强一股份单一客户依赖八成：对赌协议暗藏隐忧，韩国公司曾被调查

Core Viewpoint - The company, Qiangyi Semiconductor (Suzhou) Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, with significant revenue concentration from a single major client, raising concerns about sustainability and independence [2][8]. Financial Performance - The company reported sales revenue from probe cards of 2.17 billion, 3.1 billion, 6.07 billion, and 3.59 billion CNY for the years 2022 to 2025 (first half), accounting for over 96% of total revenue during these periods [3][5]. - The total revenue for the same periods was 2.54 billion, 3.54 billion, 6.41 billion, and 3.74 billion CNY, with net profits of 156.22 million, 186.58 million, 2.33 billion, and 1.38 billion CNY respectively [5][6]. - For the first nine months of 2025, the company achieved a revenue of 6.47 billion CNY, a year-on-year increase of 65.88%, and a net profit of 2.48 billion CNY, up 100.13% [5]. Customer Concentration - Over 80% of the company's revenue comes from a single major client, referred to as Company B, with sales to the top five clients accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue during the reporting periods [7][8]. - The company has established a long-term procurement agreement with Company B, which has significantly influenced its revenue growth [8][9]. Product Sales Breakdown - The sales revenue from 2D/2.5D MEMS probe cards was 1.24 billion, 2.32 billion, 4.78 billion, and 3.17 billion CNY, representing 57.12%, 74.74%, 78.82%, and 88.37% of total sales respectively [4]. - The sales of cantilever probe cards showed a decrease in quantity but an increase in revenue due to prioritizing higher-value products [4][5]. Supply Chain and Related Transactions - The company has a high concentration of suppliers, with the top five suppliers accounting for 49.14%, 40.19%, 60.67%, and 64.27% of total procurement [11]. - The company has been involved in significant related-party transactions, with a notable portion of sales and purchases linked to Company B and a related entity, Nantong Yuan Zhou Li [10][12]. Future Outlook - The company plans to raise 1.5 billion CNY through its IPO, with 1.2 billion CNY allocated for R&D and production of probe cards, and 300 million CNY for the construction of its headquarters and R&D center [16]. - The company aims to reduce customer concentration by expanding its product offerings and market reach, particularly in the storage sector [9].