新芯股份IPO隐现债务悬崖：利润“输血”难掩自主技术空心化

Core Viewpoint - Wuhan Xinxin Integrated Circuit Co., Ltd. (Xinxin Co.) faces significant challenges in its IPO journey, with rising revenues overshadowed by a drastic decline in net profits, reliance on related party transactions, soaring debt levels, and doubts about core technology [1][25]. Group 1: Financial Performance - Revenue increased from 3.507 billion yuan in 2022 to 4.258 billion yuan in 2024, but net profit plummeted from 717 million yuan to 201 million yuan, with only 7.123 million yuan reported in the first half of 2025 [1]. - In 2023, Xinxin Co. generated 284 million yuan from technology licensing, contributing 62.7% of the total net profit of 394 million yuan for that year [3][6]. - The company's net profit for 2024 dropped to 201 million yuan, indicating a weakened actual profitability when excluding related party transactions [4][5]. Group 2: Debt and Financial Risks - Xinxin Co.'s interest-bearing debt surged from 7.20 billion yuan in 2022 to 98.38 billion yuan in 2024, marking a 323.4% increase [7]. - The total debt reached 98.38 billion yuan in 2024, while net profit was only 201 million yuan, highlighting insufficient interest coverage [8]. - The total asset turnover ratio declined from 0.34 in 2022 to 0.21 in 2024, indicating deteriorating asset efficiency despite asset growth [9]. Group 3: Technology Dependency - Xinxin Co. relies heavily on technology licensing, with 99.87% of its revenue in the first half of 2025 derived from core technology [12]. - The company has not disclosed whether it still depends on third-party technology for its self-branded products, raising concerns about its independent R&D capabilities [15]. - The partnership with Hengshuo Co. is under strain, as Hengshuo has fallen out of the top five customers list, and their production capacity agreement is set to end in 2024 [16]. Group 4: Governance and Structural Issues - Xinxin Co. has a "no actual controller" ownership structure, leading to governance inefficiencies, as evidenced by the high number of abstentions in shareholder meetings [18]. - The ownership structure involves multiple levels of state-owned assets, complicating control stability and decision-making processes [19]. Group 5: Market Conditions and Expansion Plans - The company plans to raise 4.8 billion yuan for a new 12-inch production line, despite a potential overestimation of its current capacity utilization, which may be below 60% [20]. - Global semiconductor demand is weak, with competitors like SMIC and Hua Hong reporting significant profit declines, raising doubts about Xinxin Co.'s ability to absorb new capacity [22].