On September 24, ChiNext newcomer Yuexin Semiconductor officially opened its subscription period. As the first 12-inch wafer manufacturing enterprise independently cultivated in Guangdong Province to enter mass production, the company is regarded by the market as a key link in the domestic semiconductor supply chain. However, its prospectus shows that the company has yet to achieve profitability and has accumulated severe losses, with a turnaround not expected until 2029 at the earliest, meaning investment appeal and risk coexist.

According to the prospectus, Yuexin Semiconductor's IPO issue price is 12.01 yuan per share, with an initial public offering of 512.646 million shares. The online subscription cap is 128,000 shares, and a maximum subscription requires 1.28 million yuan in Shenzhen market capitalization. Data shows that Yuexin Semiconductor is the ChiNext newcomer with the largest number of shares issued so far this year, ranking fourth among all A-share new stocks this year in terms of issuance volume, with a relatively high winning rate.

Public information shows that Yuexin Semiconductor is dedicated to providing 12-inch wafer foundry services and specialty process solutions to chip design companies both domestically and internationally, with product applications covering consumer electronics, industrial control, automotive electronics, and artificial intelligence. The company is the first enterprise in Guangdong Province to achieve mass production of 12-inch wafers. According to Frost & Sullivan data, as of the end of April 2026, the company was the only enterprise in mainland China with large-scale mass production capability for 12-inch silicon photonics wafers. The company currently operates two 12-inch wafer fabs with a planned combined capacity of 80,000 wafers per month, having achieved 63,300 wafers per month in capacity as of the end of 2025.

According to prospectus data, from 2023 to 2025, the company's operating revenue was 1.044 billion yuan, 1.681 billion yuan, and 2.582 billion yuan respectively, showing rapid growth. However, net profit attributable to shareholders of the parent company was -1.917 billion yuan, -2.253 billion yuan, and -2.346 billion yuan respectively, with cumulative losses over three years reaching 6.516 billion yuan. In the first half of 2026, the company achieved operating revenue of 1.777 billion yuan, a year-on-year increase of 68.76%, while net profit attributable to shareholders of the parent company was -1.052 billion yuan, with losses narrowing by 12.41% year-on-year. The company has yet to achieve profitability and has accumulated unrecovered losses, and is expected to achieve consolidated profitability at the earliest in 2029.