Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor and Tianjian Accounting Firm as the auditor [3]. Company Overview - Zhenbao Technology specializes in providing manufacturing equipment vacuum chamber components and surface treatment solutions for the integrated circuit and display panel industries [3]. - The main products include silicon, quartz, silicon carbide, and alumina ceramic components, as well as surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [3]. Financial Performance - Projected revenues for Zhenbao Technology from 2022 to 2024 are 386 million yuan, 506 million yuan, and 635 million yuan respectively [3]. - Projected net profits for the same period are 81.62 million yuan, 108 million yuan, and 152 million yuan respectively [3]. - Total assets are expected to grow from 552.33 million yuan in 2022 to 1.268 billion yuan in 2024 [4]. - The company's equity attributable to shareholders is projected to increase from 301.41 million yuan in 2022 to 969.21 million yuan in 2024 [4]. - The net profit margin is expected to improve, with net profit projected at 151.91 million yuan for 2024, up from 81.62 million yuan in 2022 [4]. Shareholder Structure - The actual controller, Wang Bing, directly holds 51.625 million shares, accounting for 44.33% of the total share capital, and controls an additional 12.88% through partnerships, totaling 57.2% of voting rights [4]. - Wang Bing has a diverse professional background in semiconductor equipment and sales, having held various positions in related companies since 2002 [5]. Related Parties - Wang Bing's spouse, Xia Bing, holds 3.01% of the shares directly and an additional 1.80% indirectly through an employee stock ownership platform [6]. - Wang Bing's siblings also hold minor stakes in the company, with Wang Xicai holding 0.24% and Wang Fengying holding 1.85% indirectly [6].

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has applied for a change in its listing review status to "inquired" on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.398 billion yuan [1] Company Overview - Zhenbao Technology focuses on providing manufacturing equipment vacuum chamber components and surface treatment solutions for the integrated circuit and display panel industries. Its main products include silicon, quartz, silicon carbide, and alumina ceramic components, as well as surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [1] - According to Frost & Sullivan data, Zhenbao ranks first in the domestic market for silicon components with a revenue market share of 4.5% and also ranks first in the quartz components market with a revenue market share of 8.8% [1] Product Application - The company's semiconductor equipment components are used in advanced process integrated circuit manufacturing at technology nodes of 14nm and below, as well as in 3D NAND flash memory chip manufacturing with over 200 layers and DRAM storage chip manufacturing at technology nodes of 20nm and below. Zhenbao has established stable business relationships with major domestic integrated circuit manufacturers and has successfully expanded to overseas clients such as Intel, GlobalFoundries, UMC, and Texas Instruments [2] Fundraising and Investment Projects - The funds raised will be allocated to the following projects: 1. Semiconductor and semiconductor precision components and materials production base project: Total investment of 810.6132 million yuan, with 751.8506 million yuan from raised funds 2. Zhenbao Technology R&D center construction project: Total investment of 302.7442 million yuan, with 281.6656 million yuan from raised funds 3. Shanghai Zhenbao semiconductor equipment components R&D center project: Total investment of 170.0068 million yuan, with 164.0068 million yuan from raised funds 4. Supplementing working capital: 200 million yuan from raised funds - The total investment amounts to 1.4833642 billion yuan, with 1.3975230 billion yuan from raised funds [3] Financial Performance - Zhenbao Technology's financial performance for the years 2022 to 2024 is as follows: - Revenue: Approximately 386 million yuan in 2022, 506 million yuan in 2023, and 635 million yuan in 2024 - Net profit: Approximately 81.6216 million yuan in 2022, 108 million yuan in 2023, and 152 million yuan in 2024 - Total assets: 1.2689876 billion yuan in 2024, 1.0214784 billion yuan in 2023, and 552.3312 million yuan in 2022 - Equity attributable to shareholders: 969.2108 million yuan in 2024, 809.6438 million yuan in 2023, and 301.4140 million yuan in 2022 - Debt-to-asset ratio: 17.51% in 2024, 17.33% in 2023, and 42.21% in 2022 - Basic earnings per share: 1.30 yuan in 2024, 1.06 yuan in 2023, and 0.86 yuan in 2022 - R&D investment as a percentage of revenue: 8.36% in 2024, 5.91% in 2023, and 4.72% in 2022 [4]

Core Viewpoint - Fused quartz and quartz are both composed of silicon dioxide (SiO₂) but differ in manufacturing processes, purity levels, and specific characteristics, leading to unique applications and properties [1][4]. Group 1: Composition and Structure - Both fused quartz and quartz are primarily made of silicon dioxide (SiO₂) [3]. - Fused quartz is amorphous, lacking a crystal structure, while quartz has a crystalline structure [3]. Group 2: Manufacturing Process - Fused quartz is produced by melting high-purity silica sand at extremely high temperatures, resulting in a glass-like non-crystalline material [3]. - Quartz is a naturally occurring mineral that is processed after mining for various uses [3]. Group 3: Purity Levels - Fused quartz typically has a chemical purity exceeding 99.9%, making it suitable for applications requiring high optical clarity and chemical resistance [3]. - Natural quartz also has a high SiO₂ content but may contain trace impurities depending on its source [3]. Group 4: Thermal Properties - Fused quartz has a very low thermal expansion coefficient, providing strong thermal shock resistance, making it suitable for high-temperature applications [3]. - Quartz also has a low thermal expansion coefficient, but its crystalline structure can make it more susceptible to thermal stress under certain conditions [3]. Group 5: Optical Characteristics - Fused quartz offers excellent ultraviolet (UV) transmittance, making it ideal for lenses and other optical devices [3]. - While quartz also has good optical properties, fused quartz provides better transparency across a wider spectral range due to its amorphous structure [3]. Group 6: Electrical and Chemical Resistance - Fused quartz exhibits outstanding electrical insulation properties, making it suitable for electronic and semiconductor applications [3]. - Both materials have strong corrosion and chemical resistance, but fused quartz's higher purity often results in better performance in corrosive chemical environments [3]. Group 7: Applications - Fused quartz is commonly used in high-precision optical components, semiconductor manufacturing, and high-temperature lighting applications [3]. - Quartz is typically used in less demanding optical applications, as well as in the production of quartz glassware and industrial components [3]. Conclusion - Although fused quartz and quartz share the same chemical composition, they differ significantly in structure, performance, and applications, with fused quartz being particularly suited for demanding applications in optics, electronics, and high-temperature environments [4].

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, becoming the first company from Chongqing to be accepted this year [1] Group 1: Company Overview - Zhenbao Technology is one of the few companies in China that has achieved mass production of non-metallic components for advanced integrated circuit manufacturing equipment and high-generation, high-voltage display panel manufacturing equipment [1] - The company's main products include equipment components made of silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [1] Group 2: Financial Performance - The company's projected revenue for the years 2022 to 2024 is 386 million yuan, 506 million yuan, and 635 million yuan respectively, while the net profit attributable to the parent company is expected to be 81.62 million yuan, 108 million yuan, and 152 million yuan, indicating a continuous improvement in profitability [2] Group 3: Client Relationships - Zhenbao Technology has established partnerships with major domestic display panel manufacturers such as BOE, Huaxing Optoelectronics, and Tianma Microelectronics, as well as international integrated circuit manufacturers like Intel, GlobalFoundries, United Microelectronics, and Texas Instruments [2] - The company maintains business relationships with key domestic integrated circuit manufacturers including Jinghe Integrated, China Resources Microelectronics, Chipone Technology, Wuhan Xinxin, Jita Semiconductor, and Guangdong Core Semiconductor [2] Group 4: Industry Position and Impact - Zhenbao Technology is recognized as a national high-tech enterprise, a national specialized and innovative "little giant" enterprise, and has received various accolades such as a national intellectual property advantage enterprise and a demonstration enterprise for technological innovation in Chongqing [2] - The IPO is expected to enhance the company's role in promoting the localization process in the semiconductor sector, aiding China's semiconductor industry in breaking foreign technology monopolies and achieving a higher level of self-reliance [2]

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. is focusing on an IPO on the Sci-Tech Innovation Board, aiming to raise 1.398 billion yuan [1] Company Overview - Zhenbao Technology specializes in providing manufacturing equipment vacuum chamber components and surface treatment solutions for the integrated circuit and display panel industries [4] - The main products include silicon, quartz, silicon carbide, and alumina ceramic components, along with surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [4] - The company has achieved mass production of large-diameter single crystal silicon rods, multi-crystal silicon rods, and high-purity silicon carbide materials, forming an integrated business platform of "raw materials + components + surface treatment" [4] Market Position - According to Frost & Sullivan data, Zhenbao Technology ranks first in the silicon component market with a revenue market share of 4.5% and first in the quartz component market with a revenue market share of 8.8% among domestic suppliers to wafer fabs in 2024 [5] - In the non-metal component providers for semiconductor and display panel equipment in 2023, Zhenbao Technology ranks second with a revenue market share of 1.9% [5] - The company ranks fourth among domestic service providers for surface treatment services in semiconductor and display panel equipment components, with a market share of 2.8%, and first in the thermal spraying regeneration service market with a market share of 6.3% [5] Financial Performance - Zhenbao Technology's revenue for 2022, 2023, and 2024 is projected to be 386 million yuan, 506 million yuan, and 635 million yuan, respectively, with net profits of 81.62 million yuan, 108 million yuan, and 152 million yuan [6] - The IPO proceeds will be used to invest in precision component and material production base projects, R&D center construction, and a semiconductor equipment component R&D center in Shanghai [6] Future Plans - The implementation of the fundraising projects is expected to expand the production capacity of components such as silicon, quartz, silicon carbide, and alumina ceramics, improve production efficiency, and accelerate the R&D and application of new components like graphite and silicon carbide [6] - The company aims to enhance its integrated business advantages and promote technological innovation, contributing to the domestic advancement of semiconductor component manufacturing [6]

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, with CITIC Securities as the sponsor [2]. Company Overview - Zhenbao Technology focuses on providing manufacturing equipment vacuum chamber components and surface treatment solutions for the integrated circuit and display panel industries [2]. - The main products include silicon, quartz, silicon carbide, and alumina ceramic components, as well as surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [2]. Financial Performance - Projected revenues for Zhenbao Technology from 2022 to 2024 are 386 million yuan, 506 million yuan, and 635 million yuan respectively [2]. - Projected net profits for the same period are 81.62 million yuan, 108 million yuan, and 152 million yuan respectively [2]. Key Financial Metrics - Total assets are projected to reach 1.268 billion yuan in 2024, up from 1.021 billion yuan in 2023 and 552.33 million yuan in 2022 [3]. - The company's net profit is expected to increase to 151.91 million yuan in 2024 from 107.81 million yuan in 2023 and 81.62 million yuan in 2022 [3]. - The return on equity is projected to be 17.10% in 2024, down from 24.46% in 2023 and 28.92% in 2022 [3]. Ownership Structure - The actual controller, Wang Bing, directly holds 51.625 million shares, accounting for 44.33% of the total share capital, and controls an additional 12.88% through partnerships [3]. - Wang Bing's family members, including his spouse and siblings, are also significant shareholders and act in concert with him [4].

Core Viewpoint - Fused quartz and quartz are closely related but differ in manufacturing processes, purity levels, and specific characteristics, making them suitable for different applications [1][3]. Composition and Structure - Both fused quartz and quartz primarily consist of silicon dioxide (SiO₂), with fused quartz being amorphous and lacking a crystalline structure, while quartz has a crystalline structure [2]. - The amorphous structure of fused quartz is achieved through high-temperature melting, whereas quartz is naturally formed [2]. Manufacturing Process - Fused quartz is produced by melting high-purity silica sand at extremely high temperatures, resulting in a glass-like non-crystalline material, while quartz is a natural mineral that is mined and processed for various uses [2]. - The manufacturing process of fused quartz results in higher chemical purity compared to natural quartz [2]. Purity Levels - Fused quartz typically has a chemical purity exceeding 99.9%, while natural quartz also has a high SiO₂ content but may contain trace impurities depending on its source [2]. - The high purity of fused quartz makes it particularly suitable for applications requiring high optical clarity and chemical resistance [2]. Thermal Properties - Fused quartz has a very low thermal expansion coefficient, providing strong thermal shock resistance, making it suitable for high-temperature applications [2]. - Although quartz also has a low thermal expansion coefficient, its crystalline structure can make it more susceptible to thermal stress under certain conditions [2]. - Fused quartz has a high softening temperature of approximately 1670°C, allowing it to maintain structural integrity at elevated temperatures [2]. Optical Properties - Fused quartz exhibits excellent ultraviolet (UV) transmittance, making it an ideal material for lenses and other optical devices [2]. - While quartz also has good optical properties, the amorphous structure of fused quartz offers better transparency across a wider spectral range from UV to infrared [2]. - The high optical clarity and low scattering characteristics of fused quartz are particularly advantageous for precision optical applications [2]. Electrical and Chemical Resistance - Fused quartz provides outstanding electrical insulation properties, making it suitable for electronic and semiconductor applications [5]. - Both materials exhibit strong corrosion resistance and chemical inertness, but the higher purity of fused quartz typically results in better performance in corrosive chemical environments [5]. Applications - Fused quartz is commonly used in high-precision optical components, semiconductor manufacturing, and high-temperature lighting applications [5]. - Quartz is utilized in less demanding optical applications, as well as in the production of quartz glassware and industrial components [5]. - The superior performance of fused quartz makes it the preferred material for applications requiring extremely high purity, thermal stability, and optical clarity [5].