Group 1: IPO Approval and Fundraising - The Shanghai Stock Exchange and Beijing Stock Exchange approved the IPO applications of Hengyun Chang and Nongda Technology, with a total fundraising target of 1.882 billion yuan [1] - Hengyun Chang reduced its fundraising target from 1.55 billion yuan to 1.469 billion yuan, while Nongda Technology decreased its target from 552 million yuan to 413 million yuan [2][4] Group 2: Company Profiles - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related technologies [5][8] - The company has achieved significant milestones, including being the first domestic manufacturer to deliver plasma RF power systems supporting advanced semiconductor processes, with a market share leading among domestic competitors [8][9] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, holding a strong market position in the industry [17][18] Group 3: Financial Performance - Hengyun Chang reported revenues of 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan from 2022 to the first half of 2025, with net profits of 19.61 million yuan, 68.53 million yuan, 129 million yuan, and 64.76 million yuan respectively [11] - Nongda Technology's revenues for the same period were 2.676 billion yuan, 2.637 billion yuan, 2.363 billion yuan, and 1.495 billion yuan, with net profits of 101.16 million yuan, 101.22 million yuan, 145.28 million yuan, and 125.65 million yuan [20][21] Group 4: Fund Utilization Plans - Hengyun Chang plans to use the raised funds for projects including the industrialization of semiconductor RF power systems, a smart production base for core components, and a research and innovation center [13] - Nongda Technology intends to allocate its funds towards the production of high tower compound fertilizers, a biological fertilizer production line, and a low-carbon biological research center [22]

Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. on November 14, 2025, highlighting its position as a leading supplier of core components for semiconductor equipment in China [1] Company Overview - Hengyun Chang specializes in plasma technology, offering a product matrix that includes plasma RF power systems, plasma excitation devices, DC power supplies, and related accessories [2] - The company has achieved significant revenue from its semiconductor-grade plasma RF power systems, which have been recognized for their performance in the market [2] - As of the end of the reporting period, Hengyun Chang holds 108 authorized invention patents and has 133 invention patents pending [3] Market Position - According to Frost & Sullivan, the market size for plasma RF power systems in China's semiconductor industry is projected to reach 6.56 billion yuan in 2024, with Hengyun Chang holding the largest market share among domestic manufacturers [2] R&D and Innovation - Hengyun Chang has maintained high R&D investment, with expenditures of 21.54 million yuan, 36.96 million yuan, and 55.28 million yuan from 2022 to 2024, representing over 10% of revenue [4] - The company has developed a comprehensive technology system focused on the requirements of plasma RF power systems, achieving significant advancements in key technologies [4] Financial Performance - The company's revenue has grown rapidly, with figures of 158.16 million yuan, 325.27 million yuan, and 540.79 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 84.91% [5] - Net profit attributable to shareholders has also seen substantial growth, with amounts of 26.19 million yuan, 79.83 million yuan, and 141.54 million yuan during the same period, resulting in a CAGR of 131.87% [5] Future Outlook - Hengyun Chang aims to capitalize on the opportunities presented by the domestic semiconductor industry and plans to enhance its product offerings and market share through continuous innovation and superior service [5]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is progressing smoothly in its IPO process, with the listing review scheduled for November 14, 2025, after being accepted on June 13, 2023 [1][3] Company Overview - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, and related core components [3] - The company aims to create a core component platform to serve the high-end equipment manufacturing industry, emphasizing technological and product innovation [3] Performance Trends - Despite a steady increase in revenue and profit from 2022 to 2024, the company is experiencing a decline in performance in 2025 [4] - In the first half of 2025, Hengyun Chang's revenue grew by 4.06%, but net profit attributable to the parent company decreased by 11.99% [6] - The company forecasts a revenue decline of 4.69% to 9.58% and a net profit drop of 21.76% to 30.26% for the full year 2025 [6] Customer Dependency - Hengyun Chang has a high customer concentration, with the top five clients accounting for 73.54% to 90.62% of its main business revenue [7] - The first major client, Tuojing Technology, represents over 60% of the company's sales, indicating a significant dependency [7] Accounts Receivable Issues - The company has extended the payment terms for Tuojing Technology from 30 days to 60 days, leading to an increase in accounts receivable and a decline in accounts receivable turnover rate [8] - As of June 30, 2025, the accounts receivable balance was 146.86 million, with a turnover rate dropping from 8.89 to 5.31 times per year [9] Fundraising Project Concerns - Hengyun Chang's fundraising projects, including a marketing and technical support center and a liquidity supplement project, have raised questions about their necessity [10] - The proposed investment of 120 million for the marketing project is questionable given the low sales expenses historically incurred by the company [11] - The liquidity supplement project of 169 million is also deemed unnecessary, as the company has sufficient cash reserves and no debt [12]