2026开年以来，已有沁恒微和亚电科技两家半导体企业及其保荐人撤回科创板IPO申请。 恰巧这两家公司的申请均在2025年6月下旬获受理，其保荐人均为华泰联合。上交所亦在同年7月20日前后下发审核问询，截至审核终止，两家公司未回复 问询。 更早前，回顾2025年以来至2026年1月22日，从终止科创板IPO申请的企业来看，包括沁恒微和亚电科技在内，共8家企业撤回申请，其保荐机构则不尽相 同。 从上交所对终止企业下发的审核问询来看，相较2024年针对募资额度与募投项目等问询比例较高，随着政策方向及融资环境的变化，2025年以来的审核关 注重点中，企业核心技术先进性、市场发展空间等已成为问询"标配"；另一方面，企业持续经营能力、控制权和独立性、企业启动IPO进程中发生的重大 变化等，亦被重点关注。 | 发行人全称 | 板块 | | 保荐机构 | 律师事务所 | 会计师事务所 | 更新日期 + 受理日期。 | | --- | --- | --- | --- | --- | --- | --- | | 南京沁恒微电子股份有限公司 | 科创板 终止 江苏 | 软件和信息技术 ... | 华泰联合证 ... | 国浩律师 ...

沁恒微是国家工信部认定的专精特新小巨人企业，专注于连接技术和微处理器内核研究，主营USB/蓝牙/以太网接口芯片和连接型、互联型、无线型MCU。 从其招股书可见，报告期内公司享受的税收优惠金额占当期利润总额比例维持在20%以上，最高达23.26%；2022年至2024年主营业务毛利率从63.32%下滑至 57.51%，USB芯片、MCU等核心产品单价降幅分别达27%和47%；研发费用率从2022年的25.54%降至2025年上半年的15.46%，低于同期行业平均水平。 亚电科技主营半导体湿法清洗设备，产品主要应用于半导体前道晶圆制造过程中的湿法清洗环节，原计划募资9.5亿元用于高端半导体设备产业化及先进制 程研发项目。2025年上半年，该公司向隆基绿能销售光伏湿法专用设备、配套产品及服务金额为1.37亿元，占主营业务收入比例达51.91%，存在单一客户收 入占比过高的风险。其招股书也提示了客户集中度较高的经营风险。 2026年开年以来，已有沁恒微和亚电科技两家半导体企业及其保荐人撤回科创板IPO申请。截至2026年1月22日，2025年以来累计共有8家企业终止科创板 IPO申请。 沁恒微科创板IPO于2025年 ...

Group 1 - The first IPO termination on the Sci-Tech Innovation Board in 2026 is marked by the withdrawal of Jiangsu Yadian Technology Co., Ltd. and its sponsor Huatai United Securities, making it the first and only company to terminate its IPO review this year [1][13] - Yadian Technology's IPO process was relatively swift, having been accepted on June 27, 2025, and receiving its first round of inquiries by July 21, but failed to respond to inquiries in a timely manner, leading to the withdrawal six months later [1][13] Group 2 - The company stated that the withdrawal was based on its own business development and strategic planning, in conjunction with suggestions from the exchange, and is currently processing the withdrawal of related application materials [3][15] - Yadian Technology specializes in semiconductor wet cleaning equipment, with products covering both semiconductor and photovoltaic manufacturing sectors, although its revenue structure has shown a significant focus on photovoltaic products during the reporting period [3][16] Group 3 - In the first half of 2025, Yadian Technology generated sales of photovoltaic wet cleaning equipment and related services amounting to 137 million yuan, accounting for 51.91% of its main business revenue, indicating a high concentration of revenue from a single customer [4][17] - The company's revenue concentration is also reflected in its top five customers, which have a high revenue concentration [4][17] Group 4 - As of June 30, 2025, Yadian Technology's total assets amounted to 1.145753 billion yuan, with a net profit of 11.0552 million yuan, and a basic earnings per share of 0.13 yuan [5][18] - The company's asset-liability ratio for the parent company was 46.79%, while the consolidated asset-liability ratio was 53.57% [5][18] Group 5 - The company has experienced fluctuations in cash flow and payment cycles due to its "3331" payment model with major clients, leading to periods of negative net cash flow from operating activities [7][20] - The scale of accounts receivable has significantly increased alongside business expansion [7][20] Group 6 - The withdrawal of the IPO has raised concerns regarding the company's share repurchase obligations, which were previously stated to be irrevocably terminated but would automatically resume if the IPO application is withdrawn or terminated [9][22] - Yadian Technology has also indicated potential risks related to government subsidies, having received a total of 60 million yuan in subsidies contingent on tax and listing assessment conditions, which may need to be returned if future conditions are not met [11][24]

Core Viewpoint - The company forecasts a significant increase in net profit for the first half of 2025, with expectations of a year-on-year growth of 38.65% to 59.85% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 1.7 to 1.96 billion yuan for the first half of 2025, which represents a year-on-year increase of 38.65% to 59.85% [1] - For the second quarter of 2025, the company expects a net profit of 992 to 1,252 million yuan, reflecting a year-on-year growth of 53% to 93% [2] - The company maintains its profit forecasts for 2025 and 2026, with current stock prices corresponding to a price-to-earnings ratio of 6.8 times for 2025 and 11.7 times for 2026 [3] Group 2: Order and Revenue Insights - The company has a robust order backlog, with contract liabilities amounting to 12.1 billion yuan as of the first quarter of 2025, indicating strong revenue support despite a slight quarter-on-quarter decline [2] - The company is experiencing improved order conversion into revenue, driven by a full order book and effective management of receivables to mitigate bad debt risks [1][2] Group 3: Industry Developments - The company is expanding its presence in the photovoltaic sector, with overseas orders supporting growth, particularly in Southeast Asia and the Middle East [2] - The company is actively developing new technologies, including TOPCon high-efficiency low-cost equipment and perovskite devices, to enhance profitability [2] - The company is diversifying into the semiconductor and lithium battery sectors, focusing on core technologies such as wet cleaning equipment and coating devices [2]