Core Viewpoint - Xi'an Yisi has signed an investment cooperation agreement with Wuhan Optics Valley Semiconductor Industry Investment Co., Ltd. to establish a silicon material base project in Wuhan, with a total investment of approximately 12.5 billion yuan [2][5]. Project Overview - The project will focus on the production of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are essential for advanced integrated circuit processes, applicable in logic chips, flash memory chips, dynamic random-access memory chips, image sensors, and display driver chips [2][4]. - The planned production capacity is 500,000 wafers per month, covering an area of approximately 310 acres [3][4]. Financial Structure - The total investment is approximately 12.5 billion yuan, with 8.5 billion yuan as equity and the remaining 4 billion yuan to be financed through bank loans [2][5]. - Xi'an Yisi commits to contribute 7 billion yuan in capital, while the other party will contribute 1.5 billion yuan [5][8]. Strategic Importance - The project is strategically located in Wuhan, a key area for the national storage chip industry, which will help Xi'an Yisi serve clients in Central China and extend its reach to the Yangtze River Delta and Pearl River Delta regions [3][4]. - This expansion is expected to enhance the company's domestic leadership position and improve its international competitiveness [3][8]. Company Performance - Xi'an Yisi recently went public on the Sci-Tech Innovation Board, raising 4.636 billion yuan, with a current market capitalization of 96 billion yuan [11]. - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for 2022, 2023, and 2024 respectively, with net losses of 533 million yuan, 683 million yuan, and 738 million yuan for the same years [9].

Core Insights - Xi'an Yiswei Materials Technology Co., Ltd. successfully went public on the Sci-Tech Innovation Board on October 28, 2025, with a stock code of 688783, experiencing a 35% surge in opening price and surpassing a market capitalization of 100 billion yuan, marking it as one of the largest IPOs in the domestic semiconductor sector this year [1][3][5] Company Overview - Xi'an Yiswei specializes in the research, production, and sales of 12-inch electronic-grade silicon wafers, which are essential materials for chip manufacturing, widely used in sectors such as electronic communications, new energy vehicles, artificial intelligence, and consumer electronics [5][6] - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a customer base of 144 verified clients, including major domestic foundries and international suppliers [6] Financing Journey - The company has undergone significant capital support, with total financing exceeding 10 billion yuan and cumulative investments surpassing 20 billion yuan since its inception [9][10] - Key financing rounds include: - A-round financing starting in 2019, with substantial contributions from local government-backed funds [9] - B-round financing completed in July 2021, raising over 3 billion yuan [10] - C-round financing at the end of 2022, which set a record for the largest single private placement in China's silicon wafer industry at nearly 4 billion yuan [10] Government and Institutional Support - The development of Xi'an Yiswei has been significantly supported by various government and state-owned industrial funds, which recognized the strategic importance of the silicon materials sector [13][14] - The local government provided comprehensive support throughout the project lifecycle, facilitating rapid construction and operational readiness [14][15] Market Position and Future Prospects - The successful IPO is seen as a new starting point for Xi'an Yiswei, with plans to use the raised funds for capacity expansion and R&D [16][17] - The company aims to increase its market share from 7% to over 10% globally, contributing to a domestic silicon wafer localization rate exceeding 20% [6][19] Strategic Insights - The success of Xi'an Yiswei serves as a model for fostering strategic emerging industries, emphasizing the importance of early government investment, professional support services, and a collaborative capital mechanism [20]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as Xi'an Yicai) successfully listed on the Sci-Tech Innovation Board, raising a total of 4.636 billion yuan through the issuance of 537.8 million shares at an initial price of 8.62 yuan per share, with a first-day stock price surge of 361.48% to 39.78 yuan per share, closing at 25.75 yuan per share, representing a 198.72% increase, resulting in a total market capitalization of 103.973 billion yuan [1][2]. Group 1 - Xi'an Yicai is one of the first companies registered under the newly established Sci-Tech Growth Tier on the Sci-Tech Innovation Board, alongside He Yuan Bio and Biobit, marking a significant milestone since the introduction of the "1+6" reform [2]. - The company is currently in a continuous loss phase, with net profits projected to be -533 million yuan, -683 million yuan, and -738 million yuan from 2022 to 2024, although revenue for the first half of 2025 is expected to grow by 46% year-on-year to 1.3 billion yuan, with net losses narrowing to 340 million yuan [2][9]. - The chairman of Xi'an Yicai emphasized that the temporary losses of technology companies are part of the necessary process for technological accumulation and highlighted the need for support from the capital market to compete globally [4]. Group 2 - The management team of Xi'an Yicai has a notable "BOE System" background, with key figures having held executive positions at BOE Technology Group, which has significantly influenced the company's strategic direction [5][6]. - Xi'an Yicai is positioned as a leading manufacturer of 12-inch silicon wafers in China, focusing on the research, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are essential for various semiconductor applications [7][8]. - The global market for 12-inch silicon wafers is currently dominated by a few key players, primarily Japanese companies, with Xi'an Yicai achieving a market share of approximately 6% in monthly shipments and 7% in production capacity, ranking it sixth globally [8]. Group 3 - The company plans to utilize the funds raised from its IPO, totaling 4.507 billion yuan after deducting issuance costs, entirely for the construction of the second phase of the Xi'an Yiswei silicon industry base [8]. - Xi'an Yicai anticipates a prolonged period of gross margin losses, typically lasting 4 to 6 years for new market entrants, with expectations of achieving profitability around 2027, contingent on market conditions and pricing strategies [9].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has officially launched its IPO process on the Sci-Tech Innovation Board, marking a significant step for the leading domestic 12-inch silicon wafer manufacturer towards capital market entry [1]. Group 1: Company Overview - Xi'an Yiswei focuses on the research, production, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers, which are widely used in storage chips, logic chips, and power devices [3]. - The company has a monthly shipment volume of 521,200 wafers by the end of 2024, holding the top production capacity in mainland China and ranking sixth globally, with a market share of approximately 6%-7% [3]. Group 2: IPO Details - The company plans to publicly issue 537.8 million shares, accounting for 13.32% of the total share capital post-issue, aiming to raise 4.9 billion yuan, which will be fully invested in the second phase of its silicon industry base project [6]. - The project focuses on the research and production of polished wafers for advanced generation storage chips, epitaxial wafers for more advanced processes, and specialty silicon wafers for power devices [6]. Group 3: Growth and Market Position - Xi'an Yiswei has applied for 1,843 domestic and international patents, with 799 authorized patents, making it the company with the most authorized invention patents in the 12-inch silicon wafer sector in mainland China [6]. - The company's revenue has grown from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, with a compound annual growth rate of approximately 42%, and a year-on-year revenue increase of 45.99% in the first half of 2025 [6]. Group 4: Industry Context - Xi'an Yiswei is the first unprofitable hard-tech company to be accepted by the Shanghai Stock Exchange following the release of the new "National Nine Articles" and "Science Eight Articles," highlighting the capital market's support for innovative enterprises in the semiconductor materials sector [7]. - The company aims to break through technical barriers in advanced process products and promote the localization of upstream supply chains, providing core support for the self-controllable semiconductor industry chain in China [7].

Core Viewpoint - Xi'an's Yiswei Materials is set to go public, aiming to raise 4.9 billion, which will be the largest IPO in Xi'an this year [2][9]. Company Overview - Yiswei Materials is a key player in Xi'an's semiconductor industry, ranking first in China and sixth globally in the production of 12-inch silicon wafers [3][6]. - The company occupies over 800 acres with a total investment exceeding 20 billion, indicating significant industrial investment [3]. Market Position - Yiswei's products are essential for various applications, including storage chips and power devices, and it holds approximately 6% of the global monthly shipment and 7% of the production capacity for 12-inch wafers [6]. - The company is recognized for breaking the monopoly of foreign giants in the silicon wafer market, contributing to the increase of domestic self-sufficiency [11]. IPO Details - The IPO has been approved by the listing committee, making it the largest fundraising effort in 2024 and the biggest IPO in Xi'an this year [9]. - Yiswei is the first unprofitable company to be accepted for listing on the Shanghai Stock Exchange after the introduction of new policies, setting a precedent for unprofitable companies [9]. Financial Performance - Yiswei's projected revenues for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion respectively, with net losses expected to exceed 1.8 billion [11]. - The company anticipates achieving profitability by 2027, with significant revenue growth expected in 2025 [13]. Investment and Support - Xi'an's High-tech Financial Holding Group has provided substantial financial support, investing over 3.1 billion in Yiswei, reflecting the local government's strategy to foster leading enterprises [15]. - The semiconductor industry in Xi'an is rapidly growing, with over 200 related companies and a projected industry scale exceeding 200 billion by 2025 [21].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange and will be listed on the Sci-Tech Innovation Board, marking a significant milestone for the company and the region [1][2]. Company Overview - Established in March 2016, Xi'an Yiswei is a private enterprise located in Xi'an High-tech Zone, primarily engaged in the R&D, manufacturing, and sales of 12-inch silicon single crystal polished wafers and epitaxial wafers [2]. - As of 2024, the company's average monthly shipment accounts for approximately 6% of the global market and 30% of the domestic market, ranking sixth globally [2]. - The company has developed a core technology system covering all process stages of 12-inch silicon wafer production, including crystal pulling, shaping, polishing, cleaning, and epitaxy [2]. - By the end of 2024, Xi'an Yiswei has obtained 539 authorized invention patents, ranking first in the field of 12-inch silicon wafers in China [2]. Financial and Market Position - The company plans to issue up to 538 million shares, representing approximately 13.32% of the total share capital post-issuance, with the aim to raise 4.9 billion yuan, all of which will be used for the construction of the second phase of the Xi'an Yiswei silicon industry base [1]. - This listing will make Xi'an Yiswei the 83rd A-share listed company in Shaanxi and the 15th on the Sci-Tech Innovation Board, contributing to the province's position as the 11th in the country and second in the western region for the number of listed companies [1]. Industry Impact - The successful listing of Xi'an Yiswei is seen as a significant achievement in Shaanxi's efforts to promote innovation-driven development and implement reforms in technology finance [2]. - The provincial financial office aims to deepen multi-level capital market reforms and enhance the cultivation system for technology-based enterprises to accelerate their entry into the capital market, thereby supporting high-quality economic development in the province [2].

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has successfully passed the listing application for the Sci-Tech Innovation Board, marking it as the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "Eight Policies for Science and Technology" [1][2] Group 1: Company Overview - Xi'an Yiswei specializes in the research, manufacturing, and sales of 12-inch silicon wafers, including silicon single crystal polished wafers and epitaxial wafers [5] - The company has established a core technology system encompassing five major process steps: crystal pulling, shaping, polishing, cleaning, and epitaxy [5] - As of the end of 2024, Xi'an Yiswei has applied for a total of 1,635 domestic and international patents, with over 80% being invention patents, and has obtained 746 authorized patents, with over 70% being invention patents [5] Group 2: Financial Performance - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively, indicating a compound annual growth rate of over 40% [4] - Xi'an Yiswei has accumulated nearly 600 million yuan in R&D investment during the reporting period, reflecting its commitment to technology-driven development [5] Group 3: Future Prospects - The company plans to raise 4.9 billion yuan, which would be the largest IPO fundraising scale for companies reviewed in 2024, primarily to fund the second phase of its silicon industry base project and to build a second factory [5] - With the gradual completion and production of the second factory, the company anticipates a doubling of its production capacity, significantly enhancing its future profitability [5]