Core Insights - Xi'an Yiswei Materials Technology Co., Ltd. successfully went public on the Sci-Tech Innovation Board on October 28, 2025, with a stock code of 688783, experiencing a 35% surge in opening price and surpassing a market capitalization of 100 billion yuan, marking it as one of the largest IPOs in the domestic semiconductor sector this year [1][3][5] Company Overview - Xi'an Yiswei specializes in the research, production, and sales of 12-inch electronic-grade silicon wafers, which are essential materials for chip manufacturing, widely used in sectors such as electronic communications, new energy vehicles, artificial intelligence, and consumer electronics [5][6] - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a customer base of 144 verified clients, including major domestic foundries and international suppliers [6] Financing Journey - The company has undergone significant capital support, with total financing exceeding 10 billion yuan and cumulative investments surpassing 20 billion yuan since its inception [9][10] - Key financing rounds include: - A-round financing starting in 2019, with substantial contributions from local government-backed funds [9] - B-round financing completed in July 2021, raising over 3 billion yuan [10] - C-round financing at the end of 2022, which set a record for the largest single private placement in China's silicon wafer industry at nearly 4 billion yuan [10] Government and Institutional Support - The development of Xi'an Yiswei has been significantly supported by various government and state-owned industrial funds, which recognized the strategic importance of the silicon materials sector [13][14] - The local government provided comprehensive support throughout the project lifecycle, facilitating rapid construction and operational readiness [14][15] Market Position and Future Prospects - The successful IPO is seen as a new starting point for Xi'an Yiswei, with plans to use the raised funds for capacity expansion and R&D [16][17] - The company aims to increase its market share from 7% to over 10% globally, contributing to a domestic silicon wafer localization rate exceeding 20% [6][19] Strategic Insights - The success of Xi'an Yiswei serves as a model for fostering strategic emerging industries, emphasizing the importance of early government investment, professional support services, and a collaborative capital mechanism [20]

Core Insights - The silicon epitaxial wafer industry is experiencing significant growth driven by strong demand in downstream applications, particularly in integrated circuits and power devices [1][7][10] - The market for silicon epitaxial wafers in China is projected to reach 12.44 billion yuan in 2024, with a year-on-year growth of 10.58% [10][11] - The industry is transitioning towards high-end, autonomous, and diversified development, focusing on technological upgrades and industry chain collaboration [13][14][15] Industry Overview - Silicon epitaxial wafers are core semiconductor materials formed by growing a single-crystal semiconductor film on a silicon substrate, allowing precise control of key parameters [2][3] - The classification of silicon epitaxial wafers includes sizes of 300mm (12 inches), 200mm (8 inches), and 150mm (6 inches and below), catering to various semiconductor device requirements [3][4] Market Dynamics - The integrated circuit sector is the most significant application market for silicon epitaxial wafers, with production expected to reach 451.42 billion units in 2024, a 14.38% increase year-on-year [7][8] - The power semiconductor market in China is projected to grow to 175.255 billion yuan in 2024, driven by sectors such as new energy vehicles and photovoltaics [8][10] Industry Development - The Chinese silicon epitaxial wafer industry has evolved from technology dependence to achieving self-sufficiency, with significant advancements in 8-inch core processes and a shift towards 12-inch high-end products [5][10] - The industry is currently in a phase of simultaneous scale expansion and quality upgrade, with increasing competitiveness and a focus on high-end applications [10][11] Competitive Landscape - The industry is characterized by a competitive landscape where international giants dominate the high-end market, while domestic companies are rapidly catching up through technological collaboration and industry chain integration [12][13] - Key players include Hu Silicon Industry, TCL Zhonghuan, and Lian Microelectronics, focusing on breakthroughs in 12-inch technology and establishing advantages in the 8-inch power device sector [12][13] Future Trends - The silicon epitaxial wafer industry is expected to accelerate towards high-end, autonomous, and diversified development, with a focus on large-size and low-defect density technologies [14][15] - There will be a stronger emphasis on upstream and downstream collaboration to enhance self-sufficiency and build a secure and controllable industrial ecosystem [14] - Emerging application scenarios, such as new energy vehicles and artificial intelligence, will drive product diversification and innovation in the industry [15][16]

Summary of Key Points Core Viewpoint - The issuance of new stocks in China has seen significant activity in 2023, with a total of 91 companies raising approximately 952.66 billion yuan, indicating a robust market for initial public offerings (IPOs) this year [1][2]. Group 1: New Stock Issuances - Two new stocks were issued today: Hengkun New Materials with 67.40 million shares at an issue price of 14.99 yuan, raising 1.01 billion yuan; and Southern Power Digital with 477 million shares at an issue price of 5.69 yuan, raising 2.71 billion yuan [1]. - The average amount raised per company this year is approximately 10.47 million yuan, with 21 companies raising over 1 billion yuan [1][2]. Group 2: Fundraising by Companies - Huadian New Energy has raised the most funds this year, totaling 18.17 billion yuan, primarily for wind and solar power projects [2]. - Other notable fundraisers include Xi'an Yicai with 4.64 billion yuan and Zhongce Rubber with 4.07 billion yuan [2]. - The average issue price of new stocks this year is 20.62 yuan, with four companies having an issue price above 50 yuan [2]. Group 3: Regional Distribution - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 23, 17, and 14 companies respectively [2]. - The top three provinces in terms of total fundraising amounts are Fujian (19.18 billion yuan), Guangdong (16.63 billion yuan), and Jiangsu (15.63 billion yuan) [2].

Core Insights - The total amount raised by companies on the Sci-Tech Innovation Board (STAR Market) this year has reached 17.746 billion yuan, with an average fundraising of 1.613 billion yuan per company [1][2] - The company with the highest fundraising amount is Xi'an Yicai, which raised 4.636 billion yuan, primarily for its silicon industry base project [1] - The average initial offering price of the issued stocks is 20.23 yuan, with the highest price being 47.27 yuan for Ying Shi Innovation [1][2] Fundraising Overview - A total of 11 companies have issued new shares on the STAR Market this year, with 7 companies raising over 1 billion yuan, 3 companies raising between 500 million and 1 billion yuan, and 1 company raising less than 500 million yuan [1] - The companies with significant fundraising amounts include He Yuan Biological (2.599 billion yuan) and Yi Tang Co., Ltd. (2.497 billion yuan) [1] Pricing and Valuation - The average issuance price of the stocks is 20.23 yuan, with the highest issuance price at 47.27 yuan for Ying Shi Innovation and the lowest at 8.45 yuan for Yi Tang Co., Ltd. [1] - The issuance price-to-earnings (P/E) ratio ranges from 6.14 to 71.42, with an average of 35.20 and a median of 33.41 [2] Regional Distribution - The majority of the issued companies are concentrated in Beijing, Hubei, and Guangdong, each having 2 companies [2] - The top fundraising regions are Shaanxi (4.636 billion yuan), Hubei (3.767 billion yuan), and Guangdong (3.538 billion yuan) [2]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) has become the first unprofitable company to list on the Sci-Tech Innovation Board, injecting strong vitality into the capital market despite accumulating losses exceeding 2 billion yuan over three years [3][5]. Group 1: Main Business and Products - The company focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a respected enterprise in the semiconductor silicon materials field. It ranks first in mainland China and sixth globally in terms of monthly shipment volume and production capacity, accounting for approximately 6% and 7% of the global market, respectively [4]. - Its products are utilized in various types of chips, including NAND Flash, DRAM, CPU, GPU, and more, serving applications in smartphones, personal computers, data centers, IoT, smart vehicles, and robotics [4]. Group 2: Financial Data and Indicators - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively. Corresponding net losses were approximately 411.82 million yuan, 577.97 million yuan, and 737.64 million yuan, with a cumulative loss exceeding 2.067 billion yuan during the reporting period [5]. - As of June 30, 2025, total assets amounted to 17.44 billion yuan, with a debt-to-asset ratio of 52.51% for consolidated statements [6]. Group 3: Historical Development of Equity Partnership - In 2015, a management team with industry background established the Beijing Chip Dynamics Fund to focus on investments in the integrated circuit industry, particularly in display driver chips [7]. - The company underwent a strategic shift from overseas acquisitions to self-operation, with core management and strategic investors taking equity stakes [8][10]. Group 4: Shareholding Structure - As of March 15, 2023, the company transitioned to a joint-stock company with a diverse shareholding structure, including 45 investment partners [12][13]. - By October 22, 2025, the shareholding structure showed that Yiswei Group held 12.73% of shares, while other significant shareholders included Ningbo Yixin and Shaanxi Integrated Circuit Fund [14][15]. Group 5: Incentive and Control Arrangements - The company has implemented an employee incentive program, with 342 employees receiving stock options, representing 2.20% of the total share capital [17]. - The control structure involves a complex arrangement where four individuals control Yiswei Group, which in turn controls the company, highlighting the intricate nature of its governance [18][19].

Core Insights - Xi'an Yichai's stock price increased by 0.38% on November 5, with a trading volume of 680 million yuan [1] - The company reported a financing buy-in of 65.58 million yuan and a net financing outflow of 5.55 million yuan on the same day [1] - As of November 5, the total margin balance for Xi'an Yichai was 294 million yuan, accounting for 6.71% of its market capitalization [1] Financing Summary - On November 5, Xi'an Yichai had a financing buy-in of 65.58 million yuan, with a current financing balance of 294 million yuan [1] - The financing balance represents 6.71% of the company's circulating market value [1] Margin Trading Summary - On November 5, there were no shares repaid or sold in margin trading, resulting in a margin balance of 0 yuan [1] Company Overview - Xi'an Yichai was established on March 16, 2016, and is located in Xi'an, Shaanxi Province [1] - The company focuses on the research, production, and sales of 12-inch silicon wafers, with revenue composition as follows: 40.77% from semiconductor silicon test wafers, 34.39% from semiconductor silicon polishing wafers, and 24.48% from semiconductor silicon epitaxial wafers [1] Shareholder Information - As of October 28, the number of shareholders for Xi'an Yichai 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, showing no change from the previous period [2] Financial Performance - For the period from January to September 2025, Xi'an Yichai achieved a revenue of 1.933 billion yuan, representing a year-on-year growth of 34.80% [2] - The net profit attributable to the parent company was -558 million yuan, reflecting a year-on-year increase of 5.30% [2]

Core Points - A new stock, Dapeng Industrial, issued 15 million shares at a price of 9.00 yuan, raising 135 million yuan [1] - As of November 5, 2023, a total of 89 companies have gone public this year, raising a cumulative amount of 91.542 billion yuan, with an average fundraising of 1.029 billion yuan per company [1] - The most funds raised by a single company this year is from Huadian New Energy, which raised 18.171 billion yuan primarily for wind and solar power projects [1][2] Fundraising Statistics - Total number of new stocks issued this year: 89 companies [1] - Total fundraising amount: 91.542 billion yuan [1] - Average fundraising per company: 1.029 billion yuan [1] - Breakdown of fundraising by market: - Shanghai Main Board: 21 stocks, 41.405 billion yuan [1] - Shenzhen Main Board: 10 stocks, 7.925 billion yuan [1] - ChiNext: 27 stocks, 19.316 billion yuan [1] - Sci-Tech Innovation Board: 10 stocks, 16.736 billion yuan [1] - Beijing Stock Exchange: 21 stocks, 6.159 billion yuan [1] Price and Regional Distribution - Average initial public offering (IPO) price this year: 20.85 yuan [2] - Highest IPO price: Tianyouwei at 93.50 yuan [2] - Regions with the most IPOs: Jiangsu (23), Guangdong (16), Zhejiang (14) [2] - Regions with the highest fundraising amounts: Fujian (18.171 billion yuan), Jiangsu (15.634 billion yuan), Guangdong (13.916 billion yuan) [2]

证券日报网讯西安奕材11月4日在互动平台回答投资者提问时表示，公司主营12英寸电子级硅片，产品 可用于人工智能高端芯片制造，正在验证适配先进制程的高性能专用逻辑芯片，同步配合客户开发下一 代高端存储芯片所需硅片。 （文章来源：证券日报） ...

Group 1 - The company, Xian Yicai, is focusing on the production, research and development, and sales of 12-inch large silicon wafers [2] - The fundraising projects are progressing steadily according to plan for capacity expansion [2]

Core Viewpoint - The company is positioned as a leader in the domestic market and is internationally competitive in the silicon wafer industry, with significant advancements in technology and production capacity to meet the growing demand for domestic alternatives [1] Technology Reserve - The company has mass-produced products for 2YY-layer NAND Flash memory chips, advanced generation DRAM memory chips, and advanced process logic chips - More advanced process NAND Flash memory chips, advanced generation DRAM memory chips, and 12-inch silicon wafers have been validated by mainstream customers - As of June 30, 2025, the company has applied for a total of 1,843 domestic and international patents, with over 80% being invention patents - The company has obtained 799 authorized patents, with over 70% being invention patents - The company holds the most authorized domestic and international invention patents in the 12-inch silicon wafer field in mainland China as of June 30, 2025 [1][1][1] Wafer Production Capacity - The company's first factory, with a capacity of 500,000 wafers per month, reached full production in 2023 - The second factory, part of the fundraising project, officially commenced production in 2024 and is planned to reach full capacity by 2026 - By the end of 2024, through technological innovation and efficiency improvements, the company has increased the first factory's capacity to over 600,000 wafers per month, with a combined capacity reaching 710,000 wafers per month, accounting for approximately 7% of global 12-inch silicon wafer capacity - By 2026, the combined capacity of the first and second factories is expected to reach 1.2 million wafers per month - The company will decide on future capacity expansions based on market conditions [1][1][1]