Core Viewpoint - Shenzhen Chuangzhixin Technology Co., Ltd. (Chuangzhixin) has submitted its IPO application to the Hong Kong Stock Exchange after withdrawing its A-share IPO application, aiming for faster capital market support and international exposure [12][13]. Group 1: Company Overview - Chuangzhixin, established in 2006, is the largest domestic provider of wet process coating materials in China and ranks sixth in the domestic market for wet process coating materials [2][4]. - The company has transitioned from initial losses to significant revenue growth, with revenues of 320 million yuan, 312 million yuan, and 410 million yuan from 2022 to 2024, and a gross profit margin increasing from 32.3% in 2022 to 42.8% in 2024 [3][4]. Group 2: Financing and Investment - Chuangzhixin has completed multiple financing rounds, raising approximately 589 million yuan, with significant investments from various funds and institutions [6]. - The company plans to allocate about 45% of the funds raised from the IPO for new production lines and service upgrades, with additional funds for R&D, strategic expansion, and general corporate purposes [1]. Group 3: Management and Innovation - The current general manager, Yao Yu, is the daughter of major shareholder Yao Cheng, and they are jointly driving the company's development [10]. - Chuangzhixin holds 71 invention patents and 61 utility model patents domestically, along with 6 overseas invention patents, showcasing its technological advantages in the coating materials sector [10].

Group 1 - The recent surge in Hong Kong IPOs includes multiple new listings, indicating a vibrant market environment reminiscent of 2021 [1][2] - Shenzhen Chuangzhi Xinian Technology Co., Ltd. (Chuangzhi Xinian) has submitted its IPO application to the Hong Kong Stock Exchange, focusing on semiconductor packaging materials and technology [3][9] - The company previously attempted an A-share listing but withdrew its application in May 2023, citing strategic business considerations [3][4] Group 2 - Chuangzhi Xinian was founded in November 2006 and has undergone significant ownership changes, with the current controlling shareholder being Yao Cheng, who holds approximately 66.75% of the voting rights [5][6] - Yao Cheng's daughter, Dr. Yao Yu, also plays a key role in the company, serving as the General Manager and R&D Director [7][8] Group 3 - The company has raised a total of 589 million yuan in investments from various institutions, including Shenzhen Capital Group and the National Integrated Circuit Industry Investment Fund [7] - As of April 2025, the company's valuation was approximately 2.722 billion yuan [8] Group 4 - Chuangzhi Xinian's revenue from coating materials for 2022, 2023, and 2024 was 3.12 billion yuan, 2.75 billion yuan, and 3.29 billion yuan, respectively, with a notable increase in revenue from coating services [12][16] - The company's revenue and profit have fluctuated due to the cyclical nature of the downstream electronics industry, with a rebound expected in 2024 driven by demand from AI, electric vehicles, and data centers [14][16] Group 5 - The wet process coating materials market in China is projected to grow significantly, with an expected market size of 27.5 billion yuan by 2029, reflecting a compound annual growth rate of 12.9% from 2024 to 2029 [22] - Chuangzhi Xinian ranks sixth in the Chinese wet process coating materials market, holding a 2.7% market share [26][28] Group 6 - The company faces credit risks associated with accounts receivable, which have increased over the years, indicating potential challenges in cash flow management [19][29] - R&D investment is crucial for the company, with a total of 85.2 million yuan spent on R&D during the reporting period, representing an R&D expense ratio of approximately 8.2% [18]

【创智芯联向港交所递交上市申请，财务表现亮眼且行业前景佳】近日，深圳创智芯联科技股份有限公 司向港交所递交上市申请，海通国际、建银国际、招商证券国际为联席保荐人。该公司曾于2023年12月 启动A股IPO辅导，2025年5月撤回，最终选择拟在港IPO。 创智芯联是中国领先的金属化互连镀层材料 和关键工艺技术方案提供商，近20年推动相关领域镀层材料供应链发展。按2024年收入计，其是中国最 大国内湿制程镀层材料及一站式镀层解决方案提供商。 财务数据显示，2022 - 2024年，创智芯联营收 分别为3.2亿元、3.12亿元、4.1亿元；毛利分别为1.03亿元、1.1亿元、1.75亿元；毛利率分别为32.3%、 35.3%、42.8%。2024年，镀层材料业务收入3.3亿元，占比80.2%；镀层服务业务收入8109万元，占比 19.8%。 其镀层材料与服务用于电子封装关键金属化互连环节，推动芯片制造等下游行业发展。镀层材 料对保障芯片和器件性能及可靠性至关重要。 机构测算，2024年全球湿制程镀层材料市场反弹至407亿 元，预计2029年达737亿元，年复合增长率12.6%。中国市场规模预计2029年增至275亿 ...

Group 1 - Company submitted an IPO application to the Hong Kong Stock Exchange, with Haitong International, Jianyin International, and China Merchants Securities International as joint sponsors [1] - Company is a leading provider of metallization interconnection plating materials and key process technologies in China, focusing on wafer-level and chip-level packaging, as well as PCB manufacturing [1] - According to Frost & Sullivan, the company is the largest domestic wet process plating material provider in China by revenue in 2024, and also the largest one-stop plating solution provider in the market [1] Group 2 - Financial data shows the company's revenue for 2022, 2023, and 2024 at 320 million, 312 million, and 410 million RMB respectively, with corresponding gross profits of 103 million, 110 million, and 175 million RMB, leading to gross margins of 32.3%, 35.3%, and 42.8% [1] - Revenue is primarily derived from plating materials and plating services, with plating materials accounting for 80.2% of total revenue in 2024, while plating services contributed 19.8% [1] Group 3 - Company's plating materials and services are critical for electronic packaging production, significantly impacting the performance, mechanical properties, thermal dissipation, and reliability of chips and devices [2] - The global wet process plating materials market is projected to rebound to 40.7 billion RMB in 2024, with an estimated CAGR of 12.6% from 2024 to 2029, reaching 73.7 billion RMB by 2029 [2] - The Chinese wet process plating materials market is expected to grow to 27.5 billion RMB by 2029, with a CAGR of 12.9% from 2024 to 2029, driven by emerging applications in AI and electric vehicles [2] Group 4 - Approximately 45% of the IPO proceeds will be used for the construction and upgrade of new production lines for plating materials and services, while 30% will be allocated for R&D, technological innovation, and product upgrades [2] - About 15% of the funds will be reserved for potential strategic expansion opportunities [2] - Specific allocations include 25% for enhancing plating service capabilities and upgrading production equipment, 10% for expanding plating material capacity and building new production lines, and 10% for establishing an overseas production base in Thailand [3]

Core Viewpoint - Shenzhen Chuangzhi Xinlian Technology Co., Ltd. has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading provider of metallization interconnection plating materials and key process technologies in China [2] Business Overview - Chuangzhi Xinlian focuses on the development of supply chains for plating materials in wafer-level and chip-level packaging, as well as PCB manufacturing [2] - According to Frost & Sullivan, by 2024, Chuangzhi Xinlian is projected to be the largest domestic wet process plating material provider and the largest one-stop plating solution provider in the Chinese market [2] Revenue Breakdown - The company's revenue primarily comes from two business segments: 1. Plating materials business segment, which generates income through the manufacturing and sales of plating materials for the semiconductor and PCB industries [2] 2. Plating services business segment, which provides plating services for silicon wafers, silicon carbide wafers, packaging substrates, and PCBs, charging service fees [2] Industry Impact - The synergy between the two business segments enhances Chuangzhi Xinlian's influence within the industry ecosystem, allowing it to supplement customer production capacity and undertake key tasks in innovative process development [3] - As of December 31, 2024, Chuangzhi Xinlian's chemical nickel-gold and chemical nickel-palladium-gold materials and plating services have been adopted by 4 out of the top 5 power device manufacturers in China, achieving an 80% coverage rate [3] Financial Performance - Chuangzhi Xinlian's total revenue for 2022, 2023, and 2024 was RMB 319.6 million, RMB 311.7 million, and RMB 409.9 million, respectively [4] - The net profit for the same years was RMB 27.3 million, RMB 19.4 million, and RMB 52.7 million, respectively [4] - Revenue from plating materials for the semiconductor industry grew from RMB 31.7 million in 2022 to RMB 48.6 million in 2023, and is expected to reach RMB 75.0 million in 2024, with a compound annual growth rate of 53.8% from 2022 to 2024 [4]

在技术进步、大规模投资建设新晶圆厂、全球电子应用需求上升及政策利好等多重因素共同推动下，2020年至2024年，中国 半导体及PCB制造行业持续扩张。 2020年至2024年，中国半导体制造市场规模由人民币2,560亿元增长至人民币4,437亿元，而PCB制造市场规模于同期由2,750 亿元增长至币3,524亿元。随着中国持续巩固全球制造枢纽地位，国内生产的半导体及PCB数量持续攀升，进而推动湿制程 镀层材料整体需求增长。 在此背景下，相关半导体及 PCB概念企业也开始在资本市场活跃起来了。 据招股书数据显示，2022年至2024年，该公司实现收入分别为人民币3.20亿元、3.12亿元及4.10亿元，实现净利润分别为人 民币2,732.8万元、1,942.1万元及5,270.6万元。 在这其中，半导体行业用镀层材料作为公司镀层材料收入的一大分支，近几年来增长十分迅速，从2022年的3172万元增长至 2023年的4857万元，再到2024年的7503万元，年复合增长率达53.8%。与此同时，公司镀层服务业务收入实现了快速增长， 从2022年的813.5万元上升至2024年的8108.5万元，显示公司业务多元化 ...

深圳创智芯联科技股份有限公司（以下简称"创智芯联"）近日提交港股上市申请，海通国际、建银国际、招商证 券国际为联席保荐人。 创智芯联是中国领先的金属化互连镀层材料和关键工艺技术的方案提供商，近二十年始终致力于推动晶圆级和芯 片级封装，以及PCB制造领域镀层材料供应链发展。 公司近3年财务表现波动较大，2024年实现收入4.1亿元、归母净利润5444.8万元。 中国市场最大的国内湿制程镀层材料提供商 创智芯联的毛利率呈上升趋势，从2022年32%上升至2024年43%。 根据弗若斯特沙利文的资料，按2024年收入计，创智芯联是中国市场中最大的国内湿制程镀层材料提供商，同时 也是中国市场最大的一站式镀层解决方案提供商。 2024年，公司超过八成收入来自于镀层材料，其中来自PCB行业镀层材料的收入占比达到61.9%。 值得注意的是，近年来，公司来自半导体行业镀层材料、化镀和电镀服务的收入占比均呈上升趋势。 | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | ...

芯东西6月12日报道，6月9日，深圳半导体封装材料提供商创智芯联正式递表港交所。 根据IPO文件，创智芯联成立于2006年11月，是湿制程镀层材料行业的全球领导者，亦是电子封装行业金属化互连领域中兼具技术话语权与生 态整合能力的中国领先企业，2024年被认定为国家级专精特新"小巨人"企业。 | 80% | 排名第一 | 53.8% | | --- | --- | --- | | 中國前五大功率器件廠商覆蓋率3 | 濕製程鍍層材料中國提供商 · 一站式鍍層材料及鍍層服務中國提供商2 | 2022财年至2024财年半導體業務 收入增長CAGR | | 90% | 8.500+萬元人民幣 | 130+家 | | 中國前十大PCB企業覆蓋率3 | 2022财年至2024财年研發費用開支 | 半導體領域客戶 | 作为中国领先的金属化互连镀层材料和关键工艺技术的方案提供商，近二十年来，创智芯联致力于推动晶圆级和芯片级封装，以及PCB制造领 域镀层材料供应链发展。 01.三年累计营收逾10亿，净利润约1亿 电子封装是为电子器件设计和制造保护性外壳的技术，直接影响器件的性能、可靠性、尺寸与成本。其层级可划分为晶圆级封装、芯片 ...

Core Viewpoint - Shenzhen Chuangzhi Xinian Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Haitong International, Jianyin International, and China Merchants Securities International as joint sponsors [1] Company Overview - Chuangzhi Xinian is a provider of metallization interconnection plating materials and key process technologies, focusing on wafer-level and chip-level packaging, as well as PCB manufacturing [4] - The company has developed a complete product matrix for chemical and electroplating materials, covering applications in wafer-level packaging, chip-level packaging, and PCB manufacturing [4] - According to Frost & Sullivan, the company is the largest domestic provider of wet process plating materials in China by revenue in 2024, and also the largest one-stop plating solution provider in the Chinese market [4] Business Segments - The company's revenue primarily comes from its one-stop service solutions, which include plating materials and plating services [4] - The plating materials business is the main revenue driver, generating income through the manufacturing and sale of plating materials used in semiconductor and PCB industries [4] - The main products include chemical nickel-gold, chemical nickel-palladium-gold, electroplated copper, and cyanide-free electroplated gold [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 319.6 million, 311.7 million, and 409.9 million RMB, respectively [7] - The annual profits for the same periods were 27.3 million, 19.4 million, and 52.7 million RMB [7] - The gross profit for 2022, 2023, and 2024 was 103.3 million, 110.0 million, and 175.3 million RMB, respectively [8]