天域半导体今起招股 募资加码产能与研发 预计12月5日上市
Zhi Tong Cai Jing·2025-11-26 23:02

Core Viewpoint - Tianyu Semiconductor (02658) is set to launch an IPO from November 27 to December 2, 2025, offering 30.07 million H-shares at a price of HKD 58.00 per share, with expected trading to commence on December 5, 2025 [1] Group 1: IPO Details - The company plans to globally offer 30.07 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, plus a 15% over-allotment option [1] - The cornerstone investors have agreed to subscribe for shares amounting to approximately HKD 161.5 million under certain conditions [1] - The net proceeds from the global offering are expected to be around HKD 1.671 billion, with 62.5% allocated for capacity expansion, 15.1% for R&D and innovation, 10.8% for strategic investments or acquisitions, 2.1% for global sales and marketing, and 9.5% for working capital and general corporate purposes [1] Group 2: Company Overview - The company is a leading manufacturer of self-produced silicon carbide (SiC) epitaxial wafers, ranking as the third largest in China by revenue and sales, with market shares of 6.7% and 7.8% respectively for 2024 [2] - It is the largest manufacturer of self-produced SiC epitaxial wafers in the Chinese market, holding 30.6% of the revenue share and 32.5% of the sales share for 2024 [2] - The company has achieved mass production of 4-inch and 6-inch SiC epitaxial wafers in 2014 and 2018, respectively, and has the capability to mass produce 8-inch wafers as of 2023 [2] Group 3: Financial Performance - Revenue increased from RMB 437 million in 2022 to RMB 1.171 billion in 2023, but is projected to decline to RMB 519.6 million in 2024 [3] - Net profit surged from RMB 2.8 million in 2022 to RMB 95.9 million in 2023, but the company faced a net loss of RMB 500 million in 2024 due to inventory write-downs and a decline in SiC wafer prices [3] - For the five months ending May 31, 2025, revenue decreased from RMB 297 million in 2024 to RMB 257 million, yet the company transitioned from a gross loss and net loss in 2024 to gross profit and net profit in 2025 [3]