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 - The establishment of the "Shaoguan Integrated Circuit Advanced Materials Key Laboratory" by Olay New Materials has been recognized by the Shaoguan Science and Technology Bureau, focusing on key materials and technologies for integrated circuits and other advanced applications [1] Group 1: Laboratory Focus Areas - The laboratory will primarily research high-performance target materials, including high-purity copper targets for integrated circuits [1] - It will also focus on high-performance metals, such as high-purity copper and copper alloy materials [1] - The research will extend to critical materials and core components in cutting-edge technology fields, including integrated circuit phosphor copper anodes, superconducting wire harnesses for drones, and key components for robots [1] Group 2: Objectives - The laboratory aims to tackle "bottleneck" technologies and achieve domestic substitution in the relevant sectors [1]

厦门恒坤新材料科技股份有限公司（以下简称"恒坤新材"）IPO之路被暂缓。上交所上市委近日召开2025年第26次上市委审议会议，审议恒坤新材首发事 项，审议结果为"暂缓审议"。值得一提的是，恒坤新材也是沪深北交易所年内首家遭暂缓审议的IPO项目。 恒坤新材是一家致力于先进制程光刻材料、前驱体材料等集成电路关键材料研发、生产和销售的创新企业，产品主要应用于12英寸集成电路晶圆制造，从行 业来看，其产品也填补了多项国内空白。 报告期内（2022年-2024年），公司实现营业收入分别为3.22亿元、3.68亿元、5.48亿元，实现净利润分别为9973万元、8976万元、9691万元。 | | | | | | | 单位:万元,% | | --- | --- | --- | --- | --- | --- | --- | | 项目 | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 金额 | 增幅 | 金额 | 增幅 | 金额 | 增幅 | | 营业收入 | 54,793.88 | 49.01 | 36,770.78 | 14.28 | 32,176.52 | 127.93 | | 营业毛 ...

撰稿|张君 来源|贝多财经 关于收入，要求恒坤新材结合业务模式、同行业可比案例和报告期以前年度会计政策，说明报告期对引进业务采用净额法确认收入是否符合企业会计准则规 定，公司报告期以前年度未采用净额法确认的原因。 2025年首个上会被暂缓审议的公司出现了。 近日，上海证券交易所披露的《上海证券交易所上市审核委员会2025年第26次审议会议结果公告》显示，厦门恒坤新材料科技股份有限公司（下称"恒坤新 材"）（首发）被暂缓审议。 2025年初至今，上海证券交易所上市审核委员会已召开26次审议会议，涉及首发申请14个（中策橡胶、汉邦科技、威高血净、海阳科技、华之杰、技源集 团、天富龙、华新精科、道生天合、友升股份、禾元生物、超颖电子、北芯生命、恒坤新材），再融资12个。 其中，中策橡胶、汉邦科技、威高血净、海阳科技、华之杰、技源集团均已实现上市，天富龙于7月28日开启申购。同时，禾元生物的IPO注册申请已经生 效，道生天合、超颖电子、北芯生命的审核状态均已变更为"提交注册"。 在此之前，马可波罗控股股份有限公司（简称"马可波罗"）曾于2024年5月上会，但被暂缓审议。2025年1月，马可波罗再次上会，才顺利通过。7 ...

IPO Pipeline Overview - As of July 27, there are 305 companies in the IPO pipeline, with 30 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 30 on the Growth Enterprise Market, and 183 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 24 accepted, 223 under inquiry, 12 approved, 27 suspended, and 19 registered [3] Newly Listed Companies - During the period from July 21 to July 27, two companies were newly listed: Shandong Shanda Electric Power Technology Co., Ltd. on the Growth Enterprise Market and Jiyuan Group Co., Ltd. on the Shanghai Main Board [4] - Shandong Shanda Electric Power Technology Co., Ltd. closed at 66.85 CNY per share, with a surge of 356.00% and a trading volume of 22.22 billion CNY, achieving a turnover rate of 82.61% [4][6] - Jiyuan Group Co., Ltd. closed at 40.75 CNY per share, with an increase of 274.54% and a trading volume of 13.72 billion CNY, achieving a turnover rate of 80.75% [6] New Counseling Record Companies - Six companies were newly recorded for counseling from July 21 to July 27, including Guangde Tianyun New Technology Co., Ltd. and Beijing Yingshirui Technology Co., Ltd. [7] - Guangde Tianyun New Technology Co., Ltd. focuses on the development, production, and sales of automotive sunroofs and interior components [8] - Beijing Yingshirui Technology Co., Ltd. integrates advanced cloud computing and AI technologies to provide digital service solutions for environmental monitoring [8] CSRC Review Status - Qingdao Taikaiying Special Tire Co., Ltd. successfully passed the review, while Xiamen Hengkang New Materials Technology Co., Ltd. was postponed [10] - Qingdao Taikaiying specializes in the design, research, sales, and service of tires for the mining and construction industries [12] CSRC Registration Approval - Three companies received registration approval from July 21 to July 27: Ningbo Nengzhiguang New Materials Technology Co., Ltd., Shanghai Balanshi Automotive Testing Equipment Co., Ltd., and Beijing Haochuang Ruitong Electric Equipment Co., Ltd. [14] - Ningbo Nengzhiguang focuses on the research, production, and sales of polymer additives and functional polymer materials [16] - Shanghai Balanshi specializes in automotive maintenance and testing equipment [17] Termination of Review - No companies withdrew from the review process during the period from July 21 to July 27 [20]

Core Viewpoint - The IPO application of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed due to compliance issues regarding its revenue recognition method for introduced business, specifically the use of net method for revenue recognition [1][3]. Group 1: IPO Application and Review Process - The listing committee has requested Hengkang New Materials to explain the rationale behind using the net method for revenue recognition during the reporting period from 2022 to 2024, and to clarify why this method was not used in prior years [1][5]. - The company claims it acts as an "agent" in its introduced business, justifying the use of the net method, a view supported by its sponsor, CITIC Securities [1][3]. Group 2: Business Transformation and Financial Performance - Since 2014, Hengkang New Materials has shifted its focus to the R&D and production of key materials for integrated circuits, initially relying on introduced products to supply downstream customers [3]. - Despite an increase in the revenue share from self-produced products to over 60%, approximately 65% of the company's profits still come from introduced business, raising concerns about the effectiveness of its business transformation [3][4].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") faced a delay in its IPO review by the Shanghai Stock Exchange, marking it as the first IPO project this year to be postponed in the Shanghai and Shenzhen stock markets [1] Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1] - The company primarily engages in the research, production, and sales of photolithography materials and precursor materials [1] Financial Information - The company aims to raise 1.007 billion yuan through its IPO, with plans to invest in the second phase of the integrated circuit precursor project and advanced materials for integrated circuits [1] - Projected revenues for Hengkang New Materials from 2022 to 2024 are approximately 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with corresponding net profits of about 101 million yuan, 89.84 million yuan, and 96.92 million yuan [1] Regulatory Requirements - The listing committee requested Hengkang New Materials to clarify potential intellectual property disputes related to the initial technology sources, R&D methods, core personnel, R&D investments, and corresponding patent technologies for its main products [2] - The company was also asked to justify the use of net method revenue recognition for introduced businesses in accordance with accounting standards, and to explain the rationale behind the higher yield of long-term deposits compared to bank loan rates [2]

Core Viewpoint - The listing review of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed by the Shanghai Stock Exchange, raising concerns about potential intellectual property disputes and accounting practices [1][2]. Group 1: Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2]. - The company's main products include SOC, BARC, KrF photoresists, i-Line photoresists, and TEOS precursor materials, with ArF immersion photoresists having passed verification and being sold on a small scale [2]. - Hengkang New Materials aims to replace foreign products in the domestic integrated circuit industry, leveraging a strategy of "introducing, digesting, absorbing, and innovating" to gain customer resources and accumulate product introduction and quality control experience [2]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has requested Hengkang New Materials to clarify the initial technology sources, R&D methods, core personnel, R&D investments, and corresponding patent technologies related to their self-produced photoresist materials and precursors, particularly regarding potential intellectual property disputes [1]. - The company is also required to explain the appropriateness of recognizing revenue using the net method in accordance with accounting standards, as it did not adopt this method in previous reporting periods [1]. - Additionally, Hengkang New Materials must justify the rationale behind the higher yield of long-term deposits compared to bank borrowing rates, and whether there are any restrictions or risks associated with these deposits [1].

Group 1: Company Overview - Xiamen Hengkang New Materials Technology Co., Ltd. focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [4] - Qingdao Taikaiying Special Tires Co., Ltd. is driven by technological innovation, specializing in the design, research, sales, and service of tires for the mining and construction industries, with products including engineering radial tires and all-steel truck tires [10] Group 2: Shareholding Structure - In Hengkang New Materials, Yi Rongkun directly holds 19.52% of the voting rights and controls an additional 21.35% through various agreements, totaling 40.87% voting rights, making him the controlling shareholder and actual controller [2][6] - In Taikaiying, Taikaiying Holdings directly holds 72.94% of the shares, while Wang Chuanxu and his spouse, Guo Yongfang, collectively control 79.71% of the shares, establishing them as the actual controllers [3][12] Group 3: Financial Performance - Hengkang New Materials reported revenues of 321.77 million, 367.71 million, and 547.94 million yuan, with net profits of 91.04 million, 81.53 million, and 94.30 million yuan for the reporting periods [7] - Taikaiying's revenues were 1.80 billion, 2.03 billion, and 2.30 billion yuan, with net profits of 101.91 million, 136.05 million, and 150.60 million yuan during the same periods [13] Group 4: Key Issues Raised in Meetings - Hengkang New Materials faced inquiries regarding potential intellectual property disputes related to its self-produced photoresist materials and precursor products, as well as the appropriateness of its revenue recognition method [8][9] - Taikaiying was questioned about the authenticity and sustainability of its performance growth, as well as its technological competitiveness compared to industry peers [14][15]

IPO排队近七个月后，厦门恒坤新材料科技股份有限公司（以下简称"恒坤新材"）即将迈入冲击A股的下一关键节点，公司将于7月25日上会迎考。 据了解，恒坤新材致力于集成电路领域关键材料的研发与产业化应用，是境内少数具备12英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之一， 主要从事光刻材料和前驱体材料等产品的研发、生产和销售。此次冲击上市，恒坤新材拟募资10.07亿元，扣除发行费用后，分别投向集成电路前驱体二期 项目、集成电路用先进材料项目。 业绩表现方面，2022—2024年，恒坤新材实现营业收入分别约为3.22亿元、3.68亿元、5.48亿元；对应实现归属净利润分别约为1.01亿元、8984.93万元、 9691.92万元。 2025年上半年，恒坤新材实现营业收入约为2.94亿元，同比增长23.74%；对应实现归属净利润约为4158.45万元，同比下降5.71%。 对于公司今年上半年营收增长的原因，恒坤新材表示，主要系公司自产业务收入大幅增加1.05亿元，增幅达72.6%，完全抵消了因部分引进产品合作终止对 引进业务收入的影响。 股权关系方面，本次发行前，恒坤新材实际控制人易荣坤直接持有公司19.52 ...