Core Viewpoint - Zhuhai is a significant hub for China's semiconductor industry, ranking among the top ten cities in the country for integrated circuit design sales, with a comprehensive enterprise matrix covering the entire semiconductor supply chain [1] Company Overview - Yueya Semiconductor, established in April 2006, is headquartered in Doumen District, Zhuhai, and is seeking to list on the ChiNext board with CITIC Securities as the sponsor [2] - The largest shareholder, AMITEC, is an Israeli company controlled by Rafi Amit and Yotam Stern, while the second largest shareholder, New Trust Industry, is ultimately controlled by China Ping An [3][4] Business Operations - Yueya Semiconductor focuses on the research, production, and sales of advanced packaging key materials and products, primarily IC packaging substrates and embedded packaging modules [5] - The company's products are crucial for connecting wafers and PCBs, directly impacting the performance of related chips and end products [6] Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 1.667 billion, 1.705 billion, 1.796 billion, and 811 million yuan respectively, with net profits of 415 million, 188 million, 215 million, and 91.47 million yuan [8] - The gross profit margin has been declining, with figures of 38.97%, 26.65%, 25.49%, and 24.42% over the reporting periods [12] Product Segmentation - IC packaging substrates accounted for 85.41%, 90.42%, 88.37%, and 67.54% of the company's revenue during the reporting periods, making it the primary revenue source [10] - The proportion of embedded packaging modules in the main business revenue increased from 14.59% in 2022 to 32.46% in the first half of 2025, driven by demand from major clients like Infineon [10] Market Context - The global packaging substrate market is recovering from a low of $16 billion in 2023, with expectations to reach $21.4 billion by 2026, driven by demand in emerging markets such as 5G and AI [22] - Taiwan, South Korea, and Japan dominate the global IC packaging substrate capacity, with mainland China's contribution at approximately 15% but only 5% in actual output [24][26] Future Prospects - Yueya Semiconductor plans to raise 1.28 billion yuan for projects focused on high-performance embedded packaging modules for AI, a research center, and to supplement working capital [26][27] - The company faces challenges from global competition and price declines in some products, emphasizing the need for continuous R&D investment to maintain market share [16][18]

中国证券业协会发布《关于2025年第三批首发企业现场检查抽查名单的公告》，中电建新能源集团股份有限公司、珠海越亚半导体股份有限公司两家企业 被抽中，IPO申报板块分别为沪主板、创业板。 10月10日，中国证券业协会发布《关于2025年第三批首发企业现场检查抽查名单的公告》，在监管部门代表、自律组织代表、行业代表、媒体代表共同见 证下，中国证券业协会遵照公开、公平、公正原则，组织了随机抽取检查对象工作。随机抽取结果为： 1.中电建新能源集团股份有限公司 2.珠海越亚半导体股份有限公司 2025年9月30日，珠海越亚半导体股份有限公司（以下简称"越亚半导体"）创业板IPO获受理。公司主要从事先进封装关键材料及产品的研发、生产以及销 售，主要产品包括IC封装载板和嵌埋封装模组。其中IC封装载板产品主要包括射频模组封装载板、ASIC芯片封装载板、电源管理芯片封装载板和倒装芯 片球栅阵列封装载板。公司产品主要用于射频前端、高性能计算、CPU/GPU/ASIC等处理器、网络连接和电源管理等领域，终端应用包括手机和 2022年至2024年，电建新能分别实现营业收入83.82亿元、87.28亿元及98.10亿元，同期扣非归母 ...

瑞财经 吴文婷近日，珠海越亚半导体股份有限公司（以下简称"越亚半导体"）创业板IPO获受理，保荐 机构为中信证券股份有限公司，保荐代表人为王希婧、张国军，会计师事务所为容诚会计师事务所（特 殊普通合伙），律师事务所为北京市君合律师事务所。 越亚半导体主要从事先进封装关键材料及产品的研发、生产以及销售，主要产品包括IC封装载板和嵌埋 封装模组。其中IC封装载板产品主要包括射频模组封装载板、ASIC芯片封装载板、电源管理芯片封装 载板和倒装芯片球栅阵列封装载板。 公司产品主要用于射频前端、高性能计算、CPU/GPU/ASIC等处理器、网络连接和电源管理等领域，终 端应用包括手机和平板电脑等便携式消费电子产品、AI服务器、算力中心和通信基站等。 据招股书，2022年-2024年及2025上半年，越亚半导体实现营收分别为16.67亿元、17.05亿元、17.96亿 元、8.11亿元；归母净利润分别为4.15亿元、1.88亿元、2.15亿元、9147.31万元。 | 项目 | 2025年6月30 | | 2024年12月31 2023年12月31 2022年12月31 | | | --- | --- | --- | - ...

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 Insights - In September, a total of 10 IPOs were accepted across various exchanges, indicating a strong focus on technology and innovation sectors, particularly in new energy, semiconductors, and biotechnology [1][5] Group 1: IPO Overview - The newly accepted IPOs include 2 from the ChiNext, 2 from the Sci-Tech Innovation Board, 1 from the Shanghai Main Board, and 5 from the Beijing Stock Exchange [1] - The total amount of funds to be raised from the 10 new IPOs is approximately 17.95 billion yuan, with the largest being 9 billion yuan from Electric Power Construction New Energy [5][7] Group 2: Company-Specific Details - LaiPu Technology, focusing on advanced laser technology for semiconductor manufacturing, aims to raise 850 million yuan for various projects, including wafer manufacturing equipment [4][3] - Yueya Semiconductor, another semiconductor company, plans to raise 1.224 billion yuan for expanding production of advanced packaging modules and R&D [4] - Anshi Biotechnology, a biopharmaceutical company, is seeking to raise 2.45 billion yuan for new drug development and operational funding, focusing on oncology [5] Group 3: Market Trends - The semiconductor sector is experiencing significant interest, with two companies, LaiPu Technology and Yueya Semiconductor, recently accepted for IPOs, reflecting a robust market trend [1][4] - Regulatory support for technology innovation is evident, with new listing standards introduced for the Sci-Tech Innovation Board and ChiNext, aimed at facilitating the entry of innovative companies [5]

Core Viewpoint - Yuya Semiconductor has initiated its IPO application on the Shenzhen Stock Exchange, aiming to raise 1.224 billion yuan for projects related to AI and operational funding [1] Company Overview - Yuya Semiconductor specializes in the research, production, and sales of advanced packaging materials and products, being one of the earliest domestic companies to produce IC packaging substrates [1] - The company's main products include IC packaging substrates and embedded packaging modules, with applications in RF front-end, high-performance computing, and power management [1][2] Financial Performance - The company's projected revenues from 2022 to the first half of 2025 are 1.667 billion yuan, 1.705 billion yuan, 1.796 billion yuan, and 811.73 million yuan, respectively [2] - Net profits for the same periods are expected to be 415 million yuan, 188 million yuan, 215 million yuan, and 91.47 million yuan [2] Industry Context - The global IC packaging substrate market is dominated by manufacturers from Taiwan, Japan, and South Korea, with the top ten companies holding over 80% market share [2] - Domestic companies, including Yuya Semiconductor, are experiencing growth in sales, but their global market share remains low, indicating significant development potential [2] Technological Position - Yuya Semiconductor's embedded packaging technology is considered advanced, with the company being one of the few globally to achieve mass production of embedded packaging products since 2017 [3] - The company aims to leverage opportunities in AI and communication technology revolutions, focusing on domestic substitution of semiconductor materials and enhancing the localization of mid-to-high-end IC packaging substrates [3]

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 1.22416 billion yuan, focusing on advanced packaging materials and products [1][2] Company Overview - Yueya Semiconductor specializes in the R&D, production, and sales of advanced packaging materials, including IC packaging substrates and embedded packaging modules, being one of the earliest domestic producers of IC packaging substrates [1] - The company is recognized for its proprietary technology, particularly the "copper pillar bumping method" for mass production of "chipless" IC packaging substrates, and has successfully launched FC-BGA packaging substrates [1] Market Position - The company has established a strong market position due to its rich customer resources and brand image, with over 100 domestic and international clients, including major players like Infineon, Qorvo, Texas Instruments, and leading domestic semiconductor testing companies [1][2] Future Growth Drivers - The ongoing development in sectors such as 5G, artificial intelligence, big data, and cloud computing is expected to drive further growth in the company's performance [2] Fundraising and Investment Projects - The funds raised will be invested in projects closely related to existing business, specifically in embedded packaging modules and IC packaging substrates [2] - The total expected investment for the projects is approximately 127.96 million yuan, with the majority allocated to the AI-focused embedded packaging module expansion project [3] Financial Performance - The company has shown steady revenue growth, with projected revenue of 810.88 million yuan for the first half of 2025 and a net profit recovery expected in 2024 compared to 2023 [4] - Historical revenue figures indicate a consistent upward trend, with 2023 revenue at 1.705 billion yuan and a net profit of 187.88 million yuan [4]

（文/罗叶馨梅）9月30日，据深交所官网显示，珠海越亚半导体股份有限公司（简称：越亚半导体）创业板IPO申请已获受理。 （校对/秋贤） 在技术方面，公司掌握了独立自主知识产权的铜柱法技术，实现了无芯封装载板产业化，并基于此研发出主被动元器件混合嵌埋封装技术。作为全球少数实 现嵌埋芯片技术产业化的厂商之一，越亚半导体能够将晶圆与被动元器件嵌埋在封装载板内，从而显著减少封装面积、提升产品性能。目前，公司已量产应 用于5G射频功率放大器、通信基站、AI服务器的封装载板及电源管理模组，并在3纳米节点ASIC芯片和中高端CPU/GPU的FC-BGA封装载板上实现突破。 市场布局方面，公司深耕射频前端与电源管理类模拟芯片市场，同时积极开拓以高性能计算为代表的数字芯片市场。越亚半导体已获得包括A公司、威讯 （Qorvo）、德州仪器（TI）、展讯通信、卓胜微、唯捷创芯、芯原微等国内外知名客户的认可，并形成了长期稳定的合作关系，展现出较强的国际竞争 力。 业内人士认为，随着5G通信和人工智能产业加速发展，先进封装需求持续上升，越亚半导体有望借助此次IPO进一步提升资本实力，加快产能扩张与技术迭 代，从而巩固其在全球高端封装载板 ...