Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (referred to as "Xi'an Yicai") successfully listed on the Sci-Tech Innovation Board, achieving a remarkable opening increase of 363%, highlighting the capital market's renewed focus on "hard technology" companies [1][2]. Group 1: Company Overview - Xi'an Yicai is the first unprofitable company to be listed after the new "National Nine Articles" and "Sci-Tech Innovation Board Eight Articles," raising 4.636 billion yuan, setting a record for fundraising in the semiconductor equipment and materials sector in A-shares [1][2]. - The company specializes in 12-inch silicon wafers and has established itself as "the first in China and the sixth globally" in the industry, indicating its significant position in the global high-end semiconductor silicon materials market [1][3]. Group 2: Institutional Innovation - The new "National Nine Articles" and "Sci-Tech Innovation Board Eight Articles" emphasize support for "hard technology" companies, facilitating a smoother path for unprofitable firms with core technologies to access the capital market [2][3]. - The "1+6" reform policy announced by the CSRC further deepens institutional innovation, allowing unprofitable companies to list under the fifth set of standards on the Sci-Tech Innovation Board [2]. Group 3: R&D and Technology - Xi'an Yicai has invested over 700 million yuan in R&D, maintaining a research expense ratio above 10%, significantly higher than the industry average, showcasing its commitment to "hard technology" [2][3]. - The company holds 799 authorized patents, with over 70% being invention patents, making it the enterprise with the most authorized invention patents in the 12-inch silicon wafer sector in mainland China [3][7]. Group 4: Market Position and Competition - Xi'an Yicai has entered the first tier of production capacity in the 12-inch silicon wafer market, with a monthly output and capacity ranking first in mainland China and sixth globally, capturing approximately 6% of the global market share [6][10]. - The company has established a complete technical system covering five core processes, achieving nanometer-level precision control, which is critical in the semiconductor industry [7]. Group 5: Future Growth and AI Demand - The global demand for 12-inch silicon wafers is expected to exceed 10 million pieces per month by 2026, with mainland China accounting for over 3 million pieces per month, approximately one-third of global demand [8][9]. - Xi'an Yicai is strategically developing high-end storage chips for AI applications, aiming to meet the increasing computational and storage efficiency demands driven by AI model training [9][10]. Group 6: Financial Outlook - The funds raised from the IPO will be used for the construction of the second phase of Xi'an Yicai's silicon industry base, with total production capacity expected to reach 1.2 million pieces per month by 2026, potentially increasing its global market share to over 10% [10]. - The company anticipates achieving positive gross profit by 2026 and net profit by 2027, indicating a clear path to profitability [10].
西安奕材登陆科创板：新政后“硬科技上市第一股”，开启全球硅片竞争新局