Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as Xi'an Yicai) successfully listed on the Sci-Tech Innovation Board, raising a total of 4.636 billion yuan through the issuance of 537.8 million shares at an initial price of 8.62 yuan per share, with a first-day stock price surge of 361.48% to 39.78 yuan per share, closing at 25.75 yuan per share, representing a 198.72% increase, resulting in a total market capitalization of 103.973 billion yuan [1][2]. Group 1 - Xi'an Yicai is one of the first companies registered under the newly established Sci-Tech Growth Tier on the Sci-Tech Innovation Board, alongside He Yuan Bio and Biobit, marking a significant milestone since the introduction of the "1+6" reform [2]. - The company is currently in a continuous loss phase, with net profits projected to be -533 million yuan, -683 million yuan, and -738 million yuan from 2022 to 2024, although revenue for the first half of 2025 is expected to grow by 46% year-on-year to 1.3 billion yuan, with net losses narrowing to 340 million yuan [2][9]. - The chairman of Xi'an Yicai emphasized that the temporary losses of technology companies are part of the necessary process for technological accumulation and highlighted the need for support from the capital market to compete globally [4]. Group 2 - The management team of Xi'an Yicai has a notable "BOE System" background, with key figures having held executive positions at BOE Technology Group, which has significantly influenced the company's strategic direction [5][6]. - Xi'an Yicai is positioned as a leading manufacturer of 12-inch silicon wafers in China, focusing on the research, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are essential for various semiconductor applications [7][8]. - The global market for 12-inch silicon wafers is currently dominated by a few key players, primarily Japanese companies, with Xi'an Yicai achieving a market share of approximately 6% in monthly shipments and 7% in production capacity, ranking it sixth globally [8]. Group 3 - The company plans to utilize the funds raised from its IPO, totaling 4.507 billion yuan after deducting issuance costs, entirely for the construction of the second phase of the Xi'an Yiswei silicon industry base [8]. - Xi'an Yicai anticipates a prolonged period of gross margin losses, typically lasting 4 to 6 years for new market entrants, with expectations of achieving profitability around 2027, contingent on market conditions and pricing strategies [9].
京东方“教父”王东升打造千亿IPO 西安奕材登陆科创板