A股或“迎芯”！粤芯半导体 申报IPO获受理

Core Viewpoint - Yu Xin Semiconductor has been accepted for IPO application on the ChiNext board, with a post-financing valuation of 25.3 billion yuan, focusing on analog chip manufacturing and being the first 12-inch wafer manufacturer in Guangdong province [1][3]. Company Information - Yu Xin Semiconductor Technology Co., Ltd. is referred to as "Guangzhou's first chip" and is the first 12-inch wafer manufacturing enterprise in Guangdong to enter mass production [1]. - The company is sponsored by GF Securities and has a projected fundraising amount of 7.5 billion yuan [2][15]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as 1.545 billion yuan, 1.044 billion yuan, 1.681 billion yuan, and 1.053 billion yuan respectively, with a projected revenue growth of 61.09% in 2024 [3][4]. - Despite positive cash flow from operating activities, the company has not yet achieved profitability, with net losses increasing from 1.043 billion yuan in 2022 to 2.253 billion yuan in 2024 [3][4][6]. Shareholder Structure - The company currently has no controlling shareholder, with the founding shareholders being Yu Xin Zhong Cheng Equity Investment Partnership and Science City Investment Group [8][11]. - Yu Xin Zhong Cheng holds an 80% stake, while Science City Group holds 20% [10]. Investment Projects - The IPO aims to raise 7.5 billion yuan, with 3.5 billion yuan allocated for a 12-inch integrated circuit analog specialty process production line and 2.5 billion yuan for technology platform research and development [15][16]. - The company plans to transition from pure analog foundry to a composite technology platform focusing on analog and digital integration, aiming to enhance domestic production of high-end analog and mixed-signal chips [17].