12月30日，强一半导体(苏州)股份有限公司(以下简称"强一股份")在上海证券交易所科创板正式挂牌上 市，成为科创板第600家上市企业。 强一股份董事长周明在接受《证券日报》记者采访时表示："探针卡是晶圆测试的'桥梁'，全球市场长 期以来主要由境外厂商主导，国内产业发展初期曾面临缺乏成熟经验与配套支撑的局面。2015年，凭借 近20年相关领域制造与管理经验，我看到了国内该产业的发展空间与市场机遇，创立强一股份，聚焦高 端探针卡领域深耕细作，希望为相关核心硬件自主发展贡献力量。" 本次上市，强一股份公开发行3238.99万股，募资金额27.56亿元，将重点投向南通探针卡研发及生产项 目、苏州总部及研发中心建设项目。据周明介绍："南通项目将新增高端探针卡产能，缓解现有产能压 力；苏州研发中心将聚焦前沿技术研发与人才培养。" 展望未来，强一股份将持续加大研发创新力度，以满足不同客户各类晶圆测试需求为目标。同时，不断 提升产品性能、扩充产品种类，深化既有客户服务能力的同时积极拓展境内外新客户，力争成为具有全 球市场竞争力的国产探针卡厂商。 周明表示："当前半导体制程升级与人工智能、汽车电子等下游领域发展，推动高精度探 ...

创投圈再次迎来一场超级回报。强一股份背后投资机构股东众多，其中丰年资本尤为抢眼：作为首 个也是占比最 大的机构投资人，斩获超额收益以目前 的股价表现计算，强一股份单个项目回报金额已接近其背后整支基金规模的3倍。 这也是丰年资本今年收获的第三个A股IPO，而今年创业板、科创板共计约50多家企业上市，这样的命中率令人印象深刻。细看下来，无论是更早前上市 的矽电股份（占股比7.9%）、胜科纳米（占股比7.1%），还是今天的强一股份，丰年资本几乎都是最 大外部股东。 科创板迎来年终漂亮收官。 今日（12月30日），强一半导体（苏州）股份有限公司（简称"强一股份"）正式登陆科创板，成为"半导体探针卡第 一股"，也是科创板至今第600家上市 企业。此次IPO发行价85.09元/股，开盘涨超200%，市值超330亿。 最初团队以悬臂探针卡为主，后逐步扩展到垂直探针卡和MEMS探针卡。在AI与芯片产业迭代中，探针卡是晶圆测试核心，直接影响芯片良率与成本。但 当时这一市场几乎被海外FormFactor、Technoprobe等公司垄断，国产替代步履维艰。 硬科技创业向来不易，既需要时间，更需要资金。 2020年左右，强一股份全 ...

里程碑。 作者/杨继云 报道/投资界PEdaily 科创板迎来年终漂亮收官。 今日（1 2月3 0日），强一半导体（苏州）股份有限公司（简称" 强一股份" ）正式登陆 科创板，成为"半导体探针卡第一股"，也是科创板至今第6 0 0家上市企业。此次I PO发 行价 8 5 . 0 9元/股 ， 开盘涨超2 0 0 %，市值超3 3 0亿。 创投圈再次迎来一场超级回报。强一股份背后投资机构股东众多，其中丰年资本尤为抢 眼：作为首个也是占比最大的机构投资人，斩获超额收益——以目前的股价表现计算， 强一股份单个项目回报金额已接近其背后整支基金规模的3倍。 这也是丰年资本今年收获的第三个A股I PO，而今年创业板、科创板共计约5 0多家企业 上市，这样的命中率令人印象深刻。细看下来，无论是更早前上市的矽电股份（占股比 7 . 9 %）、胜科纳米（占股比7 . 1 %），还是今天的强一股份，丰年资本几乎都是最大外 部股东。 如此一幕，也许能给当下硬科技投资带来一缕启示。 第一位机构投资人 5年前，丰年资本出手 时间回到2 0 1 5年，周明带队在苏州工业园区开始创业，强一股份应运而生。 最 初 团 队 以 悬 臂 探 针 ...

成为一家科创板上市公司，强一股份的"硬科技"底色体现在何处？聚焦探针卡，强一股份截至2025年9 月30日已取得相关专利182项，构建起全链条自主技术壁垒，推动MEMS探针卡实现国产化。 探针卡虽是半导体产业链中较为细分的一环，但从研发、设计到生产的全流程，均需倾注精益匠心。 强一股份董事、副总经理于海超告诉上海证券报记者，探针卡的研发难点集中在高精密制造、技术同步 迭代、核心部件自主可控等方面。 拆解探针卡的核心结构，主要包括探针、转接基板、PCB等部件。 强一股份生产车间 ◎钱佳滢 记者 仲茜 12月30日，国产探针卡龙头企业强一股份登陆科创板，成为科创板第600家上市公司，同时也是苏州年 内新增的第11家A股上市公司。 探针卡，虽处半导体产业核心硬件的细分赛道，却是芯片出厂前不可或缺的"质量守门员"，也是晶圆测 试阶段的"消耗型"基础元件。 自2015年成立以来，强一股份从悬臂探针卡、垂直探针卡等传统产品起步，逐步向高附加值MEMS探针 卡领域突破。凭借全系列探针卡供应能力，公司实现从技术积累到业绩跨越式增长的进阶，成为唯一跻 身全球半导体探针卡行业前十大厂商的境内企业。 "我们始终怀揣一份愿景：让中国 ...

中购日期: 2025-12-19 周石 8 江苏苏州 (1) 2015年成立 部 非国有企业 ~1 中信建投保荐 业务情况 / 收入构成 单位:万元 | 项目 | 2025年1-6月 | | 2024年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 片出 | 金额 | 占比 | 金额 | 占比 | | 探针卡销售 | 35,893.02 | | 96.67% 60,662.82 | 96.19% 30.989.93 | | 96.90% 21,737.46 | | 97.21% | | 探针卡维修 | 272.07 | 0.73% | 439.70 | 0.70% | 170.02 | 0.53% | 151.39 | 0.68% | | 晶圆测试板销售 | 963.62 | 2.60% | 1.960.68 | 3.11% | 819.88 | 2.56% | 473.02 | 2.12% | | 合计 | | | | 37,128.71 100. ...

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Group 1: Core Insights - The probe card is a crucial hardware component in the semiconductor manufacturing process, used during the wafer testing phase to detect defects and test functionality, directly impacting chip yield and manufacturing costs [5][6] - The global probe card market is projected to reach $2.656 billion in 2024, with a compound annual growth rate (CAGR) of 7.45% from 2025 to 2031 [9] - The MEMS probe card dominates the market, accounting for approximately 74.8% of the total revenue in 2024, with a projected revenue of $1.987 billion [12] Group 2: Market Structure - Probe cards are categorized into MEMS, vertical, and cantilever types, with MEMS cards being the leading product due to their high precision, efficiency, and durability [6] - The market shares for vertical and cantilever probe cards are expected to be 11.61% and 9.64% respectively in 2024, indicating a lower market presence compared to MEMS cards [6] Group 3: Competitive Landscape - According to QYResearch, the top companies in the probe card market for 2024 include FormFactor, Technoprobe S.p.A., and Micronics Japan, with FormFactor leading with a market share of 23.57% [15] - FormFactor's revenue is projected to increase from $497.90 million in 2023 to $625.96 million in 2024, reflecting a year-over-year growth of 25.72% [15] Group 4: Regional Insights - The Asia-Pacific region is the largest market for probe cards, accounting for approximately 74% of the global market share, driven by a high concentration of semiconductor manufacturing facilities [16] - China, as the largest semiconductor consumer market, shows strong demand for probe cards but has a low domestic production rate, heavily relying on imports [16][17]

Core Viewpoint - The article highlights the significant progress of Jiangsu Suzhou's leading MEMS probe card company, Qiangyi Co., in its IPO process on the Sci-Tech Innovation Board, emphasizing its role in the semiconductor industry and the necessity for domestic probe card production to reduce reliance on foreign suppliers [2][3]. Industry Overview - The semiconductor industry in China has a late start and still relies heavily on imports for chip design and wafer manufacturing, leading to a lag in the domestic probe card industry [2]. - The top ten probe card manufacturers globally are predominantly foreign companies, holding over 80% of the market share, indicating a substantial self-sufficiency gap for domestic manufacturers [2]. Company Positioning - Qiangyi Co. is the only domestic company to enter the global top ten in the semiconductor probe card industry, covering various core participants in the domestic chip design, wafer foundry, and packaging testing sectors [3]. - The company aims to enhance its R&D capabilities and MEMS probe card production capacity through funds raised from its IPO, aligning with the growth of China's semiconductor manufacturing capabilities [3]. Product and Market Strategy - The company’s probe card products are primarily used in non-storage fields, including SoC chips, CPUs, GPUs, and RF chips, with a market share in the non-storage sector expected to remain between 60%-75% from 2018 to 2024 [3]. - Qiangyi Co. is actively expanding into the storage sector, developing 2.5D MEMS probe cards for HBM and NAND Flash applications, focusing on key domestic players like Company B, Hefei Changxin, and Yangtze Memory Technologies [3][4]. Financial Performance - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of 58.85% in revenue, reflecting its strong market position and customer recognition [4]. Future Outlook - The domestic probe card manufacturers are expected to benefit from the rapid development of the semiconductor industry and the acceleration of domestic substitution processes [5]. - Qiangyi Co. plans to enhance its product offerings in MEMS probe cards, focusing on increasing market share in 2D MEMS probe cards and scaling up production of thin-film and 2.5D/3D MEMS probe cards [5][6]. - The company aims to achieve breakthroughs in technology, including reaching a testing frequency of 110GHz for thin-film probe cards and developing 3D MEMS probe cards for DRAM chips [6].

Core Viewpoint - The company, Qiangyi Semiconductor (Suzhou) Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, with significant revenue concentration from a single major client, raising concerns about sustainability and independence [2][8]. Financial Performance - The company reported sales revenue from probe cards of 2.17 billion, 3.1 billion, 6.07 billion, and 3.59 billion CNY for the years 2022 to 2025 (first half), accounting for over 96% of total revenue during these periods [3][5]. - The total revenue for the same periods was 2.54 billion, 3.54 billion, 6.41 billion, and 3.74 billion CNY, with net profits of 156.22 million, 186.58 million, 2.33 billion, and 1.38 billion CNY respectively [5][6]. - For the first nine months of 2025, the company achieved a revenue of 6.47 billion CNY, a year-on-year increase of 65.88%, and a net profit of 2.48 billion CNY, up 100.13% [5]. Customer Concentration - Over 80% of the company's revenue comes from a single major client, referred to as Company B, with sales to the top five clients accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue during the reporting periods [7][8]. - The company has established a long-term procurement agreement with Company B, which has significantly influenced its revenue growth [8][9]. Product Sales Breakdown - The sales revenue from 2D/2.5D MEMS probe cards was 1.24 billion, 2.32 billion, 4.78 billion, and 3.17 billion CNY, representing 57.12%, 74.74%, 78.82%, and 88.37% of total sales respectively [4]. - The sales of cantilever probe cards showed a decrease in quantity but an increase in revenue due to prioritizing higher-value products [4][5]. Supply Chain and Related Transactions - The company has a high concentration of suppliers, with the top five suppliers accounting for 49.14%, 40.19%, 60.67%, and 64.27% of total procurement [11]. - The company has been involved in significant related-party transactions, with a notable portion of sales and purchases linked to Company B and a related entity, Nantong Yuan Zhou Li [10][12]. Future Outlook - The company plans to raise 1.5 billion CNY through its IPO, with 1.2 billion CNY allocated for R&D and production of probe cards, and 300 million CNY for the construction of its headquarters and R&D center [16]. - The company aims to reduce customer concentration by expanding its product offerings and market reach, particularly in the storage sector [9].

Core Viewpoint - Qiangyi Co., Ltd., a leading MEMS probe card manufacturer in Suzhou, Jiangsu, has submitted its IPO application to the Sci-Tech Innovation Board, with a review scheduled for November 12, 2023. The company aims to raise 1.5 billion yuan for R&D and production projects [1][2][31]. Company Overview - Founded in August 2015, Qiangyi Co., Ltd. has a registered capital of 97.1694 million yuan and is recognized as a national-level "little giant" enterprise specializing in advanced manufacturing [1][2]. - The company focuses on the R&D, design, production, and sales of probe cards, breaking the monopoly of foreign manufacturers in the MEMS probe card sector [1][31]. Market Position - Qiangyi ranks ninth in the global semiconductor probe card industry in 2023 and sixth in 2024, being the only domestic company to enter the top ten [1][2]. - The probe card products are used in both non-storage fields (SoC chips, CPUs, GPUs, RF chips) and storage fields (DRAM, NAND Flash) [1][2]. Financial Performance - In 2022, the company reported revenue exceeding 600 million yuan, with a net profit increase of 1149% [4]. - For the first nine months of 2025, Qiangyi's revenue reached 647 million yuan, a year-on-year increase of 65.88%, with a net profit of 248 million yuan, up 100.13% [6][7]. Future Projections - Qiangyi expects its 2025 revenue to be between 950 million and 1.05 billion yuan, representing a growth of 48.12% to 63.71% year-on-year [7][9]. - The company plans to enhance its R&D capabilities and production capacity for MEMS probe cards, particularly in the storage sector, to improve competitiveness [31]. Client Base - The company has over 400 clients, including major chip design firms and foundries, with significant sales to top clients like Company B, which accounts for over 80% of revenue [2][13][18]. - Qiangyi's major clients include well-known companies such as ZTE Micro, Fudan Microelectronics, and others in the semiconductor industry [2][17]. R&D and Innovation - As of September 30, 2025, Qiangyi had 159 R&D personnel, accounting for 19.85% of its total workforce, and held 182 authorized patents [13][14]. - The company has developed various types of probe cards, including 2D/2.5D MEMS probe cards, and is actively expanding its product offerings [15][16]. Supply Chain and Procurement - Qiangyi's procurement is concentrated, with the top five suppliers accounting for a significant portion of its total procurement costs [22][23]. - The company is working to enhance supply chain stability by sourcing core components domestically, while still relying on imports for certain materials [25][31].