砥砺前行，大道不孤——西安奕材的国产突围之路

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, marking a significant milestone for unprofitable companies in the semiconductor sector, with a peak market value of 160 billion yuan and a 461% increase on opening day, which will enhance the domestic production rate of 12-inch silicon wafers to over 20% and strengthen China's semiconductor industry competitiveness [2] Group 1: Company Overview - Xi'an Yiswei is the first unprofitable company to go public after the "Science and Technology Eight Articles" policy, showcasing a successful model for other tech companies [2] - The company has established itself as a leader in the domestic 12-inch silicon wafer market, with a production capacity of 710,000 wafers per month, accounting for over 30% of the total domestic capacity of 2.35 million wafers per month by 2024 [3] Group 2: Investment Journey - The investment journey began in early 2019 when Sun Dafei and his team from Sanhang Capital and Zhonghang Capital invested in Yiswei Technology, which later evolved into Xi'an Yiswei, focusing on the domestic production of 12-inch silicon wafers [2][4] - Over the course of eight years, the company has raised over 10 billion yuan in financing, with a total investment exceeding 20 billion yuan, navigating through various challenges including capacity ramp-up and industry cycles [5] Group 3: Industry Context - The 12-inch silicon wafer market has been dominated by five international giants, holding a 92% market share, highlighting the significance of Xi'an Yiswei's entry into the market [3] - The demand for 12-inch silicon wafers has surged due to the growth of AI computing power and the popularity of electric vehicles, creating a favorable environment for domestic players like Xi'an Yiswei [3]