Core Viewpoint - Wuhan Xinxin Integrated Circuit Co., Ltd. (Xinxin Co.) is resuming its IPO process on the Sci-Tech Innovation Board, aiming to raise 4.8 billion yuan for capacity expansion and core technology R&D, focusing on key industry breakthroughs [1][2]. Financial Performance - Xinxin Co. reported revenues of 3.507 billion yuan, 3.815 billion yuan, 4.258 billion yuan, and 2.438 billion yuan from 2022 to the first half of 2025, indicating a growth trend [2]. - However, the net profit attributable to shareholders has declined to 7.123 million yuan, with a non-recurring net profit loss of 98.026 million yuan in the first half of 2025 [2][5]. - The comprehensive gross margin has decreased from 36.51% in 2022 to 22.72% in the first half of 2025, a cumulative drop of 13.79 percentage points [2]. IPO Fund Utilization - The planned use of the raised funds includes 4.3 billion yuan for the 12-inch integrated circuit manufacturing production line phase three project and 500 million yuan for technology iteration and R&D [2]. Market Context - The global specialty process market exceeds 60 billion USD, with significant growth potential driven by downstream demand in AI and IoT, indicating a broad space for domestic substitution [1]. Strategic Support - Xinxin Co. has received strategic support from the National Integrated Circuit Industry Investment Fund and local state-owned assets, which may allow the company to continue benefiting from policy incentives [1]. Management and Governance - The company has a dispersed shareholding structure with Long Control Group holding 68.19% of shares, leading to a lack of a single actual controller, which may affect decision-making efficiency [6]. - The current chairman, Yang Simon Shi-Ning, has extensive industry experience and holds multiple positions in related companies, which may influence governance dynamics [9]. Future Outlook - Xinxin Co. anticipates a revenue increase of 11.25% to 14.43% for the first nine months of 2025, but expects a net loss of 90 to 120 million yuan, contrasting with a profit of 138 million yuan in the same period last year [4]. - The company aims to turn profitable by 2026, although it acknowledges potential risks from industry cycles and declining capacity utilization [5].