点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 文章要点： 1. 核心地位 ：光刻材料是芯片制造的命门，直接决定芯片性能、良率和成本。光刻工艺本身占芯片制造总成 本的约三分之一。 2. 三大关键材料 ： 3. 市场驱动 ： 先进逻辑和存储芯片（如3D NAND）需更多次光刻 ，推动材料需求暴涨。国内依赖 多重曝光 技术 追赶先进制程，进一步增加了材料消耗。 4. 国产化率极低 ：市场被 日美企业（如JSR、信越、杜邦）垄断 。 ArF光刻胶<2%，KrF光刻胶<5%，EUV光 刻胶为0，核心原材料严重依赖进口 。 5. 未来关键 ：突破 更高精度、更强性能 的材料是实现国产替代和技术追赶的唯一路径 。 国内企业清单： 1、SOC ： 厦门恒坤、 上海新阳半导体、湃邦（浙江）新材料等 。 2、抗反射涂层 ：厦门恒坤、福建泓光、儒芯微（信联电子）、上海芯刻微、上海新阳、飞凯材料等。 3、光刻胶部分 ：北京科华（彤程新材）、瑞红苏州（晶瑞电材）、上海新阳、南大光电、飞凯材料、厦门恒 坤等。 4、光刻胶原材料（树脂/单体）部分 ：徐州博康、圣泉集团、强力新材、瑞 ...

Core Viewpoint - The company expects a decline in revenue for the third quarter due to U.S. tariffs, early inventory pull-ins by customers, and the continued appreciation of the New Taiwan Dollar [1][3]. Group 1: Revenue Forecast - The company estimates third-quarter revenue to be between NT$237 billion and NT$247 billion (approximately RMB 57 billion to RMB 59.4 billion), representing a quarter-over-quarter decline of 6-10% and a year-over-year decline of 11-15% [1][3]. - Gross margin is projected to be between 34-37%, and operating margin is expected to be between 15-18% [1]. Group 2: Market Conditions - The impact of U.S. tariffs has been established, and the company will closely monitor its effects on the industry and economy [3]. - The consumer electronics sector benefited from China's subsidies and early inventory pull-ins due to U.S. tariffs in the first half of the year, but these effects are diminishing, leading to a more conservative ordering attitude from customers [3]. Group 3: Product Line Performance - Revenue from the small and medium-sized driver ICs is expected to decline less significantly, while the large-size DDIC is anticipated to see the largest reduction due to the tapering off of the effects from China's subsidies and tariffs [3][4]. - The performance of televisions is expected to remain stable, while laptops may see slight growth, and both tablets and monitors are projected to decline [3]. Group 4: Future Outlook - The company is cautious about the fourth quarter, focusing on the impact of U.S. tariffs, the appreciation of the New Taiwan Dollar, and potential inventory demands driven by promotions in China [4]. - The company anticipates an increase in shipments of OLED TDDI, with expectations of over 10 million units shipped this year due to successful mass production of new models [4].

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 8月1日，由材料汇发布的《 光刻胶IPO遇冷，监管戳破真相：半导体材料之困与破局之道 》（可点击直接阅 读）反响还不错。而光刻材料并不仅仅是光刻胶，还有其他各种光刻材料，那你知道多少？ 本期小编将带你进一步了解更多全面的 光刻材料 。 如需更多关于光刻胶、半导体材料、新材料（显示材料、新能源材料、投资报告）等相关报告，可扫描 文末知识 星球二维码 ，或者复制以下链接到浏览器打开。 https://wx.zsxq.com/group/15552545128822 正文 在当今数字化时代，半导体作为电子设备的核心部件，其制造工艺的每一次突破都引领着科技的飞跃。 而在半导体制造的复杂工艺体系中，光刻材料无疑占据着举足轻重的地位，堪称半导体制造的关键拼 图。 光刻材料的性能优劣，直接关系到芯片的集成度、性能、功耗以及生产成本等关键指标，进而影 响整个半导体产业的发展走向 。随着半导体技术的不断演进，对光刻材料的要求也愈发严苛，促使光 刻材料不断创新与升级。 一、光刻材料的"家族成员" 光刻材料主要应用于光刻工艺，光 ...

Core Viewpoint - The IPO application of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed, breaking the 100% approval rate for A-share IPOs in 2025, primarily due to concerns over the company's qualifications and complex shareholding structure [1] Group 1: Company Background and Controversies - Hengkang New Materials has a controversial background, with its actual controller frequently entrusting others to hold shares, leading to a complex relationship [1][2] - The second-largest shareholder, Lü Junqin, was sentenced for operating illegal gambling, raising questions about the company's governance and shareholder integrity [1][4] - The actual controller's spouse serves as a supervisor for Lü Junqin's capital platform, suggesting potential undisclosed financial interactions [5] Group 2: Financial Performance and Risks - The company relies heavily on introduced products for profit, with over 60% of gross profit coming from these products, while self-produced products have significantly lower margins [6][7] - Hengkang New Materials' revenue is highly concentrated, with 97% of income derived from the top five customers, limiting its bargaining power [8][7] - The termination of a key partnership with SKMP in 2025 has led to a significant decline in revenue and gross profit from introduced products, with a year-on-year drop of 57.4% and 59.09% respectively [7] Group 3: Capital Utilization and Financial Health - The company plans to raise 10.07 billion yuan for expansion projects despite low capacity utilization rates, raising concerns about whether it is merely seeking to raise funds [9][10] - Hengkang New Materials exhibits a rare phenomenon of high deposits compared to loans, with long-term deposit rates exceeding average borrowing rates, prompting inquiries into the rationale behind this financial structure [11] - The company has been questioned about its reliance on external technology and the specifics of its R&D projects, indicating potential weaknesses in its technological capabilities [12]

Core Viewpoint - The IPO application of Xiamen Hengkang New Materials Technology Co., Ltd. has been suspended by the Shanghai Stock Exchange, highlighting significant concerns regarding the company's reliance on external technology, high customer concentration, and financial management issues [1][4][21]. Group 1: IPO Suspension and Regulatory Concerns - The Shanghai Stock Exchange announced the suspension of Hengkang New Materials' IPO application during the final stages of its listing process, raising three critical questions regarding the company's technology independence, financial compliance, and unusual funding management [4][14]. - The regulatory inquiries align closely with previous investigations that revealed the company's high dependence on external technology and concentrated customer base, raising alarms about its operational sustainability [6][20]. Group 2: Technology Independence and Intellectual Property Risks - The first regulatory question focused on the company's technology sources and intellectual property risks, confirming concerns about its reliance on imported materials and collaborative development with suppliers [7][8]. - Hengkang New Materials' self-developed resin for photolithography materials is still in the cooperative development stage, with significant portions of its production relying on imports from Japan and South Korea [7][8]. Group 3: Performance Concerns and Customer Concentration - The company's customer concentration is a significant risk, with the top five customers accounting for over 97% of sales from 2022 to 2024, particularly with the largest customer contributing 72.35% of sales in 2024 [10][11]. - Despite a reported revenue increase, the company faces a structural imbalance as income from introduced products has drastically declined, leading to overall performance pressure [12][21]. Group 4: Financial Anomalies and Capacity Issues - Hengkang New Materials' financial situation has raised red flags, particularly regarding the contradiction between high returns on long-term deposits and lower borrowing rates, alongside a significant drop in liquidity ratios [14][15]. - The company's production capacity utilization is alarmingly low, with some products operating below 50% capacity, raising questions about the feasibility of its aggressive expansion plans [15][21]. Group 5: Shareholding Issues and Future Risks - The company has been implicated in shareholding irregularities, including significant shareholding by proxies and potential insider trading, which could pose additional risks to its governance structure [17][19]. - The involvement of a major shareholder in criminal activities raises further concerns about the stability of the company's ownership and governance [19]. Group 6: Industry Implications and Future Outlook - The challenges faced by Hengkang New Materials reflect broader issues within the semiconductor materials industry, particularly regarding technology transfer efficiency and profitability [20][23]. - The company has acknowledged a potential funding gap of 1.628 billion yuan over the next three years, indicating severe financial strain even if the IPO is successful [21][23].

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].

Core Viewpoint - Hengkun New Materials has had its IPO review temporarily postponed by the Shanghai Stock Exchange, despite its focus on key materials for the integrated circuit industry and its innovative capabilities in the field [5]. Group 1: Company Overview - Hengkun New Materials is dedicated to the research and industrial application of key materials in the integrated circuit sector, being one of the few domestic companies capable of developing and mass-producing critical materials for 12-inch integrated circuit wafer manufacturing [3]. - The company's main products include photolithography materials and precursor materials, such as SOC, BARC, KrF photoresist, and i-Line photoresist, with ArF immersion photoresist having passed validation and being sold on a small scale [3]. - Hengkun New Materials has successfully replaced foreign products in the domestic market, breaking the monopoly on key materials for 12-inch integrated circuits [3]. Group 2: Financial Performance - The company reported revenues of 368 million yuan, 548 million yuan, and 294 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of approximately 89.85 million yuan, 96.92 million yuan, and 41.48 million yuan during the same periods [3]. Group 3: IPO and Future Plans - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO, which will be used for the second phase of its precursor project and advanced materials for integrated circuits [4]. - The company aims to enhance its product structure, promote technological innovation, and increase the localization level of related products through the implementation of its fundraising projects [4]. - Future strategies include deepening its focus on key materials for integrated circuits, expanding product lines, ensuring product quality, and actively participating in customized development for clients [4].

Core Viewpoint - The article emphasizes the critical role of photoresist in semiconductor manufacturing and highlights the strategic importance of domestic production in the context of increasing global competition and supply chain uncertainties [2][4]. Company Overview - Hengkun New Materials Technology Co., Ltd. (Hengkun New Material) was established in 2004, initially focusing on the development and production of optoelectronic film devices and window lens products [4]. - In 2014, the company shifted its strategy towards integrated circuit key materials, recognizing the potential in the semiconductor industry [4]. Strategic Development - The company adopted a strategy of introducing advanced overseas products to penetrate the market, achieving significant breakthroughs in 2017 with the successful validation and sales of photoresist materials [5]. - By 2024, Hengkun New Material's R&D expenses are projected to reach 89 million, with an R&D expense ratio of 16.17%, reflecting a commitment to self-innovation [5][6]. Financial Performance - The company's revenue from self-produced photoresist materials exceeded 100 million in 2022, with a strong growth trajectory leading to projected revenues of 344 million in 2024, a nearly 180% increase from 2022 [7][10]. - The overall revenue increased from 141 million in 2021 to 548 million in 2024, with a compound annual growth rate of 57.22% [12]. Product Development and Market Position - Hengkun New Material has successfully developed over 100 self-produced products, with significant sales growth in SOC and BARC products, which ranked first among domestic manufacturers in 2023 [18][19]. - The company has replaced foreign competitors' products in the domestic market, establishing stable relationships with major domestic wafer manufacturers [21]. Market Landscape - Despite progress, the domestic market for photoresist and precursor materials is still dominated by foreign companies, with low domestic production rates for advanced technology nodes [24]. - The market for key integrated circuit materials is expected to grow at a compound annual growth rate of 17.8% from 2023 to 2028, indicating significant market potential [25]. Future Outlook - Hengkun New Material plans to raise 1 billion for R&D in new categories of precursor and photoresist materials, aiming to enhance its product matrix and increase domestic production levels [24]. - The company is positioned to transition from being a follower to a leader in the industry, contributing to the self-sufficiency and stability of China's semiconductor supply chain [26].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on the production of semiconductor materials, particularly photolithography materials, and aims to break foreign monopolies in this sector [2][8]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan [2]. - Interest income has become a significant source of profit, contributing 2.07 million yuan, 16.93 million yuan, and 21.29 million yuan over the same period [2]. Product Overview - Hengkang New Materials' products are categorized into introduced products and self-produced products, with self-produced products expected to generate 344 million yuan in revenue by 2024, accounting for 63.77% of total revenue [3]. - The gross margin for self-produced products is declining, projected at 33.52%, 30.29%, and 28.97% from 2022 to 2024 due to product structure changes and price negotiations with clients [3]. Customer Dependency - The company has a high dependency on its top five customers, with their revenue contribution to main business income being 99.22%, 97.92%, and 97.2% from 2022 to 2024 [4]. - The first two major customers account for a significant portion of sales, with combined revenue contributions of 84.43%, 85.44%, and 87.19% during the same period [4]. IPO Details - Initially planning to raise 1.2 billion yuan, the company reduced its fundraising target to 1 billion yuan after inquiries, stating that the cut projects could be funded through self-raised capital [4]. Shareholding Structure - The actual controller of Hengkang New Materials, Yi Rongkun, holds a direct stake of 19.52% and controls a total of 35.65% of voting rights through various entities [4]. - There have been significant shareholding arrangements, including shareholding by Yi Rongkun and others, raising concerns about potential insider trading [5][6]. Industry Context - Hengkang New Materials is positioned as a key player in the semiconductor materials sector, contributing to the localization of critical materials for integrated circuits, which is vital for national strategic security [8].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") is facing scrutiny regarding its high customer concentration, declining gross margins, and the necessity of its fundraising projects as it prepares for its IPO on the Sci-Tech Innovation Board [1][6][8] Group 1: IPO and Fundraising - Hengkang New Materials disclosed its second round of inquiry responses for its IPO, which was accepted on December 26, 2024, and entered the inquiry phase on January 18, 2025 [1] - The company plans to raise approximately 1.007 billion yuan, down from the initial 1.2 billion yuan, with the revised fundraising focusing on the second phase of the integrated circuit precursor project and advanced materials project [3][4] - The company has removed the "SiARC development and industrialization project" from its fundraising plan, indicating a strategic shift possibly aimed at expediting the IPO process [4][6] Group 2: Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for 99.22%, 97.92%, and 97.20% of revenue from 2022 to 2024, significantly higher than the industry average of around 35% [6][7] - The company relies heavily on its largest customer, with sales percentages of 72.35%, 66.47%, and 64.07% over the same period, raising concerns about potential risks if relationships with key clients deteriorate [6][7] Group 3: Gross Margin and Profitability - The gross margin for Hengkang New Materials' self-produced products has been declining, particularly for precursor materials, which reported negative margins of -329.59%, -19.91%, and -1.56% from 2022 to 2024 [8][9] - The gross margin for self-produced photolithography materials also decreased from 39.17% in 2022 to 33.47% in 2024, attributed to product structure changes and price negotiations with customers [8][10] - The company faces challenges in achieving sustainable profitability for its self-produced precursor materials, which may lead to further financial strain if large-scale orders are not secured [9][10]