Dongfang Jingyuan Microelectronics Technology (Beijing) Co., Ltd. has seen the status of its application for a listing on the Shanghai Stock Exchange's STAR Market updated to "under inquiry."
The company, with China Securities Co., Ltd. acting as its sponsor, aims to raise 2.5 billion yuan through this initial public offering.
According to its prospectus, Dongfang Jingyuan's primary business involves the research and development, production, and sales of integrated circuit metrology and inspection equipment, as well as the R&D and sales of manufacturing-oriented EDA software.
The company is dedicated to addressing yield challenges in chip manufacturing, offering comprehensive yield enhancement solutions by combining its hardware products, manufacturing EDA software, and their integrated application.
Dongfang Jingyuan's latest models of CD-SEM and DR-SEM have secured bulk orders from a designated Customer G, with validation results indicating their technical specifications are comparable to mainstream equipment from international manufacturers.
The company's EBI equipment represents the first domestically developed electron beam defect inspection system to successfully pass industrial validation, having been in mass production for over five years with continuous performance iterations and new customer orders.
Its HV-SEM equipment has already been shipped to customers and is currently undergoing industrial validation processes.
Financially, the company reported operating revenues of approximately 191 million yuan, 375 million yuan, and 317 million yuan for the years 2023, 2024, and 2025, respectively.
During the same periods, the company recorded net losses of 239 million yuan, 150 million yuan, and 478 million yuan.
At the end of each reporting period, the company's consolidated asset-liability ratios were 43.97%, 51.69%, and 81.52%, showing a rapid upward trend.
This high level of leverage subjects the company to certain financial pressures. Should future revenue growth fall short of expectations, downstream customer payment cycles lengthen, or macro monetary policy tightening lead to a contraction in bank credit availability, the company could face liquidity strain, adversely impacting its normal production and operations.