Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) officially listed on the Shanghai Stock Exchange on October 28, 2025, marking the eighth IPO for Yida Capital in 2025, highlighting strong market support for innovative, high-tech companies with significant market potential [1][3]. Company Overview - Xi'an Yiswei specializes in the research, manufacturing, and sales of 12-inch electronic-grade silicon wafers, which are essential for various applications including storage chips, logic chips, image sensors, display driver chips, and power devices [3][4]. - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a focus on overcoming reliance on imported silicon wafers [4]. Market Position and Technology - Xi'an Yiswei has established a comprehensive core process system covering crystal growth, shaping, polishing, cleaning, and epitaxy, achieving competitive metrics in crystal defect control and flatness [4]. - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China [4]. Strategic Initiatives - The company is positioning itself in the emerging field of high-end AI chips, developing next-generation high-performance logic chips and storage solutions tailored for AI model training [5]. - Xi'an Yiswei is enhancing its domestic supply chain by collaborating with local suppliers for raw materials and equipment, aiming to boost the competitiveness of the domestic electronic-grade silicon wafer industry [7]. Global Market Expansion - The company is not only catering to domestic demand but also targeting global markets, with approximately 30% of its revenue coming from exports between 2022 and the first half of 2025 [7]. - As of June 2025, Xi'an Yiswei has validated 161 customers, with a significant portion of its revenue derived from mass production of silicon wafers [8]. Future Outlook - The funds raised from the IPO will be invested in the second phase of the Xi'an Yiswei silicon industry base, which is expected to enhance production capacity to 1.2 million wafers per month by 2026, potentially increasing the company's global market share to over 10% [8]. - The listing on the Sci-Tech Innovation Board is seen as a new starting point for the company, aiming to deepen its competitive advantages and better serve global customers while contributing to the overall advancement of China's semiconductor industry [8].

Group 1 - The company, Xi'an Yichai, primarily focuses on 12-inch electronic-grade silicon wafers, which are essential for manufacturing high-end chips used in artificial intelligence [2] - The company is currently validating the adaptation of high-performance dedicated logic chips for advanced processes, indicating a commitment to innovation and technology advancement [2] - The company is also collaborating with clients to develop silicon wafers required for the next generation of high-end storage chips, showcasing its strategic partnerships in the industry [2]

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].