来源：翠鸟资本 9月30，成立于2006年、深耕半导体封装领域近20年的珠海越亚半导体股份有限公司（下称"越亚半导 体"），其创业板IPO申请正式获深交所受理。这是该公司在2014年主动撤回上交所IPO申请后，时隔11 年再度向资本市场发起冲击。 然而， 10月10日，中国证券业协会公布2025年第三批首发企业现场检查抽签结果，越亚半导体与中电 建新能源集团股份有限公司一同被纳入检查范围。 值得关注的是，此前已有14家A股拟IPO企业先后被抽中现场检查，与往年"一查就撤"的行业常态不 同，2025年被抽中现场检查的企业暂未出现撤回材料的情况，但截至目前也尚未有企业实现过会。 在此背景下，越亚半导体面临的不仅是二次闯关的行业竞争压力，更需通过监管对其财务真实性、内控 规范性与募投合理性的穿透式核查。这一次，越亚半导体能成功吗？ 营收增长疲软 登录新浪财经APP 搜索【信披】查看更多考评等级 招股书显示，2025年上半年公司主营业务收入7.8亿元，较2024年同期的8.49亿元下降8.06%。其中核心 产品射频模组封装载板的收入连续下滑，2024年销售收入同比下降5.4%，2025年上半年颓势仍在延 续，公司不得 ...

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has recently received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising in the semiconductor industry [1] Company Overview - Zhuhai Yueya Semiconductor specializes in the research, production, and sales of advanced packaging key materials and products [1] - The company's product offerings include RF module packaging substrates, ASIC chip packaging substrates, flip chip ball grid array packaging substrates, power management chip packaging substrates, and embedded packaging modules [1] IPO Details - The company aims to raise approximately 1.224 billion yuan through its IPO [1] - The net proceeds, after deducting issuance costs, will be allocated to the expansion project for high-efficiency embedded packaging modules targeting the AI sector, a research and development center project, and to supplement working capital [1]

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise approximately 1.224 billion yuan for expansion projects and working capital [3][4]. Financial Summary - The company plans to allocate 1.037 billion yuan for the AI-focused high-performance embedded packaging module expansion project, 107 million yuan for the R&D center project, and 80 million yuan for working capital [4]. - In the first half of 2023, Yueya Semiconductor reported a revenue of 811 million yuan [5]. - Projected revenues for 2022, 2023, and 2024 are 1.667 billion yuan, 1.7 billion yuan, and 1.796 billion yuan, respectively, with net profits of 415 million yuan, 188 million yuan, and 215 million yuan [4][5]. Shareholder Structure - The largest shareholder is AMITEC Company, holding 39.9452% of shares, followed by Xin Xin Chuan with 30.9106% [6][9]. - Other notable shareholders include Oriental Fortune Management and Zhuhai Huajin Lingrui, holding 2.221% and 2.7104% respectively [8][9]. Ownership Changes Post-IPO - After the IPO, AMITEC's shareholding will decrease to 33.9535%, while Xin Xin Chuan's will drop to 26.274% [10]. - The total number of shares post-IPO will be approximately 1.049 billion, with the public holding 15% [10].

Core Insights - Zhuhai Yueya Semiconductor Co., Ltd. has received acceptance for its IPO application on the ChiNext board, focusing on advanced packaging materials and products [2] - The company’s product range includes RF module packaging substrates, ASIC chip packaging substrates, and embedded packaging modules, serving various sectors such as mobile phones, AI servers, and communication base stations [2][3] - Yueya Semiconductor has achieved significant milestones in product industrialization, including the commercialization of RF module packaging substrates in 2009 and the mass production of embedded packaging modules in 2017 [2][3] Technology - The company has developed proprietary copper pillar technology, enabling the industrialization of chipless packaging substrates and the creation of hybrid embedded packaging technology [3] - Yueya Semiconductor is among the few manufacturers globally to have industrialized embedded chip technology, allowing for the embedding of wafers and passive components within packaging substrates, which reduces packaging area and enhances product performance [3] - The company has successfully mass-produced packaging substrates and power management modules for 5G RF power amplifiers and AI servers, achieving breakthroughs in FC-BGA packaging substrates for 3nm node ASIC chips and mid-to-high-end CPU/GPU [3] Market Position - The company is focused on the RF front-end and power management analog chip markets while actively expanding into the digital chip market, particularly high-performance computing [3] - Yueya Semiconductor has established long-term stable partnerships with renowned clients, including Qorvo, Texas Instruments, and others, demonstrating strong international competitiveness [3] - Industry experts believe that with the rapid development of 5G communication and artificial intelligence, the demand for advanced packaging will continue to rise, positioning Yueya Semiconductor to enhance its capital strength and accelerate capacity expansion through the IPO [3]