Core Viewpoint - The semiconductor industry is a critical battleground in global technology competition, with silicon wafers being the essential raw material for chip manufacturing, directly impacting yield and reliability [1][2]. Group 1: Market Dynamics - The large-size silicon wafer market is dominated by international giants such as Shin-Etsu, SUMCO, and Siltronic, leading to China's heavy reliance on imports for high-end silicon wafers [2]. - As of 2016, the domestic production rate of 12-inch silicon wafers was nearly 0%, and it is projected to reach only 18%-20% by 2024 [2]. - This reliance on foreign suppliers poses risks, including high procurement costs and supply chain disruptions amid complex international situations [2]. Group 2: Company Profile - Zhongxin Jingyuan Semiconductor Co., Ltd. (referred to as "Zhongxin Jingyuan") is emerging as a key player in breaking through the barriers in the domestic silicon wafer market through technological innovation [2][3]. - The company has successfully listed on the New Third Board and is advancing towards the Beijing Stock Exchange, marking a new phase of standardized and high-quality development [3]. Group 3: Product and Technology - Zhongxin Jingyuan has established a comprehensive product matrix covering 4 to 12-inch polished wafers and 8 to 12-inch epitaxial wafers, catering to diverse applications such as logic circuits, memory chips, and power devices [3][4]. - The company achieved a historic monthly sales volume of over 1 million pieces in May, with a compound annual growth rate of 32% over the past five years, indicating strong market recognition [6]. - The introduction of the "8-inch GaN epitaxial substrate with heavy boron doping" represents a significant technological breakthrough, filling a domestic technology gap and achieving performance metrics that meet international standards [6][7]. Group 4: Market Performance - Zhongxin Jingyuan's 12-inch silicon wafer products have entered mass production, with several core products achieving stable delivery, thus expanding its customer base to include major global semiconductor manufacturers [7][8]. - The company's revenue for 2024 is projected to reach 1.35 billion yuan, reflecting steady growth and a leading position in the industry [8]. Group 5: R&D and Innovation - Zhongxin Jingyuan's R&D expenditure accounted for 11% and 13% of its revenue in 2023 and 2024, respectively, significantly higher than the industry average, leading to nearly 300 authorized patents and ongoing applications for around 600 more [14]. - The establishment of the Semiconductor Materials Research Institute in 2021 marked a pivotal shift towards homegrown innovation, focusing on 8-12 inch silicon materials [13][14]. Group 6: Industry Standards and Supply Chain - Zhongxin Jingyuan actively participates in the formulation of industry standards, having contributed to five national standards and 13 group standards, enhancing its influence in the sector [15]. - The company aims for over 90% self-sufficiency in large silicon wafer technology, reducing dependence on foreign equipment and enhancing production efficiency through smart manufacturing [15].