募资49亿元，国内最大12英寸硅片厂IPO过会！

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has successfully obtained approval for its IPO application on the Sci-Tech Innovation Board, marking it as the first unprofitable company accepted by the Shanghai Stock Exchange since the release of the "Eight Measures" by the China Securities Regulatory Commission [1][3]. Company Overview - Xi'an Yiswei is a leading manufacturer of 12-inch silicon wafers in China, serving as a strategic supplier for major domestic storage IDM manufacturers [3][4]. - The company has established a core technology system across five key processes: crystal pulling, shaping, polishing, cleaning, and epitaxy, achieving quality levels comparable to the top five global manufacturers [5][6]. Market Position and Strategy - The company aims to build 2 to 3 core manufacturing bases by 2035, focusing on technology, quality, and management to become a leading player in the semiconductor silicon materials sector [4][5]. - By 2026, the combined capacity of its first and second factories is expected to reach 1.2 million wafers per month, fulfilling 40% of the 12-inch silicon wafer demand in mainland China [6]. Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be CNY 1.055 billion, CNY 1.474 billion, and CNY 2.121 billion, respectively, reflecting a compound annual growth rate of 41.83% [6][7]. - Despite rapid revenue growth, the company has incurred cumulative losses exceeding CNY 2.068 billion over three and a half years, with losses of CNY 412 million, CNY 578 million, and CNY 738 million for 2022, 2023, and 2024, respectively [7][8]. Shareholder Structure - The company has over 20 state-owned or state-controlled investment institutions among its 62 shareholders, with major shareholders including Yiswei Technology Group and various state funds [10][11]. Fundraising and Future Plans - Xi'an Yiswei plans to raise CNY 4.9 billion through its IPO, which will be used for the second phase of its silicon industry base project, aimed at expanding capacity, optimizing product variety, and enhancing technological strength [10][11].