奕斯伟IPO过会背后：百亿融资难填巨亏，王东升“芯”事谁能解？

Core Viewpoint - The successful IPO application of Xi'an Yiswei Materials Technology Co., Ltd. marks a significant event in the A-share capital market, being the first unprofitable company to pass the review under the new policies, igniting market interest in hard technology financing [2][4] Group 1: Company Overview - Xi'an Yiswei Materials specializes in 12-inch silicon wafer production, ranking first in mainland China and sixth globally, with a market share of approximately 7% [3] - The company has accumulated over 10 billion yuan in financing, attracting nearly 60 venture capital and private equity institutions, with a pre-IPO valuation of 24 billion yuan [4] Group 2: Financial Performance - The company reported cumulative losses of 1.728 billion yuan from 2022 to 2024, with losses increasing each year [6] - Operating cash flow has been negative, with a total outflow of nearly 3.5 billion yuan over three years, indicating a reliance on external financing [6] Group 3: Product Structure and Challenges - Nearly 50% of the company's revenue comes from low-margin testing wafers, while high-value products account for only 16.75% of revenue, significantly lower than competitors [7] - The company faces technological gaps compared to international peers, with its products not yet applied in the most advanced chip processes [7] Group 4: Market Outlook and Risks - The company's profitability forecast for 2027 is based on optimistic assumptions, while industry experts predict continued downward pressure on silicon wafer prices [8] - The company must navigate intense competition and optimize its product structure to achieve profitability and reduce reliance on external financing [8]