A股或“迎芯”！粤芯半导体，申报IPO获受理

Core Viewpoint - Yu Xin Semiconductor has submitted its IPO application to the ChiNext board and has been accepted, with a post-financing valuation of 25.3 billion yuan [2] Financial Performance - The financial data disclosed in the prospectus shows that Yu Xin Semiconductor's operating revenues for 2022, 2023, 2024, and the first half of 2025 are projected to be 1.545 billion yuan, 1.044 billion yuan, 1.681 billion yuan, and 1.053 billion yuan respectively, with a significant year-on-year growth of 61.09% expected in 2024 [5] - The company has maintained positive net cash flow from operating activities from 2022 to the first half of 2025 [5] Profitability Challenges - Yu Xin Semiconductor has not yet achieved profitability, with increasing losses projected for the years 2022 to 2025, amounting to -1.043 billion yuan, -1.917 billion yuan, -2.253 billion yuan, and -1.201 billion yuan respectively [6][7] - The company indicates that the time to reach breakeven is relatively long due to the capital-intensive nature of the wafer manufacturing industry and the characteristics of analog chips [6][8] Shareholder Structure - The company currently has no controlling shareholder or actual controller, with the founding shareholders being Yu Xin Zhong Cheng Equity Investment Partnership and Science City Investment Group [11] - Yu Xin Zhong Cheng holds an 80% stake, while Science City Group holds 20% [14] Future Plans and Investment - Yu Xin Semiconductor plans to raise 7.5 billion yuan through the IPO, with 3.5 billion yuan allocated for the production line project of 12-inch integrated circuit analog specialty processes and 2.5 billion yuan for the development of specialty process technology platforms, together accounting for 80% of the total fundraising [20] - The company aims to transform from a "pure analog foundry" to a composite technology platform that integrates analog and digital technologies, focusing on collaboration with design companies and the terminal industry chain [22]