A-share IPO Subscription | Yuexin Semiconductor (301660.SZ) Opens Subscription as Guangdong Province's First 12-Inch Wafer Manufacturer to Enter Mass Production

On September 24, Yuexin Semiconductor (301660.SZ) opened for subscription at an issue price of RMB 12.01 per share, with a subscription cap of 128,000 shares. The company is an unprofitable enterprise, and the issue price corresponds to a 2025 diluted static price-to-sales ratio of 13.39 times (before the exercise of the over-allotment option). It is listed on the Shenzhen Stock Exchange ChiNext Board, with GF SEC acting as its sponsor. According to the prospectus, Yuexin Semiconductor is an integrated circuit manufacturing enterprise dedicated to providing 12-inch wafer foundry services and specialty process solutions to chip design companies both domestically and internationally. With specialty process wafer foundry as its core business model, the company serves chip design companies and end customers, with major customers including several first-class semiconductor design companies both domestically and internationally. The company possesses process R&D and manufacturing capabilities for products such as integrated circuits and power devices, with product applications covering consumer electronics, industrial control, automotive electronics, and artificial intelligence. The company currently operates two 12-inch wafer fabs, namely Fab 1 (Yuexin Phase I and Phase II) and Fab 2 (Yuexin Phase III), with a combined planned capacity of 80,000 wafers per month, and has achieved a capacity of 63,300 wafers per month as of the end of 2025. Currently, the company has commenced construction of a 12-inch integrated circuit digital-analog mixed-signal specialty process production line with a planned capacity of 40,000 wafers per month, namely Fab 3 (Yuexin Phase IV). Upon completion of Yuexin Phase IV, the company's total capacity will reach 120,000 wafers per month. In the integrated circuit field, through long-term technological accumulation, the company has established MS (Mixed-Signal), HV (High-Voltage Display Driver), CIS (CMOS Image Sensor), eNVM (Embedded Non-Volatile Memory), BCD (Bipolar-CMOS-DMOS), and SiPho (Silicon Photonics) process technology platforms. In the power device field, the company has MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) and IGBT (Insulated Gate Bipolar Transistor) process technology platforms. Its rich product portfolio and technological advantages enable the company to respond to customers' diversified needs, adjust manufacturing processes for designs, and successfully achieve customers' product performance and design goals. At the same time, the company actively positions itself in forward-looking industry sectors, building industrial platforms for silicon photonics and optoelectronic fusion chips, microcontrollers, and compute-in-memory chips, further expanding downstream application markets for cutting-edge technologies. In terms of financials, for the fiscal years 2023, 2024, and 2025, the company achieved operating revenue of RMB 1.044 billion, RMB 1.681 billion, and RMB 2.582 billion, respectively; during the same periods, it recorded net losses of RMB 1.917 billion, RMB 2.327 billion, and RMB 2.490 billion, respectively.