Hengkun New Materials' sci-tech innovation board IPO passed the listing committee meeting, breaking the foreign monopoly on key materials for 12-inch integrated circuits.

On August 29, Xiamen Hengkun New Materials Technology Co., Ltd. (referred to as Hengkun New Materials) passed the listing committee meeting of the Sci-Tech Innovation Board of the Shanghai Stock Exchange. The sponsor of this IPO is China Securities Co., Ltd., with a planned fundraising of 1.007 billion yuan. According to the prospectus, the company is dedicated to the research and industrial application of key materials in the field of integrated circuits. It is one of the few innovative enterprises in China that have the research and mass production capabilities of key materials for 12-inch integrated circuit wafer manufacturing. The company mainly engages in the research, production, and sales of photolithography materials and precursor materials such as SOC, BARC, KrF photoresist, i-Line photoresist, TEOS, etc. During the reporting period, the company's self-produced products mainly include photolithography materials such as SOC, BARC, KrF photoresist, i-Line photoresist, as well as precursor materials like TEOS. The ArF immersion photoresist has been verified and sold on a small scale, mainly used in the production of advanced NAND, DRAM memory chips, 90nm technology nodes, and below logic chip manufacturing processes such as photolithography and thin film deposition. In addition, against the backdrop of increasing demand for domestic replacement of the integrated circuit industry in China, the company has taken the introduction of foreign products as an entry point to rapidly acquire customer resources and accumulate product introduction and quality control experience. It has introduced and sold photolithography materials, precursor materials, electronic specialty gases, and other wet electronic chemicals, breaking a path of "introduction, digestion, absorption, and innovation." During the reporting period, the company's customers included several leading 12-inch integrated circuit wafer manufacturers in China, achieving the substitution of foreign similar products and breaking the foreign monopoly on key materials for 12-inch integrated circuits. At present, foreign manufacturers still dominate the market share of photolithography materials and precursor materials for 12-inch integrated circuits in China. Although domestic key material manufacturers have made breakthroughs, they have not yet achieved large-scale mass production supply in advanced processes. The company's SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS have all achieved mass production supply, and the ArF immersion photoresist has been verified and sold on a small scale. In 2024, the company's sales revenue from in-house products reached 344.1893 million yuan, achieving the substitution of similar products from foreign manufacturers such as Nippon Paint, Shin-Etsu Chemical, DuPont of the United States, Merck of Germany, JSR of Japan, and Tokyo Ohka Kogyo, becoming one of the main suppliers of integrated circuit photolithography materials and precursor materials in China, extensively covering major domestic 12-inch integrated circuit wafer manufacturers. Financially, in 2022, 2023, and 2024, the company achieved operating income of approximately 322 million yuan, 368 million yuan, and 548 million yuan respectively; during the same period, the net profit was approximately 99.7283 million yuan, 89.7626 million yuan, and 96.9111 million yuan respectively.