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IPO审1过1!三年亏损超18亿,过了!
Sou Hu Cai Jing·2025-08-16 16:38

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has successfully passed the IPO application review for the Sci-Tech Innovation Board, marking a significant milestone as the first unprofitable company accepted since the "K8 Policy" and indicating a historic breakthrough in China's high-end semiconductor materials sector [2][3]. Company Overview - Xi'an Yiswei is focused on the research, production, and sales of 12-inch silicon wafers, ranking as the largest domestic and sixth globally in this category, with a monthly average shipment and production capacity accounting for approximately 6% and 7% of the global market, respectively [3]. - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China as of the end of 2024 [3]. Financial Performance - The company reported revenues of 1.055 billion, 1.474 billion, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of -416 million, -692 million, and -763 million yuan [9]. - The main business revenue composition for 2024 includes polished wafers (830.76 million), epitaxial wafers (353.48 million), and test wafers (926.63 million), totaling 2.11087 billion yuan [5]. IPO Details - The IPO aims to raise 4.9 billion yuan for the second phase of the Xi'an Yiswei silicon industry base project, with an initial issuance of 53.78 million shares, accounting for 13.32% of the total shares post-issuance [6][9]. - The company meets the listing standards of having an expected market value of no less than 3 billion yuan and a minimum revenue of 300 million yuan in the last year [9]. R&D and Innovation - The company has invested 576.23 million yuan in R&D from 2022 to 2024, meeting the requirement of R&D investment being over 5% of revenue or totaling over 80 million yuan in the last three years [10]. - As of the end of 2024, the company holds 1,635 patents, with over 80% being invention patents, and has 746 authorized patents, with more than 70% being invention patents [10]. Future Development Plans - The company aims to establish 2-3 core manufacturing bases and several modern intelligent manufacturing plants by 2035, focusing on enhancing product quality, technical capabilities, and maximizing shareholder value [11].