Two new stocks are scheduled for subscription next week, spanning from Monday, September 21st, through Thursday, September 24th. Investors will have the opportunity to subscribe for Yute Optoelectronics on the Beijing Stock Exchange this Monday, while the ChiNext board newcomer Yuexin Semiconductor opens for subscription on Thursday.

Yuexin Semiconductor has revealed through its listing sponsor report that it expects to achieve profitability no earlier than 2029. The company plans an initial public offering of 513 million shares, representing approximately 17.81% of its total post-issuance share capital. According to the preliminary inquiry and placement announcement, both the offline and online subscription dates for Yuexin Semiconductor are set for September 24th, with the stock code 301660.

Data from Wind indicates that Yuexin Semiconductor's public offering size ranks fourth among all A-share new listings this year and first on the ChiNext board. This substantial offering size suggests that the allocation ratio for investors could be relatively favorable. Founded in 2017, the company operates as an integrated circuit manufacturer providing 12-inch wafer foundry services and specialty process solutions to chip design firms both domestically and internationally. Its capabilities span process development and manufacturing for integrated circuits and power devices, with applications in consumer electronics, industrial control, automotive electronics, and artificial intelligence.

The prospectus, citing data from consulting firm Frost & Sullivan, notes that as of the end of April 2026, Yuexin Semiconductor stood as the only enterprise in mainland China with mass production capabilities for 12-inch silicon photonics wafers. The company currently operates two 12-inch wafer fabrication facilities, with a combined planned capacity of 80,000 wafers per month. By the end of 2025, it had achieved an actual capacity of 63,300 wafers per month, and it has initiated construction on a third facility with an additional planned capacity of 40,000 wafers per month. Once this expansion completes, the company's total capacity will reach 120,000 wafers per month.

Financially, Yuexin Semiconductor reported revenues of RMB 1.044 billion, RMB 1.681 billion, and RMB 2.582 billion for 2023, 2024, and 2025 respectively, achieving a compound annual growth rate of 57.30%. However, due to the capital-intensive and technology-driven nature of the wafer manufacturing industry, along with the characteristics of analog chips and share-based payment expenses, the company recorded net losses attributable to parent shareholders of RMB 1.917 billion, RMB 2.253 billion, and RMB 2.346 billion over the same period. For the first half of 2026, revenue reached RMB 1.777 billion with a net loss of RMB 1.052 billion, bringing the cumulative losses over the past three and a half years to over RMB 7.5 billion.

Research and development expenditures totaled RMB 605 million, RMB 446 million, RMB 422 million, and RMB 221 million for 2023, 2024, 2025, and the first half of 2026 respectively. The company explains that analog chips feature diverse categories, long product lifecycles, and high customer loyalty. While it continues substantial R&D investment, products require validation periods, and the company has yet to achieve prominent economies of scale. The company anticipates that with the expanding wafer foundry market and robust downstream demand, its production and sales volumes will continue growing alongside the introduction of high-value-added products and gradual capacity release. It projects achieving break-even on a consolidated basis by 2029 at the earliest.

The proceeds from this offering will fund the 12-inch integrated circuit analog specialty process production line project, specialty process technology platform R&D initiatives, and working capital replenishment. The company's debt-to-asset ratio has been climbing, rising from 62.62% in 2023 to 67.79% in 2024 and further to 84.13% by 2025. Inventory levels remain substantial, with book values of RMB 472 million, RMB 366 million, and RMB 539 million across the same period, accompanied by rising inventory write-down provisions of RMB 235 million, RMB 205 million, and RMB 305 million. These provisions reflect the company's capacity ramp-up phase, where individual products bear heavy depreciation and amortization costs without fully realizing economic benefits. Should capacity expansion fall short of expectations, the company may continue facing inventory devaluation risks.

Turning to Yute Optoelectronics, the company traces its origins to 2006 and was restructured as a joint-stock company in 2011, joining the National Equities Exchange and Quotations system and entering the innovation layer in 2024. The company specializes in R&D, precision manufacturing, and sales of optical connectivity products, providing high-performance integrated optical connection solutions for optical communications equipment vendors, system integrators, telecom operators, and optoelectronic device manufacturers. These products serve as core foundational components in optical communication systems, enabling long-distance, high-speed, and high-capacity data transmission, with their performance directly determining the efficiency and stability of the entire optical network.

According to its listing announcement, Yute Optoelectronics will debut on the Beijing Stock Exchange at an offering price of RMB 13.75 per share, corresponding to a price-to-earnings ratio of 11.24 times. The company plans to issue 17.6667 million shares, representing 25% of its post-issuance total share capital. Online subscription opens on September 21st under the security code 920157, with total proceeds of RMB 259 million.

Financially, Yute Optoelectronics generated revenues of RMB 212 million, RMB 253 million, and RMB 333 million for 2023 through 2025, with net profits attributable to parent shareholders of RMB 41.8671 million, RMB 46.4471 million, and RMB 69.1695 million respectively. The company forecasts 2026 revenue between RMB 450 million and RMB 500 million, representing year-on-year growth of 35.04% to 50.04%, and net profits attributable to parent shareholders between RMB 80 million and RMB 95 million, up 15.66% to 37.34% year-on-year. Operating cash flows for 2023 through 2025 stood at RMB 1.9625 million, RMB 40.5732 million, and RMB 44.7279 million respectively.

Yute Optoelectronics exhibits significant customer concentration. Sales to its top five customers totaled RMB 96.148 million, RMB 161 million, and RMB 226 million across 2023 to 2025, accounting for 45.31%, 63.39%, and 67.74% of total sales respectively. Its largest customer, Accelink Technologies, contributed 13.39%, 37.35%, and 42.47% of total sales during the same respective periods.