由于长期亏损，基本半导体的财务状况堪忧，报告期内资产负债率从38.41%攀升至86.61%，自2023年起流动资产就已经远低于流动负债，即营运 资金常年为负。核心业务本身无法产生正向现金流来支持运营和偿还债务，导致公司持续依赖外部融资"输血"维持生命。 控股股东多次减持套现 董事长三年半领薪5000万元 出品：新浪财经上市公司研究院 作者：君 12月4日，深圳基本半导体股份有限公司（下称"基本半导体"或"公司"）再次向联交所提交上市申请，拟根据《上市规则》第18C章在主板上市， 中信证券、国金证券、中银国际为联席保荐人。 报告期内，基本半导体核心产品碳化硅功率模块及分立器件的毛利率持续为负，陷入"越卖越亏"的困局，三年半净亏损近10亿元。这固然有行业 价格战的外部因素，但更深层次的原因，似乎应归结于其自身的战略选择——即IDM全产业链模式带来的高昂折旧、研发和运营成本，叠加了其 为抢占市场份额而采取的激进低价策略。 或许是因为创始团队的背景，在2016年成立之初，基本半导体得到了深圳清华大学研究院的支持，双方共建第三代半导体材料与器件研发中心； 由清华大学研究院控股的力合科创成为基本半导体的天使投资人，并在之 ...

Core Viewpoint - Basic Semiconductor is aiming to become the first Chinese company to go public in the silicon carbide chip sector, with a significant growth trajectory despite not yet achieving profitability [1][2]. Company Overview - Basic Semiconductor was established in 2016 and focuses on the research, development, manufacturing, and sales of silicon carbide (SiC) power devices, serving sectors such as electric vehicles, renewable energy, and industrial control [5]. - The company is the only IDM (Integrated Device Manufacturer) in China that covers the entire value chain of SiC power devices, from chip design to module packaging, and has achieved mass production in all segments [6]. Financial Performance - The company reported a compound annual growth rate (CAGR) of approximately 27.7% in revenue over the past three years, with revenues of 117 million, 221 million, and 299 million yuan for 2022, 2023, and 2024 respectively [7]. - Cumulative losses over three and a half years amount to 998 million yuan, with losses of 242 million, 342 million, and 237 million yuan for the years 2022, 2023, and 2024 respectively [4][10]. - Gross margins have been negative, with rates of -48.5%, -59.6%, and -9.7% for the years 2022 to 2024 [8]. Market Position - According to Frost & Sullivan, Basic Semiconductor ranks sixth in the Chinese silicon carbide power module market with a market share of 2.9%, and ranks third among domestic companies [6]. - The company also ranks ninth in both the silicon carbide discrete device market and the power semiconductor gate driver market, with market shares of 2.7% and 1.7% respectively [6]. Valuation and Funding - The company's valuation has increased approximately 103 times from 50 million yuan in 2017 to 5.16 billion yuan in 2025 [12]. - Basic Semiconductor has undergone 12 rounds of financing, with significant increases in valuation correlating with product development milestones [12][14]. Future Plans - The funds raised from the IPO will primarily be used to enhance R&D capabilities, strengthen the IDM and foundry cooperation model, and expand the global distribution network for silicon carbide products [15].

公司是中国第三代半导体功率器件行业的领先企业,专注于碳化硅功率器件的研发、制造及销售。作为 该领域的先驱者,公司是中国唯一一家整合了碳化硅芯片设计、晶圆制造、模块封装及栅极驱动设计与 测试能力的企业。 公司2023年度、2024年度、2025半年度截至6月30日止，净利润分别为-3.42亿元、-2.37亿元、-1.77亿 元，同比变动幅度为-41.65%、30.72%、-50.41%。（数据宝） 据联交所12月4日披露，深圳基本半导体股份有限公司向联交所提交上市申请，拟香港主板上市，国金 证券香港、中信证券香港、中银国际亚洲为联席保荐人。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Group 1 - The core point of the article is that Shenzhen Basic Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with the sponsorship of CITIC Securities, Guotai Junan Securities, and Bank of China International [1] - The previous listing application submitted on May 27 has expired after six months [1] - Basic Semiconductor is a company in China's third-generation semiconductor power device industry, focusing on the research, development, manufacturing, and sales of silicon carbide power devices [2]

(於中華人民共和國註冊成立的股份有限公司) [编纂] | : [編纂]股H股(視乎[編纂]行使與否而定) | [繼續]的[繼續]數目 | [編纂]數目 | . . | [編纂]股H股(可予[編纂]) | | --- | --- | --- | --- | --- | | : [編纂]股H股(可予[編纂]及視乎 | [編纂]數目 | [編纂]行使與否而定) | | | | 最高[編纂] : | 每股H股[編纂]港元,另加1.0%經紀 | 佣金、0.0027%證監會交易徵費、 | | | | 0.00015%曾財局交易徵費及 | 0.00565%聯交所交易費 | | | | | (須於申請時以港元繳足, | 多繳股款可予退還) | | | | | . . | 面值 | 每股H股人民幣0.20元 | 股份代號 : [●] | | | □□□ [ · [ · [ · [ ] · [ ] · [ ] · [ ] · [ · [ ] · [ · · [ | | | | | 据港交所12月4日披露，深圳基本半导体股份有限公司(简称"基本半导体")向港交所主板递交上市申 请，中信证券、国金证券(香港)有限公司、中银国际为其联 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas issuance and listing, specifically for Basic Semiconductor [1][2] - Basic Semiconductor has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities, Guotai Junan Securities (Hong Kong) Limited, and Bank of China International as joint sponsors [1] - The CSRC requires Basic Semiconductor to clarify the reasons for inconsistencies in the identification of controlling shareholders and provide a conclusive legal opinion [1][2] Group 2 - The CSRC requests an update on the progress of state-owned shareholders in obtaining state-owned stock identification [2] - The company must explain the reasonableness of the share price for new shareholders in the past 12 months and whether there are any abnormal pricing or benefit transfer situations [2][3] - The CSRC also seeks details on the background and fairness of the stock incentive plan, including any potential benefit transfer issues [3] Group 3 - Basic Semiconductor is identified as a key player in China's third-generation semiconductor power device industry, focusing on the research, manufacturing, and sales of silicon carbide power devices [4] - The company is the only one in China that integrates silicon carbide chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities [4] - Basic Semiconductor is among the first companies in China to mass-produce and deliver silicon carbide solutions for electric vehicles, which is the largest end-use market for silicon carbide semiconductors [4]

Core Viewpoint - Shenzhen Basic Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position in the silicon carbide power module market, where it ranks seventh globally and sixth in China based on projected 2024 revenue [1][4]. Company Overview - Basic Semiconductor is a leading enterprise in China's third-generation semiconductor power device industry, focusing on the research, manufacturing, and sales of silicon carbide power devices [4]. - The company is the only one in China that integrates silicon carbide chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities [4][5]. - Basic Semiconductor is among the first in China to mass-produce and deliver silicon carbide solutions for electric vehicles, which is the largest end-use market for silicon carbide semiconductors [4]. Product and Market Position - The company has established a comprehensive product portfolio, including silicon carbide discrete devices, automotive-grade and industrial-grade silicon carbide power modules, and power semiconductor gate drivers [4]. - Basic Semiconductor serves various industries, including electric vehicles, renewable energy systems, energy storage systems, industrial control, data centers, and rail transportation [4]. - The company has built high entry barriers and long-term partnerships with customers, achieving design-in with over 50 models from more than 10 automotive manufacturers [4]. Financial Performance - Basic Semiconductor's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 117 million, RMB 221 million, and RMB 299 million, respectively [6][9]. - The company reported losses of approximately RMB 242 million, RMB 342 million, and RMB 237 million for the same periods [6][9]. - The sales volume of silicon carbide power modules increased significantly from over 500 units in 2022 to over 30,000 units in 2023, and is projected to exceed 61,000 units in 2024 [6]. Market Growth - The global silicon carbide power device market is expected to grow from RMB 4.5 billion in 2020 to RMB 22.7 billion in 2024, with a compound annual growth rate (CAGR) of 49.8% [6]. - The penetration rate of silicon carbide in the global power device market is projected to rise from 1.4% in 2020 to 6.5% in 2024, and further to 20.1% by 2029 [6].