Core Viewpoint - The company, Qipai Technology, has announced a plan to raise no more than 159 million yuan through a private placement, primarily to supplement its working capital, amidst ongoing financial losses over the past three and a half years [2][5]. Group 1: Fundraising Details - Qipai Technology plans to issue shares at a price of 20.11 yuan per share, with a total of no more than 7.9 million shares to be issued [5]. - The issuance will be fully subscribed by the actual controllers, Liang Dazhong, Bai Ying, and their son Liang Huate, indicating their strong support and confidence in the company's future [5][8]. - The funds raised will be used entirely to improve the company's liquidity, which is crucial given the capital-intensive nature of the semiconductor packaging and testing industry [8]. Group 2: Financial Performance - The company has reported continuous losses, with net profits of -58.57 million yuan in the first half of 2025, which is a deterioration of 18.07 million yuan compared to the same period last year [11]. - Revenue for the first half of 2025 was 326 million yuan, reflecting a year-on-year growth of 4.09% [11]. - The company has experienced a significant stock price rebound since April, with an overall increase of over 21% year-to-date, although it faced a decline of 3.90% on August 14, closing at 26.38 yuan per share [9][11]. Group 3: Company Background and Industry Position - Qipai Technology is a leading domestic semiconductor packaging and testing company in South China, having been listed on the STAR Market in June 2021 [10]. - The company has developed several core technologies in semiconductor packaging, including GaN RF power amplifier packaging technology and high-density matrix integrated circuit packaging technology, which provide it with a competitive edge in the industry [10]. - Despite its technological advancements, the company has struggled financially, with projected revenues of 540 million yuan, 554 million yuan, and 667 million yuan for 2022, 2023, and 2024, respectively, alongside increasing net losses [10].

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 佛山市蓝箭电子股份有限公司 FOSHAN BLUE ROCKET ELECTRONICS CO.,LTD. （佛山市禅城区古新路 45 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （海口市南宝路 36 号证券大厦 4 楼） 创业板投资风险提示 佛山市蓝箭电子股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1- ...