半导体行业的"资本盛宴"还在继续。 2025年12月，功率半导体企业江阴市赛英电子股份有限公司（以下简称"赛英电子"）在北交所上市申请获审议通过，公司拟募资2.7亿元，部分资金用于 加码产能扩张。 同时，招股书也披露了赛英电子存在的"三高"——高家族控股、高客户依赖、高增长背后却出现现金流倒挂。 IPO过会与这些风险因素交织在一起，也让外界更加关注赛英电子的发展前景。 一家四口控股近80%，过会后一董事辞职 赛英电子创始人陈国贤出生于1959年，虽然仅有高中学历，但陈国贤创业之前已经在主做电子陶瓷元件业务的江阴九华集团有限公司，做过20年的销售工 作。 2002年4月，42岁的陈国贤曾筹办无锡市天宇电子有限公司，并在这家公司中担任第二大股东。2002年4月到9月，陈国贤曾担任无锡市天宇电子有限公司 销售经理。 2002年10月，陈国贤另起炉灶，创办了赛英电子的前身赛英有限。经过20多年的发展，赛英电子已经形成了以陶瓷管壳和封装散热基板为核心的产品结 构，为半导体厂商提供用于晶闸管、IGBT和IGCT等功率半导体器件的关键部件产品。 | 序号 | 姓名 | 职务 | 任职期限 | | --- | --- | - ...

IPO and Refinancing Overview - A total of 6 companies are scheduled for IPO review next week (December 15-19), aiming to raise a combined amount of 4.533 billion yuan [1] - Additionally, 3 companies are set for refinancing, with a total fundraising target of 1.935 billion yuan [3] Company Summaries 1. 电科蓝天 (Electric Science Blue Sky) - The company focuses on the research, production, and sales of electric energy products and systems, with applications ranging from deep-sea to deep-space [4] - It has a registered capital of 1.563 billion yuan and is controlled by China Electronics Technology Group [5] - The company plans to issue up to 390.8 million shares, with a total share capital post-issue not exceeding 1.954 billion shares [5] 2. 尚水智能 (Shangshui Smartech) - The company specializes in micro-nano powder processing and precision measurement, primarily serving the new energy battery and new materials sectors [8] - It has a registered capital of 75 million yuan and is controlled by its founder, Jin Xudong [9] - The planned IPO involves issuing up to 25 million shares, with total share capital not exceeding 100 million shares [9] 3. 创达新材 (Chuangda New Materials) - The company develops and produces high-performance thermosetting composite materials, with applications in semiconductors and automotive electronics [10] - It has a registered capital of approximately 36.988 million yuan and is controlled by Zhang Jun and others [11] - The IPO plans to issue up to 12.33 million shares [11] 4. 长裕集团 (Changyu Group) - The company is engaged in the research, production, and sales of zirconium products and specialty nylon products, with a leading position in the zirconium market [14] - It has a registered capital of 366.875 million yuan and is controlled by Liu Qiyong and Liu Ce [15] - The planned IPO involves issuing up to 41 million shares [15] 5. 固德电材 (Gude Electric Materials) - The company focuses on thermal runaway protection components for new energy vehicle batteries and high-performance insulation products [18] - It has a registered capital of 62.1 million yuan and is controlled by Zhu Guolai [19] - The IPO plans to issue up to 20.7 million shares [19] 6. 赛英电子 (Saiying Electronics) - The company specializes in the development and manufacturing of key components for power semiconductor devices [22] - It has a registered capital of 32.4 million yuan and is controlled by a group of four individuals [23] - The planned IPO involves issuing up to 10.8 million shares [23] Financial Performance Highlights - 电科蓝天 reported a net profit of 33.778 million yuan for the last year, with total assets of approximately 691.25 million yuan [6] - 尚水智能 achieved a net profit of 15.252 million yuan, with total assets of 204.91 million yuan [9] - 创达新材 reported a net profit of 51.366 million yuan, with total assets of approximately 644.27 million yuan [13] - 长裕集团's net profit was 21.507 million yuan, with total assets of 174.42 million yuan [16] - 固德电材 reported a net profit of 16.600 million yuan, with total assets of 113.03 million yuan [20] - 赛英电子 achieved a net profit of 73.901 million yuan, with total assets of approximately 486.29 million yuan [24]

中国经济网北京12月12日讯 北京证券交易所上市委员会定于2025年12月19日上午9时召开2025年第 45次审议会议，审议的发行人是江阴市赛英电子股份有限公司（简称"赛英电子"）。 赛英电子拟募集资金27,000.00万元，用于功率半导体模块散热基板新建生产基地及产能提升项目、 新建研发中心项目 、补充流动资金。 公司是专业从事陶瓷管壳和封装散热基板等功率半导体器件关键部件研发、制造和销售的国家高新 技术企业。 截至招股说明书签署日，陈国贤直接持有公司 33.94%的股份，陈国贤配偶秦静直接持有公司 20.00%股份，陈国贤与秦静之女陈蓓璐直接持有公司 4.63%股份，陈蓓璐配偶陈强直接持有公司2.78% 股份，陈蓓璐与陈强通过分别持有赛英投资 42.50%、25.00%的份额且陈蓓璐为赛英投资执行事务合伙 人而间接控制公司 18.52%的表决权，四人合计控制公司 79.87%表决权，故公司控股股东、实际控制人 为陈国贤、秦静、陈蓓璐和陈强。 赛英电子的保荐机构是东吴证券股份有限公司，保荐代表人是孙虎、夏建阳。 (责任编辑：关婧) ...

Core Viewpoint - The Beijing Stock Exchange has officially accepted the IPO application of Jiangyin Saiying Electronics Co., Ltd., a national high-tech enterprise specializing in the R&D, manufacturing, and sales of key components for power semiconductor devices [1] Group 1: Company Overview - Saiying Electronics focuses on ceramic shells and packaging heat dissipation substrates for power semiconductor devices, with applications in various sectors including power generation, transmission, and distribution [1] - The company has established long-term partnerships with leading power semiconductor firms such as CRRC Times, Infineon, and Hitachi Energy [1] Group 2: Financial Performance - Revenue figures for Saiying Electronics from 2022 to 2024 are projected to be 219 million, 321 million, and 457 million yuan respectively, with corresponding net profits of approximately 43.92 million, 55.07 million, and 73.90 million yuan [1] Group 3: Market Demand and Growth - The demand for power semiconductor devices is increasing due to rapid growth in downstream industries such as new energy vehicles and industrial control [2] - The company has recognized a growing order volume and is expanding its main business scale through stable partnerships with industry leaders [2] Group 4: Capacity Expansion Needs - Saiying Electronics faces capacity constraints that could hinder its ability to meet increasing customer orders, potentially affecting its market position [2] - To address these capacity bottlenecks and support business growth, the company plans to use the funds raised from the IPO to build a new production base for power semiconductor module heat dissipation substrates and enhance its R&D capabilities [1][2]

Group 1 - The article highlights that from June 25 to June 28, 56 new IPOs were accepted by the three major exchanges in China, marking a new high for the year with a total of 109 accepted IPOs by June 28 [1][2] - The total number of accepted IPO projects across the three exchanges has reached 136, significantly exceeding last year's total of 77 [2] Group 2 Company: China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. - The company was established in October 1992 and transformed into a joint-stock company on December 30, 2022, with a registered capital of 1.563 billion yuan [3] - The main business involves the research, production, and sales of electric energy products and systems, covering applications from deep sea (1 km underwater) to deep space (225 million km from Earth) [4] - The controlling shareholder is China Electronics Technology Group, holding 48.97% of the shares directly and controlling a total of 84.50% of the voting rights [5] - The company reported revenues of 252.11 million yuan, 352.40 million yuan, and 312.70 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 20.05 million yuan, 14.70 million yuan, and 29.30 million yuan [6] Company: Jiangxi Hongban Technology Co., Ltd. - The company was established in October 2005 and transformed into a joint-stock company on August 5, 2021, with a registered capital of 653.75 million yuan [12] - The company focuses on the research, production, and sales of printed circuit boards, targeting the mid-to-high-end application market [13] - The controlling shareholder is Hongban Holdings, which holds 95.12% of the shares [14] - The company achieved revenues of 220.46 million yuan, 233.95 million yuan, and 270.25 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 11.99 million yuan, 8.70 million yuan, and 19.35 million yuan [15] Company: Guangzhou Huigu New Materials Technology Co., Ltd. - The company was established in October 1999 and transformed into a joint-stock company on November 28, 2023, with a registered capital of 47.34 million yuan [21] - The main business includes the research, production, and sales of functional resins and coatings, focusing on core technology development [22] - The actual controller is Tang Jing, who controls 59.02% of the voting rights [23] - The company reported revenues of 66.36 million yuan, 71.74 million yuan, and 81.69 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 2.68 million yuan, 9.60 million yuan, and 14.17 million yuan [24] Company: Hunan Chuyuan New Materials Co., Ltd. - The company was established in November 2017 and transformed into a joint-stock company on September 11, 2023, with a registered capital of 325.67 million yuan [37] - The main business focuses on the research and production of photosensitive dry film [38] - The actual controller is Xiao Zhiyi, who controls 52.14% of the voting rights [39] - The company achieved revenues of 90.97 million yuan, 89.02 million yuan, and 105.66 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 14.85 million yuan, 14.87 million yuan, and 14.98 million yuan [40] Company: Jiangsu Yadian Technology Co., Ltd. - The company was established in March 2019 and transformed into a joint-stock company on December 1, 2023, with a registered capital of 83.97 million yuan [46] - The company is a leading supplier of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [47] - The actual controller is Qian Cheng, who controls 41.29% of the voting rights [48] - The company reported revenues of 12.07 million yuan, 44.18 million yuan, and 58.04 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 81.01 million yuan in 2022, followed by profits in subsequent years [49]