.46 billion yuan, the highest among them [5] - Tianhai Electronics reported revenues of 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan from 2022 to the first three quarters of 2025, with net profits of 402 million yuan, 652 million yuan, 614 million yuan, and 537 million yuan [5][6] - High-tech Electronics, focusing on new energy battery management systems, reported revenues of 346 million yuan, 779 million yuan, and 919 million yuan from 2022 to 2024, with net profits of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan [7] New Stock Listings and Subscription Dynamics - Shaanxi Tourism was listed on the Shanghai Main Board, with a first-day increase of 64.1%, closing at 132 yuan per share [9] - The company expects revenues of 951 million yuan to 1.117 billion yuan for 2025, with a projected decline of 24.69% to 11.54% [9] - Two new stocks, Aisheren and Hengyun Chang, are scheduled for subscription, with Aisheren's issue price set at 15.98 yuan per share [10][11]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aisheren on January 12 and Hengyunchang on January 16 [1] - Aisheren is a leading company in the medical dressing sector, focusing on disposable medical consumables for rehabilitation and medical protection [2][3] Group 2: Aisheren Financials - Aisheren's subscription code is 920050, with an issue price of 15.98 yuan per share and a P/E ratio of 14.99, compared to the industry average of 29.79 [3] - Total shares issued by Aisheren are 16.92 million, with 15.23 million available for online subscription, and a maximum subscription limit of 761,300 shares [3] - Aisheren's projected revenues for 2025 are between 890 million and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89% [5] - Historical revenue figures for Aisheren from 2022 to 2025 are 574 million, 575 million, 692 million, and 438 million yuan respectively, with net profits of 62.8 million, 66.96 million, 80.71 million, and 49.68 million yuan [3][4] Group 3: Hengyunchang Overview - Hengyunchang's subscription code is 787785, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 39.32 [7] - The company specializes in core components for semiconductor equipment, including plasma RF power systems and related technology services [7][9] - Hengyunchang has been recognized as a national-level "specialized and innovative" enterprise, filling a gap in domestic high-end semiconductor equipment applications [9] Group 4: Hengyunchang Financials - Hengyunchang's historical revenue from 2022 to 2025 is 158 million, 325 million, 541 million, and 304 million yuan respectively, with net profits of 26.19 million, 79.83 million, 142 million, and 69.35 million yuan [9][10] - Projected revenues for Hengyunchang in 2025 are estimated between 489 million and 515 million yuan, indicating a decline of 9.58% to 4.69% year-on-year [13][14] - The company's net profit forecast for 2025 is between 102 million and 114 million yuan, reflecting a decrease of 28.21% to 19.54% compared to the previous year [13][14]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aisheren on January 12 and Hengyunchang on January 16 [2] - Aisheren is a leading company in the medical dressing field, focusing on the R&D, production, and sales of disposable medical consumables [3][5] - Aisheren's subscription code is 920050, with an issue price of 15.98 yuan per share and a P/E ratio of 14.99, compared to the industry average of 29.79 [4] Group 2: Aisheren Financials - Aisheren plans to issue 16.92 million shares, with 15.23 million available for online subscription, and a maximum subscription limit of 761,300 shares [5] - Revenue projections for Aisheren from 2022 to 2025 are 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan for the first half of 2025, respectively [5] - Expected revenue for 2025 is between 890 million yuan and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89% [7][8] Group 3: Hengyunchang Overview - Hengyunchang is a core component supplier for semiconductor equipment, specializing in plasma RF power systems and related technologies [9][10] - The subscription code for Hengyunchang is 787785, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 39.32 [9] - Hengyunchang plans to issue 16.93 million shares, with 4.06 million available for online subscription, and a maximum subscription limit of 4,000 shares [9] Group 4: Hengyunchang Financials - Revenue for Hengyunchang from 2022 to 2025 is projected at 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan for the first half of 2025, respectively [10] - Expected revenue for 2025 is between 489 million yuan and 515 million yuan, indicating a year-on-year decline of 9.58% to 4.69% [13][16] - Projected net profit for 2025 is between 102 million yuan and 114 million yuan, reflecting a decrease of 28.21% to 19.54% compared to the previous year [13][16]

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange, marking the first IPO of 2026, with a first-day increase of 64.10% and a single ticket profit of approximately 26,000 yuan [1] - Next week, two new stocks will be available for subscription: Aisheren, a leading medical dressing company, and Hengyun Chang, a key supplier of semiconductor equipment core components [1][3] - Aisheren specializes in disposable medical consumables for rehabilitation and medical protection, with a strong competitive position in the medical care pad market and stable partnerships with international brands like Medline Group [5][1] Group 2 - Aisheren's forecast for 2025 indicates a net profit of 89.29 million to 98.48 million yuan, representing a year-on-year growth of 10.63% to 22.01% [5][6] - Projected revenue for Aisheren in 2025 is between 889.82 million and 939.87 million yuan, reflecting an increase of 28.65% to 35.89% compared to 2024 [6] - Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma RF power systems and has achieved mass delivery to major semiconductor equipment manufacturers [1][8] Group 3 - Hengyun Chang's forecast for 2025 shows a net profit of 102 million to 114 million yuan, with a year-on-year decline of 28.21% to 19.54% [8] - Projected revenue for Hengyun Chang in 2025 is estimated to be between 488.99 million and 515.43 million yuan, indicating a decrease of 9.58% to 4.69% compared to 2024 [8] - The company has developed second and third-generation products that support advanced process nodes of 28nm and 7-14nm, respectively, achieving international advanced levels [1]

科创板风险提示 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。 深圳市恒运昌真空技术股份有限公司 Shenzhen CSL Vacuum Science and Technology Co., Ltd. （深圳市宝安区桃花源智创小镇功能配套区 B 栋） 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） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1-1-1 深圳市恒运昌真空技术股份有限公司 招股意向书 致投资者的声明 一、上市目的 （一）打造核心零部件平台，服务半导体设备等高端装备制造业，以技术及产 品创新引领行业发展 深圳市恒运昌真空技术股份有限公司 招股意向书 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、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券 ...

深圳市恒运昌真空技术股份有限公司 首次公开发行股票并在科创板上市 招股意向书附录 | 序号 | 文件名称 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1-38 | | 2 | 财务报表及审计报告 | 39-184 | | 3 | 审阅报告 | 185-208 | | 4 | 内部控制审计报告 | 209-216 | | 5 | 经注册会计师鉴证的非经常性损益明细表 | 217-229 | | 6 | 法律意见书 | 230-314 | | 7 | 律师工作报告 | 315-492 | | 8 | 发行人公司章程（草案） | 493-547 | | 9 | 中国证监会同意本次发行注册的文件 | 548-549 | 中信证券股份有限公司 关于 深圳市恒运昌真空技术股份有限公司 首次公开发行股票并在科创板上市 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 深圳市恒运昌真空技术股份有限公司 发行保荐书 声 明 中信证券股份有限公司及其保荐代表人根据《中华人民共和国公司法》《中 华人民共和国证券法》《首次公开发行股票注册管理办法 ...