Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, marking its entry into the capital market and highlighting its role in the semiconductor industry chain security in China [2][4]. Company Overview - Hengkang New Materials specializes in key materials for integrated circuits, particularly in photolithography and precursor materials, with products used in advanced NAND, DRAM storage chips, and logic chips below 90nm [2][3]. - The company has achieved mass production of several products, including SOC, BARC, KrF photoresists, and i-Line photoresists, and has successfully replaced foreign products from companies like JSR, Shin-Etsu, and DuPont [2][3]. Financial Performance - Revenue from self-produced products is projected to grow from 124 million yuan to 344 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 66.89% [2]. - Revenue from introduced products has remained stable between 170 million to 200 million yuan, indicating strong industry understanding and supply chain collaboration [2]. Market Landscape - The domestic photolithography materials market is expected to reach 12.19 billion yuan in 2023 and grow to 31.92 billion yuan by 2028, with a CAGR of 21.2% [4]. - The precursor materials market is also robust, with silicon-based precursors projected to reach 7.26 billion yuan and metal-based precursors expected to exceed 10 billion yuan by 2028, with a CAGR of over 30% [4]. Strategic Initiatives - The IPO proceeds will be used for technology development, product line expansion, quality enhancement, and promoting innovation across the supply chain [4]. - The company aims to provide customized solutions for clients and actively expand into overseas markets, striving to become a leading domestic and internationally advanced enterprise in integrated circuit key materials [4][5]. Innovation and R&D - Hengkang New Materials has obtained 89 patents, including 36 invention patents, and has a core team of experts in wafer processing and materials science [3]. - The company has completed significant national research projects and is involved in addressing critical areas in semiconductor technology, contributing to the self-sufficiency of the industry [3].

Core Viewpoint - The domestic production process of key materials in the integrated circuit industry is being driven by both policy and market forces, with Hengkun New Materials successfully passing the IPO process to raise 1.007 billion yuan for projects targeting high-end materials and precursor production [1][3]. Policy Support - The projects related to precursors and photoresists are included in the "Key New Materials First Batch Application Demonstration Guidance Catalog (2024 Edition)," which are encouraged by the state [3]. - A series of policies, including tax incentives and local government support, have provided substantial benefits for integrated circuit material companies, laying a solid policy foundation for Hengkun New Materials' capacity expansion [3]. Technical Capability - Hengkun New Materials has accumulated research and development capabilities and mass production experience in key materials for integrated circuits, with products like TEOS and SOC already in mass production [3]. - The company has formed a composite technical team covering material formulation design, process development, quality control, and application, which is crucial for achieving true domestic substitution [3][4]. Market Outlook - The demand for precursors and high-end photoresists is rapidly increasing as domestic wafer manufacturing processes advance, with a projected compound annual growth rate of over 27% for the integrated circuit precursor market in the next five years [4]. - The ArF photoresist market is expected to grow at an annual rate of 30.5%, indicating significant room for domestic substitution as the current localization rate remains low [4]. - Hengkun New Materials' fundraising projects have multiple feasibilities in terms of policy, technology, and market, which may enhance the company's competitiveness in the key materials sector and support the realization of domestic substitution and industrial autonomy [4].

Core Viewpoint - Hengkun New Materials Technology Co., Ltd. has successfully passed the IPO review, marking a significant step towards its listing on the STAR Market, with its financial status, business model, and compliance recognized by regulators [1][3]. Company Overview - Established in 2004, Hengkun New Materials focuses on the R&D, production, and sales of key materials for integrated circuits, including photoresist materials and precursor materials [3]. - The company is one of the few domestic firms capable of R&D and mass production of key materials for 12-inch wafer manufacturing, with products used in advanced NAND, DRAM storage chips, and logic chip manufacturing processes at technology nodes of 90nm and below [3]. Financial Performance - Hengkun New Materials has shown steady revenue growth, with reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022 to 2024, respectively [3]. - The net profit attributable to the parent company was 101 million yuan, 90 million yuan, and 97 million yuan for the same period [3]. - The sales revenue from self-produced products has experienced rapid growth, with figures of 124 million yuan, 191 million yuan, and 344 million yuan, reflecting a compound growth rate of 66.89% [3]. - The proportion of self-produced product sales in total revenue increased from 38.94% to 63.77%, indicating enhanced competitiveness and optimized business structure [3]. - For the first nine months of 2025, the company expects to achieve revenue between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [3]. Industry Outlook - The demand for key materials in advanced process chips has significantly increased due to breakthroughs in integrated circuit manufacturing processes and packaging technologies in China [4]. - The domestic integrated circuit materials market is projected to grow rapidly, with forecasts indicating a market size of 258.96 billion yuan by 2028 [4]. - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO, primarily for two projects: the second phase of the integrated circuit precursor project and the advanced materials project for integrated circuits [4]. - The implementation of these fundraising projects is expected to expand the product line, enhance R&D capabilities, and better meet the urgent demand for domestic materials from downstream customers [4]. - As these projects are completed and put into production, Hengkun New Materials is anticipated to open up growth opportunities in multiple new product areas and further enhance its market position [4].

Core Viewpoint - Hengkun New Materials faces challenges in its IPO process, primarily due to concerns over technology intellectual property disputes and the appropriateness of its revenue recognition methods [3][4]. Group 1: IPO Challenges - Hengkun New Materials was the first company to face a "suspension of review" in 2025 during the Shanghai Stock Exchange's listing committee meeting, raising questions about its compliance and technical capabilities [3]. - The listing committee questioned the company's technological independence and required further clarification on potential ownership disputes regarding core technologies [3]. - Concerns were also raised about the revenue recognition method used for its introduced business, prompting the company to justify its compliance with accounting standards [3]. Group 2: Response to Regulatory Concerns - In response to the regulatory scrutiny, Hengkun New Materials provided detailed evidence and logical explanations to address the concerns, ultimately gaining approval [4]. - The company emphasized that all core technologies are derived from independent research and development, having obtained 78 patent authorizations, including 45 invention patents [4]. - To alleviate concerns about ownership disputes, Hengkun New Materials clarified that there are no unresolved technical disputes with upstream and downstream partners and has established a comprehensive intellectual property protection system [4]. Group 3: Company Background and Development - Established in 2004 and headquartered in Xiamen, Hengkun New Materials is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [6]. - The company transitioned from its initial focus on optical film devices to the semiconductor materials sector in 2014, seizing opportunities for domestic production [6]. - By the end of 2024, Hengkun New Materials had obtained 89 patent authorizations and was recognized as a key materials engineering research center in Fujian Province [6].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 45th company to receive approval this year [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 [1]. - The company primarily engages in the research, production, and sales of photoresist materials and precursor materials [1]. IPO Details - The company plans to publicly issue no more than 67,397,940 shares, which represents up to 15% of the total share capital after issuance, with a minimum of 10% [2]. - The total fundraising target is 1,006.695 million yuan, aimed at funding the second phase of the integrated circuit precursor project and advanced materials for integrated circuits [3]. Underwriting Information - The lead underwriter for the IPO is CITIC Securities Co., Ltd., marking the fifth successful IPO project for CITIC Securities this year [1]. Shareholding Structure - The actual controller of Hengkang New Materials is Yi Rongkun, who directly holds 19.52% of the voting rights and controls an additional 21.35% through various agreements, totaling 40.87% [2].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has been approved for IPO on the Sci-Tech Innovation Board, indicating its compliance with the necessary conditions for issuance, listing, and information disclosure [2] 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 wafers [2] - The company was established in 2004, initially engaged in the development and production of optoelectronic film devices and window lens products, and shifted its business strategy towards key materials for integrated circuits starting in 2014 [2] - Since 2020, the company has achieved over 100 million yuan in sales revenue from self-produced products, ranking among the top domestic peers in the sales scale of self-produced photoresist materials [2][3] Product Applications - The company's products are essential for the production of advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, including photoresist and precursor materials [3] - Hengkang New Materials has successfully mass-produced and supplied various products, including SOC, BARC, i-Line photoresist, KrF photoresist, and TEOS precursor materials, with continuous increases in supply as product validations are completed [3] Market Position and Strategy - The company has developed a unique approach of "introducing, digesting, absorbing, and innovating" in the integrated circuit key materials market, successfully replacing foreign products and breaking the monopoly in the 12-inch integrated circuit key materials sector [3][7] - The domestic integrated circuit key materials market is currently dominated by foreign manufacturers, with local companies facing significant challenges in terms of raw material supply, technology, and funding [7] Fundraising and Project Development - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in two major material projects, including the second phase of the precursor project and the development of SiARC [4] - The total fundraising amount has been adjusted to 1.006695 million yuan due to changes in project plans, reflecting the company's strategic focus on enhancing its production capabilities [4]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking its second attempt after a previous delay [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 R&D and mass production of key materials for 12-inch integrated circuit wafer manufacturing [1] - The company primarily engages in the R&D, production, and sales of photoresist materials and precursor materials [1] IPO Details - The company aims to raise 1.007 billion yuan through this IPO, which will be allocated to the second phase of the integrated circuit precursor project and advanced materials project for integrated circuits after deducting issuance costs [1]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") is set to reapply for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1 billion yuan. The company heavily relies on a few major clients for its revenue, with over 97% of its income coming from the top five clients, raising concerns about customer concentration risk [1][10][11]. Group 1: Financial Performance - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022 to 2024, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively. For the first nine months of 2025, the company expects revenues between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [9]. - The company has received government subsidies amounting to 19.12 million yuan, 16.76 million yuan, and 16.24 million yuan during the reporting periods, accounting for approximately 15% of total profits [9]. Group 2: Customer Dependency - The revenue from the top five clients accounted for 99.22%, 97.92%, and 97.20% of the main business income during the reporting periods, indicating a high customer concentration. Sales to the largest client represented 72.35%, 66.47%, and 64.07% of total revenue, highlighting significant reliance on a few customers [11][12]. Group 3: Production Capacity and Utilization - The company's production capacity utilization remains low, with only one product's utilization rate reaching 84% in the first half of the year, while the rest are below 50%. For instance, the utilization rates for BARC, KrF photoresist, and i-Line photoresist are projected to remain below 50% in 2025 [15][18]. - Hengkang New Materials has several production lines that are yet to be operational, including three 1000L lines and two 5000L lines, with one 2000L SOC line in standby [16]. Group 4: IPO Fundraising and Investment Plans - The company plans to raise 1 billion yuan through its IPO, with approximately 400 million yuan allocated for the second phase of the integrated circuit precursor project and about 607 million yuan for advanced materials for integrated circuits [13][14]. - The total investment for the precursor project is estimated at 519 million yuan, while the advanced materials project is projected to cost around 909 million yuan [14]. Group 5: Market Position and Product Development - Hengkang New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing critical materials for 12-inch integrated circuit wafer manufacturing [8]. - The company has achieved mass production of its self-developed products, including SOC, BARC, KrF photoresist, and i-Line photoresist, while the ArF immersion photoresist has passed validation and is in small-scale sales [8]. Group 6: Risks and Challenges - The company faces potential risks regarding the sustainability of its cooperation with one of its target clients, as sales to this client have been declining over the reporting periods [21]. Additionally, the existing TEOS production capacity is underutilized, raising concerns about the feasibility of expanding production capacity [20][21].

聚焦高端制程填补国产空白 集成电路产业作为国民经济和社会发展的战略性、基础性和先导性产业，其关键材料的自主可控直接关系到产业链安全与核 心竞争力。根据SEMI统计数据，2024年12英寸硅片的出货面积占比已达76.3%，采用更大尺寸硅片生产高附加值、先进制程 芯片能获得显著的经济效益。然而，我国集成电路关键材料长期依赖进口，高端材料市场被欧美、日韩厂商主导，据弗若斯 特沙利文数据， 2023年我国12英寸晶圆用i-Line光刻胶、SOC（碳膜涂层）国产化率仅约10%，KrF光刻胶、BARC（底部 抗反射涂层）国产化率不足2%，ArF光刻胶（先进制程核心材料）国产化率甚至低于1%。 8月22日，上交所官网显示，厦门恒坤新材料科技股份有限公司（以下简称"恒坤新材"）科创板IPO将于2025年8月29日上会 审议。在资本市场深化改革进程中，科创板始终是"硬科技"企业加速发展的重要引擎。恒坤新材作为国内少数在12英寸晶圆 制造用高端光刻胶领域实现国产化突破的企业，其上会充分印证了监管层对其技术稀缺性与整改效率的认可。公司凭借在半 导体关键材料领域的自主创新成果及国产替代战略价值，持续吸引市场对其长期成长潜力的深度聚焦 ...

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is set to undergo IPO review on the Sci-Tech Innovation Board, marking a significant milestone in its long-term commitment and innovation in the key materials for integrated circuits [1] Group 1: Company Development - Since its establishment in 2004, the company has transformed from optical film devices to key materials for integrated circuits, with a strategic shift confirmed in 2014 [3] - The company achieved sales breakthroughs in self-produced materials by 2020, and by 2022, its product sales revenue exceeded 100 million yuan, demonstrating solid technical accumulation and strong industrialization capabilities [3] - According to Frost & Sullivan market research, the company has become a leading player in the domestic photolithography materials market for 12-inch integrated circuits, ranking first among domestic manufacturers in SOC and BARC sales in 2023 [3] Group 2: Technical Strength - The company has undertaken multiple national special research tasks since 2020, addressing critical industry challenges [3] - Its subsidiary, Fujian Hongguang, has been recognized as a key materials engineering research center for photolithography in Fujian Province and was identified as a national-level specialized and innovative "little giant" enterprise in 2022 [3] - As of July this year, the company holds 89 patents, including 36 invention patents, establishing a solid technical barrier [3] Group 3: Future Outlook - The company aims to continue its commitment to the localization of key materials for integrated circuits, increasing R&D investment and expanding product varieties and application fields [4] - The upcoming IPO is expected to provide new development opportunities, helping the company secure a position in the global semiconductor materials landscape and contribute to the self-controllability of China's integrated circuit industry chain [4]