突击借钱与产能谜题：越亚半导体IPO现场检查背后的债务疑云

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. is facing significant challenges as it prepares for its IPO, including a unique governance structure, fluctuating debt levels, declining profitability, and potential conflicts of interest with overseas shareholders [1][5][28]. Governance Structure - The company operates without a controlling shareholder or actual controller, leading to potential decision-making inefficiencies [6][8]. - The two major shareholders, AMITEC and Oriental Information Industry, hold 39.95% and 37.23% of shares respectively, creating a balance that may hinder timely strategic decisions [6][8]. Debt Structure - The company's debt structure has shown unusual fluctuations, with short-term debt increasing from 230 million yuan in 2022 to 466 million yuan in the first half of 2025, while long-term debt decreased significantly [10][11]. - This shift raises concerns about liquidity risks, especially as net profit has declined from 415 million yuan in 2022 to 215 million yuan in 2024 [12][10]. Profitability Concerns - Revenue growth has been minimal, with a compound annual growth rate of only 3.8% from 2022 to 2024, while net profit has nearly halved during the same period [13][14]. - The gross margin has dropped from 38.97% in 2022 to 24.42% in the first half of 2025, indicating severe profitability issues [14][16]. Capacity Utilization - The company’s capacity utilization rates are concerning, with FC-BGA substrate utilization at only 9.32% in the first half of 2025, despite plans for aggressive expansion [19][20]. - The planned IPO funding of 1.037 billion yuan for capacity expansion raises questions about the ability to absorb new capacity given current low utilization rates [21][19]. Fixed Asset Saturation - Fixed assets account for 58% of total assets, significantly higher than the industry average of 35%, leading to increased depreciation pressures [24][30]. - The company’s strategy of expanding fixed assets despite already high levels may lead to a cycle of overcapacity and declining margins [24][30]. Potential Conflicts of Interest - The relationship between overseas shareholders and the technical team poses risks, particularly regarding the management of core technologies and potential conflicts of interest [28][30]. - The company's reliance on tax incentives for a significant portion of its profits (up to 26.96% in 2024) could further complicate its financial stability if tax policies change [25][26]. Regulatory Scrutiny - The upcoming IPO is subject to stringent regulatory checks on revenue recognition, project feasibility, and governance effectiveness, with no option for withdrawal once submitted [31].