Core Viewpoint - Hantian Technology is planning to go public on the Hong Kong Stock Exchange, focusing on the development, mass production, and sales of silicon carbide (SiC) epitaxial wafers, with a significant market share in the industry [1][4]. Group 1: Company Overview - Hantian Technology was established in 2011 and specializes in SiC epitaxial wafer technology, with applications in electric vehicles (EVs), ultra-fast charging stations, energy storage systems (ESS), energy supply, and data centers [1]. - The company is entering new markets, including next-generation home appliances, high-speed rail, electric ships, and low-altitude flight applications [1]. - According to a report by Zhaoshang Consulting, Hantian Technology is the largest supplier of SiC epitaxial wafers globally in terms of sales volume since 2023, with a market share exceeding 30% in 2024 [1]. Group 2: Business Model - Hantian Technology operates under two business models: sales of epitaxial wafers and epitaxial wafer foundry services [1]. - In the sales model, the company procures raw materials, produces, and delivers products, providing a one-stop solution [1]. - In the foundry model, clients provide substrates, while the company procures other auxiliary materials, grows the SiC epitaxial layer, and delivers the final product to clients [1]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 441 million, 1.143 billion, and 974 million respectively, indicating revenue volatility with a 14.72% year-on-year decline in 2024 [1][4]. - The gross profit margin decreased from 44.7% in 2022 to 34.1% in 2024, primarily due to a decline in SiC epitaxial wafer prices [1]. - Net profit figures for the same years were 143 million, 122 million, and 166 million, with the increase in 2024 attributed to government subsidies amounting to 112 million, which constituted 67.24% of total profit [4]. Group 4: IPO Plans - Hantian Technology previously applied for a listing on the Sci-Tech Innovation Board in December 2023 but withdrew the application in June 2024 based on its corporate development strategy [4]. - The company plans to use the proceeds from the IPO to expand SiC epitaxial chip production capacity, enhance research and development, and for general corporate purposes [6].

将投中网设为"星标⭐"，第一时间收获最新推送 厦门冲出一个明星独角兽。 作者丨 鲁智高 来源丨 投中网 一家厦门的明星独角兽，正朝着港股冲去。 近日，瀚天天成申请在港上市。在赵建辉的带领下，这家碳化硅外延晶片提供商，三年共卖出超过 45 万片晶片，一年的收入接近 10 亿元。 这个成功的故事背后，离不开厦门的大力支持。在厦门的邀请下，已经是美国罗格斯大学终身教授的赵建辉最终选择回国创业，这才有了瀚天天成。此 后，在政策、资金等方面，厦门为这家公司的发展提供了众多帮助。 一路走来，瀚天天成获得赛富投资基金、哈勃投资、厦门高新投、厦门火炬集团、中南创投、海通新能源、华润微电子、金圆集团、工银投资、工银资 本等青睐，同时还成为 AIC 股权投资扩大试点政策出台后，厦门首个双落地 AIC 基金首单投资项目，估值超过 260 亿元。 通过专注于碳化硅技术发展研究和开发，赵建辉不仅成为最早一批开展第三代半导体碳化硅研究的学者，同时还是全球首位因对碳化硅技术研究和产业 应用做出重大贡献而获选 IEEE Fellow 的研究者。 为了让国人享受到碳化硅半导体带来的转型发展红利，更是要让这一产业的核心技术实现"中国造"，赵建辉 ...

制图：佘诗婕 业绩波动 瀚天天成成立于2011年，主要从事碳化硅外延晶片的研发、量产及销售。 星标 ★ IPO日报 精彩文章第一时间推送 近日，瀚天天成电子科技（厦门）股份有限公司 （ 下称" 瀚天天成 ")在港交所递交招股书，拟在港交所主板上市，独家保荐人是中金公 司。 作为全球最大的碳化硅外延供应商，瀚天天成拥有全球前5大碳化硅功率器件巨头中的4家作客户，年收入9.74亿元，毛利率高达34.1%，近七成 收入来自亚洲客户，仅有3.4%的收入来自北美洲客户。 此前，瀚天天成曾于2023年12月向上交所提交了A股上市申请，但半年后主动终止了上市之旅，这次谋求港交所IPO，能成功吗？ 2022年-2024年（下称"报告期"），瀚天天成实现营业收入分别为4.41亿元、11.43亿元和9.74亿元， 相应的净利润分别为1.43亿、1.22亿和1.66亿 元，相应的经调整净利润分别为1.72亿元、3.78亿元和3.21亿元。 不难看出，瀚天天成营业收入和经调整净利润先升后降，净利润先降后升，均有明显波动。 资料显示，相较传统硅晶片，碳化硅外延晶片具备多项优势，包括但不限于更卓越的温度稳定性、更高的击穿电压及更优异的导 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 映 恩生 物 港股｜上市在即 据IPO早知道消息，Duality Biotherapeutics, Inc.（以下简称"映恩生物"）计划于2025年4月15日 正式以"9606"为股票代码在港交所主板挂牌上市。 映恩生物计划在本次IPO中发行15,071,600股股份。其中，香港公开发售1,507,200股股份，国际发 售13,564,400股股份。 值得注意的是，映恩生物在本次IPO发行中总计引入十余家基石投资者，累计认购规模6500万美元 （5.05亿港元）——BioNTech SE(Nasdaq: BNTX)认购500万美元、礼来认购500万美元、清池资 本（Lake Bleu Prime）认购500万美元、TruMed Investment认购1000万美元、富国基金认购 1000万美元、易方达基金认购800万美元、汇添富基金认购600万美元、磐京基金认购500万美元、 MY.Alpha Management认购500万美元、Exome Asset Management认购400万美元、苏 ...

Core Viewpoint - The company, Hantian Tiancheng Electronic Technology (Xiamen) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage capital market opportunities for further development in the silicon carbide epitaxy industry [2][4]. Group 1: Company Overview - Hantian Tiancheng specializes in the research, production, and sales of silicon carbide epitaxial wafers, with a business model that includes both wafer sales and foundry services [2]. - The company is positioned as a global leader in the silicon carbide epitaxy industry, projected to hold over 30% market share by 2024, and has established itself as the largest supplier by sales volume since 2023 [3]. Group 2: Financial Performance - Revenue projections for the company from 2022 to 2024 are RMB 441 million, RMB 1.143 billion, and RMB 974 million, respectively, with net profits of RMB 143 million, RMB 122 million, and RMB 166 million during the same period, indicating a profitable growth trend [3]. - Research and development expenditures are expected to be RMB 44 million, RMB 102 million, and RMB 80 million from 2022 to 2024, reflecting the company's commitment to innovation and maintaining technological advantages [5]. Group 3: Market Position and Customer Base - The company has a strong customer base, with four out of the top five global silicon carbide power device manufacturers and seven out of the top ten being its clients, showcasing the quality and reliability of its products [6]. - The growing demand for silicon carbide epitaxial wafers is anticipated due to the rapid development of sectors like electric vehicles and energy storage, positioning the company to benefit from industry growth [6]. Group 4: Risks and Challenges - The company faces increasing competition in the silicon carbide epitaxy industry, which may pressure its market share if it fails to innovate continuously [4]. - There is a high dependency on a few major clients, raising concerns about potential impacts on performance if these key customers were to leave [7]. - Investors are also concerned about the company's strategies to navigate international trade tensions and geopolitical risks, particularly regarding export controls and economic sanctions [8].

全球率先实现8英寸碳化硅外延晶片大批量外供的生产商。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 瀚天天成电子科技 (厦门)股份有限公司 （以下简称 " 瀚天天成 "）于2025年4 月8日正式向港交所递交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 成立于 2011年的 瀚天天成是全球率先实现 8英 寸 碳化硅外延晶片大批量外供的生产商，也是中国 首家实现商业化 3英 寸 、 4英 寸 、 6英 寸 和 8英 寸 碳化硅外延 晶片批量供应的生产商。 2024 年，瀚天天成通过自产和代工模式累计销售了超过16.4万片碳化硅外延晶片 ； 2022年至2024年， 瀚天天成累计交付了合共超过 45万片碳化硅外延晶片。 财务数据方面。 2022年至2024年， 瀚天天成 的营收分别为 4.41亿元、11.43亿元和9.74亿元；同 期的净利润分别为1.43亿元、1.22亿元和1.66亿元 。 瀚天天成 在招股书中表示， IPO募集所得资金净额将主要用于 以严谨且审慎的方式扩大碳化硅外延 晶片产能，以满足不断增长的市场需求 ； 碳化硅外延晶 ...