Guangdong Yuesheng Semiconductor opens IPO subscription today, with high expected allotment rate

Reporter: Li Yiwen | Editor: Li Yanna | Video: Liu Runying

On September 24, one new stock will be available for subscription and one new stock will begin trading.

• IPO Subscription: Yuexin Semiconductor (301660.SZ) on the ChiNext Board
• New Listing: Bairuiji (920201.BJ) on the Beijing Stock Exchange

IPO Subscription: Yuexin Semiconductor

Yuexin Semiconductor is an integrated circuit manufacturing enterprise dedicated to providing 12-inch wafer foundry services and specialty process solutions for domestic and international chip design companies. The company possesses process R&D and manufacturing capabilities for integrated circuits, power devices, and other products. Its products are applied across consumer electronics, industrial control, automotive electronics, and artificial intelligence.

Key Subscription Details

• Initial public offering shares: 51,264,600 shares
• Online subscription cap: 128,000 shares
• Maximum subscription requires: RMB 1.28 million in Shenzhen market value

According to Wind data, Yuexin Semiconductor is the ChiNext Board new stock with the highest number of shares issued this year. Among all A-share new stocks in 2025, it ranks fourth in terms of shares issued, suggesting a relatively high lottery allocation rate.

Company Highlights

• First in Guangdong: Yuexin Semiconductor is the first 12-inch wafer manufacturing enterprise independently cultivated by Guangdong Province to enter mass production, achieving a "from 0 to 1" breakthrough for the province.
• Unique capability: As of the end of April 2026, according to Frost & Sullivan data, Yuexin Semiconductor is the only enterprise in mainland China capable of mass-producing 12-inch silicon photonic wafers.
• Production capacity: The company currently operates two 12-inch wafer fabs (Phase I/II and Phase III), with a combined planned capacity of 80,000 wafers per month. As of the end of 2025, actual capacity reached 63,300 wafers per month. A third fab (Phase IV) with a planned capacity of 40,000 wafers per month for analog-mixed signal specialty processes is under construction. Upon completion, total capacity will reach 120,000 wafers per month.

Financial Performance

| Period | Revenue | Net Profit (Attributable to Parent) | |---|---|---| | 2023 | RMB 1.044 billion | RMB -1.917 billion | | 2024 | RMB 1.681 billion | RMB -2.253 billion | | 2025 | RMB 2.582 billion | RMB -2.346 billion | | H1 2026 | RMB 1.777 billion (+68.76% YoY) | RMB -1.052 billion (loss narrowed 12.41% YoY) |

The company has not yet turned profitable and has accumulated uncovered losses. It expects to achieve profitability on a consolidated basis no earlier than 2029.

Risk Factors

Yuexin Semiconductor faces risks related to potential delays in process technology platform iteration. The wafer foundry industry has high technical barriers and long R&D verification cycles. In particular, the development of new process nodes such as 40nm, 28nm, and 22nm may encounter difficulties in key technology breakthroughs and R&D progress falling short of expectations. The company warned that failure to complete relevant technology platform R&D in a timely manner to meet market demand could adversely affect its market competitiveness and market share.

New Listing: Bairuiji

Bairuiji is a high-tech enterprise primarily engaged in the R&D, production, and sales of biomedical materials and related products. Its biomedical materials are mainly used for post-surgical tissue trauma repair, particularly for female patients after gynecological surgery. The products help prevent post-surgical scar adhesion while promoting tissue healing and functional repair, effectively protecting female reproductive health. The company's main products are widely used in post-surgical trauma repair for the uterine cavity, pelvic (abdominal) cavity, and nasal (sinus) cavity.

Market Presence

As of December 31, 2025, Bairuiji's main products had entered approximately 2,300 hospitals in China, covering about 700 Class A tertiary hospitals. These include the top 10 obstetrics and gynecology hospitals from Fudan University's "2023 China Hospital Specialty Ranking," such as West China Second University Hospital (West China Women's and Children's Hospital), Peking University People's Hospital, and the First Affiliated Hospital of Sun Yat-sen University. The company's products have also been successfully sold to developed countries including the United States, Germany, the United Kingdom, France, and Australia.

R&D Capabilities

As of December 31, 2025:

• Regulatory approvals: 3 NMPA Class III medical device registrations, 6 NMPA Class II medical device registrations, 4 CE certifications, and 2 FDA filings
• Patents: 20 domestic authorized invention patents and 34 overseas authorized invention patents (via PCT)
• Recognition: Designated as a fifth-batch national-level specialized and new "Little Giant" enterprise and a national high-tech enterprise

Financial Performance

| Period | Revenue | Net Profit (Excluding Non-Recurring Items) | |---|---|---| | 2023 | RMB 198 million | RMB 45.115 million | | 2024 | RMB 231 million | RMB 53.694 million | | 2025 | RMB 284 million | RMB 76.760 million |

2026 Q1-Q3 Forecast:

• Revenue: RMB 230–250 million (+14.98% to +24.98% YoY)
• Net profit (excl. non-recurring): RMB 59.473–64.973 million (+4.56% to +14.23% YoY)

From 2023 to 2025, the company's gross margin remained above 80%.

Risk Factors

Bairuiji faces market competition risks. The biomedical materials industry is a key direction for modern medical development. Continued market growth is expected to attract new competitors, potentially increasing competitive pressure. The company stated that if it fails to formulate targeted business strategies, continuously improve technology, expand its scale, strengthen financial resources, and persistently develop domestic and international markets, its market share and gross margin could be squeezed, adversely affecting its operating performance.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should act at their own risk.

Sina Statement: This information is reproduced from a Sina cooperative media outlet. Sina publishes this article for information dissemination purposes only and does not imply endorsement or verification of its content. The article is for reference only and does not constitute investment advice. Investors should act at their own risk.

Editor: Hao Xinyu