A-share subscription | Qiangyi Co., Ltd. (688809.SH) opens subscription. Customers include chip design manufacturers such as Moore Thread and Horizon.

On December 19th, Qiangyi Technology (688809.SH) started the subscription, with an issue price of 85.09 yuan per share, a subscription limit of 0.75 million shares, a P/E ratio of 48.55 times, listed on the Shanghai Stock Exchange, with China Securities Co., Ltd. serving as its sponsor. According to the prospectus, the company is a high-tech enterprise focused on serving the semiconductor design and manufacturing industry, with a focus on the research, design, production, and sales of core hardware probe cards for wafer testing. The company has professional design capabilities for probe cards and their core components, and is a leading market player with independent MEMS probe manufacturing technology that can mass-produce and sell MEMS probe cards, breaking the monopoly of foreign manufacturers in the MEMS probe card field. Probe cards are "consumable" hardware used in the wafer testing stage of semiconductor production processes, serving as fundamental support components for the semiconductor industry. As an important node between wafer manufacturing and chip packaging, wafer testing can detect chip manufacturing defects and perform functional testing during the semiconductor product construction process, providing important guidance for chip design, directly impacting chip yield and manufacturing costs. It is an indispensable part of chip design and manufacturing, with significant implications for the semiconductor industry chain. Therefore, in the trend of continuous innovation in artificial intelligence and digital technology, the performance of probe cards ensures the reliability of semiconductor products that play a crucial role in areas such as communication, computing, consumer electronics, automotive electronics, and industry. With deep understanding of customer needs, solid technical strength, rich delivery experience, and reliable scalable production capacity, the company's products and services have been recognized by customers. During the reporting period, the company had a total of over 400 individual customers, covering a wide range of core participants in the domestic chip design industry, wafer foundries, and packaging testing manufacturers. Typical customers include various chip design manufacturers, wafer foundries, and packaging testing manufacturers. Over the years, the probe card industry has been dominated by foreign manufacturers, with great potential for domestic substitutes. With the company's independent research and development and manufacturing of 2D MEMS probe cards, domestic manufacturers represented by the company have continually increased market share in recent years. According to publicly available information and Yole's data, in 2023 and 2024, the company ranked ninth and sixth in the global semiconductor probe card industry respectively, becoming the only domestic enterprise to enter the top ten in the global semiconductor probe card industry in recent years, leading in market position among domestic manufacturers of probe cards. In the process of business development, the company mainly competes directly with leading foreign probe card manufacturers. The company's probe card products are comprehensive and have developed multiple core technologies, with a total of 24 core technologies in its possession as of September 30, 2025, and has obtained 182 authorized patents, including 72 domestic invention patents and 6 foreign invention patents. In terms of finances, the company achieved operating revenues of approximately 254 million yuan, 354 million yuan, 641 million yuan, and 374 million yuan respectively in the fiscal years 2022, 2023, 2024, and the first half of 2025. During the same periods, the company's net profits were approximately 15.62 million yuan, 18.65 million yuan, 233 million yuan, and 138 million yuan, respectively.