证券日报网1月8日讯，恒坤新材在接受调研者提问时表示，光刻材料为高度客制化产品，根据客户的需 求公司提供解决方案。公司目前光刻材料产品已经超过100多款，包括在研产品、已通过验证产品及已 量供的产品。 ...

证券日报网1月8日讯，恒坤新材在接受调研者提问时表示，公司战略规划共有两个光刻材料工厂——漳 州工厂和合肥工厂。目前光刻材料产能集中在漳州工厂，已不能满足未来客户的需求。合肥工厂占地 100亩，已完成部分规划建设，将逐步释放产能。 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including振石股份, 易思维, 爱得科技, 通领科技, and 兢强科技, with振石股份 planning to raise approximately 39.81 billion yuan [3][4] - 易思维 focuses on machine vision equipment for automotive manufacturing, reporting revenues of 20.4 million yuan and a net loss of 7.1755 million yuan for the first three quarters of 2025 [4] - Three companies passed the review at the North Exchange, with爱得科技 specializing in orthopedic medical devices, 通领科技 in automotive interior parts, and 兢强科技 in electromagnetic wire [5] Upcoming IPOs - Three companies, 永大股份, 美德乐, and 海菲曼, are set to present their IPO applications this week at the North Exchange [6] - 永大股份 reported revenues of 696 million yuan in 2022, with a projected decline in net profit for 2024 [6] - 美德乐's revenue from products in the new energy battery sector accounts for about 60% of its main business income, with high customer concentration [7] - 海菲曼 expects revenues between 232 million and 266 million yuan for 2025, with a net profit forecast of 70 million to 85 million yuan [7] New IPO Applications - Two IPO applications were accepted last week, with 北斗院 focusing on satellite navigation and space control technologies, and 格林生物 specializing in fragrance products [8][9] - 北斗院's revenue for 2025 is projected at 112 million yuan, with a declining gross margin trend [9] - 格林生物 aims to raise approximately 690 million yuan for various projects, including the production of high-end fragrances [9] New Stock Listings - Four new stocks were listed last week, with 大鹏工业 seeing a significant first-day increase of 1211.11% [11][13] - 海安集团 will officially list on November 25, with a share price of 48 yuan, reporting a revenue decline of 4.77% for the first three quarters of 2025 [12] - Other companies listed include 北矿检测, 恒坤新材, and 南网数字, all showing substantial first-day gains [13] Upcoming New Stock Subscriptions - Two new stocks are scheduled for subscription this week, with 摩尔线程 setting a record IPO price of 114.28 yuan per share [14] - 摩尔线程 expects to raise approximately 7.576 billion yuan, which would be a record for the year in the Sci-Tech Innovation Board [14] - 百奥赛图 anticipates a revenue of 1.351 billion yuan for 2025, reflecting a growth of 37.75% [16]

Core Insights - C Hengkun (688727) experienced a significant increase of 310.61% on its first trading day, with a turnover rate of 81.36% and a transaction volume of 2.27 billion yuan [2] - The stock attracted a net inflow of 899 million yuan from major funds on its debut, with large orders contributing 645 million yuan and big orders adding 255 million yuan [3] Company Overview - The company specializes in the research, production, and sales of photolithography materials and precursor materials [3] Financing and Trading Details - On its first trading day, the stock had a financing purchase amount of 157 million yuan, accounting for 6.93% of the total trading volume, with a latest financing balance of 139 million yuan, representing 4.50% of the circulating market value [2][3] - The stock's first-day financing balance was 139.14 million yuan, with no short selling balance recorded [3]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising approximately 1 billion RMB, with significant stock price increases and market capitalization reaching over 28 billion RMB, marking it as the largest IPO in Xiamen this year [2][3]. Company Overview - Established in 2004, Hengkang New Materials has a registered capital of approximately 381.92 million RMB and has formed joint ventures with companies like Jiu Ri New Materials and Ba Yi Space [4]. - Initially focused on optical film devices and window lenses, the company shifted its business model in 2014 to target the supply chain of photolithography materials and precursors for 12-inch integrated circuit wafer manufacturing [5]. Product Development and Market Position - By the end of 2024, Hengkang New Materials achieved mass production of various photolithography materials and precursors, including SOC, BARC C, i-Line photoresist, and KrF photoresist, successfully replacing foreign competitors [5][9]. - The company has become a leader in the domestic market for SOC and BARC sales, with projected sales of SOC reaching approximately 23.24 million RMB in 2024, capturing over 10% of the domestic market share [10][13]. Financial Performance - From 2022 to 2024, Hengkang New Materials reported revenues of approximately 322 million RMB, 368 million RMB, and 548 million RMB, with net profits of approximately 101 million RMB, 89.84 million RMB, and 96.92 million RMB respectively [13]. - The sales revenue from self-produced products increased significantly, accounting for 38.94%, 52.72%, and 63.77% of total revenue in the respective years [13][15]. Production Capacity and Utilization - In 2024, the production capacity for SOC and BARC was 26,928 gallons and 20,796 gallons respectively, with utilization rates of 57.42% and 21.43% [11]. - The production capacity for KrF photoresist reached 12,465 gallons, with a production output of 2,188 gallons and a utilization rate of 17.55% [11]. Market Outlook - According to market research, the domestic market for photolithography materials is expected to grow to 31.92 billion RMB by 2028, with a compound annual growth rate of 21.2% [9].

Core Viewpoint - The successful IPO of Xiamen Hengkang New Materials Technology Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic semiconductor materials industry, particularly in the field of photoresists, highlighting the trend of domestic substitution in critical materials [3][5][6]. Group 1: IPO Performance and Market Impact - Hengkang New Materials debuted at an issue price of 14.99 yuan per share, experiencing a remarkable opening surge of 287%, with its market capitalization briefly exceeding 28 billion yuan [3]. - The company's performance positions it as the largest IPO in Xiamen for the year, emphasizing its role in the semiconductor "bottleneck" materials sector [3]. Group 2: Technological Advancements and Market Position - Hengkang New Materials has established itself as one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing, focusing on photoresist and precursor materials since its inception in 2004 [5]. - The company’s core products, SOC (Spin Coated Silicon) and BARC (Bottom Anti-Reflective Coating), lead the domestic market, with SOC's market share exceeding 10% in 2024 [5]. - The company has invested significantly in R&D, with expenditures rising from 42.74 million yuan in 2022 to 88.61 million yuan in 2024, representing an increase in R&D expenditure ratio from 13.28% to 16.17% [5]. Group 3: Domestic Substitution and Supply Chain Integration - The domestic photoresist market remains heavily reliant on imports, with local production rates for various types of photoresists being significantly low, such as 10% for i-Line and only 1-2% for BARC and KrF photoresists [6]. - Hengkang New Materials has successfully entered the supply chains of major domestic 12-inch wafer fabs, delivering over 50,000 gallons of product, with some clients achieving sales exceeding 100 million yuan [6]. Group 4: Capital Injection and Future Prospects - The IPO has provided Hengkang New Materials with new growth momentum, with raised funds directed towards expanding production capacity and advancing R&D for high-end products like ArF photoresists [8]. - The listing serves as a benchmark for the industry, demonstrating the viability of the "technology breakthrough - customer validation - mass production - capital market entry" pathway for photoresist companies [8]. Group 5: Competitive Landscape and Global Context - The global photoresist market is dominated by Japanese and American companies, which hold a combined market share of 95%, particularly in high-end photoresists [16][17]. - Hengkang New Materials' success may inspire other domestic companies in the photoresist sector, although replicating or surpassing its achievements will require time and continued innovation [9].

Group 1 - N Hengkun (688727) was listed today, opening with a rise of 286.92%, and closing with an increase of 310.61%, with a total trading volume of 40.88 million shares and a turnover of 2.27 billion yuan, resulting in a turnover rate of 81.36% [1][2] - The company specializes in the research, production, and sales of photolithography materials and precursor materials [2] - The total issuance amount for the company was 67.40 million shares, with an online issuance volume of 16.19 million shares, an issuance price of 14.99 yuan per share, and an issuance price-to-earnings ratio of 71.42, compared to the industry average of 60.47 [2] Group 2 - The final online subscription rate for the company's shares was 0.02873717% [2] - The first-day performance of newly listed stocks included N Hengkun with a closing price of 61.55 yuan, N Beikuan with a closing price of 26.50 yuan, and N Nanguan with a closing price of 18.48 yuan, with respective closing increases of 310.61%, 295.52%, and 224.78% [2]

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

Core Viewpoint - The article highlights significant advancements in the domestic photolithography material industry, particularly in EUV and KrF/ArF photoresists, which have historically relied on imports. Recent developments indicate a shift towards self-sufficiency and innovation in this critical sector [2][3][4]. Group 1: Technological Advancements - Tsinghua University's research team has developed a new type of EUV photoresist based on poly-telomer, significantly improving EUV absorption efficiency and meeting stringent requirements for ideal photoresists, providing new solutions for global EUV lithography technology [3]. - The first domestic 100-ton semiconductor KrF photoresist resin production line has been established by Aiyishikong, with plans to gradually expand production capacity to 200-300 tons annually over the next five years [4]. - Hangzhou Hanya Microelectronics has invested 10.15 million yuan to build a new high-end photoresist material production line, achieving initial acceptance for 2.62 tons of high-end photoresist materials [5]. Group 2: Market Developments - Several companies, including Taihe Technology and Jingrui Electric Materials, have reported small-scale sales of their photoresist products, indicating a growing market presence [6]. - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the IPO review, which will enable it to raise 1.007 billion yuan for projects related to advanced materials for integrated circuits, including 500 tons of KrF/ArF photoresists [7][10]. Group 3: Industry Growth Projections - According to Frost & Sullivan, the domestic market for lithography materials is expected to grow to 31.92 billion yuan by 2028, with a compound annual growth rate (CAGR) of 21.2% [16]. - In 2024, Hengkang New Materials is projected to achieve a sales scale of 23.24 million yuan for SOC, with an expected market share exceeding 10% [17]. Group 4: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024, respectively, with a notable increase in sales from self-produced products [20]. - The company's self-produced product sales accounted for 63.77% of its main business revenue in 2024, reflecting a significant shift towards domestic production [22].

IPO Dynamics - Changjiang Energy Technology successfully passed the review at the Beijing Stock Exchange on July 28 [1] - Delijia successfully passed the review at the Shanghai Stock Exchange on July 31 [1] New Stock Listings - Two new stocks were listed this week: Hanguo Group (001221) on the Shenzhen Stock Exchange on July 30 and Dingjia Precision (920005) on the Beijing Stock Exchange on July 29 [2] New Stock Subscriptions - Three new stocks are available for subscription this week: Tianfulong (603406) on the Shanghai Stock Exchange on July 28, Youli Intelligent (920007) on the Beijing Stock Exchange on July 29, and Guangdong Jianke (301632) on the ChiNext board on August 1 [3] Hong Kong Stock Market - Wen Zhi Traditional Chinese Medicine and Zhengpin Holdings submitted their prospectuses to the Hong Kong Stock Exchange on July 29 [4] - Yuntian Lifefly and Xinwangda submitted their prospectuses on July 30, while Tianyue Advanced passed the hearing at the Hong Kong Stock Exchange [5] - Innovation International and Wangshan Wangshui submitted their prospectuses on July 31, and Yinnuo Pharmaceutical passed the hearing [6] Hot Topics - Hengkun New Materials' IPO review was postponed due to three major questions raised during the Shanghai Stock Exchange listing committee meeting on July 25 [7][8] - The questions focused on intellectual property risks, revenue recognition methods, and the rationale behind deposit interest rates exceeding borrowing rates [8] Figma's IPO - Figma officially listed on the New York Stock Exchange on July 31, becoming the largest IPO in the U.S. this year with a market capitalization of $56.3 billion (approximately 400 billion RMB) [9] - The IPO price was set at $33 per share, and the stock surged 250% by the end of the trading day [9] - Figma's revenue for 2024 is projected to be $749 million, a 48% increase year-over-year, with Q1 2025 revenue at $228 million, up 46% [9] Xinnengda's IPO - Xinnengda Electronics submitted its listing application to the Hong Kong Stock Exchange on July 30, becoming the third domestic power battery company to seek "A+H" listing after CATL and Yiwei Lithium Energy [10] - The net proceeds from the fundraising will be used for international growth strategies, including expanding overseas production facilities and sales networks, enhancing R&D capabilities, and potential investments or acquisitions [10] - As of March 31, 2025, Xinnengda operates 19 production bases in China and 6 overseas [11]