马年首家上会企业来了！盛合晶微科创板IPO迎考

Core Viewpoint - Shenghe Jingwei is set to undergo an IPO review on February 24, 2026, after being accepted for listing on October 30, 2025, and entering the inquiry phase on November 14, 2025 [2] Group 1: Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise in the integrated circuit sector, specializing in 12-inch silicon wafer processing and providing wafer-level packaging (WLP) and multi-chip integration packaging services [2] - The company has shown consistent growth in revenue and net profit from 2022 to 2025, with revenues of approximately 1.633 billion, 3.038 billion, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, and net profits of approximately -329 million, 34.13 million, and 214 million yuan for the same years [2] Group 2: Financial Performance - In 2025, Shenghe Jingwei achieved revenues of approximately 6.521 billion yuan, a year-on-year increase of 38.59%, and a net profit of approximately 923 million yuan, a year-on-year increase of 331.8% [2] - The company attributed its significant revenue and profit growth to the rapid increase in market demand within its industry, along with continuous growth in production and sales scale, and ongoing optimization of product structure [2] Group 3: Fundraising and Investment Plans - The company plans to raise 4.8 billion yuan through its IPO, with net proceeds after issuance costs to be invested in three-dimensional multi-chip integration packaging projects and ultra-high-density interconnection three-dimensional multi-chip integration packaging projects [3] Group 4: Customer Concentration and Risks - Shenghe Jingwei's customer concentration has raised concerns, with the top five customers accounting for 72.83% to 90.87% of total sales from 2022 to 2025, and a single customer (Customer A) representing 40.56% to 74.4% of sales during the same period [5] - The company has established long-term stable relationships with major clients and signed long-term framework agreements, which help enhance its core competitiveness despite the high customer concentration [6] Group 5: Inventory Trends - The company's inventory has been increasing, with values of approximately 356 million, 683 million, 1.193 billion, and 1.344 billion yuan at the end of each reporting period, representing 16.1%, 13.1%, 11.66%, and 13.72% of current assets respectively [7] - The growth in inventory is attributed to the expansion of the company's operational scale and revenue [8] Group 6: Shareholding Structure - Shenghe Jingwei has no actual controller or controlling shareholder, with the largest shareholder, Wuxi Chanfang Fund, holding a 10.89% stake as of the signing date of the prospectus [9]