Mifei Technology's STAR Market IPO has entered the inquiry stage, focusing on core semiconductor AMHS technologies.

On October 27, the review status of the STAR Market IPO application of Mifei Technology (Shanghai) Co., Ltd. (referred to as "Mifei Technology") was changed to "inquiry," with Guotai Haitong as its sponsor. The company plans to raise RMB1.191 billion. According to the prospectus, Mifei Technology is deeply focused on core technology research and industrial application of automated material handling systems (AMHS) for semiconductor fabs. It is one of the very few local suppliers in mainland China that possesses independent intellectual property rights for core AMHS technologies, has achieved key technical indicators aligned with international advanced levels, and can provide AMHS hardware equipment and software systems for various semiconductor fabs. Semiconductor AMHS (Automated Material Handling System) is a deep integration of transfer equipment, storage equipment, purification equipment, and fully automated control software, and has become essential core infrastructure for semiconductor fabs to ensure wafer yield and improve production line efficiency. As one of the very few domestic suppliers that has completed full-factory acceptance at 8-inch and 12-inch wafer fabs, the company, with its deep technical accumulation and continuous innovation capabilities, has successfully entered the supply chain systems of well-known semiconductor companies at home and abroad, growing into a leading enterprise capable of delivering full-factory AMHS projects to global semiconductor customers. Mifei Technology has successively launched three major categories and more than 30 core hardware equipment products, as well as self-developed industrial control software such as MCS, making it one of the very few domestic manufacturers with independent R&D and supply capabilities for a complete set of semiconductor AMHS hardware and software. The company's products have successively entered the supply chains of mainstream domestic customers such as SMIC Integration, iRay Group, and SiCarrier, and the company has begun to establish business cooperation with overseas customers such as Infineon. At present, the company's self-developed AMHS storage equipment, purification equipment, and MCS industrial control software have all passed verification on large semiconductor fab production lines. The overhead hoist transport system has passed verification on mass production lines of small and medium-sized semiconductor fabs and is currently undergoing verification testing on the regional lines of a customer's newly built large wafer fab. The prospectus notes that during each period of the reporting period, the combined main business revenue from the company's top five customers accounted for 98.65%, 80.64%, 92.42%, and 90.24% of main business revenue for the respective period, indicating a relatively high degree of customer concentration. In terms of the competitive landscape, the global AMHS market is highly concentrated. Japan's Daifuku Group and Murata Machinery, after years of development, have formed a huge leading advantage through accumulation in capital, technology, customer resources, brand, and other aspects. In global semiconductor AMHS competition, these two Japanese companies together account for as much as 90% of the market share. After this stock issuance, the proceeds raised, after deducting issuance expenses, will be used for the following projects: In terms of financials, for the years 2023, 2024, and 2025 and January-June 2026, the company achieved operating revenue of approximately RMB174 million, RMB167 million, RMB393 million, and RMB207 million, respectively; during the same periods, net profit was approximately RMB-35.152 million, RMB-53.1105 million, RMB60.453 million, and RMB36.3632 million, respectively.