Core Viewpoint - The semiconductor industry in China is rapidly evolving, with companies like Shanghai Super Silicon Semiconductor Co., Ltd. (Shanghai Super Silicon) making strides towards an IPO on the Sci-Tech Innovation Board, highlighting the growing importance of the silicon wafer sector in the semiconductor supply chain [1] Company Overview - Shanghai Super Silicon was established in July 2008 and transitioned to a joint-stock company in May 2021, focusing on the R&D, production, and sales of 300mm and 200mm semiconductor silicon wafers, along with providing silicon wafer regeneration and processing services [1] - The company has completed eight rounds of financing since 2014, with a latest valuation of approximately 20 billion yuan [1] Market Dynamics - The global semiconductor silicon wafer market is shifting towards larger sizes, with 200mm and 300mm wafers being the mainstream specifications. The 300mm wafers are particularly significant for logic and memory chip markets, offering higher profit margins [2] - The 200mm wafers have a mature process system and are primarily used in automotive electronics and IoT, while the 300mm wafers are more advanced and profitable [2] Financial Performance - For the reporting periods of 2022 to 2025 (first half), the company's revenue figures were 921 million yuan, 928 million yuan, 1.327 billion yuan, and 756 million yuan, respectively. The net profits attributable to shareholders were -803 million yuan, -1.044 billion yuan, -1.299 billion yuan, and -736 million yuan, leading to a cumulative loss of 3.882 billion yuan [4] - The gross profit margins for the main business were -12.47%, -7.61%, -3.72%, and -3.27%, significantly lower than the industry average [4] Production Capacity and Challenges - Shanghai Super Silicon has invested over 16 billion yuan in its production lines for 300mm and 200mm wafers, with a designed capacity of 800,000 wafers per month for 300mm and 400,000 for 200mm. However, actual production as of June 2025 was only 320,000 and 387,600 wafers, respectively [7] - The company faces challenges in achieving profitability due to high production costs, significant R&D and management expenses, and inventory write-downs leading to over 1 billion yuan in losses [10][11] Future Outlook - Shanghai Super Silicon anticipates achieving profitability by 2029, contingent on meeting specific production and sales targets for its wafer products [10] - The company plans to raise 4.965 billion yuan through its IPO to fund expansion projects and supplement working capital, although there are concerns regarding the feasibility of this expansion given current operational challenges [11] Competitive Landscape - In the 300mm wafer market, the top five global manufacturers hold 82.65% of the market share, with Shanghai Super Silicon's share at approximately 1.36%, ranking it tenth globally [12] - The company claims to have competitive technology levels comparable to the top five manufacturers, but still faces challenges in yield and technology node coverage [12]

Group 1 - The core viewpoint of the news is that Hu Silicon Industry has successfully completed a significant asset restructuring project worth 7.04 billion yuan, marking a strategic integration to strengthen its leading position in the semiconductor silicon wafer industry and enhance domestic production capabilities [1][2] - The total amount raised from the issuance of supporting funds is 2.105 billion yuan, with 110 million shares issued at a price of 19.06 yuan per share, which is 89.32% of the closing price on the day of the book building [1] - The successful issuance reflects institutional investors' strong confidence in the company's strategic layout and the development prospects of the domestic semiconductor silicon wafer industry, with 22 investors participating and a subscription multiple of 1.95 times [1] Group 2 - The completion of the fundraising provides key financial support for Hu Silicon Industry to build a "300mm semiconductor silicon wafer full industry chain closed loop," having already acquired minority stakes in three target companies to achieve 100% control over core processes [2] - This transaction is expected to significantly reduce internal management costs, optimize product mix, and enhance operational efficiency and market competitiveness, allowing for unified resource allocation and improved production coordination [2] - The company aims to focus on technological breakthroughs in 300mm silicon wafer technology and accelerate the development of high-end silicon-based materials, with the completed financing injecting new momentum into its capacity expansion and market development [3]

Core Viewpoint - The semiconductor industry is a critical battleground in global technology competition, with silicon wafers being the essential raw material for chip manufacturing, directly impacting yield and reliability [1][2]. Group 1: Market Dynamics - The large-size silicon wafer market is dominated by international giants such as Shin-Etsu, SUMCO, and Siltronic, leading to China's heavy reliance on imports for high-end silicon wafers [2]. - As of 2016, the domestic production rate of 12-inch silicon wafers was nearly 0%, and it is projected to reach only 18%-20% by 2024 [2]. - This reliance on foreign suppliers poses risks, including high procurement costs and supply chain disruptions amid complex international situations [2]. Group 2: Company Profile - Zhongxin Jingyuan Semiconductor Co., Ltd. (referred to as "Zhongxin Jingyuan") is emerging as a key player in breaking through the barriers in the domestic silicon wafer market through technological innovation [2][3]. - The company has successfully listed on the New Third Board and is advancing towards the Beijing Stock Exchange, marking a new phase of standardized and high-quality development [3]. Group 3: Product and Technology - Zhongxin Jingyuan has established a comprehensive product matrix covering 4 to 12-inch polished wafers and 8 to 12-inch epitaxial wafers, catering to diverse applications such as logic circuits, memory chips, and power devices [3][4]. - The company achieved a historic monthly sales volume of over 1 million pieces in May, with a compound annual growth rate of 32% over the past five years, indicating strong market recognition [6]. - The introduction of the "8-inch GaN epitaxial substrate with heavy boron doping" represents a significant technological breakthrough, filling a domestic technology gap and achieving performance metrics that meet international standards [6][7]. Group 4: Market Performance - Zhongxin Jingyuan's 12-inch silicon wafer products have entered mass production, with several core products achieving stable delivery, thus expanding its customer base to include major global semiconductor manufacturers [7][8]. - The company's revenue for 2024 is projected to reach 1.35 billion yuan, reflecting steady growth and a leading position in the industry [8]. Group 5: R&D and Innovation - Zhongxin Jingyuan's R&D expenditure accounted for 11% and 13% of its revenue in 2023 and 2024, respectively, significantly higher than the industry average, leading to nearly 300 authorized patents and ongoing applications for around 600 more [14]. - The establishment of the Semiconductor Materials Research Institute in 2021 marked a pivotal shift towards homegrown innovation, focusing on 8-12 inch silicon materials [13][14]. Group 6: Industry Standards and Supply Chain - Zhongxin Jingyuan actively participates in the formulation of industry standards, having contributed to five national standards and 13 group standards, enhancing its influence in the sector [15]. - The company aims for over 90% self-sufficiency in large silicon wafer technology, reducing dependence on foreign equipment and enhancing production efficiency through smart manufacturing [15].

Core Viewpoint - The company, Hu Silicon Industry, is planning a significant acquisition of approximately 7.04 billion yuan to purchase minority stakes in three subsidiaries, which are currently operating at a loss. This acquisition is expected to impact the company's financial performance negatively in the short term [1][5]. Group 1: Acquisition Details - The acquisition involves purchasing stakes in Shanghai Xinsheng Crystal Semiconductor Technology Co., Ltd., Shanghai Xinsheng Crystal Science and Technology Co., Ltd., and Shanghai Xinsheng Crystal Rui Semiconductor Technology Co., Ltd. The total transaction price is approximately 70.40 billion yuan, with 3.24 billion yuan in cash and 67.16 billion yuan in shares [2][3]. - The targeted subsidiaries have reported continuous losses, with projected net losses of 46.21 million yuan, 89.91 million yuan, and 28.71 million yuan for the year 2024, totaling around 165 million yuan [4]. Group 2: Financial Performance - The company reported a net loss of 9.71 billion yuan for 2024, a significant decline of 620.28% year-on-year, primarily due to lower sales and average prices of semiconductor wafers [8]. - In the first quarter of the current year, the company experienced a net loss of 2.09 billion yuan, continuing the trend of financial underperformance [8][9]. - Cumulatively, the company has reported a total net loss of 11.80 billion yuan for 2024 and the first quarter of the current year [9]. Group 3: Market Position and Strategy - Hu Silicon Industry is a leading player in the semiconductor wafer industry, focusing on expanding production capacity and optimizing product offerings to maintain its competitive edge [6][4]. - The company has been actively investing in expanding its production capabilities, including a planned investment of 13.2 billion yuan to increase the production scale of 300mm wafers [6].

Investment Rating - The investment rating for the company is "Add-A" [4] Core Views - The company achieved a revenue of 3.388 billion yuan in 2024, representing a year-on-year increase of 6.18%, while the net profit attributable to shareholders was -971 million yuan, a significant decline of 620.28% year-on-year [1][2] - The growth in revenue is primarily driven by the strong performance of 300mm semiconductor wafers, with sales increasing over 70% and revenue growth exceeding 50% [2] - Despite the revenue growth, the company's profitability is under pressure due to several factors, including price pressure from 200mm wafers, goodwill impairment of approximately 300 million yuan, and depreciation costs leading to a pre-tax loss of about 200 million yuan [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 909 million yuan, a year-on-year increase of 13.61%, but a net profit of -434 million yuan, reflecting a year-on-year decline of 1569.5% [1] - The overall gross margin for 2024 was -8.98%, a decrease of 25.44 percentage points year-on-year, with net profit margin at -33.11%, down 38.15 percentage points year-on-year [2] Capacity Expansion - The company has made significant progress in capacity expansion, with its subsidiaries achieving notable advancements in 300mm semiconductor wafer production [3] - Shanghai Xinsheng, a subsidiary, has completed a capacity project with a monthly output of 300,000 wafers, while other subsidiaries are also ramping up production and entering the market [9] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.404 billion yuan, 5.637 billion yuan, and 6.652 billion yuan, respectively, with net profits expected to recover to 32 million yuan, 215 million yuan, and 335 million yuan [10][12] - The target price for the stock is set at 19.24 yuan, based on a 12x PS valuation for 2025 [10]

本次股票发行后拟在科创板市场上市，科创板公司具有研发投入大、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。投资者应充分了解科创板市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 上海合晶硅材料股份有限公司 Wafer Works (Shanghai) Co., Ltd. （上海市松江区石湖荡镇长塔路 558 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书全文作为投资决定的依据。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 上海合晶硅材料股份有限公司 招股说明书（上会稿） 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其 对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》的规定，股票依法发 ...