Core Viewpoint -拓荆科技 announced a series of financing plans, including a capital increase to its subsidiary拓荆键科, aiming to raise up to 4.6 billion yuan to support the rapid development of three-dimensional integration equipment [1][4] Group 1: Financing Details - The financing plan includes a total of no more than 10.4 billion yuan for拓荆键科, with a pre-investment valuation of 2.5 billion yuan [1] - 大基金三期 plans to participate in the capital increase with no more than 450 million yuan, marking its first public investment since its establishment in May 2024 [1][2] - 国投集新 also intends to invest up to 450 million yuan, resulting in a 12.71% stake in拓荆键科 after the capital increase [1][2] Group 2: Company Overview - 拓荆键科, established in September 2020, focuses on the research and industrial application of advanced bonding equipment for three-dimensional integration [2] - The company has launched various products, including wafer-to-wafer bonding equipment and measurement devices, serving clients in advanced storage, logic, and image sensor sectors [2] Group 3: Market Context - Three-dimensional integration aims to overcome the physical limitations of traditional two-dimensional integration by stacking chips vertically, enhancing packaging efficiency and transistor density [3] - The technology is essential for maintaining the momentum of Moore's Law and addressing increasing market demands [3] Group 4: Financial Performance - In 2024, 拓荆键科 reported revenues of 97.3 million yuan and a net loss of 2.1 million yuan [4] - The company has experienced rapid revenue growth, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan in 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [4] Group 5: Project Implementation - The implementation of the projects will significantly enhance the production capacity of high-end semiconductor equipment and improve production efficiency through intelligent facilities [5] - The company plans to allocate 20 billion yuan for the construction of a cutting-edge technology research and development center, focusing on advanced thin film deposition equipment [6]

Core Viewpoint - Company plans to raise up to 4.6 billion yuan through a private placement of A-shares to fund high-end semiconductor equipment industrialization, advanced technology research center, and working capital [1][2][3] Fundraising Details - The total amount to be raised is capped at 4.6 billion yuan, with a maximum issuance of 83.92 million shares, not exceeding 30% of the company's total share capital prior to the issuance [2] - The net proceeds after deducting issuance costs will be allocated to high-end semiconductor equipment industrialization, advanced technology research, and working capital [2] Project Investments - The high-end semiconductor equipment industrialization project will focus on expanding thin film deposition equipment production, with an investment of 1.768 billion yuan over a 5-year construction period [2][3] - The advanced technology research center will receive an investment of 2 billion yuan to develop various advanced thin film deposition equipment and enhance core technologies [3] Strategic Objectives - The fundraising aims to significantly increase production capacity for high-end semiconductor equipment, enhance innovation capabilities, and strengthen product advantages [3] - The company seeks to leverage capital market advantages to improve financial strength, optimize asset-liability structure, and enhance core competitiveness and profitability [3] Financial Performance - In the first half of 2025, the company reported revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, while net profit attributable to shareholders decreased by 26.96% to 94.288 million yuan [4] - The decline in net profit was attributed to high costs and low gross margins during the first quarter, but improvements in gross margin were observed in the second quarter as operational efficiency increased [4]

Core Viewpoint - The company plans to raise up to 4.6 billion yuan through a private placement to invest in high-end semiconductor equipment industrialization and advanced technology R&D projects, as well as to supplement working capital [1][2]. Group 1: Investment and Project Details - The company intends to invest 1.5 billion yuan in the high-end semiconductor equipment industrialization base, which is part of a project initially funded with 268 million yuan from its IPO [1]. - The new industrialization base will be located in Shenyang, Liaoning Province, and will include clean rooms, automated warehouses, and testing laboratories, incorporating advanced production technologies to create a scalable, intelligent, and digitalized facility [1][2]. Group 2: Business Growth and Market Demand - The company has experienced rapid growth in business scale due to strong downstream market demand, with revenue figures of 1.706 billion yuan in 2022, 2.705 billion yuan in 2023, and a projected 4.103 billion yuan in 2024, resulting in a compound annual growth rate of 55.08% [2]. - The current production capacity is expected to be insufficient to meet future customer orders, prompting the need for increased capacity through the new projects [2]. Group 3: Technological Advancements and Industry Impact - The project will focus on hardware innovation, control systems, software development, and high-performance film process development to enhance the R&D and optimization of new high-end film deposition equipment [3]. - This initiative aims to support the overall domestic transformation of the semiconductor industry chain and improve the security and autonomy of the domestic semiconductor supply chain [3].

Core Viewpoint - The company plans to raise no more than 4.6 billion yuan through a private placement to fund the construction of a high-end semiconductor equipment industrialization base, a cutting-edge technology research and development center, and to supplement working capital [1][5]. Group 1: High-End Semiconductor Equipment Industrialization Base - The high-end semiconductor equipment industrialization base project will be located in Shenyang, Liaoning Province, and aims to create a large-scale, intelligent, and digitalized production facility [1][2]. - The total planned investment for this project has increased from 1.1 billion yuan to 1.768 billion yuan, with 1.5 billion yuan allocated from the new fundraising [1][2]. - The project has already secured land use rights and necessary permits, and a general construction contract has been signed [1]. Group 2: Revenue Growth and Market Demand - The company has experienced rapid growth in business scale, with revenues of 1.706 billion yuan, 2.705 billion yuan, and 4.103 billion yuan for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 55.08% [2]. - The current production capacity is expected to be insufficient to meet future customer orders due to increasing market demand and ongoing advancements in chip technology [2]. Group 3: Cutting-Edge Technology R&D Center - The cutting-edge technology R&D center will focus on developing advanced thin film deposition equipment, including PECVD, ALD, and trench filling CVD technologies [3][4]. - The project aims to achieve breakthroughs in core technologies and develop products with independent intellectual property rights, enhancing the company's competitive edge in the market [3][4]. Group 4: Working Capital Supplement - The company plans to use 1.1 billion yuan of the raised funds to supplement working capital, addressing the capital-intensive nature of the industry [5]. - The rapid growth in business scale has led to increased financial demands for raw material procurement, personnel salaries, and R&D expenditures, necessitating additional working capital to support future expansion [5].