云汉芯城，终于要上市了

Core Viewpoint - Yunhan Chip City has successfully obtained approval for its IPO after a lengthy process of approximately three and a half years, marking a significant milestone for the company and the semiconductor distribution industry [2][6][34]. Group 1: IPO Process and Timeline - The China Securities Regulatory Commission approved Yunhan Chip City's IPO application on July 31, 2025, allowing it to list on the Shenzhen Stock Exchange's Growth Enterprise Market [2]. - The company plans to raise 522 million yuan, focusing on upgrading its big data center, component trading platform, and smart shared warehousing [5]. - The timeline for Yunhan's IPO process included 23 months from acceptance to approval, 16 months from approval to registration submission, and nearly 5 months for registration, totaling about 43 months [11]. Group 2: Financial Performance - Yunhan's revenue from 2021 to 2024 showed fluctuations, with revenues of 38.36 billion yuan in 2021, peaking at 43.33 billion yuan in 2022, and declining to 26.37 billion yuan in 2023 and 25.77 billion yuan in 2024 [12]. - The net profit also decreased significantly, from 1.61 billion yuan in 2021 to 883.83 million yuan in 2024, reflecting a challenging market environment [12]. - In 2024, despite a slight revenue decline of 2.27%, the net profit after deducting non-recurring items increased by 19.77% [15]. Group 3: Market Dynamics and Business Model - The semiconductor market experienced a significant downturn after a period of high demand, leading to a 39.14% revenue drop for Yunhan in 2023 [14]. - Yunhan's business model focuses on serving small-batch, diverse, and fast-delivery needs, positioning itself as a "distributor of distributors" [19][26]. - The company collaborates with over 2,500 suppliers, including major brands like NXP and Arrow, and has registered over 696,500 users by the end of 2024 [19]. Group 4: Comparison with Competitors - Compared to competitors like Jialichuang, Yunhan's revenue structure is heavily weighted towards B2B sales, which accounted for 98.76% of its total revenue in 2024 [23]. - Jialichuang, while also an e-commerce platform, operates more as a manufacturing company, achieving higher overall revenue and profit margins [26]. - The average order value for Yunhan in 2024 was 3,900 yuan, significantly higher than Jialichuang's average of 400 yuan, indicating a different customer base and purchasing behavior [31]. Group 5: Future Outlook - Yunhan forecasts a revenue of 620 to 640 million yuan for Q1 2025, representing a year-on-year growth of 9.58% to 13.12% [18]. - The company is expected to benefit from the ongoing recovery in the semiconductor market, although it remains sensitive to market fluctuations [34].