Core Viewpoint - The company Kaiwei Semiconductor experienced a significant decline in performance in 2024, with revenue dropping by 39.12% year-on-year and a net loss of 97.22 million yuan, marking a substantial turnaround from previous growth trends [1][3]. Group 1: Financial Performance - In 2024, Kaiwei reported revenue of 130 million yuan, a decrease of 39.12% compared to the previous year, and a net profit loss of 97.22 million yuan, indicating a major financial setback [1]. - The company's revenue had already shown signs of decline in 2023, with a nearly 10% drop and a more than 70% decrease in net profit, leading to a "knee-jerk" reaction in performance [1]. - The gross margin and net margin also saw significant declines, with gross margin dropping by 9.16 percentage points and net margin turning negative in 2024 [3]. Group 2: Market Environment and Competition - The semiconductor industry is facing a supply-demand imbalance, leading to intense price competition and a shift from a "chip shortage" to an oversupply situation [3]. - Kaiwei's market position is relatively weak, holding approximately 0.23% of the global MOSFET market share, with major competitors being foreign companies like Infineon and ON Semiconductor [2][3]. Group 3: Sales and Marketing Strategy - In response to market pressures, Kaiwei established a new marketing department in 2024, increasing sales expenses by 85.80% to 19.48 million yuan, focusing on market expansion and brand strategy [6]. - Despite the increase in sales efforts, the overall revenue still fell significantly, with the revenue from power devices declining by 41.63% and power IC products down by 25.86% [6][7]. Group 4: Research and Development - Kaiwei's R&D expenses have increased significantly, reaching 58.66 million yuan in 2024, with a growth rate of 62.85%, but still lagging behind competitors [7][8]. - The company’s R&D investment is among the lowest compared to peers, which may hinder its ability to compete effectively in the long term [8]. Group 5: Inventory and Accounts Receivable - The company is facing high levels of inventory and accounts receivable, with accounts receivable amounting to 105 million yuan in 2024, representing 81% of revenue [3][4]. - As of the end of 2024, Kaiwei's inventory stood at 114 million yuan, indicating potential risks related to inventory turnover and product sales [4]. Group 6: Future Outlook - The company’s three IPO projects aimed at enhancing R&D capabilities are now delayed, with expected completion pushed from March 2025 to March 2028, potentially affecting future product development [9]. - Short-term focus should be on inventory reduction and accounts receivable recovery, while long-term attention should be on R&D advancements and market recovery [9].

Core Viewpoint - The company, Suzhou Kaiweite Semiconductor Co., Ltd., has faced significant challenges in its financial performance for 2024, reporting a net loss of 97.19 million yuan, a shift from profit to loss, with a notable decline in revenue and gross margin across its product lines [2][11]. Financial Performance - The company's revenue for 2024 decreased by 39.83% year-on-year, with a total of 126.80 million yuan compared to 210.73 million yuan in 2023 [12][14]. - The gross margin for 2024 was reported at 35.46%, down from 44.96% in 2023, indicating a decline in profitability [16][17]. Product Categories - Power devices accounted for 55.92% of total revenue, with a significant decline of 41.63% year-on-year [14][15]. - Power ICs represented 30.59% of total revenue, experiencing a decrease of 25.86% compared to the previous year [14][15]. - Technical service revenue saw a drastic drop of 62.63%, contributing only 6.61% to total revenue [14][15]. Market Conditions - The semiconductor industry is facing prolonged recovery challenges due to macroeconomic slowdowns and intensified market competition, leading to reduced consumer demand and price pressures [15][18]. - The company has identified that the decline in power device sales is attributed to a combination of economic factors and increased market supply, resulting in intensified price competition [15][18]. R&D and Competitive Edge - The company increased its R&D expenditure to 58.66 million yuan in 2024, a 62.85% increase year-on-year, representing 45.08% of total revenue [7][21]. - The workforce in R&D grew from 65 to 82 employees, enhancing the company's capacity for innovation and product development [7][21]. Customer Base and Sales - The top five customers contributed a total sales revenue of approximately 41.97 million yuan, with significant sales in high-reliability products [24][25]. - The company maintains strong relationships with its customers, focusing on tailored solutions to meet specific needs, which enhances customer loyalty and reduces turnover risk [10][24]. Future Outlook - The company plans to adjust its product strategy in 2025, focusing on four key product lines to enhance market competitiveness and drive revenue growth [22][23]. - The first quarter of 2025 showed a revenue increase of 64.89% year-on-year, indicating potential recovery as new product lines gain traction [24].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 科创板风险提示 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股说明书 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 首次公开发行股票并在科创板上市 保荐人（主承销商） 苏州锴威特半导体股份有限公司 招股说明书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股意向书 首次公开发行股票并在科创板上市 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股意向书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 3-1-1 这个 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应 当以正式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中 财务会计资料真实、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制 人以及保荐人、承销的证券公司承诺因发行人招股说明书及其他信息披露资料 有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券发行和交易中遭受 损失的，将依法赔偿投资者损失。 保荐人及证券服务机构承诺因其为发行人本次公开发行制作、出具的文件 有虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法赔偿投 资者损失。 中国证监会、交易所对本次发行所 ...