China's No.1, leading semiconductor equipment components enterprise in Jiangsu races for IPO: held by the National Integrated Circuit Industry Investment Fund Phase II, plans to raise 2.5 billion yuan

On June 30, Shenzhou Co., Ltd., the leading domestic provider of plasma power supply systems, had its IPO application on the Science and Technology Innovation Board accepted.

Shenzhou Co., Ltd. was founded in 2016 and is headquartered in Yangzhou, Jiangsu. Based on the plasma source technology, a key process technology in semiconductor manufacturing, the company provides plasma power supply system products and technical support services for the domestic semiconductor advanced process industry chain.

According to data from market research firm QYResearch, in 2025, the localization rate of remote plasma source systems in the semiconductor field in mainland China was less than 7%. Shenzhou Co., Ltd. ranked first among domestic enterprises in the market share of remote plasma source systems and also ranked first in the market share of technical support services for plasma power supply systems in mainland China.

In 2024, Shenzhou Co., Ltd. was recognized as a national-level specialized and sophisticated "little giant" enterprise.

Shenzhou Co., Ltd. has a luxurious lineup of shareholders. Among its top 10 shareholders, the National Integrated Circuit Industry Investment Fund Phase II (referred to as "the Big Fund Phase II") holds 4.7847% of the shares, Intel Asia-Pacific R & D Co., Ltd. holds 8.6125% of the shares, and Changcun Industry Investment Fund holds 3.1818% of the shares.

In addition, AMEC Technology Limited holds a total of 3.2246% of the shares of Shenzhou Co., Ltd. through direct or indirect means; Topco Scientific Corporation holds a total of 1.9428% of the shares of Shenzhou Co., Ltd. through direct or indirect means; Huahong Phase II Fund (funded by multiple state-owned assets in Shanghai, with Changxin Technology contributing 7.0391%) directly holds 1.36% of the shares of Shenzhou Co., Ltd.

Currently, the plasma power supply system products of Shenzhou Co., Ltd. have been mass-introduced into domestic leading semiconductor equipment manufacturers such as AMEC Technology Limited, Topco Scientific Corporation, and Northern Microelectronics Corporation, and can be adapted to advanced process production lines such as logic chips below 14 nanometers and storage chips above 2XX layers.

In terms of technical support services, Shenzhou Co., Ltd. is a leading domestic professional technical support service provider for plasma power supply systems. Its relevant services have covered mainstream chip production lines at home and abroad, such as TSMC, Intel, Samsung Electronics, SK Hynix, Micron, Texas Instruments, and China Resources Microelectronics, as well as well - known semiconductor equipment manufacturers at home and abroad, such as Applied Materials, AMEC Technology Limited, Topco Scientific Corporation, and Northern Microelectronics Corporation.

In this IPO, Shenzhou Co., Ltd. plans to raise 2.522 billion yuan for the R & D and industrialization project of power - related components in the field of integrated circuits with advanced process nodes, the upgrade and expansion project of the technical support service system, the construction project of the Shanghai industrialization base, the construction project of the technology R & D innovation center, and the supplement of working capital.

01 The revenue of self - developed products soared by 1570%, and the main business income is highly concentrated in the semiconductor industry

In the semiconductor field, plasma source technology is a necessary technical means to achieve advanced semiconductor chip processes. The plasma power supply system is the core carrier of plasma source technology. Through the precise control of power system parameters, it can achieve precise control of plasma in a very short time, and then drive the plasma to complete key semiconductor processes such as etching, thin - film deposition, and ion implantation.

The main self - developed products of Shenzhou Co., Ltd. include plasma radio - frequency power supply systems, remote plasma source systems, high - voltage pulse power supply systems, etc. At the same time, it also provides technical support services such as detection, maintenance, and performance upgrade of plasma power supply systems for major chip production lines around the world.

In 2023, 2024, and 2025, the revenues of Shenzhou Co., Ltd. were 261 million yuan, 446 million yuan, and 654 million yuan respectively; the net profits were - 15 million yuan, 154 million yuan, and 229 million yuan respectively; and the R & D expenses were 37 million yuan, 58 million yuan, and 109 million yuan respectively.

▲ Changes in revenue, net profit, and R & D expenses of Shenzhou Co., Ltd. (compiled by Xin Dongxi)

The main business income of Shenzhou Co., Ltd. is composed of four categories: sales of self - developed products, technical support services, sales of components and others, and entrusted R & D. The overall shows a rapid growth trend. The total amount increased from 258 million yuan in 2023 to 438 million yuan in 2024 and further climbed to 642 million yuan in 2025. During the reporting period, the revenue scale and proportion contributed by the sales of self - developed products increased significantly. In 2025, this business contributed 55.11% of the revenue of Shenzhou Co., Ltd., and the revenue scale soared by about 1570% in two years.

▲ Changes in the composition of the main business income of Shenzhou Co., Ltd. (compiled by Xin Dongxi)

In terms of application fields, the main business income of Shenzhou Co., Ltd. is highly concentrated in the semiconductor field. During the reporting period, the proportion of income from the semiconductor field has always been above 85% and has been increasing year by year. In 2025, the income from this field reached 613 million yuan, accounting for 95.38% of the main business income. The total proportion of income from the display, photovoltaic, and other fields is less than 5%.

During the reporting period, the gross profit margins of the main business of Shenzhou Co., Ltd. were 62.56%, 66.94%, and 66.65% respectively. Self - developed products are the products with the highest gross profit margin. During the reporting period, the gross profit margins were 60.17%, 69.63%, and 71.37% respectively.

Compared with comparable companies in the same industry such as Hengyunchang, Yingjie Electric, Xianfeng Jingke, and Fuchuang Precision, the gross profit margin of Shenzhou Co., Ltd. is at a relatively high level in the industry, and the leading advantage is relatively obvious. This is because Shenzhou Co., Ltd. focuses on the advanced process fields with high technological added value, high R & D difficulty, and high gross profit margin.

02 Filling the application gap of domestic high - end plasma power supply systems, with R & D personnel accounting for 24.46%

In the field of semiconductor plasma power supply systems, Shenzhou Co., Ltd. is one of the enterprises in mainland China with a relatively comprehensive product layout and relatively advanced technology. Many self - developed plasma power supply system products have been mass - applied in China's advanced process chip production lines, filling the application gap of domestic high - end plasma power supply systems.

Most of the products of Shenzhou Co., Ltd. are applied in advanced processes. The main situation of its plasma radio - frequency power supply system products is as follows:

The main situation of its remote plasma source system is as follows:

In addition to the commercially available products, during the reporting period, Shenzhou Co., Ltd. completed the R & D layout of many reserve products such as ESC adsorption power supplies, ESC heating power supplies, and sputtering power supplies, and the relevant products are in the customer verification stage.

As of the end of 2025, Shenzhou Co., Ltd. had 124 R & D personnel, accounting for 24.46% of the total. The company has obtained a total of 107 authorized patents, including 62 invention patents.

03 High customer concentration, with many major customers holding shares

Shenzhou Co., Ltd. sells its products and services to many well - known semiconductor companies and semiconductor equipment companies at home and abroad. During the reporting period, its customer concentration has been increasing. The top five customers of Shenzhou Co., Ltd. are as follows:

Many major customers of Shenzhou Co., Ltd. hold its shares. Intel holds 8.6125% of the shares of Shenzhou Co., Ltd. through its investment platform Intel Asia - Pacific. During the reporting period, Shenzhou Co., Ltd. mainly provided technical support services for Intel's Dalian factory. In September 2025, Intel sold its Dalian factory to SK Hynix, and Shenzhou Co., Ltd. continued to provide relevant technical support services to SK Hynix's Dalian factory.

AMEC Technology Limited directly holds 1.3636% of the shares of Shenzhou Co., Ltd. through its wholly - owned subsidiary AMEC Semiconductor (Shanghai) and indirectly holds 1.8610% of the shares by participating in Zhimicro Houde and Zhimicro Panfeng.

Topco Scientific Corporation directly holds 1.7861% of the shares of Shenzhou Co., Ltd. through its wholly - owned subsidiary Shanghai Yanquan and indirectly holds 0.1567% of the shares by participating in Tuojing Xinlian.

In terms of suppliers, the raw materials purchased by Shenzhou Co., Ltd. include power system standby machines, modules, electronic components, capacitors, power devices, structural parts, hardware parts, and cavities. Its top five suppliers are as follows:

04 The founder controls 64.74% of the voting rights

As of June this year, the equity structure diagram of Shenzhou Co., Ltd. is as follows: