粤芯半导体IPO新进展：拟募资75亿，陈卫是持股最大个人股东

Core Viewpoint - The IPO process of Guangdong's first 12-inch wafer manufacturer, Yuexin Semiconductor, has progressed with its application accepted by the Shenzhen Stock Exchange, indicating a potential listing on the A-share market soon [1] Group 1: IPO and Fundraising - Yuexin Semiconductor plans to raise 7.5 billion yuan through its IPO, with 3.5 billion yuan allocated for expanding its 12-inch integrated circuit production line, 2.5 billion yuan for R&D on specialized technology platforms, and 1.5 billion yuan for working capital [1] - The latest external equity financing valued the company at 25.3 billion yuan [1] Group 2: Financial Performance - The company has shown a clear correlation between its financial performance and industry cycles, with revenue fluctuations and increasing losses from 2022 to mid-2025 [2] - Revenue in 2022 was 1.545 billion yuan, dropping by 32.46% to 1.044 billion yuan in 2023, but rebounding to 1.681 billion yuan in 2024, a 61.09% increase [5] - For the first half of 2025, revenue reached 1.053 billion yuan, continuing the growth trend [5] Group 3: Revenue Structure - Integrated circuit foundry services are the core revenue driver, contributing 1.310 billion yuan in 2024, accounting for 80.26% of total revenue [5] - Power device foundry services generated 322 million yuan, making up 19.74% of total revenue [5] Group 4: R&D Investment - R&D investment has been significant, with 6.01 billion yuan in 2022, 6.05 billion yuan in 2023, and 4.46 billion yuan in 2024, representing 38.92%, 58.00%, and 26.50% of revenue respectively [8] - The company has accumulated 18.38 billion yuan in R&D investment over three and a half years, resulting in 681 authorized patents [10] Group 5: Capital Structure and Cash Flow - The company has maintained positive operating cash flow, with net cash flow from operating activities of 690 million yuan in 2022, 99 million yuan in 2023, and 640 million yuan in 2024 [9] - However, the asset-liability ratio has increased from 55.44% in 2022 to 76.08% in the first half of 2025 due to significant capital expenditures [9] Group 6: Shareholder Structure - The company has a diverse shareholder structure with no controlling shareholder, including local state-owned enterprises and provincial industrial funds [11][12] - The largest shareholder, Yuxin Zhongcheng, holds 16.88%, while the second-largest, Guangdong Semiconductor Fund, holds 11.29% [12] Group 7: Industry Context - Guangdong's semiconductor industry is experiencing rapid growth, with production increasing from 36 billion chips in 2019 to over 80 billion in 2024, accounting for 18% of the national total [14] - The integrated circuit industry in Guangdong saw a 25.8% increase in industrial added value in 2024, with significant growth in both import and export values [13][14]