联讯仪器：连续2年亏损却分红3606万、有2.54亿元现金、8000万理财，募1.5亿补流，陷专利诉讼、应收款与坏账计提暴增 一边是连续亏损仍坚持给股东分红，一边是应收账款和存货规模如滚雪球般膨胀，这家成立仅八年的测试仪器公司，正带着一身争议向资本市场发起冲 刺。 苏州联讯仪器股份有限公司的科创板IPO申请，在2025年8月15日获受理后，迅速吸引了市场的目光。这家公司计划募集19.54亿元资金，这一数额相当于 其当前总资产的1.35倍，更是净资产的2.75倍。 在光通信与半导体测试设备领域，联讯仪器确实展现出了令人瞩目的成长性。它的营收从2022年的2.14亿元跃升至2024年的7.89亿元，并在2024年成功扭 亏为盈，实现净利润1.4亿元。 但在这份光鲜的业绩增长背后，客户集中度高企、应收账款与存货规模激增、经营性现金流转负等问题也如影随形。 尽管身处黄金赛道，联讯仪器的财务表现却呈现出一种外热内冷的复杂图景，几个关键指标亮起了警示灯。 公司对少数大客户的依赖程度相当高。2022年至2025年一季度，其向前五大客户实现的销售收入占比，最低为42.64%，最高达到了62.64%。 这意味着，公司超过六成的 ...

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本 的內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BASiC Semiconductor Co., Ltd. 深圳基本半導體股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同 意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記 前，不會向香港公眾人士提出要約或邀請。倘於適時向香港公眾人士提出要約或邀請，有意投資者 務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定，該文件的文本將於發售期 內向公眾刊發。 (a) 本 ...

Core Viewpoint - The semiconductor industry is shifting towards third-generation semiconductors, particularly silicon carbide (SiC), which is being widely adopted in high-voltage and high-current applications such as electric vehicles and renewable energy systems [1][2]. Group 1: Industry Trends - The market for third-generation semiconductor materials is experiencing significant growth, driven by the superior properties of SiC, including high breakdown electric field strength, high thermal conductivity, and wide bandgap [1]. - The global market for SiC discrete devices is expected to grow at a compound annual growth rate (CAGR) of 32.2% from 2020 to 2024, with sales revenue projected to increase from 1.6 billion to 5 billion [6]. - The Chinese market for SiC discrete devices is anticipated to grow at a CAGR of 65.4% from 2020 to 2024, with sales revenue expected to rise from 0.3 billion to 1.9 billion, contributing 38.4% to the global market by 2024 [6]. Group 2: Company Overview - Shenzhen Basic Semiconductor Co., Ltd., a leading Chinese company in the SiC chip sector, has submitted its listing application to the Hong Kong Stock Exchange, backed by major securities firms [2][3]. - Established in 2016 by a team of PhDs from Tsinghua University and the University of Cambridge, the company focuses on the research, development, manufacturing, and sales of SiC power devices [2]. - Basic Semiconductor is the only domestic company that integrates SiC chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities, achieving mass production across all segments [2]. Group 3: Financial Performance - Basic Semiconductor reported revenues of approximately 0.117 billion, 0.221 billion, and 0.299 billion from 2022 to 2024, showing significant year-on-year growth [5]. - The company incurred losses of approximately 0.242 billion, 0.342 billion, and 0.237 billion during the same period, totaling a cumulative loss of 0.821 billion [5]. - Research and development expenses increased from 0.059 billion in 2022 to 0.091 billion in 2024, reflecting the company's commitment to innovation despite ongoing losses [5]. Group 4: Market Position and Challenges - Basic Semiconductor ranks seventh globally and sixth in China in the SiC power module market by revenue as of 2024, positioning itself as a significant player in the domestic third-generation semiconductor sector [4]. - The company faces challenges due to the capital-intensive nature of the semiconductor industry, with rising financing costs and long return cycles impacting cash flow [11]. - Despite the high volatility and long cycles associated with the industry, Basic Semiconductor's potential for long-term growth remains strong, particularly if it successfully capitalizes on technological advancements [11].