据招股书，"沈阳半导体射频电源系统产业化建设项目"以公司现有产品和技术为依托，在沈阳设立子公司并作为北方根据地，主要开展半导体级等离子体射 频电源系统产品的生产和销售，统筹区域内优势资源，健全总部与子公司之间的分工合作机制。项目在建设完成后，将进一步提升半导体级等离子体射频电 源系统的生产能力，扩展公司在北方地区的业务服务范围，增加北方地区的客户覆盖深度。 "半导体与真空装备核心零部件智能化生产运营基地项目""研发与前沿技术创新中心项目"系在现有产品和核心技术的基础上，进一步丰富和拓展低频大功率 等离子体射频电源、PVD 直流溅射电源、远程等离子体源等产品，增加公司研发产品储备，并根据下游客户需求快速形成产品和解决方案，拓展光伏、显 示面板、精密光学等领域的客户。同时，也将对现有产品的频率、功率覆盖范围进一步升级，与公司主营业务紧密相关。 "营销及技术支持中心项目"通过在长三角地区、珠三角地区、京津冀地区、中西部地区等关键区域建立营销及技术支持中心，能够直接与终端晶圆厂沟通并 获取实时的技术反馈，为客户提供更加精准和定制化的技术服务，并且能够直接参与到与终端晶圆厂的合作，第一时间获悉先进制程对核心零部件的最新 ...

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has officially initiated its A-share listing process on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.469 billion yuan through the issuance of 16.930559 million shares, which will account for 25.01% of the total post-issue share capital [1] Group 1: Company Overview - Hengyun Chang is a leading supplier of core components for semiconductor equipment, focusing on plasma radio frequency power systems, which are considered a critical and technically challenging segment of the semiconductor industry [1][2] - The company has developed three generations of products (CSL, Bestda, Aspen) over ten years, successfully breaking the long-standing monopoly of two major American companies, MKS and AE, in the domestic market [2] Group 2: Technological Advancements - The second-generation Bestda series supports 28nm processes, while the third-generation Aspen series supports advanced processes of 7-14nm, achieving international advanced levels and filling domestic gaps [2] - Hengyun Chang has established a comprehensive independent technology system covering key technologies such as signal sampling and processing, phase locking, and synchronous control, with a total of 261 authorized patents as of June 30, 2025 [2] Group 3: Market Position and Growth - The company has secured strong strategic partnerships with leading domestic semiconductor equipment manufacturers, becoming a core supplier in critical processes such as thin film deposition and etching [3] - From 2022 to 2024, Hengyun Chang's revenue is projected to grow from 158 million yuan to 541 million yuan, with net profit increasing from 20 million yuan to 129 million yuan, indicating robust growth potential [3] - The gross profit margin for the main business is expected to rise from 41.49% in 2022 to 48.51% in 2024, driven by an increasing proportion of high-margin self-developed products [3] Group 4: IPO and Future Plans - The IPO proceeds will focus on capacity expansion and technological advancements, positioning the company to capitalize on the growth opportunities in the semiconductor industry [3] - The implementation of the fundraising projects is expected to enhance production scale, strengthen R&D investment, improve customer support capabilities, and expand capital strength, further solidifying the company's leading position in the plasma radio frequency power system sector [3]

公司2022年度至2025年半年度归属于母公司股东的净利润分别为2618.79万元、7982.73万元、1.42亿元 和6934.76万元。2025年6月末，公司在手订单金额为1.07亿元，较2024年末下滑22.13%。公司主营业务 毛利率分别为41.49%、45.86%、48.51%和49.01%，收入规模快速增长的同时实现毛利率逐年提升，主 要得益于公司高毛利率的自研产品销售规模及占比快速增长。公司收入、利润快速增长主要受到国内半 导体行业景气度上升、国产替代浪潮、公司产品竞争力持续加强、产品持续升级迭代以及市场进一步开 拓的影响。 公司是国内领先的半导体设备核心零部件供应商，主要从事等离子体射频电源系统、等离子体激发装 置、等离子体直流电源、各种配件的研发、生产、销售及技术服务，并引进真空获得和流体控制等相关 的核心零部件，围绕等离子体工艺提供核心零部件整体解决方案。 恒运昌(688785.SH)披露招股意向书，公司拟公开发行新股数量为1693.0559万股，占发行后总股本的比 例为25.01%。高级管理人员与核心员工拟通过资产管理计划参与本次发行战略配售，参与战略配售的 数量不超过本次发行规模的10 ...

Group 1 - The company plans to publicly issue 16.930559 million new shares, accounting for 25.01% of the total share capital after issuance [1] - Senior management and core employees intend to participate in the strategic placement of the issuance through an asset management plan, with a maximum participation of 10% of the issuance scale, equating to 1.6930559 million shares [1] - CITIC Securities Co., Ltd. will participate in the strategic placement with an initial investment ratio of 5%, amounting to approximately 846,527 shares [1] Group 2 - The company is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, and various accessories [1] - The net profit attributable to the parent company for the years 2022 to the first half of 2025 is projected to be 26.1879 million, 79.8273 million, 142 million, and 69.3476 million respectively [2] - The company’s gross profit margins for its main business are expected to increase from 41.49% in 2022 to 49.01% in the first half of 2025, driven by the growth of high-margin self-developed products [2] - The total investment for the projects funded by the raised capital is estimated at 1.518 billion, with 1.469 billion planned to be allocated from the raised funds [2]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, indicating a significant step in its growth trajectory [1] Financial Performance - The company reported revenues of 158 million yuan, 325 million yuan, and 541 million yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue growth of 66.26% in 2024 [1] - Net profits for the same years were 26.19 million yuan, 79.83 million yuan, and 142.54 million yuan, reflecting a year-on-year increase of 77.31% in 2024 [1] - Basic and diluted earnings per share are projected to be 2.79 yuan in 2024, up from 1.62 yuan in 2023 [1] Research and Development - R&D expenditures over the past three years were 21.54 million yuan, 36.96 million yuan, and 55.28 million yuan, representing 13.62%, 11.36%, and 10.22% of revenue respectively [1] - As of June 30, 2025, the company employed 158 R&D personnel, accounting for 42.13% of its total workforce [1] Key Financial Metrics - The company’s key financial indicators for 2024 include: - Revenue: 540.79 million yuan - Net profit attributable to shareholders: 141.54 million yuan - Net profit after deducting non-recurring gains and losses: 128.97 million yuan - Net cash flow from operating activities: 99.50 million yuan - Return on equity: 23.26% [1]

Group 1 - The core viewpoint of the article highlights that Hengyun Chang is a leading supplier of core components for semiconductor equipment in China, focusing on the development, production, sales, and technical services of plasma RF power systems, plasma excitation devices, plasma DC power supplies, and various accessories [1] - According to Frost & Sullivan, the market size for plasma RF power systems in the semiconductor industry in mainland China is projected to reach 6.56 billion yuan in 2024 [1] - The competitive landscape of the plasma RF power system market in mainland China's semiconductor industry is characterized by a high degree of monopoly by overseas giants MKS and AE [1] Group 2 - In 2024, Hengyun Chang holds the leading market share among domestic manufacturers of plasma RF power systems in the semiconductor industry in mainland China, indicating its strong market position [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (referred to as "Hengyun Chang") for a period of 12 months from the date of approval [1] Company Overview - Hengyun Chang specializes in the research, development, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, plasma DC power supplies, and various accessories [1] - The company also focuses on providing overall solutions for core components related to plasma processes, including the introduction of core components for vacuum acquisition and fluid control [1] IPO Details - Hengyun Chang's IPO application was accepted on June 13, 2025, and it entered the inquiry stage on July 6, 2025 [1] - The company received approval on November 14, 2025, and submitted its registration on the same day [1] - The company aims to raise approximately 1.469 billion yuan, with the net proceeds intended for various projects, including the industrialization of semiconductor radio frequency power systems, the establishment of an intelligent production and operation base for core components of semiconductor and vacuum equipment, a research and innovation center for cutting-edge technologies, a marketing and technical support center, and to supplement working capital [1]

Core Viewpoint - The article discusses the growth and challenges faced by Hengyun Chang, a leading domestic plasma RF power system company, amid the ongoing "domestic substitution" trend in the semiconductor industry, highlighting its dependency on a major client, Tuojing Technology, and the implications for its upcoming IPO [1][2][3]. Company Overview - Hengyun Chang specializes in the research, production, and sales of plasma RF power systems and related components, having partnered with Tuojing Technology since 2018 to develop these systems [3]. - The company has seen significant revenue growth, with projected revenues of 1.59 billion, 3.25 billion, and 5.41 billion for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 84.91% [7]. Financial Performance - Despite strong revenue growth, Hengyun Chang's performance is showing signs of volatility, with a projected revenue decline of 9.58% to 4.69% for 2025, and a significant drop in net profit [10]. - The company’s reliance on Tuojing Technology is evident, as over 60% of its revenue comes from this client, and any fluctuations in Tuojing's orders directly impact Hengyun Chang's financial stability [7][9]. IPO and Market Position - Hengyun Chang plans to raise 1.69 billion through its IPO, down from an initial target of 2.5 billion, indicating potential challenges in securing investor confidence [6]. - The company is facing scrutiny regarding its growth sustainability and the stability of its major client relationships, as highlighted by repeated inquiries during the IPO review process [2][10]. Market Context - The global plasma RF power system market is projected to grow, with a forecasted CAGR of 10.6% from 2025 to 2029, contrasting with Hengyun Chang's declining order book and revenue projections [8]. - The semiconductor industry has been experiencing a "domestic substitution" trend since 2014, which has benefited companies like Hengyun Chang, but the company must navigate its dependency on a single client to maintain its growth trajectory [5].

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. successfully passed the IPO on the Sci-Tech Innovation Board, attracting attention due to its leading position in the semiconductor RF power system industry [2] Company Overview - Hengyunchang, established in March 2013, focuses on the R&D, production, sales, and technical services of plasma RF power systems and related devices [4] - The company's self-developed plasma RF power systems have seen a significant increase in revenue contribution, rising from 62% in 2022 to 77% in 2024 [4][7] Product Development - The company has developed three generations of products: CSL, Bestda, and Aspen, which support advanced semiconductor manufacturing processes [4] - The Bestda series supports 28nm processes, while the Aspen series supports 7-14nm processes, filling a gap in the domestic market [2] Client Relationships - The largest client, Tuojing Technology, has significantly invested in Hengyunchang prior to the IPO, raising concerns about dependency [5] - In 2022, sales to Tuojing Technology accounted for 45% of Hengyunchang's revenue, projected to increase to 63% in 2024 [5] Financial Performance - Revenue for Hengyunchang has shown substantial growth, with figures of 158 million, 325 million, and 541 million yuan from 2022 to 2024, respectively [8] - However, the company anticipates a decline in performance for 2025, with projected revenue between 489 million and 515 million yuan, a decrease of 5% to 10% compared to 2024 [8][9] Market Outlook - The domestic market for plasma RF power systems is expected to grow from 4.27 billion yuan in 2020 to 6.56 billion yuan in 2024, with a compound annual growth rate exceeding 11% [10] - The industry is on an upward cycle, and Hengyunchang's ability to leverage IPO funding for growth will be crucial for maintaining its leading position [10]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including two semiconductor firms, Qiangyi Co. and Hengrun Chang, aiming to list on the Sci-Tech Innovation Board and Beijing Stock Exchange respectively [2][3] - Qiangyi Co. focuses on the development and production of probe cards, essential for semiconductor testing, with a high customer concentration where the top five clients contribute about 80% of revenue [2][3] - Hengrun Chang specializes in plasma RF power systems, with revenue projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, although a slight decline in revenue is expected in 2025 due to increased R&D and capacity expansion [3][4] New IPO Applications and Upcoming Listings - Five companies are scheduled for IPO reviews this week, including Zhenstone Co., which plans to raise 3.981 billion yuan, focusing on clean energy materials [5][6] - Zhenstone's revenue is expected to decline from 5.267 billion yuan in 2022 to 4.439 billion yuan in 2024, primarily due to market competition and raw material price fluctuations [6] - Other companies like Yisiwei and Aide Technology are also preparing for IPOs, with Yisiwei's revenue heavily reliant on government subsidies [7][8] New Stock Listings and Subscription Dynamics - Three new stocks are set to be listed this week, including Beikang Detection, Hengkun New Materials, and Nanfang Network Digital, with significant revenue growth reported for Nanfang Network Digital [12][13] - Beikang Detection focuses on non-ferrous metal inspection services, while Hengkun New Materials specializes in key materials for semiconductor manufacturing [12][13] - Two new stocks are scheduled for subscription, including Jingchuang Electric and China Uranium, with China Uranium projected to achieve revenue between 19.5 billion and 20 billion yuan in 2025 [14][15]