12月30日，上海证券交易所。强一半导体（苏州）股份有限公司成功登陆科创板，成为科创板第600家 上市公司。 这家2015年成立于苏州的企业，是市场地位领先的、拥有自主MEMS探针制造技术并能批量生产MEMS 探针卡的厂商，打破了境外厂商的垄断。 强一股份上市。 一个细节值得关注。本次上市，强一股份公开发行3238.99万股，募资金额27.56亿元，将重点投向南通 探针卡研发及生产项目，新增高端探针卡产能。2023年，该公司在位于南通市域南侧的苏锡通园区设立 了强一半导体（南通）有限公司，总投资10亿元，主要从事MEMS探针卡、薄膜探针卡等的生产和销 售。 苏州研发+南通制造，企业发展的"跨江融合战术"闪耀资本市场。事实上，这样的"战术组合"早已不是 个例。 智通财经（www.thepaper.cn）记者注意到，2020年4月，《江苏实施方案》发布，方案明确"支持南通沪 苏跨江融合试验区建设，探索江海联动、跨江融合新模式，打造上海北翼门户"。 2021年9月，南通市第十三次党代会提出"依托苏锡通园区高水平建设沪苏跨江融合发展试验区"，赋予 了园区新的发展使命。 2022年1月，江苏省第十三届人民代表大会第五次 ...

《科创板日报》12月30日讯（记者 陈俊清）国产半导体探针卡龙头强一股份今日（12月30日）登陆科 创板，科创板上市公司总数来到600家。 强一股份发行价格85.09元/股，发行市盈率为48.55倍。上市首日开盘价265.60元/股，截至收盘时涨幅达 165.61%，报收226.01元/股，收盘后公司市值292.8亿元。若投资者中一签并以今日早盘的最高价276.82 元/股卖出，将获利9.59万元。 | 5983 | 6日 = 5分神 15分钟 0分钟 日试 阅读 更多周期 · | 更价 · 最加 · 國线 野云 · · 重盘 | 简约 隐藏 心 | | | 688809 NG-1 | > | | --- | --- | --- | --- | --- | --- | --- | --- | | | 所属行业 半导体 最新:1989.99 资源:+0.34% | | 融资融合同 | | | H N | | | 350,00 | | | | 311:339 | | 226.01 +165.6% | + | | 312 1 | | | | 265.85 | 2 - 11 - 2 | | 已收市 | | 2743 ...

12月30日，强一半导体(苏州)股份有限公司(以下简称"强一股份")在上海证券交易所科创板正式挂牌上 市，成为科创板第600家上市企业。 强一股份董事长周明在接受《证券日报》记者采访时表示："探针卡是晶圆测试的'桥梁'，全球市场长 期以来主要由境外厂商主导，国内产业发展初期曾面临缺乏成熟经验与配套支撑的局面。2015年，凭借 近20年相关领域制造与管理经验，我看到了国内该产业的发展空间与市场机遇，创立强一股份，聚焦高 端探针卡领域深耕细作，希望为相关核心硬件自主发展贡献力量。" 本次上市，强一股份公开发行3238.99万股，募资金额27.56亿元，将重点投向南通探针卡研发及生产项 目、苏州总部及研发中心建设项目。据周明介绍："南通项目将新增高端探针卡产能，缓解现有产能压 力；苏州研发中心将聚焦前沿技术研发与人才培养。" 展望未来，强一股份将持续加大研发创新力度，以满足不同客户各类晶圆测试需求为目标。同时，不断 提升产品性能、扩充产品种类，深化既有客户服务能力的同时积极拓展境内外新客户，力争成为具有全 球市场竞争力的国产探针卡厂商。 周明表示："当前半导体制程升级与人工智能、汽车电子等下游领域发展，推动高精度探 ...

成为一家科创板上市公司，强一股份的"硬科技"底色体现在何处？聚焦探针卡，强一股份截至2025年9 月30日已取得相关专利182项，构建起全链条自主技术壁垒，推动MEMS探针卡实现国产化。 探针卡虽是半导体产业链中较为细分的一环，但从研发、设计到生产的全流程，均需倾注精益匠心。 强一股份董事、副总经理于海超告诉上海证券报记者，探针卡的研发难点集中在高精密制造、技术同步 迭代、核心部件自主可控等方面。 拆解探针卡的核心结构，主要包括探针、转接基板、PCB等部件。 强一股份生产车间 ◎钱佳滢 记者 仲茜 12月30日，国产探针卡龙头企业强一股份登陆科创板，成为科创板第600家上市公司，同时也是苏州年 内新增的第11家A股上市公司。 探针卡，虽处半导体产业核心硬件的细分赛道，却是芯片出厂前不可或缺的"质量守门员"，也是晶圆测 试阶段的"消耗型"基础元件。 自2015年成立以来，强一股份从悬臂探针卡、垂直探针卡等传统产品起步，逐步向高附加值MEMS探针 卡领域突破。凭借全系列探针卡供应能力，公司实现从技术积累到业绩跨越式增长的进阶，成为唯一跻 身全球半导体探针卡行业前十大厂商的境内企业。 "我们始终怀揣一份愿景：让中国 ...

中购日期: 2025-12-19 周石 8 江苏苏州 (1) 2015年成立 部 非国有企业 ~1 中信建投保荐 业务情况 / 收入构成 单位:万元 | 项目 | 2025年1-6月 | | 2024年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 片出 | 金额 | 占比 | 金额 | 占比 | | 探针卡销售 | 35,893.02 | | 96.67% 60,662.82 | 96.19% 30.989.93 | | 96.90% 21,737.46 | | 97.21% | | 探针卡维修 | 272.07 | 0.73% | 439.70 | 0.70% | 170.02 | 0.53% | 151.39 | 0.68% | | 晶圆测试板销售 | 963.62 | 2.60% | 1.960.68 | 3.11% | 819.88 | 2.56% | 473.02 | 2.12% | | 合计 | | | | 37,128.71 100. ...

Core Viewpoint - The company, Qiangyi Semiconductor (Suzhou) Co., Ltd., focuses on the research, design, production, and sales of probe cards, a critical component in semiconductor testing, and aims to break the monopoly of foreign manufacturers in this field [7][12]. Company Overview - Qiangyi Semiconductor is a high-tech enterprise specializing in semiconductor design and manufacturing, particularly in the development of probe cards [7]. - The company has achieved a leading market position in the MEMS probe card sector, being the only domestic company to enter the top ten global semiconductor probe card manufacturers in recent years, ranking ninth in 2023 and sixth in 2024 [7][12]. Technology and Innovation - The company possesses 24 core technologies and has been granted 182 patents, including 72 domestic invention patents and 6 foreign invention patents [13][15]. - Key technologies include high-precision laser etching, palladium alloy electrochemical deposition, and surface flattening technology, which contribute to the company's product offerings [13]. Financial Performance - The company's revenue from 2022 to 2024 is projected to grow from 254.16 million yuan to 641.36 million yuan, with a compound annual growth rate (CAGR) of 58.85% [20]. - Gross profit is expected to increase from 103.65 million yuan in 2022 to 39.55 million yuan in 2024, with gross profit margins rising from 40.78% to 61.66% during the same period [21]. Market Position and Customer Base - The company has over 400 clients, covering major players in the domestic semiconductor industry, including chip design firms and wafer foundries [18]. - It aims to expand its customer base both domestically and internationally while enhancing service capabilities for existing clients [8][23]. Industry Potential - The global semiconductor probe card market is projected to grow from $1.65 billion in 2018 to $2.65 billion in 2024, with a forecasted increase to $3.97 billion by 2029 [28]. - The Chinese probe card market is expected to grow from $13.5 million in 2018 to $35.7 million in 2024, with a CAGR of 21.83% [29]. Strategic Planning - The company plans to enhance R&D efforts to meet diverse customer needs and expand product offerings, aiming to become a globally competitive domestic probe card manufacturer [23]. - Short-term strategies include focusing on high-end products for non-storage applications, while long-term goals involve advancing technology and increasing production capabilities [24][25]. Investment and Development Projects - The funds raised from the IPO will be allocated to projects such as the Nantong probe card R&D and production project, which aims to enhance production capacity and market share [35][36]. - The Suzhou headquarters and R&D center project will focus on building advanced laboratories and attracting high-end technical talent to improve R&D capabilities [37].

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has achieved significant performance growth through technological breakthroughs and domestic substitution opportunities, but this growth is heavily reliant on related party transactions, particularly with Company B, which accounts for over 80% of its revenue [1][2][4]. Financial Performance - From 2022 to 2024, the company's operating revenue increased from 254 million to 641 million, while net profit surged from 15.62 million to 233 million, with a staggering year-on-year growth of 1149.33% in 2024 [2]. - The gross profit margin for Qiangyi's sales to Company B was significantly higher than that for other clients, with margins of 49.90%, 51.66%, 58.19%, and 61.62% over the reporting period, compared to only 35.45% for other customers [4][6]. Dependency on Related Parties - Company B has consistently been the largest customer, with revenue contributions of 50.29%, 67.47%, 81.84%, and 82.83% from 2022 to the first half of 2025, indicating a dependency increase of over 32 percentage points in three and a half years [2][4]. - Despite the high gross margins, the company has not disclosed specific details about Company B, only stating it is a globally recognized chip design enterprise with a strong market position [5]. Related Party Transactions - The actual controller, Zhou Ming, has significant control over "Nantong Yuan Zhuyuan," which became the largest supplier to Qiangyi shortly after its establishment, raising concerns about the independence and fairness of transactions [7][9]. - Qiangyi transferred certain business lines to Nantong Yuan Zhuyuan at a low price, with the asset transfer value being nearly seven times lower than the actual value, indicating potential manipulation of financial data [8][9]. Inventory and Production Capacity - Qiangyi plans to raise 1.5 billion for expansion, with 1.2 billion allocated to the development and production of probe cards, despite current sales being insufficient to absorb existing production capacity [10][12]. - The company's inventory has been increasing, with year-end balances rising from 41.52 million in 2022 to 111.72 million in the first half of 2025, and the provision for inventory depreciation has also increased significantly, indicating potential risks [13].

Core Viewpoint - The article highlights the significant progress of Jiangsu Suzhou's leading MEMS probe card company, Qiangyi Co., in its IPO process on the Sci-Tech Innovation Board, emphasizing its role in the semiconductor industry and the necessity for domestic probe card production to reduce reliance on foreign suppliers [2][3]. Industry Overview - The semiconductor industry in China has a late start and still relies heavily on imports for chip design and wafer manufacturing, leading to a lag in the domestic probe card industry [2]. - The top ten probe card manufacturers globally are predominantly foreign companies, holding over 80% of the market share, indicating a substantial self-sufficiency gap for domestic manufacturers [2]. Company Positioning - Qiangyi Co. is the only domestic company to enter the global top ten in the semiconductor probe card industry, covering various core participants in the domestic chip design, wafer foundry, and packaging testing sectors [3]. - The company aims to enhance its R&D capabilities and MEMS probe card production capacity through funds raised from its IPO, aligning with the growth of China's semiconductor manufacturing capabilities [3]. Product and Market Strategy - The company’s probe card products are primarily used in non-storage fields, including SoC chips, CPUs, GPUs, and RF chips, with a market share in the non-storage sector expected to remain between 60%-75% from 2018 to 2024 [3]. - Qiangyi Co. is actively expanding into the storage sector, developing 2.5D MEMS probe cards for HBM and NAND Flash applications, focusing on key domestic players like Company B, Hefei Changxin, and Yangtze Memory Technologies [3][4]. Financial Performance - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of 58.85% in revenue, reflecting its strong market position and customer recognition [4]. Future Outlook - The domestic probe card manufacturers are expected to benefit from the rapid development of the semiconductor industry and the acceleration of domestic substitution processes [5]. - Qiangyi Co. plans to enhance its product offerings in MEMS probe cards, focusing on increasing market share in 2D MEMS probe cards and scaling up production of thin-film and 2.5D/3D MEMS probe cards [5][6]. - The company aims to achieve breakthroughs in technology, including reaching a testing frequency of 110GHz for thin-film probe cards and developing 3D MEMS probe cards for DRAM chips [6].

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].