A-share subscription | Heng Yunchang (688785.SH) opens subscription. The market share of domestic plasma RF power supply system manufacturers in the Chinese semiconductor industry is first.

On January 16th, Hengyunchang (688785.SH) started its IPO with an issue price of 92.18 yuan per share and a subscription limit of 40,000 shares. The price-to-earnings ratio is 48.39 times, and it is listed on the Shanghai Stock Exchange, with CITIC SEC as its sponsor. According to the prospectus, the company is a leading domestic supplier of core components for semiconductor equipment, mainly engaged in the research and development, production, sales, and technical services of plasma RF power supply systems, plasma excitation devices, plasma DC power supplies, and various accessories. The company also introduces core components related to vacuum acquisition and fluid control, and provides overall solutions for core components around plasma processes. Plasma RF power supply systems are one of the most difficult barriers to localization in the semiconductor equipment component industry, with high technological barriers, large R&D investment, long R&D cycles, and extremely high requirements for "precise replication" in production. According to Frost & Sullivan statistics, the localization rate of plasma RF power supply systems in the mainland Chinese semiconductor field is less than 12% by 2024, making it one of the most severely bottlenecked areas. The company focuses on the technological breakthroughs of plasma RF power supply systems and, after ten years, has successfully launched the CSL, Bestda, and Aspen three generations of product series, breaking the decades-long monopoly of the two American giants MKS and AE in China. The company's self-developed second generation Bestda series can support 28-nanometer processes, and the third generation Aspen series can support 7-14-nanometer advanced processes, reaching international advanced levels and filling domestic gaps. At the same time, after major wafer fabs in China were placed on the U.S. Department of Commerce's Entity List, they were unable to purchase parts or apply for maintenance services from their original overseas equipment suppliers, leading the company to undertake the business of in-situ replacement and maintenance of imported plasma RF power supply systems. The semiconductor equipment and components industry requires "precise replication" to ensure the quality of chips as wafer fabs rapidly expand their production capacity. Therefore, mass production of plasma RF power supply systems must ensure highly stable and repeatable production processes and undergo precise calibration and strict testing processes to ensure performance consistency and long-term stability. Under these stringent requirements, the company has matured its scale production capabilities and has delivered its products in volume to top domestic semiconductor equipment companies such as Piotech Inc., Advanced Micro-Fabrication Equipment Inc. China, NAURA Technology Group, Jiangsu Leadmicro Nano Technology, and Acm Research(Shanghai), Inc., becoming a strategic supplier for top domestic equipment manufacturers in the thin film deposition and etching sectors. As of June 30, 2025, the company has independently developed 38 products with millions in revenue with the above-mentioned customers and 24 products with tens of millions in revenue. According to Frost & Sullivan, the market size of plasma RF power supply systems in the mainland China semiconductor industry was 6.56 billion yuan in 2024. The market for plasma RF power supply systems in the mainland Chinese semiconductor industry still presents a highly monopolistic competition between overseas giants MKS and AE. The company's semiconductor-grade plasma RF power supply systems began research and development in 2018, began mass delivery in the second half of 2020, and have achieved large-scale revenue during the reporting period, with product performance being recognized by the market. According to Frost & Sullivan, in 2024, among Chinese mainland manufacturers of domestically produced plasma RF power supply systems in the semiconductor industry, Hengyunchang ranked first in market share, leading in market position. In terms of finances, in 2022, 2023, 2024, and January to June 2025, the company achieved operating income of approximately 158 million, 325 million, 541 million, and 304 million yuan respectively; and net profits for the same periods were approximately 26.1879 million, 79.8273 million, 142 million, and 69.3476 million yuan respectively.