厦门恒坤新材料科技股份有限公司（以下简称恒坤新材）正申请科创板IPO。作为中国境内少数具备12 英寸集成电路晶圆制造关键材料研发和量产能力的企业之一，恒坤新材不仅打破了12英寸集成电路关键 材料的国外垄断，同时公司自产光刻材料的销售规模也达到了行业前列。 较强的研发创新实力是恒坤新材取得目前行业地位的"钥匙"，其不仅拥有着"高光"的核心技术人员团 队，还在报告期内（2022年至2024年，下同）进行着较高且持续提升的研发投入强度。 作为集成电路行业发展的关键支撑，集成电路关键材料产业也正迎来政策支持、技术迭代、国产化等多 重机遇。伴随着此次冲击资本市场，恒坤新材也有望加速实现"国内领先、国际先进的集成电路关键材 料本土企业"的公司愿景。 打破外资垄断 恒坤新材自产光刻材料销售规模排名行业前列 成立于2004年的恒坤新材，主要从事12英寸集成电路晶圆制造关键材料的研发与产业化应用，具体主要 覆盖光刻材料与前驱体材料两大类，并根据客户需求引进电子特气等其他关键材料产品。 招股书显示，目前恒坤新材已拥有的自产产品包括SOC、BARC、KrF光刻胶、i-Line光刻胶等光刻材料 以及TEOS等前驱体材料，主要应用于先 ...

作者：郑永康 编辑：张佳茗 2025年，SKMP终止与恒坤新材关于上述部分光刻材料产品合作，改为其直接向客户A销售。受此影响，恒坤新材2025年1-6月引进产品收入与毛利分别同比 下降57.4%、59.09%，同期公司实现净利润4,158.05万元，较上年同期减少251.87万元，降幅5.71%。 恒坤新材的自产产品主要包括SOC、BARC、KrF光刻胶、i-Line光刻胶等光刻材料以及TEOS等前驱体材料。其中，TEOS前驱体材料系由韩国Soulbrain技术 授权并在境内设立工厂自产销售。 7月25日，厦门恒坤新材料科技股份有限公司（下称"恒坤新材"）的科创板IPO上会结果"暂缓审议"，上市委会议现场问询问题包括：自产光刻材料和前驱体 产品技术是否存在知识产权纠纷风险；引进业务采用净额法确认收入是否符合企业会计准则规定；长期定期存款高收益率是否合理，是否存在长期定期存款 使用受限情况及理财风险。 8月21日，恒坤新材就问题二作出了回复，上交所公告显示公司将于2025年8月29日二次上会审议。 观其身后，恒坤新材自产产品收入规模逐年增长，但过半利润仍主要来自于引进产品业务，而引进产品业务的第一大客户出现流失 ...

根据上交所官网显示，厦门恒坤新材料科技股份有限公司（以下简称"恒坤新材"）科创板IPO将于8月29日上会。 据恒坤新材IPO上市招股书披露，恒坤新材致力于集成电路领域关键材料的研发与产业化应用，是境内少数具备12英寸集成电路晶圆制造关键材料研发和量 产能力的创新企业之一，主要从事光刻材料和前驱体材料的研发、生产和销售。公司产品主要应用于先进 NAND、DRAM存储芯片与90nm技术节点及以下 逻辑芯片生产制造的光刻、薄膜沉积等工艺环节，系集成电路晶圆制造不可或缺的关键材料。 近年来，恒坤新材已量产供货产品包括SOC、BARC、i-Line光刻胶、KrF光刻胶等光刻材料以及TEOS等前驱体材料，量产供货款数随着产品验证通过而持 续提升。同时，恒坤新材持续开发新产品，包括 ArF光刻胶、SiARC、Top Coating等光刻材料和硅基、金属基前驱体材料均已进入客户验证流程，ArF光刻 胶已通过验证并小规模销售。目前，公司在研发、验证以及量供的产品款数累计已超过百款。 在境内集成电路供应链安全需求增加背景下，恒坤新材依靠对集成电路晶圆制造各类工艺和关键材料的专业理解与技术积累，创新性地走出了一条"引进、 消化、吸 ...

瞭望塔财经前言，增收不增利、客户高度集中、自产产品毛利为负……厦门恒坤新材料科技股份有限公司的IPO之路面临多重挑战。 瞭望塔财经获悉，厦门恒坤新材料科技股份有限公司（以下简称"恒坤新材"）科创板IPO将于2025年8月29日迎来二次上会审议。此次IPO，公司拟募资10.07 亿元，分别用于集成电路前驱体二期项目和集成电路用先进材料项目。 瞭望塔财经发现，作为2025年首家IPO上会暂缓审议企业，恒坤新材致力于集成电路领域关键材料的研发与产业化应用，是境内少数具备12英寸集成电路晶 圆制造关键材料研发和量产能力的创新企业之一。 在瞭望塔财经看来，尽管公司声称已实现境外同类产品替代，打破12英寸集成电路关键材料国外垄断，但其招股书披露的数据却揭示了诸多风险隐患。 一、财务迷思：增收不增利，利润依赖政府补助 恒坤新材近三年营收持续增长，从2022年的3.22亿元增至2024年的5.48亿元。然而，同期归母净利润却呈现下滑趋势，分别为1.01亿元、8984.93万元和 9691.92万元。 | 项目 | 2024.12.31/ | 2023.12.31/ | 2022.12.31/ | | --- | --- | ...

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 highlights the journey of Hengkun New Materials from a "follower" to a "key supplier" in the domestic semiconductor materials industry, particularly in the field of photoresists, emphasizing its significant role in China's integrated circuit material localization efforts [1][10]. Group 1: Company Development - Hengkun New Materials has evolved over more than a decade from laboratory samples to a core player in the supply chain, establishing a solid foundation for domestic high-end materials [1]. - The company has successfully developed a series of self-researched products that have passed verification from mainstream wafer manufacturers and achieved stable supply, with some products ranking among the top in the domestic market [2][5]. Group 2: Technical Achievements - Hengkun New Materials has made significant strides in the semiconductor materials sector since entering in 2014, with a product lineup that includes KrF, i Line, SOC, BARC, and TEOS, all of which are now industrialized [4]. - The company has not only achieved mass production and delivery in SOC and BARC but has also become a major supplier replacing imports [4][10]. Group 3: Manufacturing and Delivery Capabilities - The company recognizes that success in materials production requires not only technology but also engineering and delivery capabilities, leading to investments in modern production platforms across multiple locations [6]. - Hengkun New Materials has established a full-process, traceable, and replicable mass production system, providing confidence for large-scale customer deliveries [7]. Group 4: Collaborative Innovation - The company positions itself as a "customer co-creator," working closely with clients to define needs and refine products through extensive testing, which has led to a transformation of clients from users to co-builders [8][9]. - This collaborative approach has resulted in products that are validated and trusted within the industry, enhancing the company's reputation [8]. Group 5: Future Outlook - Hengkun New Materials is not just a materials company but a stabilizer in the domestic chip ecosystem, with plans to advance into higher-level materials such as ArF photoresists and precursor materials [10]. - The company has already received customer validation and formal orders for ArF photoresists, indicating its commitment to furthering China's semiconductor industry [10]. Group 6: Industry Positioning - The article emphasizes the need for material companies that can withstand market challenges and foster technological innovation, positioning Hengkun New Materials as a model for such enterprises [12]. - The company is seen as a key player in transforming "impossible" scenarios into "ongoing" realities within the semiconductor materials landscape [12].

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]