Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as Xi'an Yicai) is set to officially queue for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board starting November 29, 2024, with the review meeting scheduled for August 14, 2025 [1] Company Overview - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, which are categorized into prime and test wafers. Test wafers are used for debugging and testing in wafer fabrication plants and are not directly used in wafer manufacturing [4] - The company reported revenues of 207.50 million yuan, 1.05469 billion yuan, 1.47376 billion yuan, and 2.12145 billion yuan from 2021 to 2024, while the non-net profit for the same period was -348.09 million yuan, -415.53 million yuan, -692.34 million yuan, and -762.55 million yuan, indicating a growing loss trend [4] - In the first half of 2025, Xi'an Yicai achieved a revenue of 1.30244 billion yuan and a non-net profit of -345.41 million yuan, showing a slight improvement compared to the first half of 2024 [4] Market Analysis - The global market for 12-inch silicon wafers reached $11.88 billion in 2023 and is projected to grow to $19.27 billion by 2030, with a compound annual growth rate (CAGR) of 8.79% [4] - Major production regions for 12-inch silicon wafers include Japan (35.3% market share), the USA (27.7%), South Korea (9.8%), Europe (7.94%), Taiwan (5.1%), Singapore (3.63%), and mainland China, which has rapidly increased its market share from 1.18% in 2019 to 8.95% in 2023 [4] Competitive Landscape - The global market is dominated by five major manufacturers: Shin-Etsu Chemical, SUMCO, GlobalWafers, Siltronic, and SK Siltron, which together hold over 85% of the market share [5] - Domestic manufacturers in China, including Hu Silicon Industry, Hangzhou Zhongxin, Beijing Yiswei Technology, and others, collectively account for about 4.2% of the global market share, indicating a heavy reliance on imports for 12-inch silicon wafers [5] Technological Challenges - The top five manufacturers possess significant technological advantages, with patent applications ranging from 1,000 to over 3,500. Domestic manufacturers like Xi'an Yicai need to develop differentiated technology routes to avoid intellectual property risks [6] - As of the end of 2024, Xi'an Yicai had applied for a total of 1,635 domestic and international patents, with over 80% being invention patents, making it the company with the most authorized invention patents in the 12-inch silicon wafer sector in mainland China [6] Pricing Trends - The average selling price of Xi'an Yicai's products has been declining, with the average price of polished wafers dropping by 7.08% in 2023 and further by 18.91% in 2024. The average price of test wafers also saw a decline of 11.41% and 16.37% in 2023 and 2024, respectively [7] - The company attributes the price decline to increased competition from domestic peers accelerating localization efforts [7]