Core Viewpoint - The company, Hengyun Chang (688785.SH), is focusing on developing a product matrix centered around plasma technology, aiming to break the long-standing monopoly of major American companies in the domestic market [1] Group 1: Product Development - The company has developed a range of self-researched products including plasma RF power systems, plasma excitation devices, and plasma DC power supplies, along with essential components like vacuum pumps and mass flow meters [1] - The company has established a comprehensive technical system with three foundational technologies and eight supporting technologies, covering key aspects such as signal sampling, phase locking, and rapid frequency modulation [1] Group 2: Market Position - Over the past decade, the company has launched three product series: CSL, Bestda, and Aspen, successfully breaking the domestic monopoly held by two major American companies for decades [1] - The second-generation Bestda series supports 28nm processes, while the third-generation Aspen series is designed for advanced processes, achieving international advanced levels and filling a domestic gap [1] Group 3: Future Developments - The latest generation of plasma RF power systems, the Cedar series, is currently in the validation stage and targets cutting-edge process fields [1]

这是一场有关信心与决心的"长跑"。 十二年的时间，从一间不足100平方米的办公室起步，到成为资本市场的"新兵"——深圳市恒运昌真空 技术股份有限公司（下称"恒运昌"）做对了什么？ "首先是信心，我始终相信，中国半导体产业会实现自强自立；其次是决心，闯出一条新路，不一定能 够成功，但是如果不迈出第一步，那绝对不会成功。"坐在镜头前，恒运昌董事长乐卫平整理了一下西 装，又微微调整了坐姿，口中的话语鲜有停顿。 1月28日，恒运昌在科创板挂牌。"上市是一个新的起点，我们不满足于仅实现自主可控，恒运昌的愿景 是成为一家围绕等离子体工艺提供核心零部件整体解决方案的平台型公司。"乐卫平说。 在缝隙中寻找"火种" 2013年，中国半导体产业还处于萌芽阶段，国产半导体零部件装备在晶圆厂中几乎没有一席之地。 彼时，乐卫平已经在美国AE公司工作了十一年，他见证了国内客户的普遍困境——国内晶圆厂的建设 和生产标准完全参照美国，装备清一色来自国外，不仅没有定价权，也无法保证交付期。 这种"卡脖子"的困境，触动了乐卫平创业的决心。"尽管这意味着要放弃外企的优厚待遇，但我毫不犹 豫。"乐卫平表示。 在深圳市宝安区一间不到100平方米的办公 ...

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, highlighting the strong support for hard technology enterprises, particularly in the semiconductor industry [1][2][3] Group 1: Company Overview - Hengyunchang is positioned as a platform company providing core components and overall solutions for plasma processes, with its second-generation Bestda series supporting 28nm processes and third-generation Aspen series supporting 7-14nm advanced processes, achieving international advanced levels [2] - The company’s net profit attributable to the parent company is projected to grow from 19.61 million yuan in 2022 to 129 million yuan in 2024 [2] Group 2: IPO Fund Utilization - The IPO funds will be primarily allocated to several key projects, including the industrialization of semiconductor RF power systems in Shenyang, the establishment of an intelligent production base for core components, a research and innovation center, and a marketing and technical support center [4][5][6] - The Shenyang project aims to expand production capacity and enhance service coverage in northern regions, while the intelligent production base will improve production efficiency and product consistency through automation and advanced technologies [5][7] Group 3: Strategic Importance - The establishment of the research and innovation center is crucial for maintaining technological leadership, focusing on eight core technologies, and developing the next generation of plasma RF power systems, expected to support processes below 5nm [5] - The marketing and technical support center will enhance direct communication with end wafer fabs, allowing for real-time technical feedback and tailored services, thereby improving production efficiency and market adaptability [6][7] Group 4: Industry Context - Hengyunchang's successful IPO reflects the accelerated pace of domestic semiconductor industry chain localization, supported by the optimized policies of the Science and Technology Innovation Board [3][4] - The company has maintained a capacity utilization rate exceeding 100% for three consecutive years, indicating strong demand and operational efficiency [7]