Core Insights - The implementation of the "1+6" policy for the Sci-Tech Innovation Board has significantly increased support for national strategic emerging industries, particularly benefiting the semiconductor industry [1][2] - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (referred to as "Hengyun Chang") is set to undergo a key listing review on November 14, 2025, as the first company in the second batch selected for on-site inspection, reflecting the board's mission to support hard technology and enhance the self-sufficiency of the industrial chain [1][2] Industry Overview - The "1+6" policy, announced by the China Securities Regulatory Commission in June, aims to improve the quality of listed companies and optimize financing channels for hard technology enterprises, with a focus on strategic emerging industries such as new-generation information technology and high-end equipment [2] - The semiconductor industry, being a core pillar of information technology, is a primary focus of this policy, leading to a surge of semiconductor companies applying for listings on the Sci-Tech Innovation Board [2] Company Highlights - Hengyun Chang specializes in plasma radio frequency power systems, a critical component in the semiconductor supply chain, recognized as a challenging area for domestic production due to high technical barriers and significant R&D investment [3] - The company has successfully developed three generations of products, breaking the long-standing monopoly of two major American companies, MKS and AE, in the domestic market [3] - Hengyun Chang's products support advanced semiconductor manufacturing processes, with the second-generation Bestda series capable of supporting 28nm processes and the third-generation Aspen series supporting 7-14nm processes, achieving international advanced levels [3] Market Position - In light of restrictions on domestic wafer manufacturers regarding overseas equipment procurement, Hengyun Chang's technological advancements are increasingly significant [4] - The company has established a mature mass production capability, delivering products to leading domestic semiconductor equipment manufacturers and becoming a strategic supplier in critical manufacturing processes [4] Financial Performance - Hengyun Chang's financial performance has shown rapid growth, with revenue increasing from 158 million yuan in 2022 to 541 million yuan in 2024, representing a compound annual growth rate (CAGR) of 84.91% [6] - Net profit surged from approximately 26 million yuan to 142 million yuan during the same period, with a CAGR of 131.87% [6] - The company has consistently invested over 10% of its revenue in R&D, with R&D expenses reaching approximately 43 million yuan in the first half of 2025, a 72.63% increase year-on-year [6] Strategic Implications - Hengyun Chang's upcoming IPO is not only a significant milestone for the company but also a demonstration of the capital market's support for hard technology enterprises in overcoming critical technological challenges [6] - If successful in its IPO, Hengyun Chang aims to leverage capital to enhance R&D and expand market presence, contributing to the self-sufficiency of China's semiconductor industry and positioning itself as a leading provider of plasma process solutions [6]

Core Viewpoint - The company, Hengyun Chang, is a leading domestic supplier of core components for semiconductor equipment, focusing on the development, production, and sales of plasma RF power systems and related technologies, with an IPO planned for June 2025 [2][3]. Company Overview - Hengyun Chang specializes in plasma RF power systems, which are critical for semiconductor equipment, facing high technical barriers and low domestic production rates, with only 12% localization in 2024 [3]. - The company has developed three product generations over ten years, breaking the long-standing monopoly of two major American companies in the domestic market [3]. - The second-generation product supports 28nm processes, while the third generation supports advanced 7-14nm processes, achieving international standards and filling domestic gaps [3]. Market Position and Achievements - The company has established itself as a strategic supplier for leading domestic semiconductor equipment manufacturers, achieving significant revenue milestones with 38 self-developed products generating millions in revenue [4]. - It plays a crucial role in enhancing the supply chain security of China's semiconductor industry, undertaking several national-level projects to improve resilience and safety [4]. Financial Performance - The company reported revenues of 1.58 billion, 3.25 billion, 5.41 billion, and 3.04 billion yuan for the respective years, with corresponding net profits of 261.88 million, 798.27 million, 1.42 billion, and 693.48 million yuan [7]. - As of June 30, 2025, total assets reached 890.79 million yuan, with a net profit of 69.35 million yuan for the first half of 2025 [8]. Revenue Breakdown - For the first half of 2025, self-developed products accounted for 84.81% of total revenue, with plasma RF power systems contributing 76.54% [6]. - The company plans to raise 1.469 billion yuan through its IPO, primarily for projects related to semiconductor RF power system industrialization and technological innovation [6][7]. Research and Development - The company holds 108 authorized invention patents and has 133 patents pending, emphasizing its commitment to innovation in the semiconductor sector [5]. - R&D investment as a percentage of revenue was 14.24% in the first half of 2025, reflecting a strong focus on technological advancement [8].

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is set to go public on November 14, aiming to raise 1.469 billion yuan for semiconductor RF power system industrialization and intelligent production projects [1][3] Company Overview - Hengyun Chang is a leading enterprise in the core component field of semiconductor equipment, recognized as a national high-tech enterprise and a key "little giant" in specialized and innovative sectors [1][2] - The company has developed three product series over ten years, with the latest series achieving performance levels comparable to international leaders, breaking the overseas monopoly in the market [2] Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 158 million yuan to 541 million yuan, reflecting a compound annual growth rate (CAGR) of 84.91% [1] - The net profit attributable to the parent company is expected to increase from 19.61 million yuan to 129 million yuan during the same period [1] Product and Market Position - The core product, the plasma RF power system, is essential for semiconductor manufacturing, influencing chip yield and process precision [1] - Hengyun Chang has established deep partnerships with leading domestic semiconductor equipment manufacturers, becoming a strategic supplier in critical processes [2] Strategic Initiatives - The company is pursuing a dual-driven strategy of "internal R&D + external acquisitions" to capitalize on the domestic semiconductor industry's growth opportunities [2] - Significant investment in R&D is planned, with over 150 million yuan allocated from 2022 to mid-2025, aiming for over 40% of personnel in R&D by the end of 2024 [2] Future Outlook - The IPO proceeds will enhance production capacity and accelerate the commercialization of core technologies, positioning the company to meet the growing market demand [3] - Hengyun Chang aims to strengthen its competitive advantage in the semiconductor industry and establish itself as a global supplier of core components for plasma processes [3]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is undergoing listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on plasma radio frequency power systems, which are critical components in the semiconductor industry [1] Company Overview - Hengyun Chang specializes in plasma radio frequency power systems, essential for maintaining stable plasma operations in semiconductor manufacturing, often referred to as the "heart" of semiconductor equipment [1] - The company has achieved significant technological advancements, breaking the overseas monopoly in this sector and enhancing the resilience and security of China's semiconductor supply chain [1][3] Market Position - Hengyun Chang is the first domestic manufacturer to achieve over 100 million yuan in sales of plasma radio frequency power systems, with a market share leading among domestic manufacturers in 2024 [3] - The company's self-developed products have shown a consistent increase in revenue, with figures of 1.04 billion yuan, 2.39 billion yuan, 4.56 billion yuan, and 2.58 billion yuan over the reporting periods, representing a growing share of total revenue [3] Product Development - The company has launched three product series: CSL, Bestda, and Aspen, with the Bestda series supporting 28nm processes and the Aspen series supporting advanced 7-14nm processes, competing with international giants [3] - As of June 30, 2023, Hengyun Chang has obtained 108 patents and has made significant investments in R&D, totaling 157 million yuan from 2022 to mid-2025 [4] Industry Growth - The global market for plasma radio frequency power systems is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2028, with China's market showing a CAGR of 12.5% during the same period [5] - The market size in China's semiconductor industry has increased from 3.17 billion yuan in 2019 to 5.84 billion yuan in 2023, reflecting a CAGR of 16.5% [5] Financial Performance - The gross profit from self-developed products has been rising, with figures of 52.77 million yuan, 131.33 million yuan, 249.42 million yuan, and 140.99 million yuan over the reporting periods, indicating a strong upward trend [8] - The self-developed products accounted for 80.11%, 87.56%, 94.69%, and 94.59% of the main business gross profit, showcasing the company's strong focus on proprietary technology [8] Future Outlook - Hengyun Chang aims to leverage the opportunities presented by the domestic semiconductor industry's push for localization, supported by national policies, to enhance its product matrix and become a leading global supplier of semiconductor equipment components [9] - The company is committed to contributing to the self-sufficiency of China's semiconductor supply chain and accelerating the domestic replacement process for plasma radio frequency power systems [9]

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. (referred to as "Hengyunchang") is pursuing an IPO on the Sci-Tech Innovation Board, aiming to raise 1.55 billion yuan for various projects to enhance its production capacity and R&D capabilities in the semiconductor equipment sector [2][5]. Company Overview - Hengyunchang 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 related components [2][3]. - The company has developed three product series over ten years, successfully breaking the long-standing monopoly of American giants MKS and AE in the domestic market [3]. Market Position - In 2023, the domestic market for plasma RF power systems in China's semiconductor industry was valued at 5.84 billion yuan, with Hengyunchang holding the largest market share among domestic manufacturers [4]. - The company’s products have been recognized for their performance, and it has established itself as a strategic supplier for leading domestic semiconductor equipment manufacturers [4][5]. Financial Performance - Hengyunchang's revenue has shown significant growth, with figures of 158 million yuan in 2022, 325 million yuan in 2023, and projected 541 million yuan in 2024. Net profits for the same years are 26.39 million yuan, 80.54 million yuan, and 143 million yuan respectively [5]. - The funds raised from the IPO will be allocated to projects aimed at enhancing production scale, R&D investment, and customer support capabilities, further solidifying its leading position in the plasma RF power system sector [5].