马年首家企业上会 盛合晶微科创板迎考

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is undergoing an IPO review on February 24, 2026, with impressive financial performance, projecting a net profit of approximately 923 million yuan in 2025, representing a year-on-year growth of 331.8% [1][3] Financial Performance - Shenghe Jingwei's revenue and net profit have shown consistent annual growth, with revenues of approximately 1.633 billion yuan, 3.038 billion yuan, and 4.705 billion yuan from 2022 to 2024, and a projected revenue of about 6.521 billion yuan in 2025, reflecting a year-on-year increase of 38.59% [3] - The net profit for the same periods is approximately -329 million yuan, 34.13 million yuan, and 214 million yuan, with a projected net profit of 923 million yuan in 2025, indicating a significant year-on-year increase of 331.8% [3] Customer Dependency - The company has a notable reliance on a major customer, referred to as Customer A, which contributed over 70% of revenue in the first half of 2025 [1][5] - The sales revenue from the top five customers accounted for 72.83%, 87.97%, 89.48%, and 90.87% in the respective years, with Customer A's contribution being 40.56%, 68.91%, 73.45%, and 74.4% [5] Inventory Growth - Shenghe Jingwei's inventory has been on the rise, with values of approximately 356 million yuan, 683 million yuan, 1.193 billion yuan, 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 [6] Shareholding Structure - The company 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 [6]