盛合晶微半导体股份有限公司（下称"盛合晶微"）科创板IPO申请于近日获受理，并于1月7日完成首轮 问询回复。本次公司计划发行不超过5.36亿股，占发行后总股本的25%，拟募集资金48亿元，主要用于 三维多芯片集成封装项目和超高密度互联三维多芯片集成封装项目。然而，公司上市进程面临监管的多 方面问询，上海证券交易所在首轮问询函中，重点关注其募资必要性、客户集中度、技术领先性及供应 链安全等关键问题。 作为专注于中段硅片加工、晶圆级封装（WLP）和芯粒（Chiplet）多芯片集成封装的企业，盛合晶微 为高性能运算芯片、智能手机应用处理器等提供一站式客制化服务，终端应用覆盖高性能运算、人工智 能、数据中心及汽车电子等领域。近年来，公司业绩增长显著：2022年至2025年上半年，营收分别为 16.33亿元、30.38亿元、47.05亿元及31.78亿元。其中，芯粒多芯片集成封装业务尤为突出，2024年上半 年收入占比跃升至56.24%，成为核心收入支柱。 但公司产能利用率偏低引发了市场对其募资扩产必要性的质疑。招股书显示，以2022年或2023年产能为 基准，盛合晶微各业务线产能利用率均未达80%。作为当前收入主力的 ...

Core Viewpoint - Yongxi Electronics expects a net profit attributable to shareholders of 75 million to 100 million yuan for the year 2025, representing a year-on-year increase of 13.08% to 50.77% [1] Group 1: Financial Performance - The increase in net profit is primarily driven by the ongoing growth in the global semiconductor industry, fueled by demand in artificial intelligence, high-performance computing, and data center infrastructure [1] - The company's revenue growth is supported by the continuous expansion of overseas major clients and the growth of domestic core SoC customer groups [1] Group 2: Operational Efficiency - The company has enhanced its one-stop delivery capability through its second-phase focus on "Bumping+CP+FC+FT," which effectively shortens the delivery time from wafer chips to finished chips and improves quality control [1] - As the production capacity and utilization rate of wafer-level product lines continue to increase, the proportion of advanced packaging products in the company's offerings is steadily rising, leading to an ongoing optimization of the product structure [1]

Core Insights - The company, Yongxi Electronics, has shown robust performance with significant revenue growth and steady profit increase, driven by the recovery of the global integrated circuit industry and the expansion of AI application scenarios [1][4]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.16 billion yuan, representing a year-on-year increase of 25.76%; the cumulative revenue for the year reached 3.17 billion yuan, up 24.23% [1]. - The net profit attributable to shareholders in Q3 was 33 million yuan, a year-on-year growth of 8.29%; the cumulative net profit for the year was 63 million yuan, reflecting a significant increase of 48.87% [1]. Research and Development - The company has increased its R&D investment, with Q3 spending reaching 77 million yuan, a year-on-year rise of 26.92%; the total R&D investment for the year was 219 million yuan, up 41.72% [3]. - R&D expenditure accounted for 6.92% of revenue, indicating the company's commitment to technological innovation and product development [3]. Asset and Equity Growth - As of the end of the reporting period, the company's total assets reached 15.351 billion yuan, a growth of 12.42% compared to the previous year; the equity attributable to shareholders was 2.594 billion yuan, an increase of 3.30% [4]. Market Strategy and Future Outlook - The growth in performance is attributed to the recovery of the global consumer market and the integrated circuit industry's improved conditions, along with the company's proactive engagement in AI applications [4]. - The company plans to continue its strategy of focusing on major clients and deepening collaborations with key customers, including leading design firms in Taiwan [4]. - Yongxi Electronics is actively advancing new product lines such as Bumping, CP, wafer-level packaging, FC-BGA, and 2.5D, aiming to enhance process capabilities and customer service [4]. - Through market expansion and product innovation, the company is expected to further strengthen its core competitiveness and maintain revenue growth, creating sustained value for investors [4].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the third quarter of 2025, driven by a recovery in the global consumer market and growth in AI applications [3][9]. Financial Performance - The company achieved operating revenue of 1,159.67 million yuan in Q3 2025, representing a year-on-year increase of 25.76% [3]. - The net profit attributable to shareholders increased by 8.29% year-on-year, with a year-to-date growth of 48.87% [3]. Asset Impairment Provision - The company recognized a total of 20.28 million yuan in credit impairment losses and asset impairment losses for the first three quarters of 2025 [10][14]. - Specifically, credit impairment losses amounted to 3.74 million yuan, while asset impairment losses totaled 16.54 million yuan [11][13]. Strategic Focus - The company plans to continue its strategy of deepening cooperation with existing major clients while actively pursuing partnerships with leading design firms in Taiwan to enhance competitiveness and market share [3]. - The company aims to improve its process capabilities and customer service through the development of new product lines, including Bumping, CP, wafer-level packaging, FC-BGA, and 2.5D technologies [3].