2025年9月30日，云汉芯城（301563）(上海)互联网科技股份有限公司在深圳证券交易所创业板成功挂牌上市，股票代码为301563，发行价27元/股，首日 开盘价达120元/股，涨幅高达344.44%。此次成功登陆资本市场，标志着云汉芯城电子产业供应链创新服务模式与技术能力获得认可，也为电子制造供应 链服务领域的高质量发展注入了新动能。 公开资料显示，作为电子元器件垂直领域知名的B2B供应链平台，云汉芯城重点聚焦电子制造产业中小批量电子元器件研发、生产、采购需求，通过"产 业互联网+数字化供应链"的创新服务模式，打破传统电子元器件供应链流通壁垒，提升产业供应链效率。 扬子晚报/紫牛新闻记者徐晓风 此外，云汉芯城积极向供应链上下游延伸服务，通过产品技术方案设计、PCBA生产制造服务、电子工程师技术支持等一站式全流程供应链数字化服务， 助力产业链协同发展与自主可控水平的提升。随着国产替代进程加速，公司已与超过500家国产器件厂商建立合作，积累了78.22万条国产替代关系数据， 帮助4000余家制造企业完成电子元器件国产化替代专项服务，成为国产元器件推广的重要窗口与加速器，助力国产品牌崛起。 从业绩表现看，近年 ...

Core Viewpoint - Yunhan Xincheng, an internet technology company focused on the electronic components supply chain, has received approval for its IPO application after a lengthy 43-month wait, but faces numerous challenges and controversies along its path [1][2]. Company Overview - Yunhan Xincheng provides a one-stop procurement service for the electronic manufacturing industry through its online platform, including product technical solution design, PCBA manufacturing, and technical support from electronic engineers [1]. - The company plans to raise 522 million yuan through its IPO, primarily for upgrading its big data center and component trading platform, building an electronic industry collaborative manufacturing service platform, and constructing intelligent shared warehousing [1]. IPO Journey - The IPO process has been tumultuous, with the company submitting its application to the Shenzhen Stock Exchange in December 2021, updating its prospectus seven times, and undergoing two rounds of review inquiries before finally being approved in November 2023 [2]. - After a wait of one year and four months, the IPO status changed to "registration effective" on July 31, 2025 [2]. Financial Performance - Yunhan Xincheng has experienced a significant decline in both revenue and net profit due to multiple factors, including the semiconductor industry's downturn, destocking, and weak demand, with net profit halving from its peak in 2021 to less than 100 million yuan in 2024 [2]. - The company's cash flow situation is concerning, with net cash flow from operating activities dropping sharply from 188 million yuan in 2022 to less than 30 million yuan in 2024 [3][4]. Research and Development - The company's R&D capabilities have been questioned, as it does not directly engage in the R&D and production of components, and the proportion of R&D expenses to revenue has decreased over the years, recorded at 1.42%, 1.86%, and 1.77% from 2022 to 2024 [2]. Cash Flow and Equity Transfer - The net cash flow from investment and financing activities has also been negative, indicating significant pressure in asset acquisition and debt repayment [3][4]. - Prior to the IPO, the founding team transferred equity to cash out over 100 million yuan, raising concerns about the company's motives and future prospects [3].