来源：估值之家 半导体产业链可分为上中下游，上游为半导体技术服务、软件、材料及设备等；中游为半导体的设计与制造；下游为半导体产品及应用。因发展时 间久、市场规模大、产业链条长、生产工序多、专业分工细等特点，半导体产业链条形成了诸多细分行业。探针卡作为一种应用于半导体制造中游 环节的晶圆测试硬件，是测试机与待测晶圆的接触媒介，是半导体生产过程中晶圆测试阶段的"消耗型"硬件，能够直接影响芯片良率及制造成本， 也是芯片设计与制造不可或缺的一环，对半导体产业链具有重要意义。 强一半导体（苏州）股份有限公司（本文简称："强一股份"或"发行人"），系一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核 心硬件探针卡的研发、设计、生产与销售。招股书中信息显示，其具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主MEMS探 针制造技术并能够批量生产、销售MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄断。 强一股份本次拟于科创板公开发行的普通股不超过3,238.99万股，募资150,000.00万元，其中120,000.00万元用于南通探针卡研发及生产项目， 30,000.00万元用于苏州总部 ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has submitted its IPO registration for the Sci-Tech Innovation Board, aiming to raise approximately 1.5 billion yuan for its projects [1] Company Overview - Qiangyi Semiconductor is a high-tech enterprise focused on providing services for semiconductor design and manufacturing, specifically in the research, design, production, and sales of wafer testing probe cards [1] IPO Timeline - The IPO was accepted on December 30, 2024, entered the inquiry phase on January 22, 2025, and was approved on November 12, 2025, with registration submitted on November 14, 2025 [1] Fundraising Purpose - The funds raised will be allocated to the development and production of probe cards in Nantong and the construction of the headquarters and R&D center in Suzhou [1]

Core Viewpoint - The company, Qiangyi Co., is facing significant scrutiny regarding its IPO due to high dependency on a single client, Huawei, which accounts for 82.83% of its revenue, alongside concerns about its soaring profit margins and potential financial irregularities [2][5][9] Group 1: Client Dependency - Qiangyi Co.'s revenue is heavily reliant on a single related party, with 82.83% of its revenue tied to Company B (Huawei), a significant increase from 50.29% in 2022 [2][5] - The company's top five clients account for over 82.84% of sales, raising concerns about operational sustainability and risk if Huawei alters its procurement strategy [2][5] - The revenue from Company B surged by 121.76% year-on-year in the first half of 2025, while revenue from over 400 other clients only grew by 11.43% [5][6] Group 2: Financial Performance - Qiangyi Co. reported a gross margin increase from 40.78% in 2022 to 68.99% in the first half of 2025, significantly above the industry average of 32.19% [6][7] - The company’s net profit for 2024 was 233 million yuan, but its operating cash flow was only 56.87 million yuan, indicating a severe disconnect between cash flow and profit [6][8] - The rising inventory impairment provision, which reached 24.35%, is notably higher than the industry average of 10%, suggesting increased inventory risk [6][8] Group 3: Related Party Transactions - Qiangyi Co. has significant related party transactions, with 40.09% of sales being related, and over 80% of these sales linked to Company B (Huawei) [7][8] - The company’s major supplier, Nantong Yuan Zhou, has been consistently unprofitable yet continues to receive substantial orders, raising questions about the legitimacy of these transactions [6][8] - There are concerns regarding the fairness of pricing in related transactions, as the gross margin for sales to Company B is 61.62%, compared to 35.45% for other clients, a 26 percentage point difference without adequate justification [6][7] Group 4: Compliance Risks - Qiangyi Co. has a history of signing special rights agreements with gambling clauses, which could impact its equity structure if the IPO is rejected [8][9] - The company’s Korean subsidiary is under investigation for alleged commercial secret violations, which adds to the compliance concerns surrounding its operations [8][9] - An ongoing significant lawsuit with Ling Sheng Technology could further impact the company's financial stability if the outcome is unfavorable [9]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved the initial public offering (IPO) of Qiangyi Semiconductor (Suzhou) Co., Ltd., marking it as the 73rd company to pass the review this year, with a total of 44 companies from the Shanghai and Shenzhen stock exchanges and 29 from the Beijing Stock Exchange [1]. Company Overview - Qiangyi Semiconductor is a high-tech enterprise focused on semiconductor design and manufacturing, specifically in the research, design, production, and sales of wafer testing core hardware probe cards [2]. - The controlling shareholder and actual controller of Qiangyi Semiconductor is Zhou Ming, who directly holds 27.93% of the shares and indirectly controls an additional 13.83%, totaling 50.05% control over the company [2]. - The company plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, with a public offering of up to 32.39 million shares, representing no less than 25% of the total share capital post-issuance [2]. Fundraising and Use of Proceeds - Qiangyi Semiconductor aims to raise 1.5 billion yuan (approximately 150 million) through this IPO, which will be allocated to the development and production of probe cards in Nantong and the construction of its headquarters and R&D center in Suzhou [2]. Listing Review Committee Inquiries - The Listing Review Committee raised inquiries regarding the company's significant reliance on major clients, the independence and sustainability of its business and R&D, and measures taken to mitigate risks associated with dependence on a single related client [3]. - The committee also questioned the assessment of revenue forecasts related to major clients and the fairness of related transactions [3].

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, focusing on semiconductor design and manufacturing, particularly in the development, design, production, and sales of wafer testing probe cards [1] Group 1: Company Overview - Qiangyi Semiconductor is a high-tech enterprise dedicated to serving the semiconductor design and manufacturing industry [1] - The company aims to raise approximately 1.5 billion yuan through its IPO, which will be allocated to the development and production of probe cards in Nantong and the construction of its headquarters and R&D center in Suzhou [1] Group 2: IPO Process and Requirements - The IPO application was accepted on December 30, 2024, and entered the inquiry phase on January 22, 2025 [1] - The listing committee has requested Qiangyi Semiconductor to explain the rationale behind its significant reliance on major customers, as well as the independence, stability, and sustainability of its business and R&D [1] Group 3: Market and Competitive Landscape - The listing committee also requires the company to address its product technology level, the demand from major downstream storage chip customers, and the progress in expanding its revenue structure [1] - Additionally, the committee has asked for clarification on the certification progress with major known customers during the reporting period and whether the revenue forecasts adequately consider these factors [1]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is planning to raise 1.5 billion RMB through the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the development, design, production, and sales of probe cards essential for semiconductor testing [1][2]. Company Overview - Qiangyi Semiconductor specializes in semiconductor design and manufacturing, particularly in the research and development of probe cards, which are critical for wafer testing in the semiconductor production process [1]. - The company has proprietary MEMS probe manufacturing technology, enabling mass production and sales of MEMS probe cards [1]. Industry Context - The probe card industry has been dominated by foreign manufacturers, presenting significant domestic replacement potential for Qiangyi Semiconductor [2]. - As of 2023 and 2024, the company ranks ninth and sixth globally in the semiconductor probe card industry, respectively, establishing itself as a leading domestic player [2]. Financial Performance - The company reported revenues of approximately 254 million RMB, 354 million RMB, 641 million RMB, and 374 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Net profits for the same periods were 15.62 million RMB, 18.66 million RMB, 233 million RMB, and 138 million RMB [3]. Investment Plans - The funds raised will be allocated to two main projects: the Nantong probe card R&D and production project (total investment of 120 million RMB) and the Suzhou headquarters and R&D center construction project (total investment of 30 million RMB) [3]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue over the reporting periods [2]. - A significant portion of revenue is derived from a major client, referred to as Company B, which accounted for 50.29%, 67.47%, 81.84%, and 82.83% of revenue during the same periods [2].

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking a significant milestone for the company in the semiconductor probe card industry [1] Group 1: Company Overview - Qiangyi Semiconductor is a high-tech enterprise focused on the research, design, production, and sales of probe cards, which are essential for semiconductor wafer testing [5][6] - The company has developed proprietary MEMS probe manufacturing technology, breaking the monopoly of foreign manufacturers in the MEMS probe card sector [5] - Qiangyi Semiconductor 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 in recent years [5] Group 2: Industry Significance - Probe cards are consumable hardware used during the wafer testing phase of semiconductor production, playing a crucial role in detecting manufacturing defects and testing functionality [5] - The wafer testing process is vital for chip design, directly impacting yield rates and manufacturing costs, thus holding significant importance in the semiconductor supply chain [5] Group 3: Financial Performance - From 2022 to the first half of 2025, Qiangyi Semiconductor's revenue figures were 254 million, 354 million, 641 million, and 374 million yuan, demonstrating sustained rapid growth with a compound annual growth rate of 58.85% from 2022 to 2024 [7] - The company's net profit excluding non-recurring items increased from 13.84 million to 137 million yuan, reflecting a growth of over ten times during the same period [7] Group 4: Future Plans - The funds raised from the IPO will be invested in the development and production of probe cards in Nantong and the construction of the headquarters and R&D center in Suzhou [7] - The investment aims to enhance technological capabilities and production capacity, contributing to the quality, reliability, and manufacturing efficiency of China's semiconductor products [7]

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 Semiconductor (Suzhou) Co., Ltd. is approaching a critical milestone for its IPO on the Sci-Tech Innovation Board, scheduled for November 12, 2025, after nearly a year of waiting. The company has notable related-party transactions and faces questions regarding its ability to absorb new production capacity despite declining utilization rates of existing products [1][2]. Financial Performance - Qiangyi Semiconductor has shown impressive financial growth, with revenues of approximately 254 million, 354 million, 641 million, and 374 million yuan for the years 2022 to 2024 and the first half of 2025, respectively. Corresponding net profits were about 15.62 million, 18.66 million, 233 million, and 138 million yuan [2]. Customer Dependency - The company relies heavily on a few major customers, with sales to the top five customers accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue during the reporting period. The first major customer, referred to as Company B, represented 37.58%, 37.92%, 34.93%, and 25.53% of sales [3][4]. Related Party Transactions - Company B is also a related party, purchasing probe cards and related services from Qiangyi Semiconductor. The revenue from Company B and its known chip testing service clients accounted for 50.29%, 67.47%, 81.84%, and 82.83% of total revenue during the reporting period [4]. Supplier Relationships - Nantong Yuan Zhuyuan, a company controlled by Qiangyi's actual controller, is a significant supplier. The company has transferred certain business operations to Nantong Yuan Zhuyuan, which was established in April 2021, and has been involved in the production and sales of high-end semiconductor testing boards [5][6]. Capital Raising and Investment Plans - Qiangyi Semiconductor plans to raise approximately 1.5 billion yuan through its IPO, with 1.2 billion yuan allocated for the development and production of probe cards and 300 million yuan for the construction of its headquarters and R&D center [8]. Production Capacity Concerns - The company aims to significantly increase its production capacity for various probe cards, but existing capacity utilization rates have declined, raising concerns about the ability to absorb the new capacity. The production capacity for 2D MEMS probe cards was reported at 2.45 million, 4.97 million, 10.49 million, and 7.29 million units, with utilization rates of 100.89%, 101.13%, 94.5%, and 85.34% [8][9].

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is a high-tech enterprise focused on semiconductor design and manufacturing, currently applying for listing on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Qiangyi Semiconductor specializes in the research, design, production, and sales of probe cards for wafer testing, possessing independent MEMS probe manufacturing technology [1] - The company was founded in 2015 and has a core technical team that joined in March 2020, with significant experience in the semiconductor field [5] Group 2: Financial Transactions and Relationships - Qiangyi Semiconductor has significant procurement transactions with its affiliate, Yuan Zhou Semiconductor (Nantong) Co., Ltd., with procurement amounts of 27.5698 million yuan, 16.9255 million yuan, and 12.4042 million yuan from 2022 to 2024 [1] - In 2022, Yuan Zhou's total revenue was 30.5621 million yuan, with 90% of its revenue coming from Qiangyi Semiconductor [1] - Yuan Zhou reported a loss of 50.3122 million yuan in 2022, which could have been attributed to Qiangyi Semiconductor if not for the separation of personnel and business [2] Group 3: Financial Impact and Projections - Simulated financial reports indicate that if Yuan Zhou's losses were included in Qiangyi Semiconductor's financials, both 2022 and 2023 would show losses [2] - The impact on revenue and net profit from the separation of Yuan Zhou's losses is significant, with a projected revenue impact of 13.35% in 2025 and a net profit impact of -14.44% [3] Group 4: Corporate Changes and Future Plans - Yuan Zhou's contact information is linked to Ding Neng An Semiconductor (Shanghai) Co., Ltd., which underwent a change in legal representative from Zhou Ming to He Jing'an in October 2023 [4] - Ding Neng An is reportedly planning to engage in PCB-related business, aligning with Qiangyi Semiconductor's procurement focus [4]