Core Viewpoint - Huahai Qingke (688120.SH), a leading domestic semiconductor CMP equipment supplier, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business layout [1][4]. Group 1: Financial Performance - In the first half of 2025, Huahai Qingke achieved operating revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% [2][3]. - For the year 2024, the company reported operating revenue of 3.406 billion yuan, a growth of 35.82%, and a net profit of 1.023 billion yuan, increasing by 41.40% [2][3]. - The company's cash flow from operating activities in the first half of 2025 increased by 6.17% to 395 million yuan [3]. Group 2: Business Strategy and Development - Huahai Qingke focuses on R&D and production capacity enhancement to strengthen its core competitiveness, particularly in CMP products, which are essential for integrated circuit manufacturing [3][4]. - The company has a comprehensive platform strategy that includes equipment and services, with products widely used in integrated circuits, advanced packaging, and other manufacturing processes [2][3]. - The company is expanding its production base and optimizing its industrial layout, with a new factory in Beijing and a project in Kunshan to increase wafer regeneration capacity [7]. Group 3: Intellectual Property and R&D Investment - As of June 30, 2025, Huahai Qingke has obtained 500 authorized patents and 39 software copyrights, emphasizing its commitment to technological innovation [6]. - The company's R&D investment in the first half of 2025 was 246 million yuan, a year-on-year increase of 40.44%, accounting for 12.63% of its operating revenue [6]. Group 4: Market Position and Future Outlook - If successful in its Hong Kong listing, Huahai Qingke will be the first company under Sichuan Energy Development Group to be listed on both A-share and Hong Kong markets, enhancing its international brand image and capital structure [4]. - The company has a strong order backlog, with contract liabilities reaching 1.755 billion yuan, a 30.81% increase, supporting its ongoing performance [7].

Core Viewpoint - Huahai Qingshi (688120) plans to expand its wafer regeneration project to enhance its "equipment + service" platform development strategy, aiming to capture the growing market share in the semiconductor equipment industry [1][2]. Group 1: Expansion Plans - The company intends to build a wafer regeneration expansion project in Kunshan, Jiangsu Province, with a total planned capacity of 400,000 pieces per month, and an initial construction capacity of 200,000 pieces per month [1]. - The initial investment for the project is expected to be no more than 500 million yuan, funded by the company's own and self-raised funds, with a construction period of no more than 18 months [1]. Group 2: Technology and Market Position - The wafer regeneration process involves multiple steps, including film removal, coarse grinding, fine grinding, cleaning, and inspection, aimed at ensuring a smooth surface without residual particles [1]. - The company has established strong relationships with domestic integrated circuit manufacturers, which overlap significantly with its existing equipment business customer base, laying a solid foundation for market expansion in wafer regeneration [2]. Group 3: Financial Performance - In 2024, the company achieved total operating revenue of 3.406 billion yuan, a year-on-year increase of 35.81%, and a net profit attributable to shareholders of 1.023 billion yuan, up 41.4% [2]. - Revenue from wafer regeneration and other businesses totaled 419 million yuan, reflecting an approximate 80% year-on-year growth, outpacing the growth of the main CMP/thinning equipment sales [2]. Group 4: Strategic Development - The company is committed to the "equipment + service" platform development strategy, focusing on semiconductor key equipment and technical services, and actively developing new technologies and products [3]. - The revenue from CMP equipment continues to grow rapidly, while thinning equipment, wet processing equipment, and wafer regeneration services are also contributing significantly to overall revenue [3].