Xinmi Technology IPO Approved, Revenue Surges 4900% in 2 Years

Shanghai-based Xinmi Technology, a leading enterprise in the domestic semiconductor-grade perfluoropolyether rubber sealing components industry, has received approval for its initial public offering (IPO) on the Science and Technology Innovation Board (STAR Market). The company, which focuses deeply on the technological research and development of perfluoropolyether rubber, has achieved the domestic first in independently developing semiconductor-grade perfluoropolyether rubber materials and stably mass-producing perfluoropolyether rubber sealing rings and other critical components for semiconductor equipment. This breakthrough has effectively challenged the dominance of foreign enterprises such as DuPont, GT, and PPE in the domestic market for semiconductor-grade perfluoropolyether rubber sealing components.

Xinmi Technology's proprietary perfluoropolyether rubber materials are used in various core processes of semiconductor equipment, including etching, thin film deposition, heat treatment, and cleaning. These materials are essential for providing vacuum sealing solutions for different types and series of semiconductor equipment, covering both advanced and mature process technology nodes. The company's products have successfully met the stringent vacuum sealing requirements of semiconductor equipment, enabling breakthroughs and mass production in advanced processes such as 232-layer NAND storage chips, 19nm and below DRAM storage chips, and 5nm-14nm logic chips. By fully meeting the diverse and customized needs of semiconductor equipment, Xinmi Technology supports the continuous technological and process iterations in the semiconductor industry.

Xinmi Technology's success in the domestic market is evident from its ranking as the third-largest player in the Chinese market for semiconductor-grade perfluoropolyether rubber sealing components in 2023 and 2024, and as the top domestic player. The company has established itself as a leading enterprise in the domestic market for high-end perfluoropolyether rubber sealing components for semiconductor equipment. The IPO, underwritten by Guotai Junan Securities, aims to raise approximately 7.85 billion yuan. The funds raised will be used to invest in various projects, prioritized based on their urgency and importance.

Xinmi Technology's financial performance has been robust, with revenue increasing from approximately 41.59 million yuan in 2022 to 1.3 billion yuan in 2023 and 2.08 billion yuan in 2024. The company's net profit also grew significantly during this period, from 1.73 million yuan in 2022 to 36.39 million yuan in 2023 and 68.94 million yuan in 2024. This strong financial performance reflects the company's ability to capitalize on the growing demand for high-quality sealing components in the semiconductor industry.

The approval of Xinmi Technology's IPO is a significant development for the company and the industry. It highlights the increasing importance of semiconductor-grade materials in the global technology landscape and the growing demand for high-quality sealing components. Xinmi Technology's ability to independently develop and mass-produce these materials positions it as a key player in the domestic market and a potential leader in the global market. The IPO is expected to provide the company with the necessary capital to further expand its research and development efforts, enhance its production capabilities, and explore new market opportunities. Xinmi Technology's focus on innovation and technological advancement is likely to drive its growth in the coming years and solidify its position as a leader in the semiconductor-grade perfluoropolyether rubber sealing components industry.