According to Zhitong Finance APP, on January 13, Sinophorus (688545.SH) opened for subscription, with an issue price of 11.68 yuan per share, a subscription limit of 21,000 shares, and a price-to-earnings ratio of 40.46 times. It is listed on the Shanghai Stock Exchange, with Tianfeng Securities as the sponsor (lead underwriter).

The prospectus shows that Sinophorus was established in 2008 and is one of the earliest companies in China engaged in the wet electronic chemicals business. After more than a decade of continuous investment, technological accumulation, and market development, the company has successfully developed and mass-produced electronic-grade phosphoric acid that meets the highest G3 level of the SEMIC36-1121 electronic-grade phosphoric acid product standard, electronic-grade sulfuric acid that meets the highest G5 level of the SEMI general standard, as well as functional wet electronic chemicals such as etchants, cleaners, regenerants, developers, and stripping solutions that meet the special process requirements of downstream customers, achieving bulk supply to mainstream customers in the domestic and international integrated circuit industry. In 2023, the electronic-grade hydrogen peroxide developed by the company reached the highest G5 level of the SEMI general standard.

In addition, in 2021, the company successfully expanded its business in the comprehensive utilization of phosphoric acid wastewater recovery, establishing a closed-loop business model for wet electronic chemicals. By recycling and reusing the wastewater from electronic-grade phosphoric acid products used by customers, it not only meets the disposal needs of downstream customers for phosphoric acid wastewater, increasing customer stickiness, but also broadens the company's revenue sources.

During the reporting period, Sinophorus's main customers included TSMC, SK Hynix, SMIC, Yangtze Memory Technologies, Hua Hong Group, ChangXin Memory, Chipone, Globalfoundries, United Microelectronics, Texas Instruments (Chengdu), Sanan Integrated, Yuxin Semiconductor, China Resources Shanghua, Wuhan Xinxin, Jinghe Integrated, BYD Semiconductor, Chipone Integrated, Chongqing Wangguo, Yandong Micro, Entegris, CMC Materials, Tianhong Technology, Silterra, Shenzhen Huaxing Optoelectronics, Huike Co., Ltd., Rainbow Optoelectronics, and many other well-known integrated circuit and display panel industry enterprises at home and abroad.

The metal ion content of Sinophorus's electronic-grade phosphoric acid products can be stably controlled within 3 ppb, and the main technical indicators have reached the highest G3 level of the SEMIC36-1121 electronic-grade phosphoric acid product standard and the highest E2 level requirements of the national standard for electronic-grade phosphoric acid (GB/T28159-2011). In November 2022, an expert group organized by the China Electronic Materials Industry Association identified that the overall technology of electronic-grade phosphoric acid-related achievements has reached an internationally advanced level. Currently, there are few companies in China that can produce electronic-grade phosphoric acid for integrated circuits, and the company's electronic-grade phosphoric acid products have a high market share in the domestic market. According to data released by the China Electronic Materials Industry Association and combined with the company's sales data, the market share of the company's electronic-grade phosphoric acid (monophosphoric acid) for the front-end process wafer manufacturing of integrated circuits in 2021, 2022, and 2023 was 39.25%, 55.79%, and 69.69%, respectively, with a continuous increase in market share. According to documents issued by the China Electronic Materials Industry Association, the market share of the company's electronic-grade phosphoric acid products in the domestic semiconductor field has ranked first in the country for three consecutive years from 2021 to 2023 The metal ion content of the company's electronic-grade sulfuric acid products can be stably controlled within 5 ppt, with the main technical indicators reaching the highest level G5 of the SEMI general standard and the highest level E1 requirements of the national standard for electronic-grade sulfuric acid (GB/T41881-2022). In November 2022, an expert group organized by the China Electronic Materials Industry Association identified that the overall technology of electronic-grade sulfuric acid-related achievements has reached an internationally advanced level. Currently, there are several companies in China capable of producing SEMI G5 grade electronic-grade sulfuric acid. According to data published by the China Electronic Materials Industry Association and combined with the company's sales data, the domestic market share of the company's electronic-grade sulfuric acid products for integrated circuit front-end wafer manufacturing was 9.97%, 18.25%, and 31.22% for the years 2021, 2022, and 2023, respectively, indicating a continuous increase in market share.

The core technology of functional wet electronic chemicals lies in product formulation. The company has successfully developed and achieved mass supply of a rich variety of functional wet electronic chemical products. Currently, the company has developed a total of 60 types of functional wet electronic chemical products in five major categories, including etching solutions, cleaning agents, developing solutions, stripping solutions, and regenerating agents, based on different customer needs. The company's customer base for functional wet electronic chemicals is extensive, and it has achieved supply to many well-known domestic and international integrated circuit and display panel industry enterprises, including SMIC, Yangtze Memory Technologies, Hua Hong Group, Chipone, China Resources Microelectronics, BYD Semiconductor, XinEn Integrated, Tianhong Technology, Shenzhen Huaxing Optoelectronics, Huike Co., Ltd., and Rainbow Optoelectronics.

In terms of finance, the operating revenues of Sinophorus in 2021, 2022, 2023, and January to June 2024 were approximately RMB 529 million, RMB 792 million, RMB 878 million, and RMB 512 million, respectively, with net profits for the same periods being approximately RMB 99.8451 million, RMB 191 million, RMB 124 million, and RMB 85.3232 million.