Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, marking a significant step in its growth as a leading domestic manufacturer of semiconductor-grade perfluoroether rubber seals [2][3]. Company Overview - The company is a leading enterprise in the domestic semiconductor-grade perfluoroether rubber seal market, focusing on the research and application innovation of perfluoroether rubber technology [3]. - It has independently developed and achieved stable mass production of semiconductor-grade perfluoroether rubber materials and seals, breaking the monopoly of foreign companies like DuPont, GT, and PPE in this field [3][5]. Product and Market Position - The company's products are essential for vacuum sealing in semiconductor front-end process equipment, which is critical for wafer manufacturing [4]. - The perfluoroether rubber seals are classified as key consumable components, significantly impacting wafer yield and production continuity due to their performance in harsh environments [4]. - According to Frost & Sullivan, the company ranked third in sales of semiconductor-grade perfluoroether rubber seals in China for 2023 and 2024, and first among domestic companies [3]. Industry Context - The semiconductor-grade perfluoroether rubber seal market has a low domestic production rate, with less than 10% expected in 2024, indicating a significant opportunity for domestic manufacturers [5]. - The company has successfully passed stringent product validations from major semiconductor manufacturers in China, leading to stable supply and gradual market share capture from foreign competitors [5]. Financial Performance - The company projects revenues of approximately 130.47 million yuan and 207.55 million yuan for 2023 and 2024, respectively, with net profits of about 32.81 million yuan and 63.09 million yuan [5]. - The estimated post-IPO market capitalization is expected to be no less than 1 billion yuan [5]. Fundraising and Future Plans - The company plans to publicly issue up to 17.28 million shares, with at least 25% of the total shares being publicly held post-issue [6]. - The raised funds will be allocated to projects focused on the research and industrialization of semiconductor-grade perfluoroether rubber seals and the establishment of a research center [6]. - The implementation of these projects aims to enhance the company's technological advantages, product performance, and production capacity, thereby strengthening its market position and competitiveness in the semiconductor equipment components industry [6].

Core Viewpoint - Shanghai Xinyi Technology Co., Ltd. (referred to as "Xinyi Technology") is a leading domestic enterprise in semiconductor-grade perfluoroether rubber sealing components, focusing on the research and application innovation of perfluoroether rubber, and has successfully broken the monopoly of foreign companies in this field [4]. Group 1: Company Overview - Xinyi Technology has independently developed semiconductor-grade perfluoroether rubber materials and achieved stable mass production of perfluoroether rubber sealing rings, which are key components for semiconductor equipment [4]. - The company provides a full range of perfluoroether rubber sealing rings and functional components for core process equipment in semiconductor manufacturing, effectively meeting the stringent vacuum sealing requirements across various models and process nodes [4]. - Xinyi Technology has become the top domestic enterprise in high-end perfluoroether rubber sealing rings for semiconductor equipment, ranking first among Chinese companies and third in the overall market in 2023 and 2024 [4][6]. Group 2: Market Position and Performance - According to statistics from Frost & Sullivan, the domestic market penetration rate of semiconductor-grade perfluoroether rubber sealing rings is less than 10% in 2024, indicating significant potential for domestic substitution [6]. - Xinyi Technology has successfully passed rigorous product certifications from major domestic semiconductor manufacturers since 2021, achieving stable supply to nine of the top ten wafer manufacturers and four of the top five semiconductor equipment manufacturers [6]. - The company's revenue from 2022 to 2024 is projected to be 41.59 million yuan, 130 million yuan, and 208 million yuan, with net profits of 1.73 million yuan, 36.39 million yuan, and 68.94 million yuan respectively [6]. Group 3: IPO and Future Plans - Xinyi Technology's IPO has been accepted by the Shanghai Stock Exchange, with plans to raise 785 million yuan to invest in the research and industrialization of semiconductor-grade perfluoroether rubber sealing components and the construction of a research center [6]. - The investment projects are aimed at enhancing the company's operational capabilities, improving research and development levels, and expanding product varieties, thereby increasing market share in the semiconductor-grade perfluoroether rubber sealing component industry [6].