Core Viewpoint - Yunhan Chip City has officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, marking a significant milestone for the company and the chip distribution industry, with a first-day surge in stock price and substantial market capitalization [1][18]. Company Overview - Yunhan Chip City is one of the earliest B2B e-commerce companies for electronic components in China, founded by Zeng Ye, who has a background in traditional chip distribution [4][5]. - The company transitioned from traditional chip trading to an online platform in 2011, initially helping domestic clients purchase overseas chip inventories [4]. - Yunhan's main business includes B2B sales of electronic components and PCBA services, with over 98% of revenue coming from the former [5]. Business Model and Market Position - Yunhan operates as a distributor for larger distributors, targeting small and medium-sized distributors and end customers, focusing on small-batch, diverse, and fast-delivery orders [6][7]. - The company collaborates with over 2,500 quality suppliers, including major brands like NXP and Arrow, and has a registered user base exceeding 696,500 [5][6]. - Yunhan's average order value is approximately 3,900 yuan, with a broad customer base that allows for high service efficiency [7]. Financial Performance - Yunhan's revenue from 2021 to 2024 shows fluctuations, with revenues of 38.36 billion yuan in 2021, peaking at 43.33 billion yuan in 2022, and declining to 25.77 billion yuan in 2024 [8]. - The company experienced a compound annual growth rate of 68.08% during the chip shortage from 2020 to 2022, but faced a significant downturn starting in 2023 [8][9]. - Despite revenue challenges, Yunhan's gross margin has been impressive, with a gross margin of approximately 16.51% in the first half of 2025, significantly higher than its peers [9][10]. Capitalization and Financing - Yunhan has been adept at capitalizing its operations, starting financing activities as early as 2014, attracting investments from various institutions and government support [11][12]. - The company has completed multiple rounds of financing, with significant investments from entities like Liyuan Information and Shenzhen Innovation Investment [12]. - The ownership structure has evolved, with Zeng Ye remaining the largest shareholder, controlling over 35% of the company prior to its IPO [15]. Industry Impact - Yunhan's successful listing is seen as a positive development for the chip distribution industry, signaling recognition of the "chip + internet" model and boosting confidence among peers [18]. - The listing opens up broader financing channels for Yunhan, allowing for more aggressive business expansion and potential acquisitions to enhance market share and brand influence [18].

Core Viewpoint - The successful listing of Yunhan Chip City on the Shenzhen Stock Exchange is a significant event for the chip distribution industry, showcasing the recognition of the "chip + internet" model and providing confidence to other companies in the sector [3][21]. Company Overview - Yunhan Chip City is one of the earliest B2B e-commerce companies for electronic components in China, founded by Zeng Ye in 2002, initially focusing on traditional chip trading before evolving into a well-known online platform [6][7]. - The company primarily engages in B2B sales of electronic components and PCBA services, with the former accounting for over 98% of its revenue [7][8]. - As of December 31, 2024, Yunhan had over 696,500 registered users and 54,000 paying users in 2022 [7]. Business Model - Yunhan operates as a distributor for larger distributors, catering to small and medium-sized distributors or end customers, focusing on small-batch, diverse, and fast-delivery orders [8][9]. - The average order amount in 2024 was approximately 3,900 yuan, with a large customer base leading to a healthy business cycle despite individual customer sizes being small [10]. Financial Performance - Yunhan's revenue from 2021 to 2024 was 3.836 billion, 4.333 billion, 2.637 billion, and 2.577 billion yuan, respectively, with net profits of 161 million, 135 million, 78.59 million, and 88.38 million yuan [10]. - During the chip shortage from 2020 to 2022, Yunhan achieved a compound annual growth rate of 68.08%, reaching peak revenue in 2022 [11]. - Despite a decline in performance starting in 2023, Yunhan's revenue showed signs of recovery in 2025, with a 17.82% year-on-year increase in main revenue [11][12]. Capitalization Strategy - Yunhan has been adept at capital operations, starting its financing activities as early as 2014, attracting investments from various institutions and local government support [13][14]. - The company has completed multiple rounds of financing, with significant investments from early backers like Liyuan Information and Shenzhen Innovation Investment [14][15]. - The ownership structure has evolved, with Zeng Ye remaining the largest shareholder, controlling over 30% of the shares post-IPO [18]. Market Impact - The listing of Yunhan is expected to enhance financing channels for chip distributors, allowing for more aggressive business expansion and potential acquisitions to integrate the supply chain [21].

Core Viewpoint - Yunhan Chip City has successfully obtained approval for its IPO after a lengthy process of approximately three and a half years, marking a significant milestone for the company and the semiconductor distribution industry [2][6][34]. Group 1: IPO Process and Timeline - The China Securities Regulatory Commission approved Yunhan Chip City's IPO application on July 31, 2025, allowing it to list on the Shenzhen Stock Exchange's Growth Enterprise Market [2]. - The company plans to raise 522 million yuan, focusing on upgrading its big data center, component trading platform, and smart shared warehousing [5]. - The timeline for Yunhan's IPO process included 23 months from acceptance to approval, 16 months from approval to registration submission, and nearly 5 months for registration, totaling about 43 months [11]. Group 2: Financial Performance - Yunhan's revenue from 2021 to 2024 showed fluctuations, with revenues of 38.36 billion yuan in 2021, peaking at 43.33 billion yuan in 2022, and declining to 26.37 billion yuan in 2023 and 25.77 billion yuan in 2024 [12]. - The net profit also decreased significantly, from 1.61 billion yuan in 2021 to 883.83 million yuan in 2024, reflecting a challenging market environment [12]. - In 2024, despite a slight revenue decline of 2.27%, the net profit after deducting non-recurring items increased by 19.77% [15]. Group 3: Market Dynamics and Business Model - The semiconductor market experienced a significant downturn after a period of high demand, leading to a 39.14% revenue drop for Yunhan in 2023 [14]. - Yunhan's business model focuses on serving small-batch, diverse, and fast-delivery needs, positioning itself as a "distributor of distributors" [19][26]. - The company collaborates with over 2,500 suppliers, including major brands like NXP and Arrow, and has registered over 696,500 users by the end of 2024 [19]. Group 4: Comparison with Competitors - Compared to competitors like Jialichuang, Yunhan's revenue structure is heavily weighted towards B2B sales, which accounted for 98.76% of its total revenue in 2024 [23]. - Jialichuang, while also an e-commerce platform, operates more as a manufacturing company, achieving higher overall revenue and profit margins [26]. - The average order value for Yunhan in 2024 was 3,900 yuan, significantly higher than Jialichuang's average of 400 yuan, indicating a different customer base and purchasing behavior [31]. Group 5: Future Outlook - Yunhan forecasts a revenue of 620 to 640 million yuan for Q1 2025, representing a year-on-year growth of 9.58% to 13.12% [18]. - The company is expected to benefit from the ongoing recovery in the semiconductor market, although it remains sensitive to market fluctuations [34].