Core Insights - The global semiconductor market is experiencing a strong recovery driven by AI, with significant IPO activities from companies in Zhuhai, such as Yueya Semiconductor and Baofengtang, indicating a pivotal moment for the industry [3][5] - The World Semiconductor Trade Statistics (WSTS) predicts that the global market size will grow by over 11% to reach $700.9 billion by 2025, highlighting the growth potential in the semiconductor sector [3] Zhuhai Semiconductor Companies' IPO Wave - Three companies, Baofengtang, Yueya Semiconductor, and Zhongxing Microtechnology, represent different key positions in the semiconductor industry chain, showcasing Zhuhai's diverse development direction [5][6] - Baofengtang has established itself as a top player in the PCB plasma treatment equipment market and is expanding into semiconductor manufacturing, with projected revenue and profit doubling by mid-2025 [5][6] - Yueya Semiconductor is a leader in advanced packaging technology, planning to raise over 1.2 billion yuan for AI-focused projects, aligning with the booming AI computing market [6][9] Industry Transformation in Zhuhai - Zhuhai is undergoing a transformation from a design-centric model to a comprehensive semiconductor ecosystem, addressing the structural imbalance in its industry chain [9][10] - The city's integrated circuit industry generated 19.495 billion yuan in revenue in 2024, with design accounting for 13.5 billion yuan, indicating a strong design capability but a weak manufacturing base [10] - Recent investments in advanced packaging and semiconductor materials are filling gaps in the local supply chain, enhancing Zhuhai's competitiveness [12] Focus on AI and Automotive Chips - The semiconductor industry consensus is shifting towards AI, with companies like Yueya and Zhongxing Microtechnology targeting AI server and automotive chip markets [15][16] - The Chinese AI chip market is projected to grow to 178 billion yuan by 2025, presenting significant opportunities for Zhuhai's semiconductor firms [15] - Zhuhai's strong IC design capabilities are seen as a key asset for driving collaboration across the entire semiconductor value chain [15][16] Emerging Companies and Innovations - New companies in Zhuhai, such as Jieli Technology and Quan Zhi Technology, are emerging alongside established players, contributing to the local semiconductor ecosystem [16] - Innovations in design services and advanced packaging are creating a closed-loop verification process, enhancing the overall efficiency and capability of the semiconductor industry in Zhuhai [16]

9月30日，珠海越亚半导体股份有限公司（简称"越亚半导体"）深交所创业板IPO获受理。在同一天，珠 海宝丰堂半导体股份有限公司（简称"宝丰堂"）首次递表港交所。 伴随全球AI浪潮叠加国产替代浪潮，今年8月，由"中国芯之父"邓中翰掌舵的广东中星微技术有限公司 （简称"中星微技术"）也启动科创板上市进程。携其在AI芯片领域的最新突破，再度"闯关"资本市场。 这一波集中的上市行动，发生在全球半导体市场从低谷中复苏，由AI驱动重返增长轨道的关键时刻。 据世界半导体贸易统计组织（WSTS）预测，2025年全球市场规模将增长超过11%，达到7009亿美元。 在这样的大背景下，向来有着"IC设计重镇"之称的珠海，也迎来半导体产业的新转折点，围绕AI芯片， 在半导体设备、先进封装和前沿芯片设计等关键产业链环节布局。 此次珠海半导体企业上市潮中的三家企业——宝丰堂、越亚半导体和中星微技术，各自占据了产业链的 不同关键位置，它们的IPO之路，清晰地勾勒出珠海半导体产业的多元发展方向。 等离子处理是芯片和PCB制造中不可或缺的关键工艺，长期以来由海外厂商主导。深耕等离子处理设备 近二十年，宝丰堂成功跻身中国PCB等离子除胶渣设备市 ...

放眼2025年的全球资本市场，科技板块可以说是最为热门的投资主题。受人工智能热潮及美联储降息预期推动，年内海内外的科技公司"批 量"刷新历史新高。股价节节走高背后，基本面的增长预期持续强化可谓是功不可没。就拿最基本的电子元件PCB来说，据弗若斯特沙利文的 资料，2024至2028年，全球PCB市场规模将由5272亿元增加至6499亿元，对应期间复合年增长率为5.4%，显著高于2018年至2024年间该行业 2.7%的平均增速。 受益科技行业趋于繁荣，上游产业链也一并迎来"加速跑"。就拿等离子体处理设备来说，得益于下游半导体、PCB以及消费电子等主要应用 市场需求的增长，至2028年全球等离子处理设备行业市场规模有望扩张至3909亿元，对应2024-2028年的复合年增长率约为9.2%。这其中， PCB相关等离子体处理设备的复合年增长率预计将由2018-2024年的4.9%快速增加至2024-2028年的9.3%；与此同时，半导体作为等离子体处 理设备的主要应用领域也将在未来几年保持约9.2%的速度持续扩容。 若以地域来划分，过去几年间宝丰堂的营收来源地结构也发生了剧烈的变化。数据显示，2022年时宝丰堂的绝大 ...

Core Viewpoint - Zhuhai Baofengtang Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1]. Company Overview - Baofengtang specializes in the research, development, manufacturing, and sales of plasma processing equipment used in high-tech electronic fields such as PCB and semiconductor manufacturing [3]. - The company's products include plasma stripping equipment widely used in PCB manufacturing, dry etching equipment for semiconductors, and plasma cleaning equipment for semiconductor packaging [3]. - According to a Frost & Sullivan report, Baofengtang ranks among the top three in the Chinese PCB plasma stripping equipment market based on revenue generated in 2022 to 2024, holding approximately 3.9% market share in 2024 [3]. Financial Performance - The company reported revenues of approximately RMB 79.22 million, RMB 138.53 million, RMB 149.71 million, and RMB 79.18 million for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4][5]. - The net profit and total comprehensive income for the same periods were approximately RMB 11.14 million, RMB 36.78 million, RMB 39.24 million, and RMB 14.54 million [4][5]. - The gross profit margins for the years were approximately 49.2%, 53.3%, and 50% for 2022, 2023, and 2024, respectively [5]. Customer Concentration - The company has a high customer concentration, with revenue from its largest customer accounting for 18.8%, 20.1%, 19.0%, and 29.3% of total revenue for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4]. - Revenue from the top five customers represented 60.8%, 60.9%, 51.5%, and 70.8% of total revenue for the same periods [4].