Core Viewpoint - Qindao SIRUI Intelligent Technology Co., Ltd. has successfully completed a multi-billion C round financing, marking a significant milestone in its growth trajectory within the semiconductor core equipment sector, with strong backing from national-level funds and industry-leading investors [1][5]. Financing History - Since its establishment in 2018, SIRUI Intelligent has undergone six rounds of financing, showcasing a clear pattern of industry capital leading the way, followed by diverse capital participation, and culminating in national-level capital involvement [3]. - The financing timeline includes: - 2019: Angel round led by CRRC Capital and China CRRC, establishing a foundation for technology layout [4]. - 2022: A round financing with 12 participants, accelerating the domestic implementation of ALD technology [4]. - 2023: A+ round financing further strengthening R&D capabilities [4]. - 2024: B and B+ rounds, with valuations reaching 4.1 billion yuan, reflecting increased market recognition [4]. - 2025: C round financing led by national funds, enhancing the company's capital structure and industry connections [5]. Product Focus and Competitive Edge - SIRUI Intelligent targets the semiconductor front-end process equipment market, specializing in Atomic Layer Deposition (ALD) and Ion Implantation (IMP) equipment, becoming the only domestic company to achieve mass production of both technologies [6][10]. - The acquisition of Beneq Oy in 2018 enabled rapid access to 40 years of ALD technology, facilitating a transition from research to industrial applications [8]. - In the ALD sector, SIRUI's orders grew by 40% year-on-year in 2024, with successful deliveries to leading semiconductor manufacturers [8]. - In the IMP sector, SIRUI developed China's first high-energy ion implanter, filling a domestic gap and meeting advanced process requirements [10]. Market Potential and Growth - The global semiconductor equipment market is valued at $70 billion, with a projected annual growth rate of 10% over the next five years, while the domestic demand for ALD equipment is expected to grow at 20% [11]. - SIRUI's technology breakthroughs address critical "bottleneck" issues in the industry, supporting the national semiconductor supply chain and enhancing domestic production capabilities [11]. - Despite not yet achieving profitability, SIRUI's revenue for 2023 was 468 million yuan, with a net loss of 239 million yuan, which aligns with the high R&D investment typical in the semiconductor equipment sector [11]. IPO Progress - Concurrent with the C round financing, SIRUI's IPO process is advancing, with plans to submit documents to the Sci-Tech Innovation Board in early to mid-2026 [12]. - The successful completion of the C round financing is expected to optimize the capital structure and provide operational funding for the IPO, positioning SIRUI as a benchmark enterprise in the semiconductor equipment sector [12].

Core Insights - The company focuses on three main areas: front-end coating and developing, front-end single wafer cleaning, and advanced packaging in the back-end sector [1][5]. Group 1: Front-End Coating and Developing - The company is currently the only domestic provider of mass production front-end coating and developing machines, offering various process types including offline, I-line, KrF, and ArF immersion [2]. - The new generation ultra-high-capacity coating and developing machine, FT Alkaid, features high capacity, stability, reliability, and integration, designed to meet future advanced lithography machine capacity demands [2]. Group 2: Front-End Single Wafer Cleaning - The front-end physical cleaning equipment has reached international advanced levels, successfully achieving domestic substitution [3]. - The company has become the first in China to validate the high-temperature sulfuric acid cleaning process and secure repeat orders, with significant growth in orders year-on-year [3]. Group 3: Advanced Packaging - In the advanced packaging sector, the company holds over 50% market share and is a key supplier of mass production equipment, while also expanding into emerging areas like 2.5D and 3D packaging [4]. - The company’s temporary bonding and debonding machines have reached international advanced levels, with a growing order book from domestic clients [4]. Group 4: Future Growth and Financial Projections - The company aims to focus on key technologies in bonding and debonding for high-end packaging, with strong growth potential supported by its major shareholder, Northeast Huachuang [5]. - Revenue projections for the company are estimated at 1.98 billion, 2.48 billion, and 3.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 107 million, 280 million, and 530 million yuan [5].

人民财讯12月27日电，迈为股份（300751）12月27日在互动平台表示，公司长期看好HBM工艺的国产 化前景，目前公司高选择比刻蚀设备及混合键合设备等可用于DRAM(高带宽存储器HBM)工艺。 ...

《商道创投网》创投家会员·本轮投资原因是什么？ 国开制造业转型升级基金相关负责人表示，投资思锐智能是基于其在半导体前道工艺设备领域的深厚技 术积累与强大的研发实力。公司拥有一支专业且富有创新精神的团队，在ALD与IMP设备的研发上取得 了多项突破性成果，其产品性能已达到国际先进水平，且具有完全自主知识产权，打破了国外技术垄 断。同时，随着全球半导体产业的持续发展，市场对高端半导体设备的需求日益旺盛，思锐智能凭借其 先进的技术和优质的产品，有望在这一市场中实现快速增长，为投资者带来丰厚的回报。 思锐智能成立于2018年，是一家专注于关键半导体前道工艺设备研发、生产和销售的高新技术企业。公 司以原子层薄膜沉积（ALD）设备与离子注入（IMP）设备为核心产品，致力于提供自主可控的核心设 备与系统解决方案。其产品广泛应用于集成电路、第三代半导体、新型显示及精密零部件镀膜等前沿领 域，凭借先进的技术与优质的服务，累计服务全球超过500家客户，业务覆盖40多个国家和地区，展现 出强大的市场竞争力与行业影响力。 《商道创投网》创业家会员·本轮融资用途是什么？ 思锐智能创始人表示，本轮融资资金将主要用于加速核心技术创新，加大 ...

Core Viewpoint - Japan's semiconductor manufacturing equipment sales continue to thrive, achieving record highs in November 2025, with sales exceeding 400 billion yen for 13 consecutive months, indicating strong market demand and growth potential in the semiconductor industry [1][2]. Group 1: Sales Performance - In November 2025, Japan's semiconductor equipment sales reached 420.67 billion yen, marking a 3.7% increase year-over-year and a record high for the same month historically [1]. - Cumulatively, from January to November 2025, sales totaled 4.635 trillion yen, a significant increase of 16.1% compared to the same period last year, surpassing the previous year's total of 3.992 trillion yen [2]. - The global market share of Japanese semiconductor equipment stands at 30%, making it the second largest in the world after the United States [2]. Group 2: Future Projections - The Semiconductor Equipment and Materials International (SEMI) predicts that global semiconductor equipment sales will reach a record high of $133 billion in 2025, with expected growth of 13.7% [4]. - For the years 2026 and 2027, global semiconductor equipment sales are projected to continue growing, reaching $145 billion and $156 billion, respectively [4]. - The demand for advanced logic, memory, and packaging technologies driven by AI investments is identified as the primary growth driver for semiconductor equipment sales [4]. Group 3: Segment Insights - SEMI forecasts that sales of front-end semiconductor manufacturing equipment (Wafer Fab Equipment) will increase by 11.0% to $115.7 billion in 2025, reflecting strong demand from AI-related investments [5]. - The growth in sales is also attributed to significant investments in advanced memory technologies, particularly in South Korea, which is expected to support equipment sales [6]. - By 2027, China, Taiwan, and South Korea are anticipated to remain the top three countries in semiconductor equipment procurement, with China continuing to invest in mature processes and specific advanced nodes [5][6].

用于存储半导体加工的迪思科的新设备 新设备可以一次大量处理AI用存储半导体。计划于2026年下半年开始销售…… 日本半导体切削与研磨设备大企业迪思科（DISCO）开发出了可将生产效率提高5成的半导体 切割设备（Laser Saw/激光划片机）。随着人工智能（AI）性能的提高，半导体的结构变得 复杂，加工难度加大。在这种情况下，该设备可以一次大量处理AI用存储半导体。计划于 2026年下半年开始销售。 半导体的制造工序是在硅晶圆上形成电路，然后切割成单个芯片后进行布线和封装。迪思科 的切割设备的全球市场份额被认为达到8成左右，随着AI半导体需求的扩大，销量也持续增 用于AI数据处理的"高带宽存储器（HBM）"是将芯片堆叠起来，形成微细的构造物。由于需 要高精度的切割加工，搭载了高功率激光。 适用于切割逻辑半导体所用材料的新设备将于2027年4月发售。通过改变设备内的结构，提 高了晶圆加工的生产效率。 作为新领域，迪思科还将开发可将晶圆加工为各种形状的设备，2026年1月投放市场。该设 备可以在晶圆上钻圆孔，或高精度地加工为自由形状。首先将用于量子计算机相关等研发， 以开拓市场。 版权声明：日本经济新闻社版权所有 ...

中经记者 顾梦轩 李正豪 广州 北京报道 市值超1700亿元的半导体设备龙头企业中微公司（688012.SH）在"平台化"战略道路上再进一步。近 日，中微公司发布公告称，其正在筹划以发行股份方式购买杭州众硅电子科技有限公司（以下简称"杭 州众硅"）的控股权，并募集配套资金。根据公告，公司股票自2025年12月19日开市起停牌，预计停牌 时间不超过10个交易日。 就此，南开大学金融发展研究院院长田利辉在接受《中国经营报》记者采访时指出，中微公司收购杭州 众硅，是半导体设备产业链整合的必然选择。刻蚀、薄膜沉积与CMP（Chemical Mechanical Polishing， 化学机械抛光）并列为半导体前道工艺三大核心设备，缺一不可。中微公司作为刻蚀设备龙头企业，通 过收购填补湿法设备空白，实现"干法+湿法"完整覆盖，构建成套工艺解决方案，大幅提升客户黏性与 市场竞争力。这不仅是产品线的延伸，更是战略协同的深化，标志着中微公司正在推进从"单一设备供 应商"向"平台型半导体设备企业"的关键转型。 值得一提的是，中微公司现任董事长尹志尧，是顶尖半导体专家，中国科学技术大学毕业的他，60岁时 创办中微公司，专注研发刻 ...

长川科技公告，实际控制人之一致行动人杭州长川投资管理合伙企业（有限合伙）2025年12月22日至 2025年12月26日通过集中竞价及大宗交易合计减持535万股，持股比例由26.4660%变为25.6227%，权益 变动触及1%整数倍。此前已披露的减持计划拟在3个月内减持不超过1196.84万股，占公司总股本比例 1.8866%。截至公告披露日，公司总股本为6.34亿股。 ...

Group 1 - The company Yitang Co., Ltd. (SH 688729) announced that approximately 15.21 million restricted shares will be unlocked and listed for trading on January 8, 2026, representing 0.51% of the total share capital [1] - For the fiscal year 2024, the revenue composition of Yitang Co., Ltd. is as follows: dry stripping equipment accounts for 40.31%, rapid heat treatment equipment 24.06%, spare parts 20.93%, dry etching equipment 12.45%, and service revenue 2.13% [1] - As of the report date, Yitang Co., Ltd. has a market capitalization of 74.5 billion yuan [1]

Core Insights - The A-share computing power sector experienced significant value reshaping in 2025, transitioning from policy-driven expectations to performance verification, with the National Computing Infrastructure Index showing an 80.74% increase year-to-date by December 25, 2025 [1] - The market's perception of the computing power industry shifted from "concept speculation" to "value anchoring," reflecting intensified global competition and domestic industrial upgrade demands [1] - The domestic substitution process in the computing power sector evolved from policy support to market selection, driven by real demand and the establishment of a comprehensive domestic computing ecosystem [5][6] Group 1: Performance Highlights - AI chip and semiconductor equipment sectors were the main focus of capital investment, with companies like Haiguang Information reporting a 54.65% year-on-year revenue increase to 9.49 billion yuan and a 28.56% rise in net profit [2] - Cambricon Technologies reported a staggering 2386.38% year-on-year revenue growth to 4.607 billion yuan, indicating the rapid market adoption of domestic AI chips [3] - Industrial Fulian, a global leader in AI servers, achieved a 38.4% revenue increase to 603.931 billion yuan, with net profit rising by 48.52% [3] Group 2: Technological Advancements - Liquid cooling technology emerged as a critical growth point, with companies like Yingwei achieving a revenue increase of 40.19% to 4.026 billion yuan, meeting stringent energy efficiency standards [4] - The integration of hardware upgrades and software ecosystem improvements is driving the performance of domestic AI chips, with frameworks like MindSpore facilitating easier application development [9] - The shift towards liquid cooling technology is not only a response to energy efficiency requirements but also a foundational element for future high-density computing infrastructure [8] Group 3: Market Dynamics - The market is increasingly favoring companies with clear technological pathways and real profit growth, leading to a structural differentiation in the computing power sector [2] - The demand for self-controlled and secure computing solutions is accelerating domestic substitution, with companies like Haiguang Information and Cambricon creating valuable market space [7] - The competition is evolving from product-based to ecosystem-based, with companies that can provide comprehensive solutions across hardware, software, and services gaining a competitive edge [10] Group 4: Future Outlook - The value reshaping in the A-share computing power sector is expected to continue into 2026, with a focus on high-performance AI chips and broader applications of liquid cooling technology [10] - The growth structure of AI computing demand will further differentiate, favoring solutions that demonstrate high energy efficiency and specific application capabilities [10] - Companies that can prove their technology's commercial viability and integrate deeply into the domestic computing ecosystem will continue to attract capital investment [10] Group 5: Industry Transition - The Chinese computing power industry is transitioning from scale expansion to high-quality development, marking a critical period of proactive leadership in the digital economy [11]