募资扩产存疑、关联交易惹眼，强一股份IPO迎考

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is approaching a critical milestone for its IPO on the Sci-Tech Innovation Board, scheduled for November 12, 2025, amid notable related party transactions and questions regarding its capacity expansion plans [1][3][10]. Financial Performance - Qiangyi Semiconductor has shown significant revenue growth, with revenues of approximately 254 million, 354 million, 641 million, and 374 million yuan for the years 2022 to 2025 H1, respectively. Corresponding net profits were about 15.62 million, 18.66 million, 233 million, and 138 million yuan [3][4]. Customer Dependency - The company heavily relies on a major customer, referred to as Company B, which accounted for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue from 2022 to 2025 H1. The sales to Company B alone represented 37.58%, 37.92%, 34.93%, and 25.53% of total revenue during the same period [4][5]. Related Party Transactions - Company B is also a related party, raising concerns about the potential risks associated with high customer concentration. The company has stated that its reliance on Company B is due to the concentrated nature of the downstream market and the stable position of Company B within its industry [4][6]. Supplier Relationships - South China Pi Semiconductor, a company controlled by Qiangyi's actual controller, is a significant supplier. The company has transferred certain business operations to South China Pi, which has raised questions regarding the rationale behind this separation and the nature of their business relationship [7][8]. Capacity Expansion Plans - Qiangyi Semiconductor plans to raise approximately 1.5 billion yuan for projects including the development and production of probe cards. However, there are concerns about the ability to absorb the new production capacity, as the company has experienced declining utilization rates for existing products [10][11].