Zhenbao Technology successfully passed the review for an IPO on the Shanghai Stock Exchange Sci-Tech Innovation Board. Its main products include equipment components such as silicon, quartz, silicon carbide, and alumina ceramics.

On March 5th, Chongqing Zhenbao Technology Co., Ltd. (referred to as Zhenbao Technology) passed the listing committee meeting of the Shanghai Stock Exchange Science and Technology Innovation Board IPO. The sponsor institution is CITIC SEC, and it plans to raise 1.198 billion yuan. According to the prospectus, the company focuses on providing components for manufacturing equipment for the integrated circuit and display panel industries, which participate in the process reaction inside the vacuum chamber, as well as surface treatment solutions. The company's main products are equipment components such as silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services like thermal spraying regeneration, anodizing, and precision cleaning. The company's component products and surface treatment services are mainly applied in plasma etching and thin film deposition processes in the semiconductor equipment for the integrated circuit industry, as well as plasma etching, thin film deposition, and sputtering processes in panel manufacturing equipment for the display panel industry. In terms of component production, the company mainly adopts a "sales-driven production" mode, and also makes appropriate stocking decisions based on market conditions. After consolidating sales and stocking demand, the production and sales departments determine production demand based on inventory and production capacity, and then the production department develops a production plan, schedules production, and follows up on progress to ensure timely completion. For surface treatment services, the company arranges operational plans based on customer orders and expected orders. The company mainly cooperates with integrated circuit and display panel manufacturing companies through direct sales mode to provide components and surface treatment services to customers. In the field of semiconductor equipment components, the company has overcome many technical challenges such as micro deep hole processing, curved surface processing, and achieved independent controllability of components like alkaline etching on curved surface silicon upper electrodes. It has made breakthroughs in high-density coating preparation and other surface treatment technologies, continuously increasing research and development investments in areas such as silicon carbide components, semiconductor electrostatic chuck, and high-density coating preparation technologies. The company's semiconductor equipment components have been widely applied in logic-based 14nm and below technology node advanced process integrated circuit manufacturing, storage-based 200-layer and above stacked advanced process 3D NAND flash memory chip manufacturing, and 20nm and below technology node DRAM advanced process storage chip manufacturing fields. According to Frost & Sullivan data, in 2024, among local semiconductor equipment component companies supplying directly to wafer fabs, the company ranks first in the silicon component market with a revenue market share of 4.5%, and first in the quartz component market with a revenue market share of 8.8%. In terms of display panel equipment components and surface treatment, the company has broken through core processes such as thermal spraying regeneration, achieved independent control of AMOLED PVD bipolar electrostatic chucks, and made technological breakthroughs in coating voltage resistance in the 4.5KV high voltage field through independent design of electrode rods and optimized coating structure. The company's display panel components and surface treatment services have been applied in equipment such as plasma etching, thin film deposition, and sputtering in G10.5-G11 large-scale generation line LCD, 6G AMOLED production lines, and have established stable business cooperation relationships with the top five domestic display panel companies such as BOE, CSOT, and HKC, successfully expanding to overseas customers such as Tokyo Electronics (Shanghai). According to Frost & Sullivan data, in 2023, among non-metal component providers for semiconductor and display panel equipment, the company ranks second in the market with a revenue market share of 1.9%, and in 2023, among local service providers for semiconductor and display panel equipment surface treatment, the company ranks fourth in the market with a market share of 2.8%, with thermal spraying regeneration service ranking first with a market share of 6.3%. In terms of finances, in the fiscal years of 2022, 2023, 2024, and January-June 2025, Zhenbao Technology's operating income was approximately 386 million yuan, 506 million yuan, 635 million yuan, and 366 million yuan respectively; during the same period, the company achieved net profits of approximately 81.55 million yuan, 109 million yuan, 152 million yuan, and 85.18 million yuan respectively.