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In November 2018, the Shanghai Stock Exchange established the Science and Technology Innovation Board (STAR Market); in July 2019, the STAR Market officially opened, with the first batch of 25 companies ringing the bell for listing. At the inception of the STAR Market, it coincided with a time of geopolitical turbulence, and the state assigned significant political missions to the STAR Market. The series of institutional documents regarding the STAR Market also express its positioning with considerable height: facing the world’s technological frontier, the main economic battlefield, and major national needs. As of now, nearly 600 companies have been listed on the STAR Market. Among these nearly 600 enterprises, we will systematically review the semiconductor listed companies. Today, we will look at this company: Beijing Jingyi Automation Equipment Technology Co., Ltd. (stock code: 688652).
1. Who is Jingyi Equipment?
In the grand narrative of domestic substitution in the semiconductor industry, core main equipment such as photolithography machines and etching machines have long occupied the center stage, attracting the majority of attention and resources. However, a complete and self-controllable semiconductor manufacturing system goes far beyond these star devices. In the clean rooms of wafer fabs, countless auxiliary devices operate silently like a precise “nervous system,” ensuring the stability, yield, and realization of advanced processes on the production line. Among them, dedicated temperature control equipment (Chiller) and process exhaust gas treatment equipment (Local Scrubber) are key links that ensure the “warm bed” and “breathing” of chip manufacturing, with their performance directly determining the stability of core process windows and the safety of the production environment. For a long time, this field has been firmly controlled by a few giants from Japan, the United States, and Europe, becoming a hidden yet critical “bottleneck” in China’s semiconductor industry chain.
Beijing Jingyi Automation Equipment Technology Co., Ltd. (referred to as “Jingyi Equipment”) was born in response to this need. This young company, established in 2016, successfully landed on the STAR Market on November 29, 2023, focusing on three core businesses: semiconductor dedicated temperature control equipment, process exhaust gas treatment equipment, and wafer transfer equipment. It is a leading enterprise in domestic semiconductor process auxiliary equipment and the only equipment manufacturer in China to achieve large-scale application of semiconductor dedicated temperature control equipment.
2. Development History of Jingyi Equipment
1. Startup and Technological Foundation Period (2016-2018)
The birth of Jingyi Equipment was not a sudden rise. Its controlling shareholder, Jingyi Group, invested in the establishment of Jingyi Equipment in 2016 to promote the reform of state-owned enterprises and the industrial layout in the integrated circuit equipment field. At the beginning of the company, it inherited the technological accumulation of the Beijing Automation Institute under Jingyi Group in temperature control, robotic motion trajectory control, and other aspects, providing valuable “first bucket of gold” for its subsequent development. During this period, Jingyi Equipment successively launched three categories of products: self-developed semiconductor dedicated temperature control equipment, process exhaust gas treatment equipment, and wafer transfer equipment.
2. Growth and Market Breakthrough Period (2019-2022)
During this period, Jingyi Equipment’s products began to enter the domestic mainstream wafer fab supply chain on a large scale, achieving batch applications on production lines of leading customers such as Yangtze Memory Technologies, SMIC, and Hua Hong Group, which is the highest recognition of its product performance and reliability. The year 2021 became a key year for the company’s technological breakthroughs, during which its Chiller product achieved ultra-low temperature control of -70°C, and the processing capacity limit of the Local Scrubber was increased to 1600slm, with product performance fully matching international mainstream manufacturers, meeting the stringent requirements of more advanced processes.
3. Strategic Upgrade and Capitalization (2023 to Present)
Entering 2023, Jingyi Equipment welcomed another important milestone in its development history – landing on the capital market, starting a new journey driven by “technology + capital.” During this period, Jingyi Equipment continued to deepen cooperation with international equipment giants such as Lam Research and Tokyo Electron, while accelerating the layout of third-generation semiconductor equipment research and development, demonstrating its strategic ambition to expand into more cutting-edge fields.
3. Business and Products of Jingyi Equipment
1. Core Business and Product Matrix: The Three Pillars of Domestic Auxiliary Equipment
Jingyi Equipment’s business layout is precise and focused, creating a product matrix of “three pillars” that run parallel, centered around the three key auxiliary links of temperature control, exhaust gas treatment, and wafer transfer in the semiconductor manufacturing process.
(1) Semiconductor Dedicated Temperature Control Equipment (Chiller)
The Chiller is the “precision air conditioning” in semiconductor manufacturing, ensuring the stability of process windows by performing nanosecond-level precise temperature control on components such as reaction chambers and electrostatic chucks during core processes like etching, thin film deposition, and ion implantation, directly affecting the yield and performance of chips. As process nodes evolve to 14nm and below, the requirements for temperature control precision and response speed become increasingly stringent.
Jingyi Equipment’s Chiller products cover a temperature control range of -70°C to 120°C, with an unloaded temperature control accuracy of up to ±0.05°C, which can well adapt to the stringent requirements of advanced processes such as 28nm, 14nm logic chips, and 128/192-layer 3D NAND.
(2) Semiconductor Dedicated Process Exhaust Gas Treatment Equipment (Local Scrubber)
The Local Scrubber is the “safety guard” of wafer fabs, responsible for harmlessly treating and discharging various toxic, flammable, and corrosive exhaust gases (such as silane, hydrogen, etc.) generated during the process. It is a necessary device to ensure production safety and comply with environmental regulations, with extremely high technical barriers.
The company has mastered various technical routes such as combustion, plasma, and electric heating, providing customized solutions based on different process requirements from customers, with treatment efficiency and stability as its core competitiveness.
(3) Wafer Transfer Equipment (Sorter/EFEM)
The Sorter and EFEM (Equipment Front End Module) are key devices for achieving automation in wafer fabs, responsible for the precise, contamination-free transfer, sorting, and verification of wafers between different process stations and equipment. As the level of intelligence in wafer fabs increases, their importance is becoming increasingly prominent.
The company has mastered core technologies such as automatic wafer alignment and micro-crystal back contact control, and is actively laying out the research and development of more integrated EFEM products, aiming to occupy a place in the field of automation equipment.
2. Customers and Applications: Deeply Integrated into Domestic Mainstream Production Lines
The customer list of Jingyi Equipment almost includes all first-tier semiconductor manufacturers in China. Major customers include Yangtze Memory Technologies, SMIC, Hua Hong Group, Dalian Intel, Guangzhou Yuexin, and Changxin Technology (Ruili Integrated). Its products have been widely used in various advanced processes from 90nm to 14nm logic chip production lines, as well as in the manufacturing of 64-layer to 192-layer 3D NAND storage chips, proving the reliability and competitiveness of its products in real production environments.
4. How Strong is Jingyi Equipment’s Listing on the STAR Market?
1. Competitive Landscape and Market Position
In the temperature control equipment market, as of 2022, the company’s market share in domestic temperature control equipment has reached 35.73%, ranking first in China, successfully achieving effective replacement of overseas brands, becoming the core source of revenue and the cornerstone of the company’s market position.
The process exhaust gas treatment equipment market has long been monopolized by overseas giants such as Germany’s DAS and Sweden’s Edwards. Jingyi Equipment is one of the few domestic manufacturers that can compete with them and achieve large-scale installations, with a domestic market share of about 15.57% in 2022, making it a genuine contender and disruptor in the domestic substitution camp.
The wafer transfer equipment field is still dominated by French Recif and Japan’s Hirata, with very low market share for domestic manufacturers. Jingyi Equipment’s business in this area is still in its infancy, contributing little to revenue, but facing a huge space for domestic substitution, it is one of the most imaginative growth points for the company in the future.
2. Technical Strength
Jingyi Equipment has mastered self-controllable core technologies across its three major product lines: (1) Temperature control equipment: mastering refrigeration control technology, precision temperature control technology, energy-saving technology, etc., combined with self-developed temperature control algorithms, achieving rapid switching and precise control of temperature. (2) Exhaust gas treatment equipment: independently designing core components such as plasma generators and combustion ignition devices, mastering key technologies such as low-temperature plasma exhaust gas treatment, new material corrosion prevention, and sealing. (3) Transfer equipment: mastering core technologies such as automatic wafer alignment, wafer transfer control, and micro-crystal back contact control.
As of the end of 2024, the company has accumulated 339 patents, including 104 invention patents, building a solid intellectual property moat. Its core products have fully matched overseas competitors in key performance parameters, possessing the hard power to achieve import substitution in advanced processes.
5. Conclusion and Outlook
The story of Jingyi Equipment is a microcosm of China’s semiconductor industry striving forward in the “deep water zone” of domestic substitution. It has chosen a path that is not the most dazzling but equally crucial, successfully piecing together a key “puzzle” in the domestic semiconductor equipment ecosystem through years of relentless technological cultivation and market development. With the expansion of new product lines such as EFEM, Jingyi Equipment is expected to further broaden its growth boundaries, evolving from a “disruptor” into an indispensable platform enterprise in the domestic semiconductor equipment ecosystem.
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