On the evening of February 27, the Listing Review Committee of the Shanghai Stock Exchange's STAR Market announced that it would convene the 7th review meeting of 2026 on March 5, 2026, to examine the initial public offering and listing application of Chongqing Zhenbao Technology Co., Ltd. (hereinafter referred to as "Zhenbao Technology") on the STAR Market. Currently, the global semiconductor industry is accelerating its path toward self-reliance and controllability, with an urgent demand for the domestic substitution of core components. The company is expected to leverage the capital market to further expand pathways for technology transformation and capacity release, supporting the accelerated achievement of self-reliance in China’s semiconductor components industry.
Integrated industrial chain layout, building core competitive advantages
Founded in 2016, Zhenbao Technology has focused on the fields of integrated circuits and display panels, concentrating on manufacturing equipment vacuum chamber process reaction components and surface treatment solutions. By precisely targeting core segments of the semiconductor industry chain, the company has established an integrated layout of "raw materials + components + surface treatment," creating a difficult-to-replicate competitive barrier that aligns closely with the national strategy of self-reliance in the semiconductor industry.
The company mainly provides components made of silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as thermal spray regeneration, anodizing, and precision cleaning. These products and services are widely used in key process equipment such as plasma etching, thin-film deposition, and evaporation coating, covering the two core sectors of semiconductors and display panels.
In terms of component products, Zhenbao Technology has achieved several technological breakthroughs, positioning itself among the leading domestic companies. Its mass-produced core products, including curved-surface silicon upper electrodes, quartz gas distribution plates, and high-purity silicon carbide rings, have been supplied in bulk to advanced process areas such as 14nm and below logic chips, 200-layer and above 3D NAND flash memory chips, and 20nm and below DRAM memory chips. In the display panel sector, the company has successfully achieved self-reliance in G10.5-G11 ultra-large generation, 4.5KV-5KV ultra-high voltage processes, and critical components for OLED and PVD equipment, effectively breaking foreign technological monopolies.
In terms of surface treatment, the company has covered advanced process lines for integrated circuits and high-end production lines for display panels. Additionally, it has independently mass-produced core raw materials such as large-diameter monocrystalline silicon rods and chemical vapor deposition silicon carbide materials, ensuring supply chain stability while enhancing product quality and customization capabilities.
Steady leadership in niche markets, supported by customers and performance growth
Relying on solid technical expertise and strong product competitiveness, Zhenbao Technology has taken the lead in multiple niche markets, achieving robust performance growth. During the reporting periods, revenue from semiconductor industry components was RMB 211.79 million, RMB 305.42 million, RMB 430.64 million, and RMB 246.96 million, respectively, with a compound annual growth rate of 42.60% from 2022 to 2024. Meanwhile, R&D investment continued to increase significantly during the same period, reaching RMB 18.19 million, RMB 29.94 million, and RMB 53.02 million in 2022, 2023, and 2024, respectively, providing solid support for technological innovation and product iteration.
According to Frost & Sullivan, in 2024, among local enterprises directly supplying wafer fabs, the company ranked first domestically in both silicon and quartz component market shares. In 2023, among local service providers for surface treatment of semiconductor and display panel equipment components, the company ranked fourth overall, with its thermal spray regeneration service maintaining the top domestic market share. Additionally, in 2024, the company ranked first in the domestic silicon component market, third in quartz components, and maintained a leading position in the silicon carbide sector as one of the earliest domestic companies to achieve mass production.
A strong customer base serves as compelling evidence of the company's competitiveness. Current domestic semiconductor capacity expansion primarily focuses on leading industry clients, and the company has accurately captured industry trends, with business fully covering mainstream domestic storage chip manufacturers, as well as major domestic integrated circuit manufacturers such as Nexchip Integration, Hua Run Microelectronics, and Xinyi Integration, along with leading display panel manufacturers like BOE and CSOT. As downstream leaders expand their capacity, future cooperation volumes are expected to grow continuously. Internationally, the company has entered Intel (Dalian)’s (now renamed Dalian SK Hynix) supply chain and maintains stable supply. It is currently conducting testing and validation of silicon and quartz components with Taiwan Semiconductor (Nanjing), while actively exploring collaboration opportunities with SK Hynix (Wuxi) and Samsung (Xi'an). Moreover, the company has passed verification and secured orders from equipment manufacturers such as Yitang Corporation and Kesheng Tong, with significant new orders added in 2025. Its product strength has gained global recognition, laying a solid foundation for overseas market expansion.
The sustained rise in industry prosperity has injected strong momentum into the company's development. According to SEMI forecasts, global semiconductor manufacturing equipment OEM total sales are expected to reach $133 billion in 2025, a year-on-year increase of 13.7%, setting a new historical high. Sales are projected to continue rising to $145 billion in 2026 and $156 billion in 2027. Benefiting from explosive market demand and accelerated localization substitution, Zhenbao Technology has achieved steady performance growth. From 2022 to 2024, the company’s operating revenues were RMB 386 million, RMB 506 million, and RMB 635 million respectively, with net profits attributable to parent company shareholders reaching RMB 81.6216 million, RMB 108 million, and RMB 152 million. In 2024, revenue grew by 25.31% year-on-year, and net profit increased by 40.91%. In the first half of 2025, the company achieved operating revenue of RMB 366 million and net profit attributable to parent company shareholders of RMB 86.196 million, maintaining a favorable growth trend. Both scale and profitability levels have improved simultaneously, demonstrating excellent development resilience and growth potential.
Adhering to technology innovation-driven growth, capital-raising investments support long-term development
As a national high-tech enterprise and a nationally recognized specialized and sophisticated “little giant” enterprise, Zhenbao Technology consistently regards technological innovation as its core driving force. It aligns deeply with the national strategy of achieving self-reliance and control in the semiconductor industry. The company actively undertakes major technical equipment research projects led by the National Development and Reform Commission (NDRC), collaborates with leading industry clients to develop advanced products such as ultra-thick curved silicon upper electrodes and yttrium oxide ceramic components, and continuously advances iterative upgrades in technology. With the dual advantages of policy incentives and localization substitution trends, the company precisely seizes industry development opportunities, gradually narrowing the technological gap with international giants.
In this STAR Market IPO, the proceeds will be primarily used to expand existing production capacity, advance research and industrialization of materials and products in the broader semiconductor equipment field, and further strengthen technological advantages and production scale. In terms of cutting-edge technology deployment, the company is focusing on advancing research in electrostatic chucks (ESCs) for semiconductor etching equipment, graphite materials and components, SiC materials for furnace tubes, and special coating materials. Simultaneously, it is intensifying efforts in developing new products such as ESC electrostatic chucks, TCP Windows special coatings, metal gas distribution plates, and heating plates, continuously broadening its product portfolio and enhancing core competitiveness.
In the future, Zhenbao Technology will leverage this IPO as an opportunity to continue its deep focus on the field of semiconductor core components. It aims to become a leading domestic and world-class total solutions provider, enhance the localization of supply chains, and contribute to improving the self-reliance and control of the industry. The company seeks to secure a more advantageous position in the global competitive landscape of semiconductor components.
