广州，又将跑出一个明星IPO

Core Viewpoint - The article discusses the development of the semiconductor industry in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on the rapid growth of Yuexin Semiconductor, which aims to address the region's previous reliance on external chip sources and its current IPO plans [4][10][23]. Group 1: Company Overview - Yuexin Semiconductor plans to raise 7.5 billion yuan through its IPO, with a pre-IPO valuation of 25.3 billion yuan [3][8][14]. - The company was established in December 2017 and has rapidly developed its production capabilities, achieving significant milestones in just 18 months [12][13]. - Yuexin focuses on "specialty process" wafer foundry, targeting areas with high demand and low domestic production, such as analog chips and power management [12][13]. Group 2: Financial Performance - The company reported a projected revenue rebound to 1.681 billion yuan in 2024, but cumulative net losses exceeded 6.4 billion yuan from 2022 to mid-2025 [16]. - The high losses are attributed to substantial equipment depreciation and ongoing R&D investments, with total depreciation exceeding 5.5 billion yuan during the reporting period [16]. - Yuexin Semiconductor anticipates achieving overall profitability by 2029 [17]. Group 3: Investment and Funding - The company has undergone multiple rounds of financing, with significant investments from state-owned enterprises and various industry capital [18][20]. - In July 2021, Yuexin completed a financing round with participation from several investment funds, including the Guangdong Semiconductor and Integrated Circuit Industry Investment Fund [18]. - The current shareholder structure includes major stakeholders such as Yuchip Zhongcheng and the Guangdong Semiconductor Fund, indicating a complex balance of interests [21]. Group 4: Industry Context - The article highlights the broader trend of local governments benefiting from investments in the semiconductor sector, with cities like Chengdu and Hefei achieving significant financial returns and industry growth [24][25]. - The semiconductor industry is becoming a focal point for capital markets, with several companies, including Yuexin, advancing their IPO processes [23][27]. - The article emphasizes the importance of local government support in nurturing the semiconductor ecosystem, as seen in Guangzhou's efforts to attract over 150 integrated circuit companies [26][27].