芯德半导体：核心业务“亏本卖”，5年累计“烧了”14亿｜IPO观察

Core Viewpoint - Jiangsu Xinde Semiconductor Technology Co., Ltd. (referred to as "Xinde Semiconductor") has submitted a prospectus for an IPO in Hong Kong, but the company has incurred significant losses since its establishment in 2020, totaling approximately 1.4 billion RMB over five years, with a pressing need to achieve profitability [2][3][8]. Financial Performance - Xinde Semiconductor reported revenues of 269.4 million RMB, 509.1 million RMB, 827.4 million RMB, and 474.9 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, while incurring losses of 360.3 million RMB, 358.9 million RMB, 376.6 million RMB, and 218.6 million RMB during the same periods [3][4]. - Cumulative losses over the past three and a half years amount to approximately 1.314 billion RMB, indicating a persistent trend of financial deficits [2][3]. Debt and Liquidity - The company's current assets have consistently been lower than its current liabilities, with a current ratio declining from 0.8 to 0.5, indicating significant short-term debt pressure [4][5]. - Cash and cash equivalents peaked at 186 million RMB but are insufficient to cover interest-bearing borrowings totaling 566 million RMB, leading to an ongoing funding gap [4][5]. Business Model and Revenue Sources - Xinde Semiconductor's revenue is heavily reliant on packaging products and testing services, which accounted for over 99% of total revenue during the reporting periods [6][8]. - Despite being in a rapidly expanding advanced packaging industry, the company has struggled with a "loss-leading" business model, with gross margins remaining negative throughout the reporting periods, reaching as low as -80% in 2022 and -16.4% in the first half of 2025 [6][8]. Industry Context - The global semiconductor packaging and testing market is projected to grow from 495.6 billion RMB in 2020 to 649.4 billion RMB in 2024, with China's market expected to reach 248.1 billion RMB by 2024 [8]. - Advanced packaging technologies are anticipated to become a significant growth area, with the global advanced packaging market expected to increase from 214.1 billion RMB in 2020 to 312.4 billion RMB by 2024 [8].