股票简称：强一股份 股票代码：688809 强一半导体（苏州）股份有限公司 Maxone Semiconductor (Suzhou) Co., Ltd. （苏州工业园区东长路 88 号 S3 幢） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年十二月二十九日 强一半导体（苏州）股份有限公司 上市公告书 特别提示 强一半导体（苏州）股份有限公司（以下简称"强一股份"、"发行人"、"公 司"或"本公司"）股票将于 2025 年 12 月 30 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 强一半导体（苏州）股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、完 整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明 对本公司的任何保证。 本 公 司 提 醒 广 大 投 ...

Core Viewpoint - The article highlights the progress of Shanghai Yinguang Semiconductor Technology Co., Ltd. in its IPO process, emphasizing its role in the domestic semiconductor equipment industry amid the trend of local substitution [1]. Company Overview - Shanghai Yinguang Semiconductor was established in January 2019 with a registered capital of 42 million yuan. The company is co-founded by Wu Liwei and Yang Xiaofeng, who have strong academic backgrounds from Shanghai Jiao Tong University and Fudan University, respectively [2][3]. - The company has a significant shareholding structure, with Yang Xiaofeng holding a combined 34.783% stake, making him the actual controller [2]. Business Development - Yinguang Semiconductor quickly secured its first order for a film thickness detection motion platform after completing its registration, demonstrating rapid conversion of technological achievements into industrial applications [3]. - The company has maintained steady growth, delivering over 200 units of its products and successfully entering international markets [3]. Technological Capabilities - Yinguang Semiconductor has developed a comprehensive R&D system for precision motion equipment, sensors, and actuators, with advanced testing platforms and specialized tools [3]. - The company’s core products, such as multi-axis semiconductor micro-nano precision high-performance motion platforms, are domestically leading in technology and competitive with international peers like PI and Newport [3][5]. Market Position and Recognition - The company has a team of over 400 people and a strong intellectual property portfolio, with over 400 applications and more than 300 patents, establishing a solid technological moat [5]. - In 2024, Yinguang Semiconductor was awarded the title of "National Specialized and Innovative 'Little Giant'" and was included in the latest list of national key "Little Giant" enterprises, highlighting its leading position in the semiconductor core component sector [5]. Industry Context - The global semiconductor manufacturing equipment market is expected to reach $121 billion by 2025, with China's semiconductor equipment market projected to be $37.5 billion in 2024. However, the domestic core component sector faces challenges with low localization rates [5][6]. - The rise of companies like Yinguang Semiconductor is expected to enhance the resilience and competitiveness of the domestic supply chain, supporting the transition from single-point breakthroughs to comprehensive coverage in the semiconductor equipment sector [6].

粤芯半导体技术股份有限公司（以下简称"粤芯半导体"）IPO有了新进展。 近日，深交所发行上市审核信息公开网站显示，粤芯半导体IPO审核状态更新为"已受理"，粤芯半导体 将募资75亿元用于12英寸集成电路模拟特色工艺生产线项目（三期项目）、特色工艺技术平台研发项 目、基于65nm逻辑的硅光工艺及光电共封关键技术研发项目等。 粤芯半导体是"广东强芯"工程的核心项目，是广东省首个量产的12英寸晶圆制造平台。粤芯半导体的发 展速度可以用迅猛来形容，"从无到有到量产" 仅用18个月便实现。 天使投资人、资深人工智能专家郭涛对《中国经营报》记者表示，粤芯半导体进行IPO，意在抓住半导 体国产替代机遇，借助资本市场加速产能扩张与技术升级。当前政策支持与市场景气度高，粤芯半导体 凭借本土化优势有望抢占份额，但也面临技术迭代和国际竞争的挑战。 中经记者 陈佳岚 广州报道 营收大幅反弹但仍巨亏 粤芯半导体成立的时间并不长，其2017年在广州成立，是专注模拟芯片制造的12英寸芯片制造公司，也 是粤港澳大湾区第一家实现量产的12英寸芯片制造企业，其代工服务涵盖了12英寸混合信号、高压显示 驱动、图像传感器、电源管理、功率分立器件等多 ...

Group 1: Company Overview - Changhong Technology primarily provides semiconductor wafer carriers and clean packaging products, focusing on high-precision solutions for semiconductor processes [2] - Current research products include FOUP, FOSB, HWS, photomask carriers, and ultra-clean barrels [2] Group 2: Sales and Orders - Since obtaining its first mass production order in 2024, the company has generated sales revenue exceeding tens of millions RMB in 2025 [2] - In Q4 2025, the company delivered multiple batches of products, securing 60%-70% of the demand for semiconductor wafer carriers and consumables from a domestic wafer manufacturer for 2026 [3] Group 3: Market Position and Future Prospects - The recent order signifies the company's capability for stable production and continuous supply, marking the transition to large-scale supply [3] - The domestic market for related products is estimated to reach approximately 1 billion RMB annually, with expectations for breakthroughs in FOSB, photomask carriers, and ultra-clean barrels by 2026 [3]

Core Viewpoint - The article highlights the progress of Shanghai Yinguang Semiconductor Technology Co., Ltd. in its IPO process, emphasizing its role in the domestic semiconductor equipment industry amid the trend of local substitution [1][3]. Company Overview - Shanghai Yinguang Semiconductor was established in January 2019 with a registered capital of 42 million yuan. The company is co-founded by Wu Liwei and Yang Xiaofeng, who have strong academic backgrounds from Shanghai Jiao Tong University and Fudan University [2][3]. - The company has a significant shareholding structure, with Yang Xiaofeng holding a combined 34.783% stake, making him the actual controller [2]. Business Development - Yinguang Semiconductor quickly secured its first order for a film thickness detection motion platform after completing its registration, demonstrating rapid technology application [3]. - The company has maintained steady growth, delivering over 200 units of its products and successfully entering international markets [3]. - It has established a comprehensive R&D system for precision motion equipment, sensors, and actuators, with advanced production capabilities across two major bases and four core production lines [3][5]. Intellectual Property and Recognition - The company has a team of over 400 employees and a robust intellectual property portfolio, with over 400 applications and more than 300 patents, creating a strong technical moat [5]. - In 2024, Yinguang Semiconductor was awarded the title of "National Specialized and Innovative 'Little Giant'" and was recognized as a key player in the semiconductor core component sector [5]. Market Context - The global semiconductor manufacturing equipment market is projected to reach $121 billion by 2025, with China's semiconductor equipment market expected to reach $37.5 billion in 2024 [5]. - There is a significant opportunity for domestic component manufacturers like Yinguang Semiconductor to address the low localization rate of core components, which is below 1% for some key parts [5][6]. - National policies are increasingly supportive, with the third phase of the big fund allocating 35% of its investments to core component equipment, providing strong backing for local enterprises [5]. Industry Impact - The rise of companies like Yinguang Semiconductor is expected to enhance the resilience and competitiveness of the domestic supply chain, supporting the transition of China's semiconductor equipment from isolated breakthroughs to comprehensive coverage [6].

Investment Rating - The report maintains a "Buy" rating for several companies, including 德明利 (Demingli), 通富微电 (Tongfu Microelectronics), 海光信息 (Haiguang Information), 寒武纪 (Cambricon), and 中芯国际 (SMIC) [9][17]. Core Insights - Micron Technology announced its exit from the consumer market by the end of February 2026 to focus on the HBM segment, which is crucial for AI data centers, reflecting a shift in global storage demand from cyclical fluctuations to AI-driven structural growth [4][5][15]. - The MUSA Developer Conference by Moore Threads showcased significant advancements in GPU architecture and AI computing capabilities, indicating a strong focus on the domestic semiconductor industry [6][16]. Summary by Sections Industry Performance - The electronics sector has shown strong performance with a 70.8% increase over the past 12 months, significantly outperforming the Shanghai Composite Index [2][3]. Market Dynamics - The storage market is expected to grow by 27.8% in 2025, driven by rising prices and demand, particularly benefiting major players like Samsung [20]. - NAND Flash prices have surged by 246% this year, with a significant portion of the increase occurring in the last 60 days, impacting the cost structure of consumer electronics [22][33]. Key Company Developments - Micron's HBM product revenue reached nearly $2 billion in the last fiscal quarter, indicating a strong market position in high-margin segments [4][15]. - Longxin Technology has initiated its IPO process, aiming to become the first domestic storage stock in the capital market [5][15]. - SK Hynix has introduced a 256GB DDR5 RDIMM memory module, marking a significant advancement in AI and cloud data center applications [28][29]. Investment Focus - The report suggests focusing on companies within the domestic semiconductor supply chain, including 佰维存储 (Baiwei Storage), 江波龙 (Jiangbolong), and 中微公司 (Zhongwei Company) [6][16].

01.豪威的变局与增长 从业务根基来看，豪威集团前身为韦尔股份，2019年通过收购豪威科技完成从半导体分销向芯片设计的 战略转型，2025年6月正式更名后，进一步确立了以图像传感器为核心的业务方向，公司目前市值已达 1504亿元。 业务扩增为业绩带来了增长，也成为其赴港上市的坚实基础——公司财报显示，2025年前三季度营业收 入217.83亿元，同比增长15.2%；归母净利润32.10亿元，同比增长35.1%。 国信证券研报指出，豪威集团的增长主要得益于公司对市场机遇的把握，一方面紧跟汽车智能驾驶领域 的发展浪潮，借助该领域渗透率的快速提升扩大业务规模；另一方面在全景相机、智能眼镜等智能影像 终端应用市场持续拓展，形成了显著的增长动力。与此同时，公司通过产品结构优化与供应链梳理等举 措，推动毛利率持续改善，经营质量稳步提升。 从发展历程来看，公司已成功走出此前的行业调整期，展现出较强的经营韧性。第一创业证券研究所分 析师郭强在报告中指出，此前两年公司曾经历以降价和去库存为主的行业调整阶段，而目前已实现营业 收入增长的持续改善。从业务结构来看，图像传感器业务已成为公司的核心支柱。以2024年年报为参 考，不仅收 ...

Group 1: Company Overview - Guangli Technology Co., Ltd. is involved in semiconductor packaging and testing equipment and IoT security production monitoring equipment [1] - The company has achieved batch sales of domestic semiconductor cutting equipment, comparable to international competitors in stability, cutting quality, and efficiency [2][3] Group 2: Market Presence - The company's products are sold in global markets, including the US, Europe, and Southeast Asia, with positive customer feedback [3] - The subsidiary ADT has successfully marketed its series products (71XX, 79XX, 80XX) in overseas markets [3] Group 3: Product Offerings - The company offers a variety of consumables, including soft blades, hard blades, flanges, and grinding plates, with a high adaptability to mainstream cutting machines [3] - Customizable cutting blades are available, with thousands of models to meet diverse customer needs [3] Group 4: Financial Performance - Since July 2025, the company has entered a full production state, leading to rapid growth in its semiconductor packaging business, as reflected in the third-quarter report with both quarter-on-quarter and year-on-year revenue increases [3] - The controlling shareholder has terminated the share reduction plan ahead of schedule, with no further reductions planned during the remaining period [4]

补齐 CMP 关键拼图，平台化战略再进一步 半导体 证券研究报告 公司研究 / 公司点评 2025 年 12 月 19 日 | 报告原因： | | | | | --- | --- | --- | --- | | 买入（维持） | | | | | 市场数据： | 2025 年 | 12 | 月 18 日 | | 收盘价（元） | | | 272.72 | | 一年内最高/最低（元） | | | 319.11/164.88 | | 市净率 | | | 8.0 | | 股息率（分红/股价） | | | 0.11 | | 流通 A 股市值（百万元） | | | 170,762 | | 上证指数/深证成指 | | | 3,876/13,054 | | 注："股息率"以最近一年已公布分红计算 | | | | | 基础数据： | 2025 | 年 09 | 月 30 日 | | 每股净资产（元） | | 34.3 | | --- | --- | --- | | 资产负债率% | | 28.02 | | 总股本/流通 | A 股（百万） | 626/626 | | 流通 B 股/H | 股（百万） | -/- | 资料来源： ...

Group 1: Market Overview - As of December 18, 2025, the Shanghai Composite Index rose by 0.16% to close at 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [1] - The overnight U.S. market saw the Dow Jones Industrial Average increase by 0.14%, the Nasdaq Composite rise by 1.38%, and the S&P 500 gain 0.79%. The Philadelphia Semiconductor Index surged by 2.51% [1] Group 2: Industry News - Anjie Liwei Electronics Co., Ltd. has undergone a significant change in its shareholder structure, with the original shareholder exiting and new investors from the National Integrated Circuit Industry Investment Fund III joining. This fund focuses on advanced manufacturing and high-end chip design, emphasizing supply chain strengthening and industry collaboration [2] - Micron Technology reported strong demand for memory chips, alleviating investor concerns about potential slowdowns in data center construction. The company’s first fiscal quarter revenue was $13.64 billion, exceeding analyst expectations of $12.95 billion, with adjusted net income of $5.482 billion compared to $3.469 billion in the same period last year. Micron's revenue outlook for the second fiscal quarter is between $18.3 billion and $19.1 billion, significantly above market expectations of $14.3 billion [2] - On December 18, Zhongwei Company announced plans to acquire a controlling stake in Hangzhou Zhonggui Electronics Technology Co., Ltd. through a share issuance, with the valuation and pricing of the target assets yet to be determined [3] - Since the fourth quarter of this year, institutions have been actively researching over 60 A-share companies in the AI glasses industry chain, indicating a shift from exploration to scalable growth in the sector. The development prospects for the AI glasses industry are promising, benefiting companies within the supply chain [3] - According to Minsheng Securities, the HBM industry’s upstream includes semiconductor raw materials and equipment suppliers, with domestic HBM production becoming essential. The current stage of domestic HBM is early, presenting opportunities for upstream equipment and materials expansion [3] Group 3: Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Index, which includes companies in semiconductor equipment (61%) and materials (23%). This sector is crucial for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [4] - The Semiconductor Materials ETF (562590) and its linked funds also focus on semiconductor equipment (61%) and materials (21%), emphasizing the upstream semiconductor industry [4]