近日，拓荆键科（海宁）半导体设备有限公司（以下简称"拓荆键科"）完成新一轮融资，本次融资由国投集新（北京）股权投 资基金（有限合伙）（以下简称"国投集新"）领投，引进多名知名投资人，融资金额约10亿元。 领投方国投集新的唯一有限合伙人为国家集成电路产业投资基金三期股份有限公司（以下简称"大基金三期"）；本项目系大基 金三期自2024年成立以来投资的首个标的，彰显了国家级资本对拓荆键科技术实力与发展前景的认可。 拓荆键科为拓荆科技的控股子公司，主要聚焦应用于三维集成领域先进键合设备（包括混合键合、熔融键合设备）及配套使用 的量检测设备（以下统称"三维集成设备"）的研发与产业化应用，拓荆键科现已先后推出了晶圆对晶圆混合键合设备、晶圆对 晶圆熔融键合设备、芯片对晶圆键合前表面预处理设备、芯片对晶圆混合键合设备、键合套准精度量测产品、键合套准精度量 测设备、永久键合后晶圆激光剥离设备等产品，并已出货至先进存储、逻辑、图像传感器等客户，致力于为三维集成领域提供 全面的技术解决方案。 中伦律师事务所为拓荆键科本次融资提供了全流程法律服务。本项目由合伙人都伟负责，项目组成员包括律师姚腾越、谢莹 等。 ...

Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo (referred to as "Bay Chip Expo") showcases a significant transformation in China's semiconductor industry, moving from "low-cost manufacturing" to "fully autonomous and controllable industrial chain" [2][9] - The expo features over 600 participating companies, highlighting the industry's collaborative development across design, equipment, materials, and software [2][8] New Technologies and Products - Wanlian's 90GHz ultra-high-speed real-time oscilloscope has been launched, achieving a 500% improvement in key performance metrics compared to previous domestic products [4] - The oscilloscope features a sampling rate of 200 billion samples per second and a storage depth of 4 billion samples, supporting continuous recording of complex signals [4] - Qiyunfang, a subsidiary of Xinkailai, introduced two domestically developed EDA design software products, filling a gap in high-end electronic design software technology in China [6] Market Strategy and Innovation - Wanlian's CEO emphasized the importance of a young and focused R&D team, aiming to overcome technical challenges and respond quickly to customer needs [5] - The company plans to establish a market team to enhance customer communication and service across various regions in China [5] - The introduction of innovative features like "intelligent parameter optimization" in the oscilloscope significantly enhances testing efficiency [4] Industry Trends and Future Outlook - The Bay Chip Expo serves as a platform for showcasing China's semiconductor strength and global cooperation potential, with a focus on wafer manufacturing, advanced packaging, and chip design [8] - The industry is encouraged to shift from reliance on foreign architectures to developing autonomous chip design frameworks, aiming for high-quality development and differentiation in core technologies [9]

Core Insights - The 2025 Bay Area Semiconductor Industry Ecological Expo showcased significant technological breakthroughs in core equipment and key components, highlighting the path towards the localization of the semiconductor equipment industry in China [1] - The collaboration among various products and companies indicates a shift from isolated efforts to a comprehensive approach in achieving domestic substitution across the entire semiconductor supply chain [1] Equipment and Technology - Several core devices from companies listed on the Sci-Tech Innovation Board demonstrated industrialization achievements, such as the wafer-to-wafer hybrid bonding equipment from Tuojing Technology, which has already been delivered in bulk to advanced storage and logic chip production lines [1] - Huahai Qingke exhibited multiple high-performance equipment products that meet advanced process requirements, with applications in AI chips and HBM stacked packaging [1] - The introduction of a one-stop gas demand solution and core products like gas distribution plates by Fuchuang Precision highlights the acceleration of domestic component and supporting equipment localization [3] Market Position and Competition - Companies like Zhongke Feicai and Xinyuan Micro, in collaboration with Northern Huachuang, showcased competitive products such as 12-inch etching machines and coating development equipment, directly competing with international giants [2] - Shengmei Shanghai presented innovative equipment for advanced packaging, including the world's first horizontal plating equipment, which supports the transition from wafer-level to panel-level packaging for AI chips [2] Industry Growth and Development - The total shipment volume of equipment from Sci-Tech Innovation Board companies exceeded 16,000 units in 2024, with an average R&D investment intensity of 16.3% in the first half of 2025, surpassing the median levels of the sector and A-shares [3] - The number of patents accumulated by these companies exceeded 4,000 by the end of June, indicating a strong focus on innovation and technology development [3] - Industry experts noted that with national and industrial policy support, semiconductor equipment companies have accelerated technological breakthroughs and scale deliveries, positioning themselves as the main force in domestic semiconductor production [4]

Market Overview - The market experienced a pullback after reaching a high, with all three major indices closing lower and a trading volume of 2.52 trillion yuan, an increase of 83.2 billion yuan from the previous trading day [1] - Over 3,300 stocks declined, while sectors such as non-ferrous metals, storage chips, and film and television saw gains, contrasting with declines in large financials, liquor, and gaming sectors [1] Economic Indicators - As of the end of August, the total social financing increased by 26.56 trillion yuan in the first eight months, which is 4.66 trillion yuan more than the same period last year [1] - The M2 money supply reached 331.98 trillion yuan, reflecting an 8.8% year-on-year growth [1] - In the same timeframe, RMB loans increased by 13.46 trillion yuan, and RMB deposits rose by 20.5 trillion yuan [1] Industry Insights - CITIC Securities suggests that more listed companies are shifting from domestic exposure to global exposure, particularly in manufacturing, indicating a need to evaluate market fundamentals from a global perspective rather than solely domestic economic cycles [2] - The current market trend is driven by "smart money" and structural opportunities, with a recommendation to focus on resource sectors, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industries [2] Semiconductor Sector - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project, with a commitment of up to 450 million yuan for the registered capital of Tuojing Technology's subsidiary [3] - Domestic semiconductor equipment has shown strong growth, outpacing the overall market, with a long-term market size expectation of over 40 billion USD, benefiting domestic semiconductor equipment manufacturers [3] Market Sentiment - The market is expected to continue its upward trend, particularly in light of anticipated interest rate cuts by the Federal Reserve, with potential opportunities in sectors like non-ferrous metals, smart driving, energy storage, and solid-state batteries [4]

Group 1 - Company plans to issue A-shares to no more than 35 specific investors, with a maximum of 83.92 million shares and total fundraising not exceeding 4.6 billion yuan, aimed at high-end semiconductor equipment industrialization, advanced technology R&D center construction, and working capital supplementation [1] - Company will increase capital in its subsidiary, with a total financing amount not exceeding 1.04 billion yuan from six participants, including a major investment from Guotou Jixin [1] - After the capital increase, the company's shareholding in its subsidiary will decrease to 53.57%, while Guotou Jixin will become the second-largest shareholder with approximately 12.71% [1] Group 2 - Three-dimensional integration technology is a frontier area in the semiconductor industry, offering significant development potential through vertical stacking of chips to enhance packaging efficiency and reduce power consumption [2] - The subsidiary has launched several products, including wafer-to-wafer hybrid bonding equipment and surface pre-treatment equipment, targeting advanced storage and logic customers [2] - Despite the potential, the subsidiary is still in the early stages of development, with projected revenue of 97.30 million yuan and a net loss of 21.36 million yuan for 2024, and zero revenue in the first quarter of the current year [2]

Core Viewpoint -拓荆科技 announced a series of financing plans, including a capital increase to its subsidiary拓荆键科, aiming to raise up to 4.6 billion yuan to support the rapid development of three-dimensional integration equipment [1][4] Group 1: Financing Details - The financing plan includes a total of no more than 10.4 billion yuan for拓荆键科, with a pre-investment valuation of 2.5 billion yuan [1] - 大基金三期 plans to participate in the capital increase with no more than 450 million yuan, marking its first public investment since its establishment in May 2024 [1][2] - 国投集新 also intends to invest up to 450 million yuan, resulting in a 12.71% stake in拓荆键科 after the capital increase [1][2] Group 2: Company Overview - 拓荆键科, established in September 2020, focuses on the research and industrial application of advanced bonding equipment for three-dimensional integration [2] - The company has launched various products, including wafer-to-wafer bonding equipment and measurement devices, serving clients in advanced storage, logic, and image sensor sectors [2] Group 3: Market Context - Three-dimensional integration aims to overcome the physical limitations of traditional two-dimensional integration by stacking chips vertically, enhancing packaging efficiency and transistor density [3] - The technology is essential for maintaining the momentum of Moore's Law and addressing increasing market demands [3] Group 4: Financial Performance - In 2024, 拓荆键科 reported revenues of 97.3 million yuan and a net loss of 2.1 million yuan [4] - The company has experienced rapid revenue growth, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan in 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [4] Group 5: Project Implementation - The implementation of the projects will significantly enhance the production capacity of high-end semiconductor equipment and improve production efficiency through intelligent facilities [5] - The company plans to allocate 20 billion yuan for the construction of a cutting-edge technology research and development center, focusing on advanced thin film deposition equipment [6]

Group 1 - The US and China held talks in Madrid on September 14 regarding trade issues, including US unilateral tariff measures and export controls [4] - The Ministry of Industry and Information Technology and seven other departments issued the "Automobile Industry Stabilization Growth Work Plan (2025-2026)" [2][11] - The Shanghai Stock Exchange announced the candidate list for the third Technology Innovation Advisory Committee, including notable entrepreneurs [2][5] Group 2 - The broad money supply (M2) increased by 8.8% year-on-year in August, with non-bank financial institutions' deposits increasing by 550 billion yuan [5] - The National Internet Information Office released a draft for public consultation on promoting and regulating electronic document applications, proposing the exploration of digital RMB for cross-border payments [5] - The film market's box office for 2025 has surpassed 40 billion yuan as of September 13, 2025, 76 days ahead of 2024 [5] Group 3 - The first project of the third phase of the National Integrated Circuit Industry Investment Fund targets semiconductor equipment, with a capital increase of 4.5 billion yuan for Tuojing Technology [10] - Domestic semiconductor equipment has shown strong growth trends, with the market expected to maintain a long-term scale of over 40 billion USD [10] Group 4 - The "Automobile Industry Stabilization Growth Work Plan" aims to promote the industrial application of intelligent connected technology, with a projected industry value increase of 725.9 billion yuan by 2025 [11] - The plan encourages the development of new business models using data and supports the production of L3-level vehicles [11][13] Group 5 - The "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a new energy storage installation scale of over 180 GW by 2027, driving direct investment of about 250 billion yuan [14][15] - Companies like Haibo Technology and Sungrow Power have reported significant revenue growth in their energy storage systems [15] Group 6 - TCL Technology plans to invest approximately 29.5 billion yuan to build an 8.6-generation printed OLED production line [17] - Haizheng Pharmaceutical has received a CEP certificate for its Tigecycline raw materials, marking a significant step for international market expansion [19] - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to promote applications in intelligent robotics [20]

Group 1: Autonomous Driving - The Ministry of Industry and Information Technology and seven other departments released the "Automobile Industry Steady Growth Work Plan (2025-2026)", which aims to promote the approval and trial operation of intelligent connected vehicles, particularly L3 models [1] - The analysis indicates that the current high-speed NOA function has become a standard feature in mainstream models, with prices dropping below 150,000 yuan, and the penetration rate of L2 intelligent driving in China has reached 50% [1] - The first batch of L3 pilot car manufacturers and cities is expected to be announced in 2024, with 2025 likely to be the year of L3 implementation [1] Group 2: Innovative Pharmaceuticals - The State Council approved the "Regulations on the Management of Clinical Research and Clinical Translation Applications of Biomedical New Technologies (Draft)", aiming to accelerate the development and application of biomedical technology in China [2] - The Chinese biopharmaceutical market is projected to exceed 3.5 trillion yuan by 2025, accounting for over 10% of the global market, making it the second-largest innovative drug market globally [2] - AI is expected to shorten drug development cycles by over 30% and increase target discovery efficiency by 30 times, with AI-designed drugs projected to account for over 15% of approved new drugs by 2028 [2] Group 3: Semiconductor Industry - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project, with a commitment of up to 450 million yuan to increase the registered capital of Tuojing Technology's subsidiary [3] - Domestic semiconductor equipment has shown strong growth, surpassing the overall market growth rate for two consecutive quarters, indicating robust demand for capacity expansion [3] - The long-term scale of the Chinese semiconductor equipment market is expected to maintain above 40 billion USD, benefiting domestic semiconductor equipment manufacturers [3] Group 4: Energy Storage - The National Development and Reform Commission and the National Energy Administration issued the "New Energy Storage Large-Scale Construction Special Action Plan (2025-2027)", targeting an installed capacity of over 180 GW by 2027, with direct project investments of approximately 250 billion yuan [4] - The energy storage industry is undergoing a transformation towards a more commercial and sustainable development path following policy adjustments, with companies that can provide market returns gaining a competitive edge [4]

Core Viewpoint - The article highlights the significant revenue growth and profitability turnaround of Tuojing Technology in the first half of 2025, driven by advancements in their manufacturing processes and strong order backlog [2][4]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year [2]. - In Q2 2025, revenue was 1.25 billion yuan, reflecting a year-on-year growth of 56.6% and a quarter-on-quarter increase of 75.7%. The gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter [2]. - The net profit attributable to shareholders in Q2 2025 was 240 million yuan, a year-on-year increase of 103.4% and a quarter-on-quarter increase of 390 million yuan. The non-recurring net profit was 218 million yuan, up 240% year-on-year and an increase of 400 million yuan quarter-on-quarter [2]. Group 2: Product Development and Market Position - The company has successfully shipped multiple PECVD (Plasma-Enhanced Chemical Vapor Deposition) devices for advanced storage production lines, achieving comprehensive coverage of various hard mask processes [3]. - The PE-ALD (Plasma-Enhanced Atomic Layer Deposition) equipment has seen rapid growth, with multiple units passing customer validation, indicating full coverage of dielectric film materials [3]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [3]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth in 2025, with a strong order backlog and continuous improvement in process coverage [4]. - The investment rating is maintained at "Accumulate," reflecting confidence in the company's future performance based on its current trajectory and market position [4].

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].