Dongfang Jingyuan Science and Technology Innovation Board's IPO has been inquired about HV-SEM and is undergoing industrial verification

The Zhitong Finance App learned that on July 16, Dongfang Jingyuan Microelectronics Technology (Beijing) Co., Ltd. (abbreviation: Dongfang Jingyuan) applied for listing on the Shanghai Stock Exchange Science and Technology Innovation Board and changed its review status to “Inquired”. CITIC Construction Investment is the sponsor and plans to raise 2.5 billion yuan.

According to the prospectus, Dongfang Jingyuan's main business is R&D, production and sales of integrated circuit quantity testing equipment and R&D and sales of integrated circuit manufacturing EDA software. It is committed to solving yield pain points in chip manufacturing. It uses the organic combination of quantity testing equipment hardware products, manufacturing EDA software products, and different products to provide customers with an overall solution for improving the yield of chip manufacturing.

Dongfang Jingyuan's latest models of CD-SEM and DR-SEM have obtained batch orders from customer G. Verification results show that the technical indicators of the company's products are comparable to mainstream equipment from international manufacturers. The company's EBI equipment is the first electron-beam defect detection device successfully developed and industrially verified in China. It has been in mass production for more than 5 years, product performance has continued to be iterated, and orders from new customers have been continuously obtained. The company's HV-SEM has been launched and is undergoing industrial verification.

On the financial side, in 2023, 2024 and 2025, the company achieved operating income of approximately $191 million, $375 million and $317 million respectively; for the same period, net profit was -239 million yuan, -150 million yuan and -478 million yuan, respectively.

At the end of each period of the reporting period, the company's consolidated balance ratio was 43.97%, 51.69% and 81.52%, respectively, showing a rapid upward trend. The high balance ratio puts the company under certain financial pressure. If future revenue growth falls short of expectations, the repayment cycle for downstream customers is extended, or bank credit lines shrink due to tightening macro-monetary policies, the company may face a tight liquidity situation, which will adversely affect the company's normal production and operation.