博士后老板直接持股不到1%，上海超硅IPO背后的一堆“股权罗生门”

Core Viewpoint - Shanghai ChaoSilicon Semiconductor Co., Ltd. is facing significant financial challenges despite being in a high-demand semiconductor silicon wafer industry, with cumulative losses exceeding 3.1 billion yuan over three years [2][5][7]. Group 1: Company Overview - Shanghai ChaoSilicon focuses on the research, production, and sales of semiconductor silicon wafers, providing services such as wafer regeneration and post-processing [5]. - The company has a product line that includes 300mm and 200mm silicon wafers, which are critical materials in the global chip manufacturing sector [5]. - Major clients include Huazhong Technology and Guangdong Core, with sales to the top five customers projected to increase from 516 million yuan in 2022 to 845 million yuan in 2024 [5][7]. Group 2: Financial Performance - Revenue is projected to grow from 921 million yuan in 2022 to 1.327 billion yuan in 2024, but net profits have been negative for three consecutive years, with losses of 803 million yuan, 1.044 billion yuan, and 1.299 billion yuan respectively [7][9]. - The company's gross margin has remained negative, with figures of -12.47%, -7.61%, and -3.72% from 2022 to 2024, significantly below the industry averages of 31.3%, 21.33%, and 13.27% [7][9]. - Cumulative cash outflow from operating activities exceeded 1.4 billion yuan over the same period [9]. Group 3: Investment and Growth Strategy - The company attributes its losses to the capital-intensive and long-cycle nature of the semiconductor silicon wafer industry, with total investments exceeding 16 billion yuan for production lines [9]. - Research and development expenses increased from 78 million yuan in 2022 to 246 million yuan in 2024, representing a rise in the revenue share from 8.43% to 18.55% [10]. - The company plans to use funds raised from its IPO primarily for technological innovation, product scale expansion, and the establishment of AI-driven research and manufacturing systems [13]. Group 4: Governance and Ownership Issues - The founder, Chen Meng, controls 51.64% of the voting rights through direct and indirect holdings, despite a low direct shareholding of 3.12% [15]. - The company has faced multiple ownership disputes, including shareholder qualification and equity holding disputes, which have raised concerns about governance stability [17][19]. - Recent court rulings have resolved several disputes, but some shareholders have refused to sign lock-up agreements, prompting regulatory scrutiny [22][24].