2025.12.20 本文字数：2993，阅读时长大约5分钟 作者 |第一财经 安卓 就在创业板首家未盈利IPO深圳大普微电子股份有限公司（下称"大普微"）下周即将上会之际，创业板 近日又迎来了一单未盈利企业的IPO申请—粤芯半导体技术股份有限公司（下称"粤芯半导体"）。 今年以来，创业板合计受理了3家半导体集成电路企业，其中2家为未盈利企业。 不过，与大普微预计最早明年扭亏为盈不同的是，粤芯半导体预计公司最早于2029年才能整体实现盈 利，这期间还有4年的时间。而且，该公司还处于产能爬升阶段，未来几年折旧费用、研发费用势必将 持续处于较高水平，如无法保证未来几年内实现盈利，那么，上市后亦可能触发创业板的财务"红线"， 面临退市的风险。 未盈利上市标准再度激活 招股书显示：粤芯半导体是一家为芯片设计企业提供12英寸晶圆代工服务和特色工艺解决方案的集成电 路制造企业，下游产品广泛应用于消费电子、工业控制、汽车电子和人工智能等领域。该公司目前拥有 两座12英寸晶圆厂，分别为第一工厂和第二工厂，规划产能合计为8万片/月。未来，该公司还将新增建 设一条规划产能为4万片/月的12英寸集成电路数模混合特色工艺生产线，即第 ...

2025.12. 20 本文字数：2993，阅读时长大约5分钟 作者 | 第一财经 安卓 就在创业板首家未盈利IPO深圳大普微电子股份有限公司（下称"大普微"）下周即将上会之际，创业板 近日又迎来了一单未盈利企业的IPO申请—粤芯半导体技术股份有限公司（下称"粤芯半导体"）。 今年以来，创业板合计受理了3家半导体集成电路企业，其中2家为未盈利企业。 不过，与大普微预计最早明年扭亏为盈不同的是，粤芯半导体预计公司最早于2029年才能整体实现盈 利，这期间还有4年的时间。而且，该公司还处于产能爬升阶段，未来几年折旧费用、研发费用势必将 持续处于较高水平，如无法保证未来几年内实现盈利，那么，上市后亦可能触发创业板的财务"红线"， 面临退市的风险。 未盈利上市标准再度激活 报告期内，粤芯半导体股权结构较为分散，公司持股 5%以上的股东包括誉芯众诚、广东半导体基金、 广州华盈、科学城集团、国投创业基金，持股比例分别为16.88%、11.29%、9.51%、8.82%和 7.05%，因此，该公司不存在控股股东和实际控制人。 本次募集资金主要投向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 ...

Group 1 - The core viewpoint of the articles highlights the increasing attention on 10 unprofitable companies that are queuing for IPOs, with 9 applying for the Sci-Tech Innovation Board and 1 for the Beijing Stock Exchange [1][3] - Among the 10 companies, 6 have been waiting for over 2 years for their IPO applications to be processed, with Guangzhou Bibetter Pharmaceutical Co., Ltd. being the longest at nearly 3 years [1][3] - The regulatory environment is becoming more supportive of high-quality unprofitable tech companies seeking to go public, as indicated by recent statements from the China Securities Regulatory Commission [3][5] Group 2 - Out of the 10 companies, 7 are from the biotechnology sector, with 5 applying under the fifth set of standards for the Sci-Tech Innovation Board [2][5] - The fifth set of standards for the Sci-Tech Innovation Board does not impose revenue requirements but has a market capitalization requirement of at least 4 billion RMB [6][7] - The companies applying under the fifth set of standards include Bibetter, Hengrun Da Sheng, Sizhe Rui, Heyuan Biotechnology, and Beixin Life [7][8] Group 3 - Bibetter has not generated sales revenue as of the end of 2020 and reported a net loss of 188 million RMB in 2022 [4] - Hengrun Da Sheng also has not achieved main business revenue and reported a net loss of 284 million RMB for the fiscal year 2023 [4] - The IPO applications of other companies like Sizhe Rui and Heyuan Biotechnology were also accepted in 2022, indicating a trend of unprofitable companies seeking IPOs [4][5] Group 4 - The regulatory framework for unprofitable companies is still evolving, with a focus on those possessing key technologies and significant market potential [7][8] - The approval criteria for other tech sectors under the fifth set of standards remain unclear, particularly for industries outside of pharmaceuticals and medical devices [8]