2026年科创板IPO首家终止！去年上半年第一大客户贡献收入超50%

Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has withdrawn its IPO application for the Sci-Tech Innovation Board, becoming the first company to terminate its review for the 2026 IPO cycle, with a planned fundraising of 950 million yuan [1][13]. Company Overview - Jiangsu Yadian Technology, established in March 2019, transitioned to a joint-stock company in December 2023, with a registered capital of 83.970931 million yuan. The controlling shareholder is Mr. Qian Cheng, who is also the chairman and general manager of the company [3]. Industry Position - The company is a leading supplier of wet cleaning equipment in China, primarily engaged in the research, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields. Its products are mainly used in the wet cleaning process of semiconductor wafer manufacturing [4]. Product Development - The company focuses on the development, production, and sales of products with independent intellectual property rights, covering mainstream wafer sizes of 8 inches and 12 inches. As of June 30, 2025, it has obtained 225 authorized patents, including 113 invention patents [5]. Financial Performance - The company reported revenues of 120.73 million yuan in 2022, 441.75 million yuan in 2023, 580.41 million yuan in 2024, and 266.93 million yuan in the first half of 2025. The net profit attributable to the parent company was -81.01 million yuan in 2022, 0.327 million yuan in 2023, 82.52 million yuan in 2024, and 11.50 million yuan in the first half of 2025 [6][7]. R&D Investment - From 2022 to 2024, the company invested a total of 146 million yuan in R&D, with R&D personnel accounting for 29.82% of the total workforce as of December 31, 2024 [8]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 74.80% to 92.26% of its main business revenue during the reporting period. In the first half of 2025, sales to Longi Green Energy accounted for 51.91% of the main business revenue [10][11]. IPO Fundraising Plan - The planned fundraising of 950 million yuan is allocated as follows: 150 million yuan for working capital and 800 million yuan for two projects related to high-end semiconductor equipment and advanced process wet cleaning equipment [13].