未盈利上市首日涨近200%，68岁京东方创始人再获千亿IPO

Core Viewpoint - Xi'an Yiswei Materials 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, representing a 198.72% increase, resulting in a total market capitalization of 103.973 billion yuan [1][3][12]. 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 Biotech [3]. - The company is the first unprofitable enterprise to be accepted for listing on the Sci-Tech Innovation Board since the introduction of the "Sci-Tech Eight Articles" by the China Securities Regulatory Commission in June 2024 [3]. - Xi'an Yicai reported net losses of 533 million yuan, 683 million yuan, and 738 million yuan for the years 2022 to 2024, respectively, but showed a 46% year-on-year revenue growth in the first half of 2025, reaching 1.3 billion yuan, with a reduced net loss of 340 million yuan [3][12]. Group 2 - The management team of Xi'an Yicai has a notable "BOE System" background, with key figures having previously held executive positions at BOE Technology Group [7][8]. - The company focuses on the research, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are essential for various semiconductor applications [10]. - Xi'an Yicai aims to challenge the global oligopoly in the 12-inch silicon wafer market, which is currently dominated by Japanese companies [10][11]. Group 3 - The company plans to use the funds raised from the IPO for the construction of the second phase of the Xi'an Yiswei Silicon Industry Base, with total investments for the first and second factories amounting to 11 billion yuan and 12.5 billion yuan, respectively [12]. - Xi'an Yicai is projected to become the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipments and 7% in production capacity by the end of 2024 [11][12]. - The company 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 [12].