继9月29 日上交所正式受理科创板IPO申请后，成都莱普科技股份有限公司（以下简称 "莱普科技"）于 10月26日顺利进入问询阶段。此举意味着半导体激光装备产业迎来新的重要参与者，为行业注入了全新 发展动能。作为深耕高端半导体专用设备领域20余年的国家级高新技术企业，莱普科技凭借先进精密激 光技术积累，已成为国内少数能同时为半导体前、后道工序提供前沿激光工艺设备的厂商，其IPO动态 备受行业关注。 我国政府已将提升半导体产业链韧性和安全水平纳入国家顶层战略规划设计，"十四五" 规划明确要求 推动集成电路等产业创新发展；国务院及其下属部门也出台一系列半导体产业支持政策，旨在提升生产 装备供给水平，强化关键产品自给保障能力。2024 年国家发改委将集成电路装备列入鼓励类目录，工 信部新版推广目录首次纳入激光退火装备，为半导体产业发展营造良好政策环境。 （图为莱普科技-激光诱导结晶设备|LIC） （图为莱普科技-IGBT晶圆激光退火|LA） 1. 打破国际垄断，核心产品覆盖主流芯片产线 莱普科技成立于2003年，始终以先进精密激光技术及半导体创新工艺开发为核心，专注于高端半导体专 用设备的研发、生产和销售，并提供相 ...

Core Viewpoint - Chengdu Leap Technology Co., Ltd. (Leap Technology) has changed its IPO review status to "inquiry," raising market concerns due to its high customer concentration and financial risks [1][3]. Group 1: Company Overview - Leap Technology, established in 2003, is a high-tech enterprise focused on the R&D, manufacturing, sales, and service of specialized laser equipment [2]. - The company specializes in semiconductor laser equipment, particularly in laser thermal processing and specialized laser processing equipment [4]. Group 2: Customer Concentration - The sales proportion to the top five customers increased from 66.86% in 2022 to 97.67% in Q1 2025, with a single customer contributing 81.74% of sales [5]. - This level of customer dependency is rare in the semiconductor equipment industry, where leading companies typically have less than 50% sales concentration among their top customers [5]. Group 3: Financial Performance - Leap Technology's revenue and net profit figures from 2022 to 2024 show significant fluctuations, with revenues of 74.15 million, 191 million, and 281 million yuan, and net profits of -8.80 million, 23.03 million, and 55.64 million yuan respectively [5]. - The company reported a revenue of 0.37 billion yuan and a net profit of 0.6832 million yuan in Q1 2025, indicating volatility in performance [6]. Group 4: Accounts Receivable and Cash Flow - The accounts receivable balance reached 112 million yuan in 2024, accounting for 42.02% of revenue, with a turnover rate significantly below the industry average [7]. - The company experienced negative cash flow from operating activities during the reporting period, with net cash flows of -28.27 million, -32.72 million, 32.03 million, and -27.17 million yuan from 2022 to Q1 2025 [8]. Group 5: Risks Related to Control and Governance - The actual controllers of Leap Technology have guaranteed debts totaling 741 million yuan, raising concerns about the company's governance stability and potential risks to the IPO process [9]. - One of the controllers has a history of legal issues, including a DUI conviction, which may impact the company's reputation and governance [9].

芯东西（公众号：aichip001） 作者 | ZeR0 编辑 | 漠影 芯东西11月7日报道，10月26日，四川成都高端半导体专用设备供应商莱普科技科创板IPO审核状态变更为"已问询"。 莱普科技成立于2003年12月，注册资本为4818万元，是国家级"专精特新"重点小巨人企业。该公司基于先进精密激光技术和半导体创新工艺开 发激光工艺设备，主要应用于半导体先进制程和先进封装，是国内少数同时为半导体前、后道工序提供前沿激光工艺设备的厂商。 其法定代表人是董事长叶向明，控股股东是东莞市东骏投资，实际控制人是叶向明、毛冬。 | 项目名称 | 投资总额 | 利用募集资金投资额 | | --- | --- | --- | | 晶圆制造设备开发与制造中心项目 | 30,588.35 | 30,588.35 | | 先进封装设备开发与制造中心项目 | 13,970.46 | 13,970.46 | | 研发中心及信息化建设项目 | 15,240.43 | 15,240.43 | | 研发、技术支持与营销网络建设项目 | 16,209.32 | 16,209.32 | | 补充流动资金 | 8,991.44 | 8,991 ...

瞭望塔财经前言：一家正在闯关科创板的半导体设备公司，却在业绩增长背后暗藏债务飙升、客户集中度畸高、实控人巨额担保等多重风险。 瞭望塔财经获悉，成都莱普科技股份有限公司的科创板IPO申请于2025年9月29日获上交所受理，保荐机构为中信建投证券，拟募资8.5亿元投向晶圆制造和 先进封装设备开发等项目。 瞭望塔财经通过官网了解到，莱普科技成立于2003年，主要从事高端半导体专用设备的研发、生产和销售。表面上，公司营收从2022年的0.74亿元增长至 2024年的2.81亿元，复合增长率高达94.68%，但这番高增长背后却隐藏着令人不安的财务风险。 1、隐秘的债务危机 莱普科技的客户集中度不仅高，而且呈现持续攀升的势头，这一趋势值得警惕。 2022年至2025年第一季度，公司向前五大客户的销售金额占当期营业收入的比例分别为66.86%、65.89%、83.45%和97.67%。 其中，向客户A及其同一控制下的其他主体销售金额占比从18.86%激增至81.74%。 莱普科技业绩高增长的背后，暗藏着有息负债急剧攀升的隐患。 根据招股书数据，公司2022年短期债务5751.61万元，长期债务471.78万元，合计6223 ...

Core Viewpoint - The article discusses the recent IPO activities in the Chinese stock market, highlighting the trends in the semiconductor and biotechnology sectors, as well as the regulatory environment supporting innovation and new technologies [3][4][5][6][7]. IPO Activities - In September, a total of 10 IPOs were accepted across various exchanges, including 2 on the ChiNext, 2 on the Sci-Tech Innovation Board, 1 on the Shanghai Main Board, and 5 on the Beijing Stock Exchange [3]. - The total amount to be raised from these IPOs is approximately 179.53 billion yuan, with the largest being China Electric Power Construction New Energy Group, aiming to raise 9 billion yuan [6][7]. Semiconductor Sector - Two semiconductor companies, LaiPu Technology and Yueya Semiconductor, have been accepted for IPOs. LaiPu Technology focuses on advanced laser processing equipment for semiconductor manufacturing, with a planned fundraising of 850 million yuan [4][5]. - Yueya Semiconductor specializes in advanced packaging materials and plans to raise 1.224 billion yuan for expansion projects related to AI [5]. Biotechnology Sector - An innovative biopharmaceutical company, Anshi Biotechnology, is pursuing an IPO on the Sci-Tech Innovation Board, aiming to raise 2.45 billion yuan for new drug development and operational funding [6]. - Anshi Biotechnology focuses on oncology and has several drugs in various stages of development, including one that has already been commercialized [6]. Regulatory Environment - The regulatory authorities have introduced policies to support technological innovation and the development of new production capabilities, including the reactivation of the fifth set of listing standards for the Sci-Tech Innovation Board [6].

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]