Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (stock code: 688785.SH) officially listed on the Shanghai Stock Exchange on January 28, becoming the first company to list on the Sci-Tech Innovation Board in 2026, adding a new player to China's semiconductor industry chain [1] Group 1: Company Overview - Hengyun Chang's core product, the plasma RF power supply system, is crucial for chip etching and film deposition processes, representing one of the highest technical barriers in semiconductor equipment [2] - The company has developed a comprehensive core technology chain through over a decade of independent innovation, resulting in three major foundational technology systems and eight supporting product technologies [2] - As of June 30, 2025, the company has obtained 261 authorized patents, including 108 invention patents, with an additional 133 invention patents pending [2] Group 2: Market Position and Growth - Hengyun Chang has achieved the highest market share among domestic plasma RF power supply manufacturers in mainland China, becoming a core force in domestic substitution [3] - The company's revenue is projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, with a compound annual growth rate exceeding 80%, while net profit after deducting non-recurring items is expected to rise from 19.61 million yuan to 129 million yuan [3] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be used to enhance the company's competitiveness in the semiconductor core component sector, focusing on five key areas: industrialization of plasma RF power supply systems, intelligent production operations for core components, R&D and innovation centers, marketing and technical support centers, and working capital [4] - The industrialization project in Shenyang aims to establish a modern production base to significantly increase the mass production capacity of plasma RF power supply systems [5] - The company plans to set up technical support centers in major semiconductor industry clusters across China, enhancing its "product + service" integrated solution capabilities [5]

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 ...

Core Viewpoint - Hengyun Chang Vacuum Technology Co., Ltd. is a leading domestic semiconductor equipment core component enterprise focusing on plasma radio frequency power systems, facing challenges in its IPO process due to being included in the inspection list by the China Securities Association, despite its continuous performance growth [1][3]. Group 1: Company Performance and Market Position - Hengyun Chang's core products are crucial in chip manufacturing processes, successfully breaking the long-standing monopoly of American giants MKS and AE, with its second-generation Bestda series supporting 28nm processes and the latest Aspen series supporting 7 to 14nm advanced processes [2]. - The company reported a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024, indicating explosive growth [4]. - However, the company has a high dependency on its largest customer, Tuojing Technology, which accounted for over 50% of total revenue for two consecutive years, reaching 63.13% in 2024, raising concerns about operational risks [4]. Group 2: Technological Challenges - Hengyun Chang acknowledged a technological lag compared to international leaders, particularly in impedance matching and multi-frequency power supply capabilities, which are critical for advanced semiconductor manufacturing [2]. - The company is addressing the challenges posed by the low domestic localization rate of plasma radio frequency power systems, which is projected to be less than 12% in 2024, highlighting the dependency on international suppliers [2]. Group 3: Financial and Operational Concerns - The company's gross profit margin increased from 41.65% in 2022 to 48.71% in 2024, surpassing that of industry leader MKS, despite its products only matching the performance of MKS's next-generation products [4]. - There are concerns regarding the rapid increase in inventory and the significant amount of returns, amounting to 29.35 million yuan in 2024, attributed to changes in the photovoltaic market rather than product quality issues [5][6]. - The planned fundraising of 1.55 billion yuan for various projects has raised questions about its necessity, given the company's substantial cash reserves of 427 million yuan at the end of 2024 [7].