Core Insights - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the IPO approval for the Sci-Tech Innovation Board, marking it as the first company to achieve this in the Year of the Horse [1][2] - The company is the first and only enterprise in mainland China to achieve large-scale production of 2.5D silicon-based chip packaging technology, showcasing its strategic rise supported by Kunyuan Asset's FOF ecosystem [1] Industry Trends - The AI boom is reshaping the global technology landscape, with computing power becoming a focal point in the semiconductor industry, as evidenced by IDC's prediction that China's computing power will reach 1,460.3 EFLOPS by 2026, doubling from 2024 [3] - The demand for high-performance chip manufacturing is surging, with industry experts noting that computing power demand is doubling every 3 to 4 months, necessitating new evolution paths in the semiconductor sector [4] Company Performance - Shenghe Jingwei is recognized as one of the largest and fastest-growing advanced packaging enterprises globally, ranking as the 10th largest and 4th largest in mainland China according to Gartner [6] - The company has the largest 12-inch bumping capacity in mainland China and is the first to provide 14nm advanced process bumping services, filling a critical gap in the high-end integrated circuit manufacturing chain [6] - In the 2.5D packaging market, Shenghe Jingwei holds an impressive 85% market share in mainland China, demonstrating its leading position in this technology [7] Financial Aspects - Shenghe Jingwei plans to raise 4.8 billion yuan through its IPO to invest in three-dimensional multi-chip integration packaging projects and enhance its manufacturing capacity for advanced packaging technologies [7] - The company’s revenue growth rate from 2022 to 2024 is the highest among the top ten global enterprises in the advanced packaging sector [6] Strategic Vision - Kunyuan Asset emphasizes the importance of "patient capital" in supporting hard technology breakthroughs, fostering a collaborative investment ecosystem that nurtures leading tech companies [8] - The successful IPO of Shenghe Jingwei is seen as a testament to the deep trust and mutual achievement between capital and technology, highlighting the potential for significant industrial advancement driven by the synergy of computing power, core algorithms, and intelligent terminals [9]

盛合晶微是一家集成电路晶圆级先进封测企业。本次IPO，该公司计划募集资金48亿元。其中，40亿元用于三维多芯片集成封装项目、8亿元用于超高密 度互联三维多芯片集成封装项目的建设。 2.5D集成大陆市占率第一 持续布局3D集成等领域 上交所上市审核委员会今日（2月24日）审议通过了盛合晶微科创板IPO申请。该公司上市申请于2025年10月30日获受理，经历两轮问询后，成为2026春 节后第一家过会企业。 此外，盛合晶微在招股书中披露了业绩预测，该公司预计2026年1-3月实现营业收入16.6亿元-18亿元，同比增加9.91%-19.91%，归母净利润为1.35亿元-1.5 亿元，同比增加6.93%-18.81%。 2.5D/3D封装高增长态势延续，国内外龙头密集扩产布局 从行业方面来看，近年来，智能手机等移动终端向小型化、集成化、高性能方向更新迭代，带动单机芯片数量和芯片性能要求的提升，是全球先进封装行 业发展的最重要驱动因素之一。与此同时，人工智能、数据中心等高性能运算产业正逐步成为先进封装行业的关键增长点和盈利点。 其中，芯粒多芯片集成封装是先进封装行业主要增长点转变的最充分受益者。Yole数据显示，全球芯 ...

值得关注的是，盛合晶微是一家红筹企业，此次拟募资48亿元冲刺科创板上市。 2月24日，上交所官网显示，盛合晶微半导体有限公司（简称"盛合晶微"）科创板IPO已成功通过上交所上市审核委员会审议，成为马年首家科创板过会企 业。 从现场问询来看，上交所上市委要求盛合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展趋势、市场空间，以及新客户开拓情况，说明 与主要客户的业务稳定性及业绩可持续性。 据审核结果，盛合晶微无进一步需落实事项。 回看IPO之路，盛合晶微科创板IPO于2025年10月30日获得受理，同年11月14日进入问询阶段。2026年2月1日，盛合晶微完成第二轮审核问询回复。 "在科创板改革落实落地持续推进的背景下，半导体、人工智能等领域的硬科技企业加速对接资本市场。盛合晶微在经过多轮审核问询后，快速推进至上 会阶段，这是资本市场制度包容性、适应性和竞争力、吸引力的有力体现。"业内人士向上海证券报记者表示。 招股书显示，盛合晶微是集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装 等全流程的先进封测服务，致力于支持各类高性能芯片， ...