据上证所官网，2月24日，拟登陆科创板的盛合晶微半导体有限公司（下称"盛合晶微"）过会，是马年首家A股IPO过会企业。与此同时，IPO审核继续推 进。根据安排，本周五（2月27日），北交所将召开上市委会议，上会企业为湖北龙辰科技股份有限公司。 从年内情况看，第一财经根据交易所数据统计，年初至今，三大交易所合计召开了30场上市委审议会议，包括北交所16场、上证所6场、深交所8场，共审议 首发企业24家，仅2家遭暂缓表决，其余全部过会，过会率超九成。 春节假期刚刚结束，农历马年的首家过会企业迅速出炉。 "目前来看，IPO审核有所提速，但考虑到季节因素，因为财报到期的关系，1月和2月通常是IPO过会家数比较多的月份。"有投行人士对记者表示。 业内预计，随着IPO在审企业数量持续减少，二级市场交易量维持高位，一、二级市场实现动态平衡之后，IPO市场将进一步回暖。 年内IPO过会率超九成 最新过会的盛合晶微，其IPO申请于去年10月底获受理，保荐券商为中金公司。此后，该公司完成两轮审核问询，IPO排队时间不到四个月，于2月24日过 会。 资料显示，盛合晶微属于半导体封测行业企业，主营业务收入由中段硅片加工、晶圆级封装、 ...

Core Viewpoint - SJ Semiconductor Corporation (盛合晶微) has successfully passed the listing review by the Shanghai Stock Exchange, marking a significant milestone in its IPO process as a leading advanced packaging enterprise in the semiconductor industry [1] Group 1: Company Overview - SJ Semiconductor is recognized as a global leader in integrated circuit wafer-level advanced packaging, with notable technological barriers and scale advantages in mid-silicon wafer processing, wafer-level packaging, and multi-chip integration packaging [1] - The company is projected to achieve a revenue of 6.521 billion yuan in 2025, representing a year-on-year growth of 38.59%, and a net profit of 923 million yuan, reflecting a substantial year-on-year increase of 331.80% [1] Group 2: IPO and Fundraising - The company plans to raise 4.8 billion yuan through its IPO to expand its core business in 3D packaging, indicating a broad valuation and market capitalization potential post-listing [1] Group 3: Shareholder Information - *ST Yushun (ST宇顺) indirectly holds approximately 330.72 thousand shares of SJ Semiconductor, corresponding to a holding ratio of about 0.206% [4] - *ST Yushun has invested in the Yuanhe Changxin No. 2 Venture Capital Partnership, holding about 7.80% of the fund, which in turn owns 42.4 million shares of SJ Semiconductor, making it the fifth-largest shareholder [2][3] - The investment in SJ Semiconductor is expected to yield significant asset appreciation for *ST Yushun as the company progresses with its IPO [4]

2月10日晚，盛合晶微半导体有限公司（以下简称"盛合晶微"）科创板IPO迎来新进展。上交所官网显示，上交所上市审核 委员会定于2026年2月24日召开2026年第6次上市审核委员会审议会议，审核盛合晶微首发事项。 招股书显示，盛合晶微成立于2014年，是目前国内少数实现从中段硅片加工到晶圆级封装、再到2.5D/3D多芯片集成封装 量产的企业之一，也是中国大陆首家实现2.5D硅基封装技术大规模量产的企业。 本报讯 （记者曹卫新） 业务布局上，盛合晶微构建了坚实的技术壁垒。其中，在中段硅片加工领域，盛合晶微是中国大陆最早开展并实现12英寸 凸块制造（Bumping）量产的企业之一，也是第一家能够提供14nm先进制程Bumping服务的企业，填补了中国大陆高端集成电 路制造产业链的空白；在晶圆级封装领域，根据灼识咨询的统计，2024年度，盛合晶微是中国大陆12英寸WLCSP收入规模排 名第一的企业，市场占有率约为31%；在芯粒多芯片集成封装领域，盛合晶微是中国大陆量产最早、生产规模最大的企业之 一，代表中国大陆在该技术领域的最先进水平，且与全球最领先企业不存在技术代差。 招股书显示，盛合晶微本次IPO募集资金将主要 ...

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking a significant event in the semiconductor industry as it follows a trend of chip companies listing in Hong Kong [1] Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, with a market share second only to Changdian Technology, Tongfu Microelectronics, and Huatian Technology in mainland China [1][4] - The company was established in August 2014 in the Cayman Islands, with its main operations located in Jiangyin, Jiangsu Province [3] - The company has no actual controller or major shareholder, with its largest shareholder holding a 10.89% stake [3] Financial Performance - In 2022, the company reported a loss of 329 million yuan, but revenue has been increasing due to rising demand for advanced packaging [8] - Revenue figures for the years 2022 to 2025 (first half) are 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits turning positive in 2023 and 2024 [8] - The company's gross profit margin has improved significantly from 6.85% in 2022 to 31.64% in the first half of 2025, reflecting better cost control and product mix [14][15] Business Structure - The revenue composition has shifted from mid-stage silicon wafer processing to multi-chip integration packaging, with the latter's share increasing from 5.32% in 2022 to 56.24% in the first half of 2025 [11] - The company primarily serves high-performance computing chips, smartphone processors, RF chips, storage chips, power management chips, communication chips, and network chips [4] Market Position - Shenghe Jingwei holds approximately 1.6% of the global packaging and testing market, ranking as the tenth largest globally and fourth in mainland China [24][32] - The global integrated circuit packaging and testing market is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [29] Investment and Future Outlook - The company plans to raise 4.8 billion yuan to invest in multi-chip integration packaging projects, aiming to enhance its production capacity [36] - Despite positive cash flow from operations, the company requires external financing to cover its investment needs, indicating a reliance on both equity and debt financing [23][36]

Group 1: IPO Market Developments - The week of October 27 to November 2 saw significant IPO activity, including the listing of the first batch of newly registered companies in the Sci-Tech Innovation Board's growth tier, with three unprofitable companies making their debut [1] - The companies He Yuan Bio-U, Xi'an Yicai-U, and Bi Bei Te-U collectively listed on the Sci-Tech Innovation Board, with closing prices on October 31 showing substantial increases compared to their issue prices, with gains of 3.25 times, 2.33 times, and 92% respectively [1] - Mo Er Thread received its IPO registration approval on October 30, taking four months from application acceptance to registration effectiveness [1][2] Group 2: Mo Er Thread Company Overview - Mo Er Thread, established in June 2020, focuses on the research, design, and sales of GPUs and related products, aiming to raise 8 billion yuan through its IPO for various AI and graphics chip development projects [2] - The company plans to allocate funds for the development of a new generation of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Group 3: Tian Su Measurement Company Insights - Tian Su Measurement, which provides calibration, testing, and certification services, received its IPO registration approval during the same week, but highlighted risks related to declining certificate prices that could impact performance [2][3] - The company's calibration business revenue accounted for over 91% of its main business income during the reporting period, with a noted decrease in certificate prices from 142.01 yuan to 119.43 yuan [2] Group 4: Sheng He Jing Wei Semiconductor Company Profile - Sheng He Jing Wei Semiconductor's IPO application was accepted on October 30, with plans to raise 4.8 billion yuan, focusing on advanced packaging and testing for integrated circuits [3] - The company reported revenues of 16.33 billion yuan in 2022, with projections of 30.38 billion yuan and 47.05 billion yuan for the following years, but also noted a significant customer concentration risk [3][4] Group 5: Zhu Zhou Ke Neng New Materials Company Status - Zhu Zhou Ke Neng New Materials' IPO application was terminated after being in a stagnant state since July 2023, despite meeting the R&D investment criteria for the Sci-Tech Innovation Board [4][5] - The company specializes in the research, production, and sales of rare metal elements and reported fluctuating revenues and net profits, alongside deteriorating cash flow from operating activities [5]