八年，1600亿，一场国产大硅片的“硬核”马拉松

Core Viewpoint - The successful listing of Xi'an Yiswei Materials Technology Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone for the domestic semiconductor industry, enhancing the localization rate of 12-inch silicon wafers and providing a model for other tech companies in rapid development [1][3]. Group 1: Company Overview - Xi'an Yiswei's stock surged by 461% on its debut, reaching a market capitalization of 160 billion yuan, making it the first unprofitable company to go public after the "Eight Policies" were released [1]. - The company is positioned 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 [4]. 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 Materials [3][5]. - Over the years, the company has undergone multiple rounds of financing, with a total investment exceeding 20 billion yuan and 10 billion yuan raised through financing [9]. Group 3: Market 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 [4]. - The demand for 12-inch silicon wafers has surged due to the growth of AI computing power and the proliferation of electric vehicles, with domestic production capacity expected to reach 2.35 million wafers per month by 2024 [4]. Group 4: Technological Development - Xi'an Yiswei established a team of 20 Japanese and Korean experts in 2018 to cover all process stages, which has been crucial for its technological advancement and competitive edge in the market [4]. - The company has faced numerous challenges, including industry cycles and customer trust, but has demonstrated resilience and commitment to the semiconductor sector [9][10].