家族“隐身”的百亿豪赌：粤芯半导体75亿募资背后的隐秘困局

Core Viewpoint - The company, Guangdong Yuxin Semiconductor Technology Co., Ltd., known as "Guangzhou's first chip," has had its IPO application accepted, aiming to raise 7.5 billion yuan [1][32]. Group 1: Company Background - Guangdong Yuxin Semiconductor was established in 2017 in Guangzhou, rapidly growing due to policy benefits and capital injection, with a cumulative shipment of over 1 million 12-inch wafers [5][36]. - As the first 12-inch chip manufacturing enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area, the company achieved full production in December 2020, with a product yield exceeding 97% [6][37]. Group 2: IPO Journey - This IPO marks the company's first attempt to enter the capital market, being the second company accepted under the third set of listing standards on the Shenzhen Stock Exchange, which requires a market value of no less than 5 billion yuan and a recent year's revenue of at least 300 million yuan [7][38]. - The company reported a revenue of 1.681 billion yuan for 2024, significantly exceeding the standard requirements [7][39]. Group 3: Control Structure - The company claims to have no controlling shareholder or actual controller, but investigations reveal that the actual controllers, the Xie family, hold 87.39% of the voting rights [9][42]. - The governance structure has been heavily influenced by family members, with independent directors only introduced in March 2025, raising concerns about the effectiveness and independence of governance reforms [12][43]. Group 4: Financial Performance - The company has been facing increasing losses, with net profits of -1.043 billion yuan, -1.917 billion yuan, and -2.253 billion yuan from 2022 to 2024 [14][45]. - The gross profit margins have been negative, with figures of -21.83%, -114.90%, and -71.00% from 2022 to 2024, and -57.01% in the first half of 2025 [16][47]. Group 5: Business Concerns - The company’s product line includes fingerprint recognition chips, display driver chips, power management chips, and silicon photonic chips, but it faces a "high cost, low price" dilemma [20][51]. - The average selling price of the company's 12-inch wafers was 3,976.39 yuan in 2024, significantly lower than the equivalent price of 6,694.55 yuan for 8-inch wafers from competitors [20][52]. Group 6: Financial Strain - The company's debt levels have been rising, with asset-liability ratios increasing from 55.44% in 2022 to 76.08% in the first half of 2025 [23][54]. - The company has not engaged in equity financing since 2022, relying heavily on loans, with long-term borrowings reaching 11.016 billion yuan by mid-2025 [25][56]. Group 7: Customer Dependency - The company has a high customer concentration, with the top five customers accounting for 65.00%, 53.90%, 60.34%, and 67.82% of revenue from 2022 to the first half of 2025 [27][57]. - This dependency has led to significant revenue fluctuations, with a 32.46% drop in revenue in 2023 to 1.044 billion yuan, primarily due to reduced orders from key customers [29][60].