Benefiting from the rapid development of downstream application fields such as artificial intelligence and new energy vehicles, the prosperity of the semiconductor industry continues to improve, the scale of investment in the industry chain continues to grow, and the market demand for semiconductor equipment has further expanded. Since 2020, China has become the world's largest market for semiconductor equipment, and recently another company in this field has filed for an IPO.
According to Gelonghui, Qingdao Sirui Intelligent Technology Co., Ltd. (referred to as "Sirui Intelligent") recently disclosed the draft prospectus for its listing application on the STAR Market, with Guotai Haitong Securities as the sponsor.
Sirui Intelligent claims to be one of the few domestic enterprises that have achieved key technological breakthroughs in the fields of atomic layer deposition equipment and ion implantation equipment, and it occupies a certain position in the atomic layer deposition equipment segment. However, it is still operating at a loss and is expected to reach break-even no earlier than 2029.
01 Focused on atomic layer deposition and ion implantation equipment, with cumulative losses exceeding 1 billion yuan over three and a half years
The upstream supporting industries of semiconductors include semiconductor materials, semiconductor equipment, electronic design automation (EDA), and intellectual property modules (IP cores). Midstream semiconductor manufacturing includes chip design, wafer manufacturing, and packaging and testing. Downstream applications cover fields such as artificial intelligence, big data, communication technology, consumer electronics, new energy, and the Internet of Things.
Sirui Intelligent operates in the semiconductor equipment field and is mainly engaged in the research and development, production, and sales of atomic layer deposition equipment and ion implantation equipment used in fields such as integrated circuits, power devices, scientific research, and display devices, and also provides spare parts and related technical services.
Its products are mainly used in the thin film deposition and ion implantation processes in semiconductor manufacturing, playing a role in forming functional material layers and material doping in semiconductor front-end processes.
Image from the prospectus
The company's atomic layer deposition equipment includes the Transform series, TFS series, P series, spatial ALD series, and Genesis series, and its ion implantation equipment includes the high-energy series, high-current series, medium-current series, hydrogen ion series, and SiC series.
From 2023 to the first half of 2026 (referred to as the "reporting period"), the share of Sirui Intelligent's revenue from atomic layer deposition equipment decreased from 85.01% to 59.52%, the revenue share of spare parts and technical services both exceeded 10%, and ion implantation equipment contributed approximately 27% of the company's revenue in the first half of 2026.
Composition of the company's main business revenue by product category, image from the prospectus
In recent years, Sirui Intelligent's revenue has shown a growth trend, but it has not yet become profitable and has accumulated unrecovered losses.
In 2023, 2024, 2025, and January-June 2026, the company's operating revenue was approximately 349 million yuan, 363 million yuan, 495 million yuan, and 190 million yuan, respectively, with corresponding net profits of approximately -304 million yuan, -271 million yuan, -267 million yuan, and -231 million yuan, respectively. The cumulative loss over three and a half years exceeded 1 billion yuan, and the company expects to reach the break-even point no earlier than 2029.
The reasons for the company's losses are mainly that the revenue scale is still in a climbing stage, and it will take some time for economies of scale to emerge; the products have high technical thresholds and require large R&D investment (in each period of the reporting period, the company's R&D expenses as a proportion of operating revenue were 41.63%, 53.11%, 47.08%, and 61.05%, respectively); and it conducts global operations with R&D and manufacturing centers in China and Finland, resulting in relatively high overall operational management and coordination costs.
Sirui Intelligent needs to purchase raw materials such as mechanical, electronic and electrical, vacuum system, transmission system, fluid system, instrumentation, and consumables. Its suppliers include Beijing Keruituo Technology Co., Ltd., Wuxi Chengcheng Electronic Technology Co., Ltd., Sumitomo Heavy Industries Cryogenic Technology (Shanghai) Co., Ltd., Jinkang Semiconductor Technology (Shanghai) Co., Ltd., and others.
The company's customers are mainly semiconductor manufacturers, display device manufacturers, and research institutes, including Shanghai Xinwei Semiconductor Co., Ltd., IM
EC
, Innoscience, Anhui Xitai, SeeYA Technology, BOE, Fuchuang Precision, and others.
Sirui Intelligent's business covers more than 40 countries and regions around the world. During the reporting period, the company mainly conducted overseas business through its Finnish subsidiary Beneq, and the proportion of revenue from overseas customers was relatively high. If overseas market industry regulation or tax policies change, the company may face compliance and tax risks in its local operations.
In addition, at the end of each period in the reporting period, the book value of Sirui Intelligent's inventory soared from approximately 500 million yuan to around 1.3 billion yuan, and its proportion of current assets also increased from 54.71% to 65.69%. The inventory scale is relatively large, and it faces the risk of inventory write-downs.
02 A peer of NAURA and Piotech, with fluctuations in the gross margin of its main business
The semiconductor equipment industry has broad market space, and domestic demand is strong.
According to SEMI statistics, global semiconductor equipment sales reached 135.06 billion US dollars in 2025, an increase of 89.74% compared with 2020; among this, sales in mainland China reached 49.31 billion US dollars, an increase of 163.41% compared with 2020.
Data source: SEMI
Semiconductor front-end equipment mainly refers to wafer manufacturing equipment, including lithography equipment, etching equipment, thin film deposition equipment, ion implantation equipment, cleaning equipment, CMP equipment, etc., which are used in the core manufacturing of chips; back-end equipment mainly refers to packaging and testing equipment, which is used in chip packaging and overall performance testing.
According to SEMI data, in global semiconductor equipment in 2024, wafer manufacturing equipment accounted for as much as 89.23% of expenditure, while inspection equipment and packaging equipment accounted for only 6.45% and 4.32%, respectively.
Among semiconductor front-end equipment, lithography equipment, etching equipment, and thin film deposition equipment are the main equipment types. The thin film deposition equipment and ion implantation equipment to which Sirui Intelligent's products belong accounted for 24% and 4%, respectively.
Data source: SEMI; image from the prospectus
The industry in which Sirui Intelligent operates is highly competitive, and its current market share is mainly occupied by international giants.
According to QY Research data, in the 2025 global atomic layer deposition equipment market, the combined market share of three international giants—Applied Materials, Tokyo Electron, and Lam Research—reached 58.15%.
Domestic enterprises started relatively late and mainly focus on the domestic market. Their operating scale still lags somewhat behind that of international giants. In addition to Sirui Intelligent, participants also include NAURA Technology, Piotech, and Leadmicro.
In 2025, Sirui Intelligent's atomic layer deposition equipment achieved a market share of 12.01% in the compound semiconductor field, ranking third globally and first among domestic manufacturers; in the display device field, it ranked first globally with a market share of 14.72%; in the scientific research field, it ranked first globally with a market share of 8.29%.
In the global ion implantation equipment field, international giants such as Applied Materials and Axcelis hold a dominant position. In 2025, the combined share of the aforementioned enterprises in this field was 82.25%. The domestic ion implantation equipment market has long been monopolized by international giants, and the combined market share of domestic equipment is less than 6%.
Sirui Intelligent has a relatively short history. Compared with comparable companies, it still has considerable room for improvement in total assets, operating revenue, and net profit.
Comparison of the company's and comparable companies' operating indicators in 2025; image from the prospectus
In each period of the reporting period, Sirui Intelligent's gross profit margins of its main business were 33.98%, 41.43%, 39.02%, and 22.13%, respectively, showing fluctuations.
Among them, in 2023 and the first half of 2026, the company's gross profit margin of its main business was lower than the average of comparable companies in the same industry, mainly because the company had a relatively high proportion of products with relatively low average selling prices and gross profit margins.
Comparison of the company's gross profit margin of its main business with comparable companies in the same industry; image from the prospectus
03 A Shandong Qingdao company seeks an IPO, with CRRC Sifang Institute as the largest shareholder
Sirui Intelligent is registered in Qingdao, Shandong. Its predecessor, Sirui Limited, was established in 2018 with capital contributions from Huayu Guohua and CRRC Sifang Institute, and was converted into a joint-stock company as a whole in 2025.
It is worth mentioning that in 2018, Sirui Limited acquired 100% equity of the Finnish subsidiary Beneq Group. Beneq Group is mainly engaged in atomic layer deposition equipment business and thin-film electroluminescent display business. After the acquisition was completed, various aspects of integration and development were successively carried out for Beneq Group.
Sirui Intelligent's shareholding structure is relatively dispersed, with no controlling shareholder and no actual controller. This may reduce the efficiency of the shareholders' meeting and the board of directors in deciding major matters, and also creates the possibility of changes in control after the company is listed, thereby bringing potential risks to the company's development.
Before this offering, the largest shareholder, CRRC Sifang Institute, held 16.15% of Sirui Intelligent's shares, and the second largest shareholder, Huayu Guohua, held 15.3%.
In addition, employee shareholding platforms such as Ruiyuan Junhe, Guokai Transformation, Guodiao Phase II, Huayu High-tech, Qianhai Zhaoxin, Hefei Shixi, Guoyun Dingxin, and Chengdu Yuefa are all shareholders of the company.
The company's shareholding structure before the offering; image from the prospectus
In terms of management, Sirui Intelligent's chairman and general manager, Nie Xiang, was born in 1978 and holds a Master of Business Administration from Tsinghua University. He has successively served as assistant economist, economist, deputy director of the director's office, director of the office, deputy general manager, and director at CRRC Sifang Institute, and also served as a director and general manager of the company.
Director Yin Peiqiang was born in 1981 and holds a master's degree from Zhejiang University of Technology (Control Theory and Control Engineering). From April 2008 to the present, he has successively served as a R&D engineer at the Electrical R&D Center of CRRC Sifang Institute, chief engineer of the System Development Office, chief engineer and deputy director of the System Development Office of the Research Center of the Technology Center, general manager of the Electronics Business Division, and deputy chief engineer and director of the Technology Center.
Director Wang Jinyuan was born in 1988 and holds a master's degree from Tsinghua University (Chemical Engineering and Technology) and is a Chinese Certified Public Accountant (non-practicing). She has successively served as technical manager of the Coal Chemical Business Division of Huadian Heavy Industries Co., Ltd., senior analyst of Shanghai iResearch Market Consulting Co., Ltd., and senior manager of Huayu Zhengxin Company. Since January 2020, she has served as assistant to the general manager and director of the Investment Department of CRRC Guochuang Company.
Deputy general manager and chief financial officer Guan Jianpeng was born in 1987 and holds a master's degree from Dongbei University of Finance and Economics (Accounting) and is a Chinese Certified Public Accountant (non-practicing). He has successively served as a cost accounting accountant in the Finance Department of CRRC Sifang Institute, deputy director of the Strategic Investment Department and deputy general manager of the Electromechanical Parts Business Division, and deputy director of the Strategic Investment Department.
In this IPO, Sirui Intelligent plans to raise RMB 2 billion, to be used for the advanced semiconductor equipment R&D and manufacturing center project, the high-end semiconductor equipment R&D project, and to supplement working capital.
This article is from the WeChat public account "Gelonghui New Stocks", author: Brother Fa Talks New Stocks
