出品：新浪财经上市公司研究院 作者：光心 2月24日，上交所官网显示，盛合晶微半导体有限公司（下称"盛合晶微"）IPO申请通过上交所上市委审 议，成为马年首单过会的科创板IPO项目。 盛合晶微作为全球领先的集成电路晶圆级先进封测企业，其起步于12英寸中段硅片加工，后延伸至晶圆 级封装（WLP）和芯粒多芯片集成封装等先进封测服务，其营收增速和盈利能力较为出众。 2023年到2025年，盛合晶微营收同比增速分别为86.10%、54.87%、38.59%。2023年，公司实现扭亏为 盈，此后归母净利润一路成长，2025年达到9.23亿元。 此次IPO，公司拟募资48亿元，拟将募集资金投向三维多芯片集成封装项目、超高密度互联三维多芯片 集成封装项目，资金投向聚焦于多个芯粒多芯片集成封装产能，并补充配套的Bumping产能，以形成业 务增长点。 然而，公司业绩狂飙、押注产能的背后，还存在着超七成收入来自单一大客户、近四成产能闲置的潜在 风险，以及研发费用率收缩带来的前景隐患。 第一大客户的营收占比超七成 与主要客户的业务稳定性遭追问 集成电路制造业普遍存在"Turn-key"的销售模式，即芯片设计企业出于采购便利的考虑 ...

（来源：上观新闻） 盛合晶微成立于2014年11月，是全球领先的集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅 片加工，并进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装等全流程的先进封测服务，致力于 支持各类高性能芯片，尤其是图形处理器（GPU）、中央处理器（CPU）、人工智能芯片等，通过超越 摩尔定律（More than Moore）的异构集成方式，实现高算力、高带宽、低功耗等的全面性能提升。 公司计划募集资金48亿元，用于三维多芯片集成封装项目和超高密度互联三维多芯片集成封装项目，通 过形成多个芯粒多芯片集成封装技术平台的规模产能，并补充配套的 Bumping 产能，提升公司科技创 新能力，实现核心技术的产业化，扩充产品组合，保证配套 Bumping 环节的产能供应，促进主营业务 的快速发展。 3、杭州提前入春！西湖龙井头采茶将有所提前 据气象信息，今年杭州入春比常年提早了半个月。 1、吴庆文专题调研沪苏（州）同城化工作 2月26日，苏州市委副书记、市长吴庆文到苏州工业园区和昆山市围绕深化沪苏（州）同城化工作开展 专题调研。他强调，要大力推动沪苏两地要素流动高效便捷、创新资源协同配置，以更高标 ...

北京商报讯（记者 王蔓蕾）2月25日晚间，上交所官网显示，盛合晶微半导体有限公司（以下简称"盛 合晶微"）科创板IPO提交注册，公司冲击上市进入最后一关。 本次冲击上市，盛合晶微拟募集资金约48亿元。 据了解，盛合晶微是全球领先的集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并 进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装等全流程的先进封测服务，致力于支持各类高 性能芯片，尤其是图形处理器（GPU）、中央处理器（CPU）、人工智能芯片等，通过超越摩尔定律 （More than Moore）的异构集成方式，实现高算力、高带宽、低功耗等的全面性能提升。公司IPO于 2025年10月30日获得受理，2026年2月24日上会获得通过。 ...

盛合晶微是一家集成电路晶圆级先进封测企业。本次IPO，该公司计划募集资金48亿元。其中，40亿元用于三维多芯片集成封装项目、8亿元用于超高密 度互联三维多芯片集成封装项目的建设。 2.5D集成大陆市占率第一 持续布局3D集成等领域 上交所上市审核委员会今日（2月24日）审议通过了盛合晶微科创板IPO申请。该公司上市申请于2025年10月30日获受理，经历两轮问询后，成为2026春 节后第一家过会企业。 此外，盛合晶微在招股书中披露了业绩预测，该公司预计2026年1-3月实现营业收入16.6亿元-18亿元，同比增加9.91%-19.91%，归母净利润为1.35亿元-1.5 亿元，同比增加6.93%-18.81%。 2.5D/3D封装高增长态势延续，国内外龙头密集扩产布局 从行业方面来看，近年来，智能手机等移动终端向小型化、集成化、高性能方向更新迭代，带动单机芯片数量和芯片性能要求的提升，是全球先进封装行 业发展的最重要驱动因素之一。与此同时，人工智能、数据中心等高性能运算产业正逐步成为先进封装行业的关键增长点和盈利点。 其中，芯粒多芯片集成封装是先进封装行业主要增长点转变的最充分受益者。Yole数据显示，全球芯 ...

值得关注的是，盛合晶微是一家红筹企业，此次拟募资48亿元冲刺科创板上市。 2月24日，上交所官网显示，盛合晶微半导体有限公司（简称"盛合晶微"）科创板IPO已成功通过上交所上市审核委员会审议，成为马年首家科创板过会企 业。 从现场问询来看，上交所上市委要求盛合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展趋势、市场空间，以及新客户开拓情况，说明 与主要客户的业务稳定性及业绩可持续性。 据审核结果，盛合晶微无进一步需落实事项。 回看IPO之路，盛合晶微科创板IPO于2025年10月30日获得受理，同年11月14日进入问询阶段。2026年2月1日，盛合晶微完成第二轮审核问询回复。 "在科创板改革落实落地持续推进的背景下，半导体、人工智能等领域的硬科技企业加速对接资本市场。盛合晶微在经过多轮审核问询后，快速推进至上 会阶段，这是资本市场制度包容性、适应性和竞争力、吸引力的有力体现。"业内人士向上海证券报记者表示。 招股书显示，盛合晶微是集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装 等全流程的先进封测服务，致力于支持各类高性能芯片， ...

Core Viewpoint - The company Shengtai Cement (000672.SZ) announced that its associate company, Shenghe Jingwei, has received approval for its initial public offering (IPO) and listing on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise specializing in integrated circuit wafer-level packaging [1] - The company started with 12-inch mid-range silicon wafer processing and offers a full range of advanced packaging services, including wafer-level packaging (WLP) and chiplet multi-chip integrated packaging [1]

北京商报讯2月24日晚间，上交所官网显示，盛合晶微半导体有限公司（以下简称"盛合晶微"）科创板 IPO当日上会获得通过，这也是马年首家IPO上会企业。 据了解，盛合晶微是一家集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并进一步 提供晶圆级封装（WLP）和芯粒多芯片集成封装等全流程的先进封测服务，致力于支持各类高性能芯 片，尤其是图形处理器（GPU）、中央处理器（CPU）、人工智能芯片等，通过超越摩尔定律（More than Moore）的异构集成方式，实现高算力、高带宽、低功耗等的全面性能提升。公司IPO于2025年10 月30日获得受理，当年11月14日进入问询阶段。本次冲击上市，盛合晶微拟募集资金48亿元。 在上市委会议现场，上市委要求盛合晶微结合公司2.5D业务的技术来源，三种技术路线的应用领域、发 展趋势、市场空间，以及新客户开拓情况，说明与主要客户的业务稳定性及业绩可持续性。 （文章来源：北京商报） ...

Core Viewpoint - Shenghe Jingwei is set to undergo an IPO review on February 24, 2026, after being accepted for listing on October 30, 2025, and entering the inquiry phase on November 14, 2025 [2] Group 1: Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise in the integrated circuit sector, specializing in 12-inch silicon wafer processing and providing wafer-level packaging (WLP) and multi-chip integration packaging services [2] - The company has shown consistent growth in revenue and net profit from 2022 to 2025, with revenues of approximately 1.633 billion, 3.038 billion, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, and net profits of approximately -329 million, 34.13 million, and 214 million yuan for the same years [2] Group 2: Financial Performance - In 2025, Shenghe Jingwei achieved revenues of approximately 6.521 billion yuan, a year-on-year increase of 38.59%, and a net profit of approximately 923 million yuan, a year-on-year increase of 331.8% [2] - The company attributed its significant revenue and profit growth to the rapid increase in market demand within its industry, along with continuous growth in production and sales scale, and ongoing optimization of product structure [2] Group 3: Fundraising and Investment Plans - The company plans to raise 4.8 billion yuan through its IPO, with net proceeds after issuance costs to be invested in three-dimensional multi-chip integration packaging projects and ultra-high-density interconnection three-dimensional multi-chip integration packaging projects [3] Group 4: Customer Concentration and Risks - Shenghe Jingwei's customer concentration has raised concerns, with the top five customers accounting for 72.83% to 90.87% of total sales from 2022 to 2025, and a single customer (Customer A) representing 40.56% to 74.4% of sales during the same period [5] - The company has established long-term stable relationships with major clients and signed long-term framework agreements, which help enhance its core competitiveness despite the high customer concentration [6] Group 5: Inventory Trends - The company's inventory has been increasing, with values of approximately 356 million, 683 million, 1.193 billion, and 1.344 billion yuan at the end of each reporting period, representing 16.1%, 13.1%, 11.66%, and 13.72% of current assets respectively [7] - The growth in inventory is attributed to the expansion of the company's operational scale and revenue [8] Group 6: Shareholding Structure - Shenghe Jingwei has no actual controller or controlling shareholder, with the largest shareholder, Wuxi Chanfang Fund, holding a 10.89% stake as of the signing date of the prospectus [9]

Group 1 - The core point of the article is that Shenghe Jingwei Semiconductor Co., Ltd. is set to undergo an IPO review on February 24, aiming to raise approximately 4.8 billion yuan for advanced packaging projects [1] - Shenghe Jingwei is a leading global provider of integrated circuit wafer-level advanced packaging services, focusing on 12-inch silicon wafer processing and offering wafer-level packaging (WLP) and multi-chip integration packaging [1] - The company aims to enhance the performance of high-performance chips, particularly GPUs, CPUs, and AI chips, through heterogeneous integration methods that exceed Moore's Law, achieving improvements in computing power, bandwidth, and energy efficiency [1] Group 2 - The IPO application was accepted on October 30, 2025, and entered the inquiry stage on November 14 of the same year [1] - The funds raised will be allocated to projects including three-dimensional multi-chip integration packaging and ultra-high-density interconnect three-dimensional multi-chip integration packaging [1]

Core Viewpoint - Hefei Qizhong Technology Co., Ltd. plans to invest 50 million yuan in Zhejiang Hexin Integrated Circuit Co., Ltd., acquiring a 2.27% stake, indicating a strategic move to enhance industry collaboration and competitive advantage in the integrated circuit packaging sector [2] Group 1: Investment Details - The investment will increase Hexin Integrated's registered capital by 26 million yuan, bringing its total registered capital to 105.716 million yuan [2] - Hexin Integrated, established in January 2021, focuses on advanced packaging and testing for integrated circuits, covering key areas such as information communication, AI, big data centers, automotive electronics, and smart terminals [2] Group 2: Strategic Considerations - Qizhong Technology aims to leverage this investment for customer resource expansion, technology capability complementarity, and enhancement of the advanced packaging ecosystem, thereby solidifying its industry position [2] - The collaboration will enable Qizhong to penetrate AI and high-performance computing chip packaging markets, while Hexin can accelerate technology commercialization through Qizhong's established market channels [3] Group 3: Technical Synergy - Qizhong has significant expertise in bumping and flip-chip packaging technologies, leading the industry in full-process testing for 8-inch and 12-inch display driver chips [3] - Hexin Integrated focuses on advanced packaging technologies, creating a unique platform for both wafer-level and panel-level advanced packaging processes, allowing for a comprehensive technical chain from basic to high-end integration [3] Group 4: Industry Ecosystem and Market Expansion - Qizhong is advancing a strategy centered on high-end display driver chip packaging while diversifying into various chip packaging areas, aligning with Hexin's capabilities in flip-chip, wafer-level, and panel-level packaging technologies [4] - The partnership will enhance capabilities in 5G/6G and automotive electronics packaging, optimizing resource allocation and cost control through collaborative capacity planning and supply chain synergy [4]