Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is focused on the research and industrial application of key materials for integrated circuits, aiming to break the foreign monopoly in the 12-inch integrated circuit wafer manufacturing sector and enhance domestic supply chain security [6][18]. Company Overview - The company specializes in the research, production, and sales of photolithography materials and precursor materials, being one of the few domestic firms capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [6][7]. - Its products are essential for the manufacturing processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [7]. Product Development - The company has successfully mass-produced products including SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with ongoing development of new products like ArF photoresists and SiARC [7][13]. - As of the reporting period, the company has over a hundred products in various stages of research, validation, and mass supply [7]. Financial Performance - The company's main business revenue has shown steady growth, with self-produced product sales revenue increasing from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, reflecting a compound annual growth rate of 66.89% [13][15]. - The gross profit from the main business has also increased, with self-produced products contributing significantly to the overall gross profit [14][15]. R&D Investment - R&D expenses have been consistently increasing, amounting to 42.74 million yuan in 2022 and 88.61 million yuan in 2024, representing 16.17% of the revenue [16]. - The company emphasizes continuous innovation and product development to enhance its market position [21]. Market Position and Strategy - The company aims to fill the gap in high-end materials currently dominated by foreign manufacturers, with a focus on expanding its product line and improving product quality [19][20]. - It plans to leverage its capital market entry to enhance technological development and industrial layout, aiming to become a leading domestic and internationally competitive enterprise in the integrated circuit key materials sector [24][20]. Listing and Fundraising - The company is set to raise funds through its IPO to invest in projects related to advanced materials and precursor materials for integrated circuits, which will enhance its product offerings and competitive edge [29][30]. - The expected market capitalization post-IPO is projected to be no less than 1 billion yuan, meeting the listing standards [26].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has been approved for IPO on the Sci-Tech Innovation Board, indicating its compliance with the necessary conditions for issuance, listing, and information disclosure [2] 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 key materials for 12-inch integrated circuit wafers [2] - The company was established in 2004, initially engaged in the development and production of optoelectronic film devices and window lens products, and shifted its business strategy towards key materials for integrated circuits starting in 2014 [2] - Since 2020, the company has achieved over 100 million yuan in sales revenue from self-produced products, ranking among the top domestic peers in the sales scale of self-produced photoresist materials [2][3] Product Applications - The company's products are essential for the production of advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, including photoresist and precursor materials [3] - Hengkang New Materials has successfully mass-produced and supplied various products, including SOC, BARC, i-Line photoresist, KrF photoresist, and TEOS precursor materials, with continuous increases in supply as product validations are completed [3] Market Position and Strategy - The company has developed a unique approach of "introducing, digesting, absorbing, and innovating" in the integrated circuit key materials market, successfully replacing foreign products and breaking the monopoly in the 12-inch integrated circuit key materials sector [3][7] - The domestic integrated circuit key materials market is currently dominated by foreign manufacturers, with local companies facing significant challenges in terms of raw material supply, technology, and funding [7] Fundraising and Project Development - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in two major material projects, including the second phase of the precursor project and the development of SiARC [4] - The total fundraising amount has been adjusted to 1.006695 million yuan due to changes in project plans, reflecting the company's strategic focus on enhancing its production capabilities [4]

Core Insights - Hengkun 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][3] - The company’s products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below, including photolithography and thin film deposition [2] Group 1 - Hengkun New Materials has successfully mass-produced and supplied products such as SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with the number of products supplied continuously increasing as product validation progresses [2] - The company is actively developing new products, including ArF photoresists, SiARC, Top Coating materials, and silicon-based and metal-based precursor materials, with ArF photoresists having passed validation and entered small-scale sales [2] - The total number of products in research, validation, and mass supply has exceeded one hundred [2] Group 2 - In response to the increasing demand for supply chain security in the domestic integrated circuit sector, Hengkun New Materials has adopted an innovative development path of "introducing, digesting, absorbing, and re-innovating" based on its professional understanding and technical accumulation of various processes and key materials in integrated circuit wafer manufacturing [3] - The company serves several leading domestic 12-inch integrated circuit wafer manufacturers, achieving domestic leadership and international advanced levels, thereby replacing foreign counterparts and breaking the monopoly on key materials for 12-inch integrated circuits [3] - Hengkun New Materials is actively participating in collaborative innovation with customers, providing customized development of key materials for product technology iteration, transitioning from following and replacing to leading innovation [3]