本月，粤港澳大湾区半导体产业迎来一则重磅消息——区域内首家实现12英寸晶圆量产的制造企业，粤芯半导体技术股份有限公司（下称"粤芯半导体"）正 式披露招股书，向创业板发起冲击。 作为承载着地方半导体产业崛起梦想的"区域芯片龙头"，此次IPO粤芯半导体拟公开发行不超过7.89亿股，计划募集资金75亿元，用于产能扩张、技术研发 及补充流动资金。 在全球半导体成熟制程竞争日趋白热化、国内行业产能过剩与同质化问题凸显的背景下，这家长期依赖国资支持的企业，创业板闯关之路可能布满荆棘。 以上，形成鲜明反差。 "历史上，A股申报IPO的企业中确实出现过毛利率为负的情况，但像粤芯半导体这样，2024年毛利率仍低至-66.51%的实属罕见，堪称A股申报企业史上最 低。"资深投行人士杨鸣在接受智通财经记者采访时表示，如此极端的毛利率水平，或会引发监管层对公司盈利能力的重点关注。 对于毛利率持续为负的原因，粤芯半导体表示， "公司所处的晶圆代工行业属于典型的资本密集型行业，前期设备及厂房投资规模巨大，导致折旧等固定成 本居高不下。在企业经营初期，产能尚未完全释放，规模效益未能显现，使得较高的折旧成本无法被现有收入规模覆盖，从而形成阶 ...

Core Viewpoint - Amway's business strategy focuses on a moderately diversified market and customer base, avoiding reliance on a single market or customer, which helps mitigate risks associated with customer dependency [1] Group 1 - The company has a dispersed customer structure, with no single major customer accounting for more than 10% of revenue [1] - Clients with a cooperation scale of over 50 million yuan are categorized as major customers, indicating a broad client base [1] - The diversified customer structure allows the company to reduce risks from fluctuations in business with individual clients and reflects potential for increased internal procurement share from existing major clients in the footwear sector [1]

Core Insights - The company achieved a revenue of 12.661 billion yuan in the first half of 2025, representing a year-on-year growth of 10.36%, while net profit attributable to shareholders decreased by 11.06% to 1.671 billion yuan [1] - The increase in revenue was driven by new customer orders, although there was some fluctuation in orders from existing customers [1] - The company sold 115 million pairs of sports shoes, a year-on-year increase of 6.14%, with an average selling price of approximately 110 yuan per pair, contributing to significant revenue growth [1] - The top five customers accounted for 71.88% of revenue, down from 76.61% in the same period last year, indicating a more diversified customer base [1] Revenue Insights - The company's gross margin for the first half of 2025 was 21.85%, a decrease of 6.38 percentage points year-on-year, while the net margin was 13.20%, down 3.17 percentage points [2] - The decline in margins was primarily due to the ramp-up phase of new factories and fluctuations in orders from existing customers [2] - The gross margin improved in the second quarter of 2025 compared to the first quarter, indicating a gradual recovery as new factories become more efficient [2] Future Outlook - The company is expected to see a recovery in overall gross margins as new factories ramp up production [3] - Three new factories are in the ramp-up phase, with significant output expected from facilities in Sichuan, Indonesia, and Vietnam [3] - The company invested 1.378 billion yuan in fixed assets and other long-term assets in the first half of 2025, indicating a proactive approach to capacity expansion [3] Industry Perspective - The sports shoe manufacturing industry is in a mature phase, with customer resources concentrating on core suppliers with stable delivery and R&D capabilities [4] - Despite short-term pressure on profitability, the efficiency ramp-up of new factories and the gradual recovery of customer orders are expected to support future margin recovery [4] - The company is projected to achieve net profits of 3.486 billion yuan, 4.039 billion yuan, and 4.910 billion yuan for 2025-2027, with respective year-on-year growth rates of -9.23%, 15.85%, and 21.58% [4]