Core Viewpoint - The article discusses the ongoing listing process of Qiangyi Semiconductor (Suzhou) Co., Ltd., highlighting issues such as heavy reliance on major clients and related party transactions that have delayed responses to inquiries from the Shanghai Stock Exchange [1][3]. Group 1: Client Dependency - Qiangyi Semiconductor is heavily dependent on a few major clients, with sales to its top five clients increasing significantly from 62.28% in 2022 to 81.31% in 2024 [3][5]. - The company's revenue from a mysterious client referred to as Company B has been substantial, with sales amounting to 22,403.09 million yuan in 2024, accounting for 34.93% of total sales [4][5]. - The reliance on Company B is even more pronounced when considering that the actual revenue from Company B-related services reached 52,487.55 million yuan in 2024, representing 81.84% of total revenue [6]. Group 2: Related Party Transactions - The controlling shareholder of Qiangyi Semiconductor, Zhou Ming, has connections to multiple companies, including a major supplier, which raises concerns about related party transactions [7][9]. - The company has been procuring products from a related party, Nanton Yuan Zhuyuan, which became its largest supplier shortly after its establishment in 2021, leading to questions about the transparency of these transactions [9][11]. Group 3: Expansion Challenges - Qiangyi Semiconductor plans to raise 1.5 billion yuan, with 1.2 billion yuan allocated for expanding its probe card production capacity, including advanced equipment [12]. - Despite the expansion plans, the company has faced challenges in sales, with a production and sales rate of around 80% for its main product, raising doubts about the necessity of such expansion [13]. - The company has a relatively high inventory level, with inventory turnover rates below industry averages, indicating potential issues with excess stock and cash flow [14][15].

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has had its IPO review status on the Sci-Tech Innovation Board updated to "suspended" due to the expiration of financial data in its application documents, necessitating resubmission [2] Financial Performance - As of June 30, 2024, the total assets of the company reached 1,024.94 million yuan, an increase from 960.01 million yuan at the end of 2023 and 933.90 million yuan at the end of 2022 [3] - The company's operating income for the first half of 2024 was 197.54 million yuan, with a net profit of 40.85 million yuan, showing significant growth compared to previous years [3] - The compound annual growth rate (CAGR) of operating income from 2021 to 2023 was 79.69% [3] Customer Concentration - The sales to the top five customers accounted for 72.58% of the total operating income in the first half of 2024, indicating a high concentration of revenue [4] - Sales to Company B, a significant customer and related party, represented 42.09% of the operating income in the first half of 2024, up from 37.92% in 2023 [6][7] Research and Development - The proportion of R&D investment relative to operating income was 15.96% in the first half of 2024, a decrease from 26.23% in 2023 [3] Related Party Transactions - The company has a significant reliance on Company B for sales, with related party sales accounting for 42.09% of operating income in the first half of 2024, reflecting a trend of increasing dependency over the years [8][11]