基本半导体港股IPO：主要产品亏本大甩卖 三年半净亏10亿元 营运资金常年为负 董事长却拿走5000万天价薪酬

Core Viewpoint - Shenzhen Basic Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, facing significant financial challenges with a cumulative net loss of nearly 1 billion yuan over three and a half years, primarily due to negative gross margins on its core products and high operational costs associated with its IDM model [1][19][28]. Financial Performance - The company reported net losses of -242 million yuan, -342 million yuan, -237 million yuan, and -177 million yuan for the respective years, totaling nearly 1 billion yuan in losses [13][28]. - The asset-liability ratio increased from 38.41% to 86.61% over the reporting period, indicating a deteriorating financial condition [15][30]. - The company's cash flow from operating activities has consistently been negative, with figures of -307 million yuan, -120 million yuan, -24 million yuan, and -39 million yuan, highlighting its inability to generate positive cash flow [17][32]. Product and Revenue Insights - Basic Semiconductor's revenue from silicon carbide power modules surged from 5.05 million yuan in 2022 to 146 million yuan in 2024, marking a 27.8-fold increase [10][25]. - The average selling price of silicon carbide power modules plummeted by 74.08% in 2023, contributing to ongoing negative gross margins [11][27]. - The company’s primary revenue sources are silicon carbide power modules and power semiconductor gate drivers, which have seen significant fluctuations in revenue and gross margins [9][24]. Market Position and Strategy - The company operates in the third-generation semiconductor power device sector, focusing on silicon carbide power devices for various industries, including electric vehicles and renewable energy systems [2][20]. - Despite a strong technical foundation and backing from notable investors, the aggressive pricing strategy to capture market share has led to unsustainable losses [14][29]. - The company has completed 12 rounds of financing, raising over 1.1 billion yuan, with a valuation of 5.16 billion yuan following its D round in August [4][21]. Operational Challenges - The production capacity utilization rates for its main production bases remain low, with figures of 11.2%, 49.2%, 52.6%, and 40.8% for the silicon carbide power module facility [18][33]. - The company plans to use funds from its IPO to expand production capacity and enhance research and development efforts for new silicon carbide products [18][33].