创业板又一单未盈利IPO来了

Core Viewpoint - The article discusses the recent IPO application of Guangdong-based Yu Xin Semiconductor Technology Co., Ltd. (referred to as "Yu Xin Semiconductor"), which is the second unprofitable company to apply for an IPO on the ChiNext board, following Da Pu Wei Electronics Co., Ltd. [2][4] Group 1: Company Overview - Yu Xin Semiconductor provides 12-inch wafer foundry services and specialized process solutions for chip design, with applications in consumer electronics, industrial control, automotive electronics, and artificial intelligence [3]. - The company currently operates two 12-inch wafer fabs with a combined planned capacity of 80,000 wafers per month, and plans to build a third fab with an additional capacity of 40,000 wafers per month, bringing total planned capacity to 120,000 wafers per month [3]. Group 2: Financial Performance - The company reported revenues of 1.545 billion, 1.044 billion, 1.681 billion, and 1.053 billion yuan for the years 2022 to the first half of 2025, with a significant year-on-year revenue decline of 32.46% in 2023, followed by a projected growth of 61.09% in 2024 [4]. - Net losses for the same period were 1.043 billion, 1.917 billion, 2.253 billion, and 1.2 billion yuan, indicating a trend of increasing losses [4]. - The company has a cumulative undistributed profit of -8.936 billion yuan, reflecting significant accumulated losses [4]. Group 3: Industry Context - The semiconductor industry is characterized by strong cyclicality influenced by global economic fluctuations, demand changes in downstream markets, and inventory cycles [6]. - In 2023, Yu Xin Semiconductor's sales revenue from integrated circuit foundry products decreased by 40.70%, with an average selling price decline of 32.32% [6]. - The company’s gross profit margins were negative, with figures of -21.83%, -114.90%, -71.00%, and -57.01% during the reporting period, significantly lower than the average gross margins of comparable listed companies [6][7]. Group 4: Funding and Support - Yu Xin Semiconductor has received substantial government support, with grants totaling 424 million, 535 million, 241 million, and 144 million yuan during the reporting period [5]. - The company has engaged in agreements with investors that include special rights clauses, which were terminated before the IPO application [5]. Group 5: IPO and Market Implications - Yu Xin Semiconductor is applying for an IPO under the third standard of the ChiNext board, which requires a market value of no less than 5 billion yuan and revenue of at least 300 million yuan in the most recent year [4][10]. - The company is expected to achieve profitability by 2029, which raises concerns about its ability to meet the financial thresholds set by the ChiNext board, potentially leading to delisting risks if it fails to achieve profitability post-IPO [10].