如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自 上海证券报·中国证券网 ，谢谢 。 今天，厦门恒坤新材料科技股份有限公司（正式在上海证券交易所科创板上市交易，为厦门半导体 产业再添上市新军。上市首日收盘，公司大涨310%，市值直逼300亿。 恒坤新材成立于2004年，总部位于厦门市海沧区，专注于集成电路制造过程的两大关键材料—— 光刻材料和前驱体材料的研发、生产和销售，是中国境内少数具备12英寸集成电路晶圆制造关键 材料研发和量产能力的创新企业之一。 从2004年成立，到2014年确立如今的产品路径，从引进国外产品到自产营收不断增长，恒坤新材 创新性地走出了一条"引进、消化、吸收、再创新"的发展路径，公司客户涵盖多家中国境内领先的 12英寸集成电路晶圆厂，已实现境外同类产品替代。 本次IPO，恒坤新材拟募集资金10.07亿元，主要用于"集成电路前驱体二期项目"和"集成电路用先 进材料项目"的建设，帮助公司进一步扩大产能、提升技术水平，满足不断增长的市场需要。公司 力争成为具有核心竞争力，国内领先、国际先进的集成电路关键材料本土企业。 从引进到领跑 恒坤新材成立于2004年，设立之初主要从事光电 ...

Core Viewpoint - The successful IPO of Hengkun New Materials, founded by Yi Rongkun, marks a significant milestone in the development of the integrated circuit industry in Xiamen and China, showcasing a remarkable transformation from OEM to a key player in semiconductor materials [2][3]. Group 1: Company Background and Development - Yi Rongkun, a 54-year-old entrepreneur from Fujian, founded Hengkun in 1996, initially focusing on OEM production for companies like Panasonic and Sharp [3]. - In 2004, the company shifted its focus to the research and manufacturing of optoelectronic films and window lens products, eventually rebranding as Hengkun New Materials [3][5]. - The pivotal moment came in 2017 when Hengkun secured an order from Intel's Dalian factory, allowing it to enter the integrated circuit wafer manufacturing supply chain [5]. Group 2: Business Focus and Product Development - Hengkun New Materials specializes in key materials for integrated circuits, including photolithography materials and precursors, which have been historically dominated by foreign companies [5][8]. - The company has successfully developed and mass-produced various photolithography materials, including SOC, BARC, KrF, and i-Line photoresists, with advanced ArF immersion photoresists entering small-scale sales [9]. - The revenue from self-produced products has significantly increased, rising from 38.94% in 2022 to 86.68% in the first half of 2025, indicating a strong improvement in business structure and product competitiveness [10]. Group 3: Financial Performance - The company's revenue grew from 322 million yuan in 2022 to an expected 548 million yuan in 2024, with net profits consistently around 100 million yuan [10][12]. - As of June 30, 2025, total assets reached approximately 293.75 million yuan, with a debt-to-asset ratio of 47.18% [11]. Group 4: Industry Context and Capital Support - Hengkun's growth is supported by local capital, with multiple rounds of financing from Xiamen-based investment institutions, reflecting strong market confidence in the company [15][18]. - The integrated circuit industry in Xiamen has evolved from a 50 billion yuan output in 2014 to an expected 400 billion yuan by 2024, establishing a complete supply chain encompassing design, manufacturing, packaging, testing, and materials [18][20]. - The local government has implemented innovative funding models to attract investment, further enhancing the development of the semiconductor industry in Xiamen [20].

Core Viewpoint - Hengkun New Materials has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant stock price increase of 280.32% post-IPO, indicating strong market interest and potential growth in the semiconductor materials sector [1]. Company Overview - Established in December 2004, Hengkun New Materials focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photoresist and precursor materials, addressing domestic gaps and providing solutions for advanced semiconductor manufacturing [4][6]. - The company has achieved mass production of its products, including SOC, BARC, KrF photoresist, and i-Line photoresist, with ArF immersion photoresist undergoing validation for small-scale sales [4]. Market Position and Financial Performance - According to Frost & Sullivan, Hengkun New Materials ranks among the top domestic manufacturers in the 12-inch integrated circuit sector, with its SOC and BARC sales leading the domestic market in 2023 [6]. - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are projected at 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, respectively, with self-produced product sales increasing significantly [6]. - The revenue share of self-produced products is expected to grow from 38.94% in 2022 to 86.68% by mid-2025, reflecting a strong upward trend in market penetration [6]. Product Growth and Market Trends - SOC product revenue has more than doubled over three years, with projected sales of 232 million yuan in 2024 and a domestic market share exceeding 10%, indicating successful competition against international giants [6]. - BARC products have maintained over 140% year-on-year growth since their market introduction in 2021, showcasing robust market penetration capabilities [6]. - The growth of i-Line and KrF photoresists, which began sales in 2022, is notable, with projected sales reaching 7.15 million yuan and 13.52 million yuan in 2024, respectively, highlighting the acceleration of domestic substitution [7]. Future Prospects and Industry Integration - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO to invest in projects aimed at enhancing production capacity for high-purity precursors and advanced materials, marking a strategic move towards deeper domestic integration [7]. - The domestic integrated circuit key materials market is projected to reach 258.96 billion yuan by 2028, with manufacturing materials accounting for over 70%, providing a substantial growth opportunity for Hengkun New Materials [7]. - The company's development is closely tied to the broader Chinese semiconductor industry's efforts to overcome challenges, with several major domestic wafer manufacturers already among its clients, ensuring stable orders and fostering a collaborative ecosystem [8].

Core Viewpoint - Hengkun New Materials (688727.SH) has initiated its subscription with an issue price of 14.99 CNY per share and a price-to-earnings ratio of 71.42 times, focusing on the research and industrial application of key materials in the integrated circuit field [1] Company Overview - Hengkun New Materials is one of the few domestic companies capable of mass production of photolithography materials and precursor materials, primarily engaged in the research, production, and sales of products such as SOC, BARC, KrF photoresist, and TEOS [2][1] - The company has achieved significant sales in SOC and BARC, ranking first among domestic manufacturers in 2023 [2] Market Position - The company has successfully replaced products from major foreign manufacturers like DuPont and Merck, becoming a key supplier of integrated circuit photolithography and precursor materials in China [2] - Despite breakthroughs by domestic manufacturers, the market for 12-inch integrated circuit photolithography and precursor materials is still largely dominated by foreign companies [1] Financial Performance - The company reported revenues of approximately 322 million CNY, 368 million CNY, and 548 million CNY for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 99.73 million CNY, 89.76 million CNY, and 96.91 million CNY [2] - Key financial metrics for 2024 include total assets of 2.645 billion CNY, equity attributable to shareholders of 1.500 billion CNY, and a debt-to-asset ratio of 43.26% [3] Research and Development - The company has increased its R&D investment as a percentage of revenue, reaching 16.17% in 2024, up from 14.59% in 2023 and 13.28% in 2022 [3]

Core Viewpoint - The establishment of testing standards for extreme ultraviolet (EUV) photoresists is crucial for the development of China's semiconductor industry, particularly as the country aims for self-sufficiency in advanced chip manufacturing [2][3]. Group 1: Standards and Testing Methods - The National Standardization Administration has announced three key standards related to photoresists, including methods for testing EUV photoresists, which are essential for semiconductor manufacturing at nodes of 3 nm and below [2][3]. - The EUV photoresist testing standard will systematically integrate material characteristics and performance parameters, focusing on critical performance indicators such as purity, etch resistance, line edge roughness, and sensitivity [3]. Group 2: Industry Implications - The development of these standards is significant as China's current domestic production rate of EUV photoresists is nearly zero, and the R&D efforts are still in the early stages [3]. - Establishing a unified testing methodology will not only fill the technical standard gap in the EUV photoresist field but also provide an objective benchmark for performance evaluation, promoting innovation in the domestic photoresist industry [3]. Group 3: Upcoming Events - TrendBank is organizing the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [4][5].

Group 1 - The China Securities Regulatory Commission has approved Xiamen Hengkang New Materials Technology Co., Ltd. for its initial public offering on the Sci-Tech Innovation Board, with a fundraising target of 1.007 billion yuan [1] - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [4] - The company's main products include photolithography materials and precursor materials, with significant sales revenue of 344.1893 million yuan in 2024, establishing itself as a major supplier of integrated circuit photolithography and precursor materials in China [4]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, marking its entry into the capital market and highlighting its role in the semiconductor industry chain security in China [2][4]. Company Overview - Hengkang New Materials specializes in key materials for integrated circuits, particularly in photolithography and precursor materials, with products used in advanced NAND, DRAM storage chips, and logic chips below 90nm [2][3]. - The company has achieved mass production of several products, including SOC, BARC, KrF photoresists, and i-Line photoresists, and has successfully replaced foreign products from companies like JSR, Shin-Etsu, and DuPont [2][3]. Financial Performance - Revenue from self-produced products is projected to grow from 124 million yuan to 344 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 66.89% [2]. - Revenue from introduced products has remained stable between 170 million to 200 million yuan, indicating strong industry understanding and supply chain collaboration [2]. Market Landscape - The domestic photolithography materials market is expected to reach 12.19 billion yuan in 2023 and grow to 31.92 billion yuan by 2028, with a CAGR of 21.2% [4]. - The precursor materials market is also robust, with silicon-based precursors projected to reach 7.26 billion yuan and metal-based precursors expected to exceed 10 billion yuan by 2028, with a CAGR of over 30% [4]. Strategic Initiatives - The IPO proceeds will be used for technology development, product line expansion, quality enhancement, and promoting innovation across the supply chain [4]. - The company aims to provide customized solutions for clients and actively expand into overseas markets, striving to become a leading domestic and internationally advanced enterprise in integrated circuit key materials [4][5]. Innovation and R&D - Hengkang New Materials has obtained 89 patents, including 36 invention patents, and has a core team of experts in wafer processing and materials science [3]. - The company has completed significant national research projects and is involved in addressing critical areas in semiconductor technology, contributing to the self-sufficiency of the industry [3].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is seeking to raise 1.007 billion RMB through an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the research and industrial application of key materials for integrated circuits [1] Company Overview - The company specializes in the research, production, and sales of key materials for integrated circuits, including photolithography materials and precursor materials, and is one of the few domestic firms capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [1][2] - Main products include SOC, BARC, KrF photolithography resin, i-Line photolithography resin, and TEOS precursor materials, with ArF immersion photolithography resin having passed validation and being sold on a small scale [1][2] Market Position - The domestic market for 12-inch integrated circuit photolithography and precursor materials is primarily dominated by foreign manufacturers, but the company has achieved significant breakthroughs and is now one of the main suppliers in China [2] - The company has successfully replaced products from major foreign competitors such as Dai Nippon, Shin-Etsu Chemical, DuPont, Merck, and others, covering major domestic 12-inch integrated circuit wafer manufacturers [2] Financial Performance - The company reported revenues of approximately 322 million RMB, 368 million RMB, and 548 million RMB for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 99.73 million RMB, 89.76 million RMB, and 96.91 million RMB [2] - Total assets increased from 1.632 billion RMB in 2022 to 2.645 billion RMB in 2024, with equity attributable to shareholders rising from 1.273 billion RMB to 1.500 billion RMB over the same period [3]

Core Viewpoint - The article highlights the operational challenges and risks faced by Hengkun New Materials as it attempts to go public on the Sci-Tech Innovation Board, particularly focusing on issues related to technology independence, revenue recognition practices, and financial management [2][3][9]. Group 1: Operational Challenges - Hengkun New Materials has significant reliance on imported materials, with 30%-50% of its photolithography material costs depending on imports from Japan and South Korea, indicating a lack of technological independence [3][4]. - The company's patent portfolio is weak, with 36 invention patents, over half of which were filed after 2021, raising concerns about the timing and intent behind these applications [3]. - The gross margin for self-produced photolithography materials is declining, projected at 33.52%, 30.29%, and 28.97% from 2022 to 2024, while the gross margin for self-produced precursor materials has been negative for three consecutive years [4]. Group 2: Revenue Recognition Issues - Hengkun New Materials has shifted its revenue recognition method for its import business to a "net method," which has artificially inflated the proportion of self-produced products in its revenue from 28.22% in 2021 to 63.77% in 2024 [5][6]. - Despite this shift, over 65% of the company's gross profit still relies on imported products, raising questions about the sustainability of its revenue model [5][6]. Group 3: Financial Management Concerns - The company exhibits a "high deposit and high loan" phenomenon, with bank deposits of 746 million yuan and loans of 633 million yuan as of the end of 2024, prompting scrutiny from the listing committee [7]. - Interest income has become a significant part of the company's profits, with interest income rising from 2.07 million yuan in 2022 to 21.29 million yuan in 2024, constituting 21.9% of total profits in 2024 [8]. - Government subsidies have also played a crucial role in supporting profits, with subsidies accounting for 100.78% of total profits in 2021, indicating that the company may be operating at a loss without these funds [8]. Group 4: Industry Context - The challenges faced by Hengkun New Materials reflect broader issues within the Chinese semiconductor materials industry, including the long technology transfer cycle, high R&D costs, and low profitability [9]. - The current situation serves as a warning for the industry, emphasizing the need for genuine innovation and reduced reliance on imported technologies to achieve sustainable growth [9].

Core Viewpoint - The listing review of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed by the Shanghai Stock Exchange, raising concerns about potential intellectual property disputes and accounting practices [1][2]. Group 1: Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2]. - The company's main products include SOC, BARC, KrF photoresists, i-Line photoresists, and TEOS precursor materials, with ArF immersion photoresists having passed verification and being sold on a small scale [2]. - Hengkang New Materials aims to replace foreign products in the domestic integrated circuit industry, leveraging a strategy of "introducing, digesting, absorbing, and innovating" to gain customer resources and accumulate product introduction and quality control experience [2]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange has requested Hengkang New Materials to clarify the initial technology sources, R&D methods, core personnel, R&D investments, and corresponding patent technologies related to their self-produced photoresist materials and precursors, particularly regarding potential intellectual property disputes [1]. - The company is also required to explain the appropriateness of recognizing revenue using the net method in accordance with accounting standards, as it did not adopt this method in previous reporting periods [1]. - Additionally, Hengkang New Materials must justify the rationale behind the higher yield of long-term deposits compared to bank borrowing rates, and whether there are any restrictions or risks associated with these deposits [1].