Core Viewpoint - The company specializes in wafer testing probe cards, including MEMS and non-MEMS types, which are essential for connecting chips to testing equipment and detecting manufacturing defects [7][33]. Business Overview - The company was established in 2015 and is a non-state-owned enterprise, with CITIC Securities as its sponsor [3][29]. - The main revenue source is from the sales of probe cards, which accounted for 96.67% of total revenue in the first half of 2025 [4][31]. Revenue Composition - In the first half of 2025, the revenue from probe card sales was 358.93 million yuan, with a significant portion coming from 2D/2.5D MEMS probe cards, which represented 88.37% of total sales [4][32]. - The company also generates revenue from probe card maintenance and wafer test board sales, though these contribute a smaller percentage to total revenue [4][31]. Financial Performance - The company's revenue for the first half of 2025 was 374 million yuan, showing a significant increase compared to previous years, with a year-on-year growth of 80.95% from 2023 [17][43]. - The gross profit margin has improved, reaching 68.99% in the first half of 2025, up from 43.12% in 2022 [18][45]. Market Position - The global probe card market was valued at 2.625 billion USD in 2024, with MEMS probe cards holding a market share of approximately 69.77% [20][48]. - The company ranked fifth globally in MEMS probe card sales and fourth in cantilever probe card sales in 2024 [21][48]. Customer Base - The company employs a direct sales model, with major clients including domestic chip design firms and wafer foundries. The top five customers accounted for 82.84% of total sales in the first half of 2025 [9][37]. - The largest customer, referred to as Company B, contributed 25.53% of revenue in the first half of 2025 [41]. Product Details - The company’s MEMS probe cards are used for advanced process chips, with 2D MEMS probe cards being the primary revenue source, accounting for 77.81% of revenue in 2024 [8][35]. - Non-MEMS probe cards, including cantilever and vertical types, are also offered, but their revenue contribution is gradually decreasing [8][36]. Supply Chain - Key materials for production include space transition boards, PCBs, and MEMS probe manufacturing materials, with a significant portion sourced from imports [8][36]. - The company has seen an increasing reliance on KAGA FEI for MLO procurement, with the percentage rising from 11.77% in 2022 to 32.84% in 2025 [8][36].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Qiangyi Semiconductor (Suzhou) Co., Ltd., which plans to raise 1.5 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Company Summary - Qiangyi Semiconductor is a high-tech enterprise focused on semiconductor design and manufacturing, specializing in the research, design, production, and sales of wafer test probe cards [1] - The company possesses professional design capabilities for probe cards and their core components, being one of the few domestic manufacturers with independent MEMS probe manufacturing technology capable of mass production and sales [1] - Qiangyi Semiconductor has broken the monopoly of foreign manufacturers in the MEMS probe card sector [1] Industry Summary - The company's 2D MEMS probe card has achieved independent research and manufacturing, contributing to the increasing market share of domestic manufacturers in recent years [1] - According to Yole, Qiangyi Semiconductor ranked ninth in the global semiconductor probe card industry in 2023, marking the first time a domestic company has entered the top ten in this sector [1]