Core Points - The article highlights the debut of three companies: He Yuan Bio (688765.SH), Xi'an Yicai (688783.SH), and Bibet (688759.SH) at the Shanghai Stock Exchange listing ceremony on October 28 [1] - These companies are the first batch of new registered firms in the Sci-Tech Innovation Board's growth tier since the "1+6" reform, enhancing the "hard technology" content of the sector [1] Company Summaries - Xi'an Yicai raised a total of 4.636 billion yuan through its initial public offering [1] - He Yuan Bio raised 2.599 billion yuan in its IPO [1] - Bibet secured 1.6 billion yuan from its initial public offering [1] - The total fundraising amount from these three companies is 8.835 billion yuan [1]

Core Points - N Yicai-U (688783) was listed today, opening with a significant increase of 361.48%, and closing with a rise of 198.72% [2] - The total trading volume for the day was 121 million shares, with a total transaction value of 3.246 billion yuan, resulting in a turnover rate of 73.42% [2] - Among the four new stocks listed today, N Yicai-U had a closing increase of 198.72% and a turnover rate of 73.42% [2][3] Company Overview - The company specializes in the research, production, and sales of 12-inch silicon wafers [3] - The total issuance volume for this IPO was 538 million shares, with an online issuance of 80.67 million shares at a price of 8.62 yuan per share [3] - The final online issuance winning rate was 0.0712462%, and the total fundraising amount was 4.636 billion yuan, primarily directed towards the second phase of the Xi'an Yisiwei silicon industry base project [3] New Stock Performance - The performance of newly listed stocks today includes: - N He Yuan-U (688765) with a closing price of 91.10 yuan and an increase of 213.49% with a turnover rate of 83.76% [3] - N Yicai-U (688783) with a closing price of 25.75 yuan and an increase of 198.72% with a turnover rate of 73.42% [3] - N Tai Kai Ying (920020) with a closing price of 21.64 yuan and an increase of 188.53% with a turnover rate of 92.60% [3] - N Bi Bei Te-U (688759) with a closing price of 31.01 yuan and an increase of 74.41% with a turnover rate of 73.25% [3]

中国经济网北京10月28日讯 今日，西安奕斯伟材料科技股份有限公司（股票简称：西安奕材，股 票代码：688783）在上交所科创板上市。该股开盘报39.78元，截至收盘报25.75元，涨幅198.72%，成 交额32.46亿元，振幅172.74%，换手率73.42%，总市值1039.73亿元。 如投资者以当日开盘价39.78元买入，截至收盘亏损达35.27%。 西安奕材专注于12英寸硅片的研发、生产和销售。 本次发行前，北京奕斯伟科技集团有限公司直接持有公司12.73%的股份，为公司第一大股东。奕 斯伟集团及其一致行动人奕斯欣盛、奕斯欣诚、奕斯欣合、宁波奕芯和重庆奕芯直接控制公司25.68% 的股份，为公司的控股股东。本次发行后，奕斯伟集团直接持有公司11.04%的股份，为公司第一大股 东。奕斯伟集团及其一致行动人奕斯欣盛、奕斯欣诚、奕斯欣合、宁波奕芯和重庆奕芯直接控制公司 22.26%的股份，仍系公司的控股股东。奕明科技持有奕斯伟集团52.40%的股权，为公司间接控股股 东。 本次发行前，王东升、米鹏、杨新元和刘还平为公司实际控制人，四人直接和间接控制公司控股股 东奕斯伟集团合计67.92%的股权。本次发行后 ...

Core Viewpoint - N Yicai-U (688783) debuted today with a significant opening increase of 361.48%, later stabilizing at a 210.21% rise by midday, indicating strong market interest and trading activity [1][2] Company Overview - The company specializes in the research, production, and sales of 12-inch silicon wafers [2] - The total issuance volume for this IPO was 538 million shares, with an online issuance of 80.67 million shares at a price of 8.62 yuan per share [2] - The final online subscription rate was 0.0712462%, and the total fundraising amount reached 4.636 billion yuan, primarily directed towards the second phase of the Xi'an Yisiwei silicon industry base project [2] Market Performance - N Yicai-U recorded a midday closing price of 26.74 yuan, with a 210.21% increase and a turnover rate of 56.46% [2] - Other newly listed stocks included N Taikangying, which rose by 206.13% with a turnover rate of 81.66%, N Heyuan-U with a 202.96% increase and a turnover rate of 70.91%, and N Bibete-U with a 93.70% increase and a turnover rate of 56.85% [2]

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index breaking the 4000-point mark for the first time since August 19, 2015, marking a historic moment after ten years [1] - As of the midday session, the Shanghai Composite Index rose by 0.21% to 4005.44 points, while the Shenzhen Component Index increased by 0.52% and the ChiNext Index surged by 1.35% [1] Trading Data - The trading volume for the day reached 1.36 trillion yuan, with over 3000 stocks rising [1] - Specific index performances included: - Shanghai Composite Index: 4005.44, up 8.50 points (0.21%), with a trading volume of 588.4 billion yuan [2] - Shenzhen Component Index: 13559.57, up 70.17 points (0.52%), with a trading volume of 761.1 billion yuan [2] - ChiNext Index: 3277.97, up 43.52 points (1.35%), with a trading volume of 360.3 billion yuan [2] Sector Performance - The Fujian sector showed strong performance, with notable stocks such as Pingtan Development (000592) achieving a significant rise [3] - The nuclear power sector was active, with stocks like Dongfang Tantalum Industry (000962) and Antai Technology (000969) showing gains [3] - The commercial aerospace sector continued its upward trend, with Aerospace Intelligent Equipment (300455) reaching a historical high [3] - The diamond cultivation concept saw a pullback, with stocks like Huifeng Diamond declining over 5% [3] New Listings - Four new stocks were listed on the A-share market, marking a record high for the number of new listings in a single day this year [3] - Notably, three unprofitable companies—Bibet, Xi'an Yicai, and Heyuan Biology—saw significant opening gains, with Xi'an Yicai opening up 360% [3][5] - The introduction of these unprofitable hard-tech companies to the Sci-Tech Innovation Board indicates a smoother path for such firms to go public [5]

Core Points - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing the 4000-point mark for the first time in ten years, closing at 4005.44 points, up 0.21% [1][6] - The trading volume reached 1.36 trillion yuan, with over 3000 stocks rising [1] - Key sectors showing strong performance included Fujian, nuclear power, and commercial aerospace, while coal and precious metals sectors faced declines [3] Market Performance - The Shanghai Composite Index rose by 8.50 points, or 0.21%, with a trading volume of 588.4 billion yuan [2] - The Shenzhen Component Index increased by 70.17 points, or 0.52%, with a trading volume of 761.1 billion yuan [2] - The ChiNext Index saw a rise of 43.52 points, or 1.35%, with a trading volume of 360.3 billion yuan [2] Sector Highlights - The Fujian sector was particularly strong, with stocks like Pingtan Development achieving significant gains [3] - The nuclear power sector was active, with companies like Dongfang Tantalum and Antai Technology showing notable performance [3] - The commercial aerospace sector continued its upward trend, with Aerospace Intelligence Equipment reaching new historical highs [3] New Listings - Four new stocks were listed on the A-share market, marking a record high for the year [4] - Notably, three unprofitable companies—Bibet, Xi'an Yicai, and Heyuan Biology—saw substantial opening gains, with Xi'an Yicai opening up 360% [4][5] - The introduction of these companies signifies a smoother path for unprofitable hard-tech enterprises to enter the market [5]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board, marking a significant milestone for hard technology enterprises in Xi'an and showcasing the capital market's support for core technology companies [1][3][20] Group 1: Company Overview - Xi'an Yiswei is the first hard technology enterprise to successfully go public with an "unprofitable" status after the release of the "Eight Policies" for the Sci-Tech Innovation Board [3] - The company raised 4.636 billion yuan, making it the second-largest IPO in A-shares this year and the largest IPO in Shaanxi Province since 2025 [7] - Xi'an Yiswei specializes in the research, production, and sales of 12-inch silicon wafers, a core material for chip manufacturing, and has established a comprehensive core technology system covering five major processes [7][8] Group 2: Market Position - As of the end of 2024, Xi'an Yiswei's average monthly shipment volume accounts for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [8] - The company holds 799 authorized invention patents domestically, leading the 12-inch silicon wafer sector in China, indicating a significant leap from technology catch-up to competing with international giants [8] Group 3: Regional Impact - Xi'an Yiswei's listing contributes to Xi'an's reputation as a national hub for hard technology, with the city having nurtured 13 listed companies on the Sci-Tech Innovation Board, ranking fifth among 15 sub-provincial cities in China [12] - The success of Xi'an Yiswei reflects the city's ability to seize opportunities in the national strategy for technological self-reliance and resilience [12] Group 4: Capital Support - The growth of Xi'an Yiswei has been supported by a multi-level capital system, including national and provincial funds, which have provided continuous financial support to tackle critical technological challenges [16] - The National Integrated Circuit Industry Investment Fund and local investment platforms have played significant roles in the company's development, illustrating a model of "early investment, small investment, and investment in hard technology" [16] Group 5: Future Outlook - The establishment of the Sci-Tech Innovation Board's growth layer opens new avenues for unprofitable but promising hard technology companies like Xi'an Yiswei to access capital markets [20] - The listing signifies a new level of inclusivity in China's capital market for hard technology, potentially paving the way for more companies in similar stages of development [20]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in the capital market to enhance its inclusiveness, adaptability, attractiveness, and competitiveness, thereby better serving the "14th Five-Year Plan" development goals and the construction of a financial power [1][7]. Group 1: Market Developments - The first batch of new registered companies in the Sci-Tech Innovation Board's growth layer was listed on October 28, marking a significant advancement in the board's reform and development [1]. - Three unprofitable companies, He Yuan Biological-U (688765.SH), Xi'an Yicai-U (688783.SH), and Bibete-U (688759.SH), collectively went public [1]. - As of now, the number of companies in the Sci-Tech Innovation Board's growth layer has reached 35, with a total of 592 listed companies on the board [6]. Group 2: Regulatory and Institutional Support - The CSRC has successfully implemented the "1+6" reform policy since June, which includes the introduction of professional institutional investors and pre-review systems [5]. - The Shanghai Municipal Government is actively collaborating with the CSRC to enhance the operational stability and functionality of the Sci-Tech Innovation Board [5]. - The Shanghai Stock Exchange (SSE) has completed preparations for rules, technology, and market readiness within four months following the reform policy's release [6]. Group 3: Future Plans and Strategic Focus - The CSRC plans to research and formulate strategic tasks and major initiatives for the capital market during the "14th Five-Year Plan" period, focusing on risk prevention, strong regulation, and promoting high-quality development [7]. - The SSE will focus on four key areas: maintaining the "hard technology" positioning, promoting development through reform, enhancing regulatory effectiveness, and prioritizing investor protection [8].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as "Xi'an Yicai") has officially listed on the Sci-Tech Innovation Board with an issue price of 8.62 yuan per share, raising a total of 4.636 billion yuan, but faces deep market skepticism regarding its profitability and operational stability due to ongoing massive losses, low gross margins, soaring debts, and risks associated with performance guarantees [2] Financial Challenges: Massive Losses, Low Margins, High Debt - From 2021 to 2024, the company's revenue is projected to grow from 208 million yuan to 2.121 billion yuan, with a compound annual growth rate (CAGR) of 117.6%, yet net losses are expected to widen from 521 million yuan to 738 million yuan, resulting in cumulative losses of 2.465 billion yuan over four years [3] - The gross margin has been persistently low, with figures of -100.67%, 9.85%, 0.66%, and 5.49% from 2021 to 2024, significantly below the average of over 20% for comparable companies in Taiwan and abroad [3] - The company faces high depreciation costs due to its heavy asset model, with fixed asset depreciation expected to reach 420 million yuan in 2024, accounting for 19.8% of revenue [3] Inventory Impairment Risks - The inventory turnover rate has decreased from 2.02 times to 1.59 times from 2021 to 2024, with inventory impairment losses reaching 98 million yuan, 267 million yuan, 332 million yuan, and 187 million yuan, representing over 10% of revenue [4] - The company has a high customer concentration, with the top five customers contributing over 60% of revenue, and a dependency of 35% on a domestic storage IDM manufacturer, posing a risk if orders are reduced [4] Debt Levels - From 2022 to 2024, total liabilities surged from 3.63 billion yuan to 8.91 billion yuan, with a CAGR of 56.67%, significantly outpacing revenue growth [4] - In 2024, short-term debt is projected at 962 million yuan and long-term debt at 6.044 billion yuan, raising concerns about balancing interest expenses with R&D investments [4] Market Challenges: Intensifying Competition, Price Declines, Technical Bottlenecks - The global silicon wafer market is dominated by five major manufacturers, holding 85% of the market share, while Xi'an Yicai's market share is only 6%, with its products primarily in mature processes [6] - Price pressures are evident, with silicon wafer prices dropping from 479.89 yuan to 361.58 yuan from 2022 to 2024, a cumulative decline of nearly 30% [6] - The company assumes a price rebound of 5% in 2025, which contradicts industry trends, raising doubts about the feasibility of this assumption [6] Technical Limitations - Despite a cumulative R&D investment of 576 million yuan, accounting for 12.39% of revenue, the company still faces shortcomings in advanced process applications [7] - Key equipment such as crystal pullers and polishing machines remain reliant on international suppliers, which could impact production if supply is disrupted [7] - The deep binding of CITIC Securities as both a sponsor and shareholder, holding 4.25% of Xi'an Yicai's shares, raises questions about the company's independence [7]

消息面上，10月28日，禾元生物、西安奕材、必贝特三家未盈利公司登陆科创板，成为科创板科创成长层 首批新注册公司。 编辑｜钉钉 | < W | | N奕材-U(688783) | | | | | --- | --- | --- | --- | --- | --- | | | | 10-28 09:32:36 融 成 | | | | | 27.85 | | 额 3.28亿 股本 40.38亿 市盈™ -159 | | | 万得 盘口 | | 19.23 | 223.09% 换 5.43% 市值 1125亿 市净" | 8.94 | | | | | 分时 | 五日 日K 周K | | | 中文 | (0 | | 叠加 | 均价:36.65 | | 盘口 | | 资金 | | 40.00 | 364.04% | | 51 +7 | | | | | | | SE DE | | | | 8.62 | 0.00% 买一 | | | | | | | | | ST M | | | | -22.76 | -364.04% | | 25 1 | | | | 09:15 | 09:30 11:30/13:00 15:00 9:32 ...