Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology) has applied for a change in its listing review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board to "inquired," with a fundraising target of 1.05 billion yuan [1] Group 1: Company Overview - Zhongtu Technology, established in 2013, is a leading global manufacturer of patterned substrate materials, focusing on the research, production, and sales of GaN epitaxial substrate materials [1] - The company's main products include 2 to 6-inch patterned sapphire substrates (PSS) and 4 to 6-inch patterned composite substrates (MMS), which are essential upstream materials in the semiconductor industry [1] - The company has developed and mass-produced patterned substrate products with small cycles and composite material structures, widely used in Mini/Micro LED and automotive applications, and is one of the few companies capable of manufacturing nano-level PSS and 8-inch patterned substrates [1] Group 2: Market Position and Clients - Zhongtu Technology is recognized in the industry as one of the leading manufacturers in the global patterned substrate market, with an annual production capacity exceeding 18 million pieces of 4-inch patterned substrates [2] - The company's market share in the global patterned substrate market is approximately 32.76% in 2023 [2] - Direct clients include major LED chip companies such as Epistar, Seoul Semiconductor, Sanan Optoelectronics, and others, with end customers including well-known brands like Apple, Samsung, LG, and BYD [2] Group 3: Fundraising and Investment Projects - The funds raised will be used for the "Mini/Micro LED and automotive LED chip patterned substrate industrialization project" and the "semiconductor substrate materials engineering technology research center project" [3] - The total investment for the projects is approximately 139.81 million yuan, with 105 million yuan planned to be raised through this offering [4] Group 4: Financial Performance - In the fiscal years 2022 to 2025, the company achieved revenues of approximately 1.063 billion yuan, 1.208 billion yuan, 1.149 billion yuan, and 532 million yuan respectively [4] - Net profits for the same periods were approximately 44.28 million yuan, 77.10 million yuan, 93.28 million yuan, and 40.84 million yuan respectively [4] - The company's total assets as of June 30, 2025, are projected to be approximately 2.625 billion yuan, with a debt-to-asset ratio of 36.50% [5]

Core Viewpoint - The report indicates that Zhongtu Semiconductor has completed its IPO counseling work for the Sci-Tech Innovation Board, demonstrating readiness for public listing and compliance with relevant regulations [1][2]. Group 1: IPO Counseling and Readiness - The counseling agreement was signed in November 2022, with a total of 10 counseling sessions planned from November 2022 to November 2025 [1]. - The counseling institution believes Zhongtu Semiconductor has established necessary corporate governance, accounting practices, and internal control systems, and has a comprehensive understanding of the capital market [1]. - The company and its personnel have grasped the legal responsibilities and obligations related to public offerings and have developed a sense of integrity, self-discipline, and legal awareness for entering the securities market [1]. Group 2: Company Overview and Market Position - Founded in December 2013, Zhongtu Semiconductor specializes in the manufacturing of semiconductor substrate materials based on GaN on Sapphire technology, focusing on the R&D, production, and sales of patterned substrates [1]. - The company's main products include patterned sapphire substrates (PSS) ranging from 2 inches to 6 inches and patterned composite material substrates (MMS) from 4 inches to 6 inches, which are widely used in Mini/Micro LED, automotive lighting, RGB direct display, backlight display, and lighting applications [1]. - The company serves major clients such as Ruifeng Optoelectronics, Seoul Viosys, Sanan Optoelectronics, and others, with its products being critical upstream materials for globally recognized brands including Apple, Samsung, LG, and BYD [2]. Group 3: Previous IPO Attempts - This is not Zhongtu Semiconductor's first attempt to prepare for an IPO on the Sci-Tech Innovation Board; a previous application was accepted in March 2021, aiming to raise 1.003 billion yuan for projects related to Mini/Micro LED substrate industrialization and third-generation semiconductor substrate material research [2]. - The company indicated that the demand for patterned sapphire substrates would continue to rise due to advancements in Mini/Micro LED technology [2]. - After three rounds of review, the IPO status was changed to terminated in January 2022 [3].