科创成长层迎来"新成员"。2025年10月28日，西安奕斯伟材料科技股份有限公司（以下简称"西安奕材"，股票代码"688783"）正式在上海证券交易所挂牌 上市，这也是毅达资本2025年度收获的第8家IPO企业！ 西安奕材是一家12英寸电子级硅片产品及服务提供商，主要从事12英寸硅单晶抛光片和外延片的研发、制造与销售。产品广泛应用于电子通讯、新能源汽 车等领域所需要的存储芯片、逻辑芯片、图像传感器、显示驱动芯片及功率器件等。 值得一提的是，依托在硅片领域的技术优势，西安奕材的硬科技生态圈也在不断完善。公司持续培育本土化的12英寸硅片装备与材料供应商。目前，无论 是上游原材料还是工艺设备，公司均通过与本土供应商合作开发，不断提升其量产供应比例。特别是在晶体生长、硅片磨抛、量测等核心设备方面，以及 超导磁场和热场等关键设备的核心零部件，均已实现本土供应商配套。随着公司上市融资，第二工厂将进一步推动本土化设备和材料的突破，全面提升国 内电子级硅片产业链的竞争力。 布局全球市场，加速构建竞争优势 12英寸硅片境外需求更大，因此西安奕材不仅立足大陆本土需求，更放眼全球市场，服务全球客户。目前，公司已向联华电子、力积电、 ...

证券日报网讯西安奕材11月4日在互动平台回答投资者提问时表示，公司主营12英寸电子级硅片，产品 可用于人工智能高端芯片制造，正在验证适配先进制程的高性能专用逻辑芯片，同步配合客户开发下一 代高端存储芯片所需硅片。 （文章来源：证券日报） ...

Core Viewpoint - The company, Xian Yicai (688783.SH), focuses on the production of 12-inch electronic-grade silicon wafers, which are essential for high-end chip manufacturing, particularly in artificial intelligence applications [1] Group 1 - The company is currently validating the adaptation of high-performance dedicated logic chips for advanced processes [1] - The company is collaborating with clients to develop silicon wafers required for the next generation of high-end storage chips [1]

Core Viewpoint - The company, Xian Yicai (688783.SH), specializes in 12-inch electronic-grade silicon wafers, which are essential for manufacturing high-end chips used in artificial intelligence applications [1] Group 1 - The company is currently validating the adaptation of high-performance dedicated logic chips for advanced processes [1] - The company is collaborating with clients to develop silicon wafers required for the next generation of high-end storage chips [1]

Core Insights - Xi'an Yiswei Materials Technology Co., Ltd. has officially listed on the STAR Market, marking a significant milestone as the first company to go public under the new "growth tier" and the first hard tech company to successfully IPO with an "unprofitable" status after the release of the "STAR Market Eight Policies" [2][4] - The company raised a total of 4.636 billion yuan, the largest fundraising amount among new listings on the STAR Market this year and the second largest among all new A-share listings [2] - Xi'an Yiswei specializes in the research, development, manufacturing, and sales of 12-inch electronic-grade silicon wafers, which are essential for various applications in electronics and new energy vehicles [6][7] Company Overview - Xi'an Yiswei is a leading provider of 12-inch silicon wafers, with a monthly shipment volume accounting for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally and first in China [9] - The funds raised from the IPO will be used entirely for the second phase of the Xi'an Yiswei silicon industry base project, aimed at expanding production capacity and enhancing technological capabilities [9] - By 2026, the company expects to achieve a production capacity of 1.2 million wafers per month, with a projected global market share exceeding 10% [9] Industry Context - The silicon wafer is considered the "foundation" of chip manufacturing and is the most demanded material in wafer production, resonating with the global semiconductor market [7] - The successful listing of Xi'an Yiswei represents a significant breakthrough in the localization process of semiconductor materials in China [7] - The upcoming 2025 Heterogeneous Integration Annual Conference, organized by TrendBank, aims to focus on advanced packaging technologies and foster collaboration between industry and academia to drive innovation [10]

Group 1 - Xi'an Yiswei Material Technology Co., Ltd. (referred to as "Xi'an Yicai") completed its initial public offering and listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025, with stock code 688783.SH [1] - KPMG acted as the reporting accountant for Xi'an Yicai's listing project, providing professional services [1] Group 2 - Xi'an Yicai is a provider of 12-inch electronic-grade silicon wafer products and services, primarily engaged in the research, development, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers [3] - The products are widely used in storage chips, logic chips, image sensors, display driver chips, and power devices required in fields such as electronic communications and new energy vehicles [3]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as Xi'an Yicai) is set to undergo its IPO review by the Shanghai Stock Exchange, aiming to raise 4.9 billion yuan for its silicon industry base project, despite being an unprofitable company at the time of application [2][3]. Group 1: Company Overview - Established in 2016, Xi'an Yicai specializes in the research, development, manufacturing, and sales of 12-inch electronic-grade silicon wafers, which are essential for various applications in electronics and new energy vehicles [3]. - The company’s primary products include P-type silicon wafers, which dominate over 90% of the global 12-inch silicon wafer market [3]. Group 2: Financial Performance - Xi'an Yicai reported revenues of 10.55 billion yuan, 14.74 billion yuan, and 21.21 billion yuan from 2022 to 2024, with net losses of 5.33 billion yuan, 6.83 billion yuan, and 7.38 billion yuan during the same period [5]. - The company has accumulated losses of 19.54 billion yuan over the last three years, with a projected timeline to achieve profitability by 2027 [5][8]. Group 3: Product Sales and Pricing - The sales revenue from polished wafers was 4.19 billion yuan, 6.47 billion yuan, and 8.31 billion yuan from 2022 to 2024, with average prices declining by 7.08% and 18.91% in 2023 and 2024, respectively [4]. - Testing wafers generated sales of 4.75 billion yuan, 7.27 billion yuan, and 9.27 billion yuan during the same period, with average prices decreasing by 11.41% and 16.37% in 2023 and 2024 [4]. Group 4: Challenges and Industry Context - The company faces challenges due to the cyclical nature of the semiconductor industry, high investment intensity, and long customer certification periods, which hinder its ability to achieve profitability [5][6]. - Xi'an Yicai's gross profit margins were significantly lower than industry peers, with margins of 9.85%, 0.66%, and 5.49% from 2022 to 2024, compared to industry averages of 30.53%, 24.47%, and 14.91% [8]. Group 5: Debt and Financial Management - Long-term borrowings increased from 17.01 billion yuan to 58.68 billion yuan from 2022 to 2024, raising concerns about financial sustainability [11][12]. - The company’s financial expenses rose significantly, accounting for 6.54% of operating income in 2024, driven by increased borrowing costs [12]. Group 6: Governance and Shareholder Rights - Xi'an Yicai has undergone scrutiny regarding special shareholder rights and agreements, with commitments made to terminate certain rights to comply with regulatory requirements [14][15]. - The company has taken steps to ensure that any previously existing obligations related to shareholder rights are no longer applicable, aiming to mitigate potential risks to its capital structure [16].