The stock price has surged by 655%, and the two brothers from Sichuan have built a 50-billion-yuan semiconductor IPO.
Reported by Core East on August 11, Chengdu Superpure Applied Materials Co., Ltd. (referred to as "Superpure Applied Materials"), a core component supplier for semiconductor equipment in Sichuan, officially rang the bell for listing on the Shenzhen Stock Exchange a short while ago.
During the offering stage, the A-share issue price of Superpure Applied Materials was 65.99 yuan; the number of newly issued shares in its initial public offering was 25,461,539, all of which were new shares, and no shares were offered publicly by original shareholders. The total amount of funds raised by Superpure Applied Materials in this A-share offering is approximately 1.68 billion yuan, exceeding the previously planned fundraising amount of 1.125 billion yuan stated in the prospectus, with an over-subscription ratio of 49.33%; the net amount of funds raised by the company in this offering is approximately 1.557 billion yuan.
At today's opening, the share price of Superpure Applied Materials was reported at 450 yuan per share, rising 581.92% compared with the issue price. As of 10:20:39 today, its share price stood at 498 yuan per share, increasing 654.66% compared with the issue price, with a total market value of 50.719 billion yuan.
▲Superpure Applied Materials share price chart (Source: Tencent Stock Select)
After the issuance of Superpure Applied Materials' shares, Chai Jie, the actual controller, chairman and general manager of the company, holds 31.42% of the shares of Superpure Applied Materials, and Chai Lin, Chai Jie's elder brother, director and chief engineer of Superpure Applied Materials, holds 15.46% of the shares; meanwhile, SDIC Venture Capital holds 4.75%, BYD holds 3.43%, and Advanced Micro-Fabrication Equipment Inc. China holds 3.19%.
Among them, BYD also participated in the strategic placement of Superpure Applied Materials' IPO and obtained 0.45% of the placed shares. In addition, Shanghai Xinzhi Times Enterprise Management Co., Ltd. (100% held by Hua Hong Group), Changxin Hongtu Equity Investment (Wuhan) Partnership (indirectly held by Yangtze Memory Technologies), Beijing Electronic Control Industrial Investment Co., Ltd. (held by BOE Technology Group and Naura Technology Group) and other industrial capitals hold 0.89%, 1.04% and 0.82% of the shares of Superpure Applied Materials respectively.
According to the prospectus of Superpure Applied Materials, the company plans to invest the raised funds in the industrialization project of core optical components for semiconductor equipment, the industrialization project of semiconductor materials and surface treatment, the capacity expansion project of Meishan base, the construction project of headquarters and R&D center, and the working capital supplement project respectively.
Founded in August 2005, Superpure Applied Materials is mainly engaged in the R&D, production and sales of special coating components for semiconductor equipment and precision optical devices, and is a national-level key "Little Giant" enterprise specializing in sophisticated and unique technologies. At the same time, it is also one of the very few domestic suppliers of core components for semiconductor etching equipment with process nodes of 5nm and below.
According to the report of Frost & Sullivan, in 2024, Superpure Applied Materials ranked first in the market share of domestic enterprises producing special coating components for semiconductor equipment, and its overall share in the Chinese mainland market reached 5.7%.
The Chinese mainland has the world's largest semiconductor consumer market and semiconductor equipment sales market, but the domestic production rate of semiconductor equipment is relatively low. According to Frost & Sullivan's data, Superpure Applied Materials has realized revenue from etching equipment, heat treatment equipment, thin film deposition equipment, ion implantation equipment, metrology/inspection equipment and lithography equipment.
01.
Total revenue exceeded 900 million yuan in three years, revenue from special coating components for semiconductor equipment accounted for over 90% last year
In 2023, 2024 and 2025, the revenue of Superpure Applied Materials was 169 million yuan, 257 million yuan and 496 million yuan respectively, with the total revenue in three years exceeding 900 million yuan; the net profit was 65 million yuan, 82 million yuan and 185 million yuan respectively; the R&D expenses were 10 million yuan, 14 million yuan and 18 million yuan respectively.
▲Changes in revenue, net profit and R&D expenditure of Superpure Applied Materials (Chart by Core East)
Classified by business type, in 2023, 2024 and 2025, the revenue of Superpure Applied Materials from special coating components for semiconductor equipment was 112 million yuan, 233 million yuan and 473 million yuan respectively, accounting for 66.13%, 90.91% and 95.53% of the main business revenue, which is the main source of the company's main business revenue.
At the same time, benefiting from the substantial growth in revenue from special coating components for semiconductor equipment, the company's main business revenue in 2025 increased by about 193% compared with that in 2023.
▲Chart of revenue changes of different businesses of Superpure Applied Materials (Chart by Core East)
Classified by operation mode, the main business revenue of Superpure Applied Materials mainly comes from product sales, whose proportion exceeded 60% during the reporting period, reaching 63.15%, 73.18% and 81.46% respectively, contributing 107 million yuan, 188 million yuan and 404 million yuan of revenue.
From 2023 to 2025, the main business revenue of Superpure Applied Materials mainly came from within China, mainly in North China and East China, and the proportion of revenue from overseas regions was all lower than 26%.
In 2023, 2024 and 2025, the gross profit margin of precision optical devices of Superpure Applied Materials was the highest, remaining stable above 60%, reaching 76.18%, 62.93% and 66.31% respectively; the gross profit margin of special coating components for semiconductor equipment ranked second, remaining stable at around 58%.
During the reporting period, the gross profit margin of special coating components for semiconductor equipment of Superpure Applied Materials was 58.75%, 57.96% and 59.35% respectively, which was higher than the average gross profit margin of comparable listed companies, and comparable to that of Kema Tech, a developer of advanced ceramic material components for semiconductor equipment, and Zhenbao Tech, a provider of core components for semiconductor equipment and surface treatment solutions.
02.
R&D personnel account for 12.08%, products cover wafer manufacturing, packaging and silicon wafer manufacturing fields
The products of Superpure Applied Materials include special coating components for semiconductor equipment, precision optical devices and special materials, and the special materials include coating materials, sputtering targets, cathode materials, ceramic materials, etc.
It has dozens of special coating component products for semiconductor equipment, covering equipment in the fields of wafer manufacturing, packaging and silicon wafer manufacturing, has certain technical advantages in the fields of etching, lithography, metrology and inspection, annealing and thin film deposition equipment, and has carried out mass production or customer verification in the fields of diffusion, ion implantation, bonding and advanced packaging equipment, providing key component products for silicon epitaxial wafer manufacturing equipment.
The company's etching equipment component products mainly include dielectric windows, spray heads, nozzles, etching rings, linings, inner doors, brackets, etc., whose functions include directly participating in the etching reaction process and maintaining the etching reaction environment. The main products are as follows:
The precision optical devices of Superpure Applied Materials are mainly lenses that have reached extremely high standards in terms of material purity, surface processing accuracy, light transmittance or reflectivity, environmental resistance, etc. after precision forming processing, surface grinding and coating processes. Meanwhile, the company provides high laser threshold laser optical products for key domestic scientific research institutions, which are applied in major national strategic development fields such as aerospace.
Some representative precision optical device products of Superpure Applied Materials are shown in the figure:
As of December 31, 2025, the proportion of R&D personnel of Superpure Applied Materials is 12.08%; as of the same date, the company and its subsidiaries have 26 authorized patents, including 12 invention patents and 14 utility model patents.
03.
High concentration of customers and suppliers
The top five customers of Superpure Applied Materials include KU Leuven Instruments, Chinese Academy of Sciences and China North Industries Group Corporation. In 2023, 2024 and 2025, the total revenue of Superpure Applied Materials from the top five customers was 146 million yuan, 221 million yuan and 444 million yuan respectively, accounting for 86.17%, 86.19% and 89.65% of the operating revenue of the same period respectively.
During the reporting period, the combined proportion of sales to Customer A and Customer B of Superpure Applied Materials was 46.41%, 69.74% and 64.79% respectively, with high customer concentration.
Meanwhile, the direct and indirect shareholding ratio of Customer B and its related parties in Superpure Applied Materials once exceeded 5%. Jidian Industrial Investment, whose executing partner is Beijing Novart Capital Investment Management Co., Ltd. invested by the subsidiary of Customer A, holds 3.37% of the shares of Superpure Applied Materials. In addition, the top five customers of Superpure Applied Materials in each period have no associated relationship with the company, the controlling shareholder, actual controller, directors, supervisors, senior managers and their close family members.
According to the information disclosed in the prospectus of Superpure Applied Materials, it is speculated that Customer A may be Naura Technology Group, and Customer B may be Advanced Micro-Fabrication Equipment Inc. China.
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