Group 1 - The company has invested 200 million yuan as a limited partner in the China National Building Material New Materials (Anhui) Fund, which has invested 699 million yuan in Xi'an Yicai [2] - The investment indicates the company's strategic involvement in the new materials sector through its partnership with the fund [2] - The interaction highlights investor interest in the company's investment activities and partnerships [2]

Group 1 - Xi'an Yiswei Material Technology Co., Ltd. (referred to as "Xi'an Yicai") completed its initial public offering and listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025, with stock code 688783.SH [1] - KPMG acted as the reporting accountant for Xi'an Yicai's listing project, providing professional services [1] Group 2 - Xi'an Yicai is a provider of 12-inch electronic-grade silicon wafer products and services, primarily engaged in the research, development, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers [3] - The products are widely used in storage chips, logic chips, image sensors, display driver chips, and power devices required in fields such as electronic communications and new energy vehicles [3]

Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 989 million yuan compared to the previous day, with 81 stocks seeing an increase of over 10 million yuan in financing balance [1] - As of October 28, the total margin financing balance on the Sci-Tech Innovation Board reached 259.614 billion yuan, marking a daily increase of 1.011 billion yuan, continuing a trend of increases for three consecutive trading days [1] - The stocks with the highest net financing purchases included C He Yuan, C Yi Cai, and Ju Chen Co., with significant increases in their financing balances and corresponding stock price rises [2] Financing Balance Summary - The total margin financing balance on the Sci-Tech Innovation Board is 259.614 billion yuan, with a financing balance of 258.678 billion yuan [1] - There are 474 stocks with a financing balance exceeding 100 million yuan, and 45 stocks with a financing balance over 1 billion yuan [1] - Newly listed stocks on October 28, C He Yuan and C Yi Cai, had initial financing balances of 269 million yuan and 251 million yuan, respectively [1] Net Financing Purchases - C He Yuan had the highest net financing purchase amounting to 269 million yuan, with a daily increase of 213.49% in stock price [2] - The average increase in stock prices for stocks with net purchases exceeding 10 million yuan was 5.61%, with notable increases for C He Yuan and C Yi Cai [2] - The sectors attracting the most financing interest included electronics, machinery, and power equipment, with 37, 12, and 9 stocks respectively [2] Financing Balance Proportions - The average financing balance as a percentage of the circulating market value for stocks with significant net purchases is 4.36% [2] - Tian Cheng Technology had the highest financing balance proportion at 11.57%, with a financing balance of 458 million yuan [2]

Group 1 - The stock of C Yicai-U (688783) surged by 198.72% on its first trading day, with a turnover rate of 73.42% and a transaction volume of 3.246 billion yuan [1] - On its debut, the stock attracted a net inflow of 1.295 billion yuan from major funds, with large orders contributing 799 million yuan and big orders contributing 497 million yuan [2] - The stock's first-day financing amount was 297 million yuan, accounting for 9.15% of the total trading volume, while the latest financing balance stood at 251 million yuan, representing 5.91% of the circulating market value [1][2] Group 2 - The company primarily focuses on the research, production, and sales of 12-inch silicon wafers [2] - A detailed table of recent IPOs shows various stocks, including C Yicai-U, with their respective first-day price changes and financing balances [2][3]

Core Insights - On October 28, Xi'an Yicai's stock surged by 198.72%, with a trading volume of 3.246 billion yuan [1] - The company recorded a financing purchase amount of 297 million yuan and a net financing purchase of 251 million yuan on the same day [1] - As of October 28, the total financing and securities lending balance for Xi'an Yicai was 251 million yuan, representing 5.91% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Xi'an Yicai achieved a revenue of 1.933 billion yuan, reflecting a year-on-year growth of 34.80% [2] - The company reported a net profit attributable to shareholders of -558 million yuan, which is a year-on-year increase of 5.30% [2] Shareholder Information - As of October 28, the number of shareholders for Xi'an Yicai reached 165,500, an increase of 266,891.94% compared to the previous period [2] - The average number of circulating shares per shareholder is 994 shares, with no change from the previous period [2]

Core Viewpoint - The first batch of three new stocks in the Sci-Tech Innovation Growth Sector was listed today, with significant price increases on their debut, indicating strong market interest and potential for growth in the semiconductor industry [2]. Group 1: Stock Performance - N禾元-U surged by 213.49%, N奕材-U increased by 198.72%, and N必贝特-U rose by 74.41% on their first trading day [2]. - N奕材-U's latest A-share market capitalization exceeds 100 billion yuan, ranking second in the Sci-Tech Innovation Growth Sector, only behind 寒武纪-U [2][3]. Group 2: Company Overview - 西安奕材 focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally in terms of monthly shipment volume and production capacity [4]. - The company aims to exceed a 10% global market share by 2026, positioning itself among the leading manufacturers of 12-inch silicon wafers [4]. Group 3: Technological Advancements - The company has established a core technology system across five key processes: crystal pulling, shaping, polishing, cleaning, and epitaxy, achieving competitive levels with the top five global manufacturers [5]. - Products are already in mass production for advanced NAND Flash memory chips and DRAM chips, with ongoing development for next-generation high-end storage chips suitable for AI applications [5]. Group 4: Financial Performance - The company's revenue grew from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound annual growth rate of 41.83% [6]. - The company has maintained positive net cash flow from operating activities since 2022, indicating strong financial health [6].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as Xi'an Yicai) successfully listed on the Sci-Tech Innovation Board, raising a total of 4.636 billion yuan through the issuance of 537.8 million shares at an initial price of 8.62 yuan per share, with a first-day stock price surge of 361.48% to 39.78 yuan per share, closing at 25.75 yuan per share, representing a 198.72% increase, resulting in a total market capitalization of 103.973 billion yuan [1][2]. Group 1 - Xi'an Yicai is one of the first companies registered under the newly established Sci-Tech Growth Tier on the Sci-Tech Innovation Board, alongside He Yuan Bio and Biobit, marking a significant milestone since the introduction of the "1+6" reform [2]. - The company is currently in a continuous loss phase, with net profits projected to be -533 million yuan, -683 million yuan, and -738 million yuan from 2022 to 2024, although revenue for the first half of 2025 is expected to grow by 46% year-on-year to 1.3 billion yuan, with net losses narrowing to 340 million yuan [2][9]. - The chairman of Xi'an Yicai emphasized that the temporary losses of technology companies are part of the necessary process for technological accumulation and highlighted the need for support from the capital market to compete globally [4]. Group 2 - The management team of Xi'an Yicai has a notable "BOE System" background, with key figures having held executive positions at BOE Technology Group, which has significantly influenced the company's strategic direction [5][6]. - Xi'an Yicai is positioned as a leading manufacturer of 12-inch silicon wafers in China, focusing on the research, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are essential for various semiconductor applications [7][8]. - The global market for 12-inch silicon wafers is currently dominated by a few key players, primarily Japanese companies, with Xi'an Yicai achieving a market share of approximately 6% in monthly shipments and 7% in production capacity, ranking it sixth globally [8]. Group 3 - The company plans to utilize the funds raised from its IPO, totaling 4.507 billion yuan after deducting issuance costs, entirely for the construction of the second phase of the Xi'an Yiswei silicon industry base [8]. - Xi'an Yicai anticipates a prolonged period of gross margin losses, typically lasting 4 to 6 years for new market entrants, with expectations of achieving profitability around 2027, contingent on market conditions and pricing strategies [9].

Core Viewpoint - The first batch of three new stocks listed on the Sci-Tech Innovation Board, with N Yicai-U achieving a significant first-day increase of 198.72%, indicating strong market interest and potential for growth in the semiconductor sector [1][2]. Company Overview - N Yicai-U has a market capitalization exceeding 100 billion yuan, ranking second in the Sci-Tech Innovation Board, only behind Cambricon Technologies [1][2]. - The company specializes in the research, production, and sales of 12-inch silicon wafers, positioning itself as the largest in mainland China and the sixth globally, with a market share of approximately 6% and 7% in monthly shipment volume and production capacity, respectively [3]. Financial Performance - N Yicai-U's revenue is projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound annual growth rate of 41.83% [5]. - The company has maintained positive cash flow since 2022, indicating strong operational performance [5]. - Compared to peers, N Yicai-U has achieved consistent revenue growth despite fluctuations in the semiconductor cycle, with expectations of profitability by 2027 [5]. Market Position and Future Prospects - The company aims to increase its global market share in 12-inch silicon wafers to over 10% by 2026, enhancing its position among leading manufacturers [3]. - N Yicai-U is actively developing high-performance specialized logic chips for AI applications, indicating a strategic focus on advanced technology and market needs [3][4]. - The establishment of a second factory, funded by the recent IPO, is expected to bolster local supply chains and enhance competitiveness in the domestic electronic-grade silicon wafer industry [4].

Core Points - The first three companies have been registered in the Sci-Tech Innovation Board's growth layer, marking a significant step in the capital market's support for technological innovation and the development of new productive forces [1][4] - The establishment of the Sci-Tech Growth Layer aims to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable technology companies to access funding [5][7] - The introduction of the "1+6" policy framework has successfully facilitated the inclusion of unprofitable companies, with a total of 35 companies now listed in the growth layer [5][6] Group 1: Market Developments - The three newly listed companies, He Yuan Bio-U, Xi'an Yicai-U, and Bibete-U, represent the first batch of new registrations in the Sci-Tech Growth Layer, which aims to support high-tech industries [1][6] - The total number of companies listed on the Sci-Tech Innovation Board has reached 592, indicating a growing market [5] - The Shanghai Stock Exchange has completed necessary preparations for the listing of these companies within four months, demonstrating efficient regulatory processes [6] Group 2: Regulatory Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [4][12] - Future plans include enhancing the regulatory framework to better identify quality tech companies and support emerging sectors such as artificial intelligence and aerospace [12] - The CSRC aims to improve corporate governance and increase investor returns while fostering a market environment conducive to long-term capital investment [12] Group 3: Company Perspectives - Company leaders express gratitude for the new policies that have opened doors to capital markets, enabling faster technology commercialization and industrial capacity enhancement [6][11] - The focus for these companies will be on increasing R&D investment and delivering performance to reward investors [11] - The transition from a profit-oriented to a future-oriented evaluation approach reflects a shift in how companies are assessed for their potential in the capital market [9]

Core Viewpoint - The Science and Technology Innovation Board (STAR Market) in China has welcomed the listing of three unprofitable companies, marking a significant moment in the implementation of the "1+6" reform, which aims to support innovative enterprises in various high-tech sectors [1][11]. Group 1: New Listings - Three companies, He Yuan Bio (禾元生物), Xi'an Yicai (西安奕材), and Bibete (必贝特), have collectively listed on the STAR Market, becoming the first batch of new registered companies under the STAR Market's growth tier [1][3]. - These companies will be included in the STAR Market's growth tier from the day of their listing, expanding the "hard technology army" of the board [1][3]. Group 2: Market Performance - On the listing day, the three new stocks opened high, with Xi'an Yicai surging by 361%, He Yuan Bio increasing by 203%, and Bibete rising by 175%. By the end of the trading day, their respective gains were approximately 199%, 213%, and 74% [3][4]. Group 3: Company Profiles - He Yuan Bio specializes in innovative drug development, particularly in recombinant human albumin derived from rice, with its core product expected to be approved for market by July 2025. The company has a pipeline of eight drugs, with significant revenue growth projected from 2022 to 2024 [6][7]. - Bibete focuses on developing innovative drugs for major diseases, with one product already approved and several others in various stages of clinical trials. The company has not yet generated revenue but is advancing its commercialization efforts [8]. - Xi'an Yicai is a semiconductor company specializing in 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity. Despite significant revenue growth from 2022 to 2024, the company remains unprofitable due to high initial investments and costs [8][9]. Group 4: Regulatory Context - The "1+6" reform implemented in June 2023 has successfully introduced a growth tier for unprofitable companies on the STAR Market, allowing for a broader range of high-tech sectors to access public capital markets [11][12]. - As of October 28, 2025, 22 companies have utilized the STAR Market's fifth set of standards for listing, with many transitioning from research and development phases to commercialization [11][12].