西安奕材科创板IPO二轮问询 前瞻性经营业绩及控制权认定被追问

Core Viewpoint - The IPO of Xi'an Yicai, the first unprofitable company accepted under the "Eight Articles of Science and Technology Innovation Board," reflects the latest regulatory trends for unprofitable enterprises in China [2][3]. Group 1: IPO Progress and Regulatory Trends - The Shanghai Stock Exchange has streamlined the second round of inquiries for Xi'an Yicai from 15 questions in the first round to 9, focusing on competition, operating performance, control rights, and R&D personnel [2]. - Xi'an Yicai's IPO application was accepted on November 29, 2024, with plans to raise 4.9 billion yuan for the second phase of its silicon industry base project [2]. Group 2: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan, respectively, while net losses are expected to be 412 million yuan, 578 million yuan, and 738 million yuan [3]. - Despite rapid revenue growth and increasing capacity utilization rates of 78.15%, 81.71%, 72.92%, and 91.07% from 2021 to 2024, the company continues to experience significant losses [3][4]. Group 3: Industry Competition and Market Position - Xi'an Yicai's revenue from epitaxial wafers is only 9.03% in 2024, compared to 40% for its competitor, Hu Silicon Industry, which has a first-mover advantage and expansion plans [4]. - The semiconductor silicon wafer market is facing a recovery that is below expectations, with Hu Silicon Industry reporting a net profit of -1.243 billion yuan for 2024 [4]. Group 4: Control Rights and Shareholder Dynamics - The control rights of Xi'an Yicai are under scrutiny, particularly regarding the influence of Liu Yiqian, who previously held significant shares in the controlling entity, Yisiwei Group [5][6]. - The complexity of the control structure raises questions about the accurate identification of actual controllers and whether certain individuals should be recognized as joint controllers [6]. Group 5: R&D Personnel and Investment Concerns - Approximately 50% of Xi'an Yicai's R&D personnel are part-time, raising concerns about the adequacy of R&D investment and the distribution of responsibilities within the R&D team [7][8]. - The company plans to use the 4.9 billion yuan raised for the second phase of its silicon industry base project, which aims to achieve a production capacity of 1.2 million wafers per month by 2026 [8][9].