Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) has become the first unprofitable company to list on the Sci-Tech Innovation Board, injecting strong vitality into the capital market despite accumulating losses exceeding 2 billion yuan over three years [3][5]. Group 1: Main Business and Products - The company focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a respected enterprise in the semiconductor silicon materials field. It ranks first in mainland China and sixth globally in terms of monthly shipment volume and production capacity, accounting for approximately 6% and 7% of the global market, respectively [4]. - Its products are utilized in various types of chips, including NAND Flash, DRAM, CPU, GPU, and more, serving applications in smartphones, personal computers, data centers, IoT, smart vehicles, and robotics [4]. Group 2: Financial Data and Indicators - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively. Corresponding net losses were approximately 411.82 million yuan, 577.97 million yuan, and 737.64 million yuan, with a cumulative loss exceeding 2.067 billion yuan during the reporting period [5]. - As of June 30, 2025, total assets amounted to 17.44 billion yuan, with a debt-to-asset ratio of 52.51% for consolidated statements [6]. Group 3: Historical Development of Equity Partnership - In 2015, a management team with industry background established the Beijing Chip Dynamics Fund to focus on investments in the integrated circuit industry, particularly in display driver chips [7]. - The company underwent a strategic shift from overseas acquisitions to self-operation, with core management and strategic investors taking equity stakes [8][10]. Group 4: Shareholding Structure - As of March 15, 2023, the company transitioned to a joint-stock company with a diverse shareholding structure, including 45 investment partners [12][13]. - By October 22, 2025, the shareholding structure showed that Yiswei Group held 12.73% of shares, while other significant shareholders included Ningbo Yixin and Shaanxi Integrated Circuit Fund [14][15]. Group 5: Incentive and Control Arrangements - The company has implemented an employee incentive program, with 342 employees receiving stock options, representing 2.20% of the total share capital [17]. - The control structure involves a complex arrangement where four individuals control Yiswei Group, which in turn controls the company, highlighting the intricate nature of its governance [18][19].
亏损超20亿也能IPO上市！一文揭秘其股权合伙