这家来自苏州工业园区的科技企业，不仅是A股市场"半导体探针卡第一股"，更是科创板开市以来的第600家上市企业，成为这个中国"纳斯达克"发展历程 中的重要里程碑。 上市首日，强一股份开盘价达265.60元/股，较发行价85.09元/股大涨212.14%，市值一度突破330亿元。 成立于2015年8月的强一半导体，总部位于苏州工业园区，主营集成电路晶圆测试所需高端探针卡的研发、设计与制造。 文 | 创客公社产研组 科创板开始以来的第600家上市公司，产自苏州！ 12月30日上午，强一半导体（苏州）股份有限公司（简称"强一半导体"）正式登陆上交所科创板。 探针卡作为晶圆测试的核心器件，其性能优劣直接影响芯片的良率水平与制造成本，被业内称为半导体测试的"试金石"。而全球半导体探针卡市场长期由 美国FormFactor、日本Technoprobe等国际厂商主导。 强一半导体的出现将可能改写行业未来竞争格局。 基于此，强一半导体成功切入高端芯片测试市场，客户包括兆易创新、豪威集团、地平线、摩尔线程等芯片设计厂商，华虹集团、中芯集成宁波等晶圆代 工厂商以及长电科技、盛合晶微、伟测科技等封装测试厂商，同时也吸引到了华为旗下哈 ...

《科创板日报》12月30日讯（记者 陈俊清）国产半导体探针卡龙头强一股份今日（12月30日）登陆科 创板，科创板上市公司总数来到600家。 强一股份发行价格85.09元/股，发行市盈率为48.55倍。上市首日开盘价265.60元/股，截至收盘时涨幅达 165.61%，报收226.01元/股，收盘后公司市值292.8亿元。若投资者中一签并以今日早盘的最高价276.82 元/股卖出，将获利9.59万元。 | 5983 | 6日 = 5分神 15分钟 0分钟 日试 阅读 更多周期 · | 更价 · 最加 · 國线 野云 · · 重盘 | 简约 隐藏 心 | | | 688809 NG-1 | > | | --- | --- | --- | --- | --- | --- | --- | --- | | | 所属行业 半导体 最新:1989.99 资源:+0.34% | | 融资融合同 | | | H N | | | 350,00 | | | | 311:339 | | 226.01 +165.6% | + | | 312 1 | | | | 265.85 | 2 - 11 - 2 | | 已收市 | | 2743 ...

2025年12月30日，强一半导体（苏州）股份有限公司（简称"强一股份"）正式登陆科创板，成为国内"半导体探针卡第一股"，也是科创板第600家上市企 业。强一股份股价以265.60元/股开盘，较85.09元/股的发行价暴涨212.14%，市值瞬间突破330亿元。截止中午收盘，股价234.98元/股，收涨176.15%。 探针卡作为晶圆测试的核心关键器件，直接决定芯片良率与生产成本，长期以来被海外FormFactor、Technoprobe等巨头垄断，国产替代率不足5%。2015 年在苏州工业园区起步的强一股份，从悬臂探针卡切入，逐步向技术壁垒更高的垂直探针卡和MEMS探针卡进阶，最终成长为中国大陆首家具备自主设计 垂直探针卡研发能力、首家拥有百级洁净度FAB车间的企业。如今，其产品已覆盖算力芯片、HBM等前沿领域，服务于中兴微、复旦微电、兆易创新等 头部企业，2023年、2024年连续跻身全球半导体探针卡行业前十，成为唯一上榜的境内企业。 在强一股份的发展历程中，创投圈上演了一场教科书级的投资案例，其中丰年资本的表现尤为抢眼。回溯2020年，当强一股份全力攻坚2D MEMS探针 卡、单次试产成本超百万元，却因 ...

创投圈再次迎来一场超级回报。强一股份背后投资机构股东众多，其中丰年资本尤为抢眼：作为首 个也是占比最 大的机构投资人，斩获超额收益以目前 的股价表现计算，强一股份单个项目回报金额已接近其背后整支基金规模的3倍。 这也是丰年资本今年收获的第三个A股IPO，而今年创业板、科创板共计约50多家企业上市，这样的命中率令人印象深刻。细看下来，无论是更早前上市 的矽电股份（占股比7.9%）、胜科纳米（占股比7.1%），还是今天的强一股份，丰年资本几乎都是最 大外部股东。 科创板迎来年终漂亮收官。 今日（12月30日），强一半导体（苏州）股份有限公司（简称"强一股份"）正式登陆科创板，成为"半导体探针卡第 一股"，也是科创板至今第600家上市 企业。此次IPO发行价85.09元/股，开盘涨超200%，市值超330亿。 最初团队以悬臂探针卡为主，后逐步扩展到垂直探针卡和MEMS探针卡。在AI与芯片产业迭代中，探针卡是晶圆测试核心，直接影响芯片良率与成本。但 当时这一市场几乎被海外FormFactor、Technoprobe等公司垄断，国产替代步履维艰。 硬科技创业向来不易，既需要时间，更需要资金。 2020年左右，强一股份全 ...

中购日期: 2025-12-19 周石 8 江苏苏州 (1) 2015年成立 部 非国有企业 ~1 中信建投保荐 业务情况 / 收入构成 单位:万元 | 项目 | 2025年1-6月 | | 2024年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 片出 | 金额 | 占比 | 金额 | 占比 | | 探针卡销售 | 35,893.02 | | 96.67% 60,662.82 | 96.19% 30.989.93 | | 96.90% 21,737.46 | | 97.21% | | 探针卡维修 | 272.07 | 0.73% | 439.70 | 0.70% | 170.02 | 0.53% | 151.39 | 0.68% | | 晶圆测试板销售 | 963.62 | 2.60% | 1.960.68 | 3.11% | 819.88 | 2.56% | 473.02 | 2.12% | | 合计 | | | | 37,128.71 100. ...

12月19日，可申购深市主板的双欣环保（001369.SZ）、誉帆科技（001396.SZ）以及科创板的强一股份 （688809.SH）。另有一只新股上市，为科创板的优迅股份（688807.SH）。 三只新股申购 双欣环保成立于2009年6月，是一家专业从事聚乙烯醇（PVA）、聚乙烯醇特种纤维、醋酸乙烯 （VAC）、碳化钙（电石）等PVA产业链上下游产品的研发、生产、销售的高新技术企业。 | 打新早知道 | | | 南财快讯 | | --- | --- | --- | --- | | 今日申购 | | | | | 001369.SZ 双欣环保 | | | | | 发行价(元/股) | 机构报价(元/股) | | 所属行业 | | 6.85 7.11 | | 58.91 | 化学原料和化学 | | | | | 制品制造 | | 发行市盈率 行业市盈率 | | 可比公司 | 可比公司动态市盈率 | | 16.19 28.75 | | 皖维高新 | 22.44 | | 若证集团 | | | 11.95 | | 中泰化学 | | | 亏损 | | 业绩情况 | | | | | 60.0 | | | 120% | | ...

Group 1: New Stock Offerings - Three new stocks available for subscription: Shuangxin Environmental Protection (001369.SZ), Yufan Technology (001396.SZ), and Qiangyi Co., Ltd. (688809.SH) [1] - Yufan Technology focuses on smart diagnosis and health assessment of drainage networks, as well as maintenance services [8][11] Group 2: Shuangxin Environmental Protection - Established in June 2009, Shuangxin Environmental Protection specializes in the R&D, production, and sales of products in the PVA industry chain [2] - The company is the third-largest PVA producer in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the national total [6] - The company plans to raise funds for various projects, including a 16,000-ton PVB resin project and a 60,000-ton water-based adhesive project, with total fundraising of 18.57 billion yuan [5] - In 2023, the company experienced a revenue decline of 25.25% and a net profit decline of 30.89% compared to the previous year [7][8] Group 3: Yufan Technology - Yufan Technology's revenue is projected to grow from 5.13 billion yuan in 2022 to 8.04 billion yuan in 2025, with a net profit increase from 0.81 billion yuan to 1.4 billion yuan over the same period [11] - The company has a high concentration of clients, primarily government agencies and state-owned enterprises, and is recognized as a "little giant" enterprise [11][12] Group 4: Qiangyi Co., Ltd. - Qiangyi Co., Ltd. focuses on the R&D, design, production, and sales of probe cards for semiconductor testing, ranking ninth globally in the probe card industry in 2023 [15] - The company reported revenues of 254 million yuan in 2022, increasing to 641 million yuan in 2024, with a significant net profit increase from 16 million yuan to 233 million yuan [16] - Qiangyi has a high customer concentration, with sales to its top five clients accounting for over 62% of total revenue [16][17] Group 5: Youxun Co., Ltd. - Youxun Co., Ltd. specializes in the R&D and sales of optical communication front-end chips, with a market share ranking second globally in the 10Gbps and below segment [22] - The company plans to invest in various projects, including next-generation access networks and high-speed data center chips, with a total fundraising of 8.09 billion yuan [21] - There is a risk of control changes due to the actual controller's shareholding structure, which may impact business operations and decision-making [23]

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Qiangyi Semiconductor (Suzhou) Co., Ltd., which plans to raise 1.5 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Company Summary - Qiangyi Semiconductor is a high-tech enterprise focused on semiconductor design and manufacturing, specializing in the research, design, production, and sales of wafer test probe cards [1] - The company possesses professional design capabilities for probe cards and their core components, being one of the few domestic manufacturers with independent MEMS probe manufacturing technology capable of mass production and sales [1] - Qiangyi Semiconductor has broken the monopoly of foreign manufacturers in the MEMS probe card sector [1] Industry Summary - The company's 2D MEMS probe card has achieved independent research and manufacturing, contributing to the increasing market share of domestic manufacturers in recent years [1] - According to Yole, Qiangyi Semiconductor ranked ninth in the global semiconductor probe card industry in 2023, marking the first time a domestic company has entered the top ten in this sector [1]

Core Insights - Strong Semiconductor (Suzhou) Co., Ltd. has shown impressive financial growth with a net profit increase of 237.56% and a gross margin of 68.99% in the first half of 2025, but this growth is heavily reliant on a single client, Company B, which accounts for 82.83% of its sales [1][2] - The company is preparing for its IPO on the Sci-Tech Innovation Board, having achieved a revenue increase from 254 million to 641 million yuan and a net profit surge from 15.62 million to 233 million yuan from 2022 to 2024 [1][2] Client Concentration Risk - The revenue share from Company B has increased from 50.29% in 2022 to 82.83% in the first half of 2025, indicating a high dependency on a single client, which poses significant risk to revenue stability [2] - Company B is not only a major customer but also an affiliate, with related party transactions exceeding 40% since 2022, raising concerns about the sustainability of revenue if Company B reduces its purchases due to strategic changes [2] Financial Structure Risks - The gross margin has risen sharply from 40.78% in 2022 to 68.99% in the first half of 2025, significantly higher than competitors, raising questions about the fairness of pricing in related transactions [2] - The company faces challenges with cash flow, as operating cash flow has fluctuated dramatically, with accounts receivable reaching 262 million yuan, accounting for 69.87% of revenue in the first half of 2025, indicating high bad debt risk [3] Inventory Concerns - Inventory levels have surged from 41.52 million yuan in 2022 to 112 million yuan in the first half of 2025, with a significant increase in inventory impairment provisions, which could lead to profit erosion if market demand falls short [3] Technological and R&D Challenges - The company lags behind competitors in advanced technology areas like 3D MEMS probe cards, with no significant progress since 2022, while competitors have successfully commercialized similar products [4] - R&D expenditures decreased by 15.5% in 2024, raising concerns about the company's ability to keep pace with rapid technological advancements in the industry [4] Expansion Plans and Capacity Issues - The company plans to raise 1.5 billion yuan for expansion, including increasing production capacity for various probe cards, despite current production rates being below 85% for the past three years [5] - The aggressive expansion plan may lead to overcapacity and financial losses if it does not align with actual market demand, as evidenced by a 73% drop in sales of thin-film probe cards in the first half of 2025 [5] Governance Risks - The company has deep ties with its controlling shareholder, which raises concerns about governance and market competitiveness, especially given past issues with shareholding arrangements [6] - The reliance on a single major client and complex related party transactions could undermine the company's independence and sustainability in the long term [6]