急急急！毛利率-71%，3年亏52亿，失血140亿，粤芯股份IPO募75亿填坑！

Core Viewpoint - The implementation of the third set of listing standards on the ChiNext board has allowed unprofitable innovative companies like Yu Xin Semiconductor Technology Co., Ltd. to go public, raising concerns about their technological capabilities and financial health [3][34]. Group 1: Company Overview - Yu Xin Semiconductor focuses on providing wafer foundry services and solutions for domestic and international chip design companies, specializing in mature process technologies and 12-inch wafers [3][35]. - The company has two main business segments: integrated circuit foundry, which accounts for 80.3% of revenue, and power device foundry, which contributes 19.7% [6][38]. Group 2: Financial Performance - From 2022 to 2024, the company reported cumulative losses exceeding 50 billion yuan, with net losses of 10.43 billion, 19.17 billion, and 22.53 billion yuan respectively [10][42]. - The gross margin for the main business in 2024 was -71.0%, indicating that the company incurs losses on each chip sold [11][43]. - The company has recorded significant inventory write-downs, averaging over 30%, which is much higher than the industry average, reflecting its competitive weakness [22][54]. Group 3: Technological Challenges - The company’s technology is lagging, with its process nodes primarily between 180nm and 55nm, while market leaders are advancing to 40nm and below [19][49]. - Despite achieving a production capacity utilization rate of 93.0% in the first half of 2025, the company has not been able to turn its gross margin positive [14][47]. Group 4: Capital Needs and Future Outlook - The company plans to raise 7.5 billion yuan through its IPO to fund advanced process research and expand production capacity, but the majority of the funds will still target unprofitable mature processes [28][65]. - The management has indicated that it may take until 2029 to achieve profitability, raising concerns about the long-term viability of the business model [30][66].