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 introduction of the third listing standard for the ChiNext board has created opportunities for unprofitable tech companies to go public, but companies like Yuanchip Co. are facing significant challenges in their journey to profitability [1][23]. Financial Performance - Yuanchip Co. has a business structure where integrated circuit foundry accounts for 80.3% and power device foundry for 19.7% of its operations [3]. - The company reported revenues of 1.681 billion in 2024, which is relatively small compared to industry leaders like SMIC and Hua Hong [5]. - Cumulative losses over three years reached over 5.2 billion, with net losses of 10.43 billion in 2022, 19.17 billion in 2023, and 22.53 billion in 2024 [7][9]. Operational Challenges - The gross margin for Yuanchip Co. in 2024 was -71.0%, and the net margin was -138.4%, indicating that the company is losing money on every chip sold [9]. - Despite a production capacity utilization rate of 84.8% in 2024 and 93.0% in the first half of 2025, the company continues to incur significant losses [11]. - The company is lagging behind competitors in technology, primarily using 180nm-55nm processes while competitors have advanced to 40nm and 28nm [13][14]. Research and Development - R&D investment has decreased from 6.01 billion in 2022 to 4.46 billion in 2024, contributing to a negative cycle of technological lag and increasing losses [16]. - The company is caught in a vicious cycle where reduced R&D leads to technological inferiority, making products harder to sell, which in turn leads to greater losses and further cuts in R&D [16]. Capital and Market Position - Yuanchip Co. has relied heavily on capital, raising 6.8 billion in funding rounds, but the founder's control has been diluted from 80% to 16.9% [18]. - The company faces significant financial pressure, with a net cash outflow of nearly 14 billion from 2022 to the first half of 2025 and long-term debt of 12 billion against a net asset scale of 3.8 billion [19][21]. - The IPO plan aims to raise 7.5 billion, with half allocated for production line expansion and a third for advanced process R&D, but the market has responded negatively, valuing the company at 22.5 billion, an 11% decrease from the previous round [21]. Conclusion - The case of Yuanchip Co. highlights the risks associated with unprofitable tech companies seeking to leverage policy benefits without the necessary technological capabilities, emphasizing the need for a balance between capital and technological innovation [23][25].