Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. (referred to as "Xinshi Technology") has officially launched its IPO process for the Sci-Tech Innovation Board, aiming to raise no more than 784 million yuan for the development and industrialization of semiconductor-grade perfluoroether rubber sealing components and the establishment of a research and development center [2] Company Overview - Established on January 21, 2020, Xinshi Technology focuses on the research, design, manufacturing, and sales of semiconductor-grade perfluoroether rubber materials and sealing components, with its core product being perfluoroether rubber sealing rings [3] - The sealing rings are critical consumables in semiconductor equipment, accounting for the second-largest share of consumable value in the semiconductor wafer manufacturing process, requiring excellent vacuum sealing and low mass loss in harsh environments [3] Market Position - Xinshi Technology ranks third in sales in the Chinese market for perfluoroether rubber sealing rings for two consecutive years and is the top-ranked domestic company [3] - The company has successfully passed stringent product certifications from major domestic semiconductor manufacturers since 2021, supplying nine of the top ten wafer manufacturers and four of the top five semiconductor equipment manufacturers in mainland China [3] Product Development - As of the current stage, Xinshi Technology has developed and mass-produced over 10 types of perfluoroether rubber materials and more than 2,000 types of perfluoroether rubber sealing rings, achieving domestic substitution in all core vacuum sealing points across various semiconductor manufacturing processes [4] Supply Chain Challenges - Despite breaking the monopoly of foreign companies like DuPont and GT, Xinshi Technology's upstream raw materials remain reliant on imports, with the top five suppliers accounting for 88% to 94% of total procurement in recent years [6] - The company is actively developing domestic suppliers for perfluoroether rubber and has successfully created a mature formula system and multiple product series based on domestically sourced perfluoroether rubber [6] R&D Investment - Xinshi Technology's R&D expenses have shown a declining trend, with proportions of 16.85%, 11.33%, and 10.76% for 2022, 2023, and 2024 respectively, totaling 44 million yuan over three years [7] Key Personnel - The core technical team includes three key members: Chairman and General Manager Xie Changjie, Production Director Huang Zhonglin, and R&D Director Gao Jie, with backgrounds in semiconductor equipment and chemical materials [8][9] - Xie Changjie has over 20 years of experience in semiconductor equipment and is a key inventor of eight patents, while Huang Zhonglin has over 30 years in chemical materials production [9][10] Intellectual Property Protection - The company emphasizes the protection of core technologies and intellectual property through a dual system of patent and proprietary technology, confidentiality agreements, and strict management measures to prevent information leakage [11]