Beijing Jingyi Automation Equipment Overview
Beijing Jingyi Automation Equipment is China's leading domestic supplier of "subsidiary" process equipment for wafer fabs. These are the systems that sit beside the main etch, deposition and diffusion tools and make them work. It has three core product families: process chillers that hold chamber temperatures to tight tolerances, down to about –70°C; point-of-use (local) scrubbers that neutralise toxic and greenhouse process exhaust; and wafer sorters for wafer handling. A municipal state-owned enterprise controls the company. It grew out of the semiconductor unit of a Beijing automation research institute and became the first company from the Beijing Holdings group to list on the STAR Market. Its customers are China's largest memory and logic fabs, and five of them account for more than 80% of revenue. The company was ranked No. 1 by domestic market share in chillers in 2022 and held roughly 39% of the domestic chiller market in 2024. It is now building a second production base in Wuhu, Anhui, and moving into dry vacuum pumps, display-panel temperature control and next-generation abatement, aiming to become a broader platform for fab sub-systems.
What the company does. The company researches, develops, manufactures and sells special-purpose semiconductor equipment. Its main products are semiconductor process temperature-control equipment (Chillers), semiconductor process exhaust treatment equipment (Local Scrubbers) and wafer transfer equipment (Sorters). They are used on integrated circuit manufacturing lines. In its 2025 annual report the company says its products work on the most advanced domestic logic lines (28nm and below) and memory lines (3D NAND of 128 layers and above). The company describes its principal business as unchanged since it was founded.
Company's own description (2025 annual report, paraphrased). The company earns revenue and profit by selling semiconductor temperature-control equipment, process exhaust treatment equipment, wafer sorters and related products to semiconductor manufacturers. In 2025 its principal operating revenue came mainly from sales of these special-purpose equipment products.
Independent characterisation. Jingyi is a fab sub-system and auxiliary equipment supplier. It is not a front-end process-tool maker like Naura or AMEC. Its products are needed for every etch, CVD/ALD and diffusion chamber a fab installs, so demand tracks the number of process chambers China's fabs add, not any single process step. Chillers make up about two-thirds of revenue and earn the highest margin. Content per chamber is rising as advanced logic and high-layer-count 3D NAND need lower temperatures and tighter control. Scrubbers are the second pillar but have stalled since 2025. Sorters are still small and earn almost no margin. Spare parts and field service are growing fastest from a low base and provide the first recurring, installed-base revenue.
Business and revenue model.
Semiconductor process chillers: FY2025 revenue (RMB M): 936.99; Share of revenue (%): 65.7; Character: Capital equipment, project-based, recognised on customer acceptance
Process exhaust treatment (local scrubbers): FY2025 revenue (RMB M): 348.07; Share of revenue (%): 24.4; Character: Capital equipment, project-based
Wafer transfer equipment (sorters): FY2025 revenue (RMB M): 35.64; Share of revenue (%): 2.5; Character: Capital equipment
Spare parts and supporting equipment: FY2025 revenue (RMB M): 83.56; Share of revenue (%): 5.9; Character: Consumables and retrofits tied to installed base
Maintenance, repair and other services: FY2025 revenue (RMB M): 21.43; Share of revenue (%): 1.5; Character: Service, tied to installed base
Scrap sales: FY2025 revenue (RMB M): 0.54; Share of revenue (%): 0.04; Character: Other business
About 92% of revenue comes from equipment sales and about 7% from aftermarket parts and services. The company has no subscription or licensing revenue.
Operating model (2025 annual report).
R&D: Development is mainly in-house and runs through pre-research, design and development, acceptance, prototype release, customer validation and production introduction.
Procurement: Purchases come from a qualified-supplier list. Suppliers machine some core parts to Jingyi's drawings.
Production: Built to order, with monthly production-planning meetings of sales, procurement and production. Some assembly is outsourced, and Jingyi does commissioning and testing itself.
Sales: 100% direct sales, won through negotiation or tender. After-sales engineers are stationed at customer sites.
Value-chain position. Jingyi sits in the semiconductor equipment layer, upstream of wafer fabs. Its inputs include compressors, heat exchangers, control systems, sensors, pumps and machined parts, some of them imported from the United States and Japan. Its outputs are installed beside OEM process tools from Applied Materials, Lam Research, Tokyo Electron, Naura and AMEC, or bought directly by fabs.
Customer types and end-markets. The core market is 12-inch IC fabs, both memory (3D NAND and DRAM) and logic/foundry. Named customers include Yangtze Memory (YMTC), SMIC, Hua Hong Group, Intel Dalian, CanSemi (Guangzhou Yuexin) and CXMT (ChangXin Memory). In 2022 the company added more than 20 new customers, including CXMT's Beijing entity, SiEn (Qingdao) and Shanghai Dingtai Jiangxin. Chillers were first extended to display-panel manufacturing in 2020. A dedicated OLED/Micro-LED panel chiller is now at prototype and small-batch stage. All FY2025 revenue came from mainland China.
Strategy
Stated vision and strategic themes (2024–2025 ESG reports and annual reports). The company's vision is to become "the most valuable equipment and service supplier to China's IC manufacturing industry". Its recurring strategic themes are:
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Import substitution in fab auxiliary equipment, given still-low domestic localisation.
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Moving up to advanced nodes, especially ultra-low-temperature control.
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Building capacity ahead of customers' expansion windows (the Anhui base).
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Extending into new sub-fab and handling categories (vacuum pumps, compact stockers, panel chillers).
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Aftermarket growth through resident service teams.
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Integrating party leadership into corporate governance, as a state-owned enterprise.
Industry analysis in 2026 describes the strategy as a shift from a business carried by chillers alone to a broader multi-product platform.
Strategic initiatives, last 24 months
Anhui R&D and production base: Detail: IPO project at Anhui Jingyi in Wuhu; RMB 506 million of IPO funds; internal structure revised October 2025 to raise building and laboratory standards; Status: 61.27% complete at mid-2026; completion targeted December 2026
Ultra-low-temperature chillers: Detail: R&D budget raised from RMB 40 million to RMB 80 million; target range extended toward –120°C; Status: Partly commercialised
Dry vacuum pumps (VCH claw, VRM multi-stage Roots): Detail: RMB 95 million programme; 600–3,000 m³/h; Status: Customer-line validation
Third-generation scrubber: Detail: Modular, low-carbon design; Status: In development
High-flow flammable-gas abatement: Detail: RMB 13.5 million programme; Status: Prototypes
Compact stocker-and-sorter wafer storage: Detail: RMB 27 million programme; Status: Prototype validated at an end customer
R-θ clean robot platform: Detail: RMB 60 million programme; Status: Commercialised
Panel chillers (OLED, Micro-LED): Detail: Expansion into adjacent end-markets; Status: Prototype and small-batch
Smart commissioning and data system for chillers: Detail: RMB 25 million programme; Status: Partly commercialised
R&D talent build-out: Detail: R&D staff 138 (end-2024), 212 (end-2025), 254 (mid-2026); 10 PhDs and 68 master's at end-2025; dual technical and management career tracks; Status: Ongoing
Capital allocation: Detail: RMB 108 million of excess IPO funds approved in January 2026 for permanent working capital and bank-loan repayment; up to RMB 200 million of idle IPO funds placed in principal-protected deposits; Status: Approved January 2026
"Quality, Efficiency and Shareholder Returns" action plan: Detail: 2025 action plan with half-year assessment; dividend of RMB 1.25 per 10 shares maintained; Status: Ongoing
Group finance company arrangement: Detail: Three-year financial services agreement with Beijing Holdings Group Finance Co.; daily maximum deposit RMB 5 million; Status: Signed August 2026
ESG and green manufacturing: Detail: Assessed against Beijing green-factory standards; low-carbon product design; third ESG report published 2026; Status: Ongoing
Medium-term targets and guidance. The company does not publish quantitative revenue or margin guidance or medium-term financial targets. Management's qualitative position, given at the June 2026 earnings briefing, is that order momentum, R&D intensity of about 9–10% of revenue and capacity expansion will support continued fast growth.
Products & Services
Semiconductor process temperature-control equipment (Chillers)
| Attribute | Detail |
|---|---|
| Function | Circulates temperature-controlled fluid to process chambers (etch electrodes and chucks, deposition chambers) to hold the wafer and chamber at set-points during processing |
| Core technologies | Refrigeration control, precision temperature control, energy-saving technology (three core technology groups) |
| Temperature range | Down to about –70°C using two-stage cascade refrigeration; ultra-low-temperature development targets the –120°C range |
| Control precision | Temperature-control accuracy of ±0.05°C cited for flagship models, with operating precision of ±0.5°C, using high-precision sensors to improve temperature uniformity |
| Process coverage | Logic: 90nm down to 14nm. Memory: 3D NAND 64 to 192 layers and above |
| Configurations | Single-channel and dual-channel units; customised to each chamber's temperature window, load profile and ramp requirements |
| Target customers | 12-inch memory and logic fabs; etch OEM integration |
| Flagship programmes | Low/ultra-low-temperature process chillers (R&D budget doubled from RMB 40 million to RMB 80 million in 2026; partly commercialised); capacitively-coupled-etch temperature controller (programme completed 2025); intelligent data-acquisition and auto-commissioning system for chillers (partly commercialised) |
| Launch | 2017 (first generation); low-temperature high-load models 2021; panel chiller extension 2020 |
| Pricing | Not publicly disclosed; sold per unit under project contracts |
The chiller is Jingyi's anchor product. Brokers covering the company report that it is close to sole supplier for chillers at leading domestic advanced logic and memory customers. Advanced-node etch, especially high-aspect-ratio etch for 3D NAND, needs colder and more stable chucks, which raises the value of each chiller.
Display-panel chillers. These are temperature-control units for OLED and Micro-LED lines. They have reached prototype validation and small-batch application.
Semiconductor process exhaust treatment equipment (Local Scrubbers)
| Attribute | Detail |
|---|---|
| Function | Point-of-use abatement at the exhaust of each process tool. Destroys or captures toxic, flammable, corrosive and global-warming gases (such as PFCs, silane and NF3) produced in etch, thin-film and diffusion steps |
| Technologies | Thermal-reaction (heat-reaction) treatment, plasma-based treatment, wet treatment, and designs for high-flow flammable gas |
| Process coverage | Logic 90nm to 28nm; 3D NAND 64 to 192 layers |
| Product families | Current-generation thermal-reaction scrubbers (in volume production); new-generation thermal-reaction treatment equipment (some models in volume production); integrated "Scrubber all-in-one" units (validation orders); high-flow flammable-gas abatement (prototypes); third-generation modular, low-carbon scrubber (in development) |
| Target customers | 12-inch fabs, mainly for CVD/ALD and etch tools |
| Launch | 2,017 |
| Pricing | — |
Revenue rose 7.6% in FY2025 and was flat in H1 2026. Production volume of exhaust equipment fell 75.68% in 2025, which management attributed to a change in order structure. The scrubber line is the main question in the growth story.
Wafer transfer equipment (Sorters) and automation
| Attribute | Detail |
|---|---|
| Function | Wafer receiving at line entry, lot splitting and merging between processes, flipping, sorting, ID verification and outgoing inspection |
| Core technologies | Five: wafer transfer control, wafer flipping, X-θ automatic centring algorithm, micro-contact back-side handling, wafer-area detection |
| Key specifications | Throughput (WPH) above 330; robot repeatability ±0.1 mm; notch alignment ±0.2° |
| Configurations | Two-port and four-port sorters |
| Process coverage | Logic 90nm to 28nm |
| Related products | Vacuum robots, AMR (autonomous mobile robot) material handling, R-θ clean-robot transfer platform (commercialised), compact stocker-and-sorter wafer storage system (prototype validated at a customer) |
| Launch | 2,018 |
The FY2025 gross margin was 5.0%. The line serves strategic and customer-coverage purposes more than it contributes profit.
Dry vacuum pumps (new platform)
| Attribute | Detail |
|---|---|
| Product series | VCH series claw-type dry vacuum pumps; VRM series multi-stage Roots dry vacuum pumps |
| Pumping speed | 600 to 3,000 m³/h |
| Target processes | Etch, thin-film and diffusion, for logic and memory |
| Status | Some models sent to domestic IC lines for validation; programme budget RMB 95 million, of which RMB 38.2 million spent by end-2025 |
| Strategic rationale | Dry pumps sit in the same sub-fab space as scrubbers and are dominated by Edwards, Ebara, Pfeiffer and Kashiyama. Combining pump and abatement mirrors the Edwards model |
Spare parts, supporting equipment and services
Spare parts and supporting equipment: RMB 83.6 million in FY2025 (+121%) at a 27.6% gross margin. This covers replacement modules, consumables and retrofit kits for the installed base.
Maintenance and repair services: RMB 21.4 million in FY2025 (+79%) at a 29.1% gross margin. Engineers are stationed at major customer sites, which shortens response times. Service revenue fell about 39% in H1 2026 because of timing of service contracts.
Financial Narrative
All figures are consolidated, in RMB million unless stated, prepared under China Accounting Standards for Business Enterprises. FY2021–FY2022 figures come from the IPO prospectus. FY2023–FY2025 figures come from the 2025 annual report, audited by Grant Thornton China. The 2025 preliminary results (February 2026) gave net profit attributable of RMB 146.5 million; the audited annual report gives RMB 147.9 million, and the audited figure is used throughout.
Income statement — five-year view
Revenue CAGR was 29.9% over FY2021–FY2025 and 32.5% over FY2020–FY2025, from a FY2020 base of RMB 349 million.
Income statement — detail
EBITDA is not reported by the company. GF Securities calculates it at RMB 142 million for FY2023 and RMB 187 million for FY2024, margins of 19.1% and 18.2%. Depreciation is small because fixed assets are only about RMB 46 million, so EBITDA is close to operating profit.
Commentary. Revenue nearly doubled between FY2023 and FY2025, but earnings stalled. Gross margin held at about 32.5–32.8% for three years. The expense lines explain the gap. R&D rose from 8.3% to 9.8% of revenue (+48.7% in FY2025 alone, driven by pay and materials), and headcount grew from 492 to about 1,016 in two years. Selling expenses (+34.7%) and administrative expenses (+17.6%) also rose faster than planned in FY2025. Management also cited a smaller VAT refund (增值税即征即退) in FY2025, which reduced other income. Brokers expect the refund to resume in 2026.
Earnings depend heavily on non-operating items. Government grants (RMB 20.7 million in FY2025) and gains on wealth-management products bought with IPO cash (RMB 18.1 million) made up about 22% of FY2025 net profit. Core profit excluding these items was flat at RMB 115 million for two years.
The quarterly pattern is uneven. Q4 2025 earned only RMB 19.4 million attributable (RMB 5.3 million excluding non-recurring items) on revenue of RMB 323 million, as year-end expense accruals and warranty provisions fell in that quarter.
Quarterly trajectory
Nine months to 30 September 2026 (2026 Q3 report).
Nine-month revenue for 2026 already exceeds full-year 2025 revenue (RMB 1,426.2 million). Q3 2026 net profit rose 38.1% year on year. Margins remain weaker than in 2025. Q1 2026 gross margin was 35.26% (+3.89 points year on year). H1 2026 gross margin was 30.26%, which implies a Q2 2026 gross margin of about 26.7%. The Q2 dip coincided with RMB 15.8 million of impairment charges in H1 2026, of which RMB 13.2 million was inventory write-down.
Balance sheet
Additional balance-sheet detail (RMB million)
At 30 September 2026 total assets were RMB 5,551.0 million (+16.0% from year-end) and equity attributable was RMB 2,325.4 million (+5.6%). At 30 June 2026 the liabilities-to-assets ratio was 55.7%. There is no goodwill.
Derived balance-sheet measures, 31 December 2025.
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Net cash (cash plus trading financial assets less borrowings): about RMB 1,472.5 million
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Working capital (current assets less current liabilities): about RMB 1,769.2 million
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Debt/equity: 2.3%
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Current ratio: 1.71x
Commentary. The balance sheet is shaped by revenue recognition on acceptance. Equipment is shipped to the fab, installed and commissioned, and recognised as revenue only once the customer signs acceptance, often 6 to 18 months later. Until then it sits in inventory as goods shipped. Inventory reached 56% of current assets at end-2025, and goods shipped were 64% of inventory.
Contract liabilities are customer prepayments, about RMB 1.35 billion at end-2025 and RMB 1.64 billion at mid-2026 (+82.5% year on year at Q1 2026). They are the best lead indicator of future revenue, and their growth points to further acceptance-driven revenue in late 2026 and 2027.
The company has almost no financial debt. Liabilities are mostly advances, payables and warranty provisions (RMB 105 million at end-2025, rising to RMB 126 million at mid-2026).
Cash flow
Notes on cash flow.
Capex proxy: construction in progress rose about RMB 227 million in FY2025 as the Anhui base was built.
Investing cash flow: is dominated by net purchases of wealth-management products.
Buybacks: none.
2026 interim periods: operating cash flow was –RMB 37.3 million in Q1, +RMB 201.4 million in H1 and +RMB 165.8 million for the nine months.
Commentary. Operating cash flow swings widely with prepayments and acceptances. FY2024 was cash-neutral because inventory doubled. FY2025 produced RMB 381 million, more than 2.5 times net profit, as customer advances built up. Q4 2025 alone generated RMB 399 million. Cash received from customers in Q1 2026 was RMB 659 million, against RMB 294 million a year earlier. Free cash flow will be weighed down in 2026 by the remaining spend on the Anhui base, funded from IPO proceeds.
Returns, efficiency and leverage ratios
Notes on ratios.
ROIC: 6.51% for FY2025, as computed by Securities Star. The median since listing is about 7.1%.
Interest coverage: not meaningful. Net finance cost was negative (–RMB 1.4 million in FY2025) because interest income exceeds interest expense.
Net debt/EBITDA: not meaningful because of the net cash position.
Cash conversion cycle: payables days are not broken out in the condensed reports, so receivable and inventory days are shown instead.
Commentary. ROE fell sharply after the IPO, from 16.7% to 6.9%, because RMB 1.27 billion of new equity was added while profit grew only modestly. Returns on net operating assets, which exclude the idle IPO cash, are much healthier at 17–25%. The core franchise is profitable; the IPO cash is the drag. The key lever for returns is turning RMB 1.5–1.6 billion of goods shipped into recognised revenue while using the new Anhui capacity.
Financial Detail
Product Lines
| Product line | FY2024 | FY2025 |
|---|---|---|
Process chillers (CNY Mn) | 628.7 | 937.0 |
Process exhaust treatment / local scrubbers (CNY Mn) | 323.5 | 348.1 |
Wafer sorters (CNY Mn) | 24.5 | 35.6 |
Spare parts and supporting equipment (CNY Mn) | 37.8 | 83.6 |
Maintenance and repair services (CNY Mn) | 12.0 | 21.4 |
Total operating revenue (CNY Mn) | 1,026.5 | 1,426.2 |
Product Lines — Process chillers
| Product line | YoY growth (%) | Gross margin (%) | Share of revenue (%) |
|---|---|---|---|
Process chillers | 49.03 | 36.37 | 65.7 |
Local scrubbers | 7.60 | 26.73 | 24.4 |
Wafer sorters | 45.34 | 5.00 | 2.5 |
Spare parts and supporting equipment | 121.17 | 27.63 | 5.9 |
Maintenance and repair services | 79.36 | 29.07 | 1.5 |
Principal business total | 38.95 | 32.61 | 100.0 |
Product Lines (Half-Yearly)
| Product line | H1 2025 | H1 2026 |
|---|---|---|
Process chillers (CNY Mn) | 450.4 | 649.0 |
Local scrubbers (CNY Mn) | 219.5 | 220.0 |
Wafer sorters (CNY Mn) | 19.7 | 28.0 |
Spare parts and supporting equipment (CNY Mn) | 29.8 | 34.0 |
Maintenance and repair services (CNY Mn) | 14.8 | 9.0 |
Group Entities
| Entity | Relationship | Function |
|---|---|---|
Beijing Jingyi Automation Equipment Co., Ltd. | Listed parent | Headquarters, R&D, production, sales (Beijing E-Town) |
Anhui Jingyi Automation Equipment Technology Co., Ltd. (安徽京仪) | Wholly owned subsidiary; registered capital RMB 50 million | IPO project company for the Anhui R&D and production base; high-tech enterprise status |
BAEC JAPAN Co., Ltd. (日本京仪) | Wholly owned subsidiary | Japan presence for supply chain, technology and market liaison |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CNY Mn) | 501.0 | 664.0 | 742.3 | 1,026.5 | 1,426.2 |
Revenue growth (%) | 43.74 | 32.38 | 11.79 | 38.28 | 38.95 |
Net profit attributable (CNY Mn) | 58.8 | 91.1 | 119.1 | 152.9 | 147.9 |
Net profit growth (%) | 828.81 | 54.95 | 30.75 | 28.35 | -3.26 |
Net margin (%) | 11.74 | 13.72 | 16.05 | 14.90 | 10.37 |
Income Statement and Margin Analysis (%) (FY2023–FY2025)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue (CNY Mn) | 742.3 | 1,026.5 | 1,426.2 |
Cost of revenue (CNY Mn) | 501.0 | 690.0 | 960.8 |
Gross profit (CNY Mn) | 241.3 | 336.5 | 465.5 |
Gross margin (%) | 32.5 | 32.8 | 32.6 |
Selling expenses (CNY Mn) | 44.0 | 61.4 | 82.7 |
Administrative expenses (CNY Mn) | 59.0 | 65.8 | 77.4 |
R&D expenses (CNY Mn) | 61.5 | 94.1 | 140.0 |
R&D / revenue (%) | 8.29 | 9.17 | 9.81 |
Pre-tax profit (CNY Mn) | 133.0 | 167.8 | 159.0 |
Net profit attributable (CNY Mn) | 119.1 | 152.9 | 147.9 |
Net profit excl. non-recurring items (CNY Mn) | 86.7 | 115.8 | 115.2 |
Non-recurring items, net (CNY Mn) | 32.4 | 37.2 | 32.7 |
Basic EPS (MYR Bn) | 0.92 | 0.91 | 0.88 |
Diluted EPS (MYR Bn) | 0.92 | 0.91 | 0.88 |
Basic EPS excl. non-recurring (MYR Bn) | 0.67 | 0.69 | 0.69 |
Revenue History
| Quarter | Revenue | Net profit attributable | YoY revenue growth (%) |
|---|---|---|---|
Q1 2025 | 337.8 | 35.9 | — |
Q2 2025 | 396.9 | 54.1 | 38.61 |
Q3 2025 | 368.4 | 38.5 | — |
Q4 2025 | 323.2 | 19.4 | — |
Q1 2026 | 392.3 | 46.4 | 16.13 |
Q2 2026 | 548.5 | 45.4 | 38.21 |
Q3 2026 | 548.8 | 53.2 | 48.95 |
Income Statement and Per-Share Data
| Metric | 9M 2026 | YoY change (%) |
|---|---|---|
Revenue (CNY Mn) | 1,489.5 | 35.04 |
Net profit attributable (CNY Mn) | 145.0 | 12.84 |
Net profit excl. non-recurring (CNY Mn) | 135.0 | 22.81 |
Basic EPS (MYR Bn) | 0.86 | 13.16 |
Operating cash flow (CNY Mn) | 165.8 | — |
R&D investment (CNY Mn) | 130.0 | — |
R&D / revenue (%) | 8.73 | — |
Balance Sheet and Margin Analysis (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (CNY Mn) | 2,860.8 | 4,044.6 | 4,784.1 |
Total liabilities (CNY Mn) | 927.1 | 1,970.3 | 2,582.6 |
Equity attributable (CNY Mn) | 1,933.7 | 2,074.3 | 2,201.5 |
Liabilities / assets (%) | 32.4 | 48.7 | 54.0 |
Cash and equivalents (CNY Mn) | 1,251.0 | 525.1 | 579.6 |
Accounts and notes receivable (CNY Mn) | 221.0 | 380.8 | 282.8 |
Inventory (CNY Mn) | 957.0 | 1,988.0 | 2,394.7 |
Book value per share (MYR Bn) | 11.51 | 12.35 | 13.10 |
Financial Analysis
| Item | 31 Dec 2024 | 31 Dec 2025 | 31 Mar 2026 | 30 Jun 2026 |
|---|---|---|---|---|
Trading financial assets (wealth-management products) | 848.9 | 942.9 | 831.9 | — |
Inventory of which goods shipped awaiting acceptance | — | 1,540.0 | — | 1,574.0 |
Contract liabilities (customer advances) | — | 1,350.9 | 1,487.9 | 1,637.0 |
Construction in progress | 59.9 | 286.7 | 317.7 | — |
Fixed assets | — | 46.3 | 46.9 | — |
Intangible assets | — | 33.9 | 33.2 | — |
Short-term borrowings | — | 50.0 | 0.0 | — |
Total current assets | 3,823.0 | 4,277.5 | 4,225.7 | — |
Total current liabilities | — | 2,508.3 | 2,454.1 | — |
Total assets | 4,044.6 | 4,784.1 | 4,771.6 | 5,133.5 |
Equity attributable | 2,074.3 | 2,201.5 | 2,247.5 | 2,272.1 |
Cash Flow and Financial Ratios (x)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Operating cash flow (CNY Mn) | 41.1 | -0.3 | 381.4 |
Investing cash flow (CNY Mn) | — | -647.5 | -333.7 |
Financing cash flow (CNY Mn) | — | -77.3 | -17.7 |
OCF / net profit (x) | 0.34 | 0.00 | 2.58 |
Dividends paid (CNY Mn) | — | — | 21.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Weighted ROE (%) | 16.70 | 7.63 | 6.92 |
Weighted ROE excl. non-recurring (%) | 12.15 | 5.78 | 5.39 |
ROA, net profit / year-end assets (%) | 4.16 | 3.78 | 3.09 |
ROIC (%) | — | — | 6.51 |
Asset turnover, revenue / year-end assets (x) | 0.26 | 0.25 | 0.30 |
Days sales outstanding (days) | 108.7 | 135.4 | 72.4 |
Inventory days (days) | 697.2 | 1,051.6 | 909.8 |
Return on net operating assets (%) | 25.5 | 19.2 | 17.2 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2024 | FY2025 |
|---|---|---|
Dividend per share (MYR Bn) | 0.125 | 0.125 |
Total cash dividend (CNY Mn) | 21.0 | 21.0 |
Payout ratio (%) | 13.73 | 14.20 |
Region Overview
| Region | FY2025 revenue (CNY Mn) | Share (%) | Gross margin (%) |
|---|---|---|---|
Mainland China | 1,425.7 | 100.0 | 32.61 |
Share Price & Returns
| Date | Close (MYR Bn) | Context |
|---|---|---|
IPO, Nov 2023 | 31.95 | Offer price |
29 Nov 2023 | 55.78 | First trading day (+74.6%) |
15 Oct 2024 | 44.90 | Post-listing low area |
12 Jun 2025 | 52.71 | Before the 2025 re-rating |
29 Oct 2025 | 94.35 | One year before the latest close |
30 Dec 2025 | 98.50 | Year-end 2025 |
28 Apr 2026 | 114.28 | Q1 2026 results; 52-week range then RMB 51.12–142.43 |
15 Jun 2026 | 143.00 | Mid-year high area; trading risk notice followed on 30 June |
15 Oct 2026 | 149.74 | October rally peak |
23 Oct 2026 | 117.49 | Pullback |
29 Oct 2026 | 92.62 | After Q3 2026 results (–7.4% on the day) |
Valuation Snapshot
| Multiple | Value |
|---|---|
Market capitalisation (CNY Mn) | 15,560 |
Trailing twelve-month revenue (CNY Mn) | 1,812.7 |
Trailing twelve-month net profit attributable (CNY Mn) | 164.4 |
Trailing P/E (x) | 94.6 |
Trailing P/S (x) | 8.6 |
P/B on 30 Sep 2026 equity (x) | 6.7 |
Forward P/E on 2026 consensus net profit of MYR Bn 309 million (x) | 50.4 |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (MYR Bn) | 2026E net profit (CNY Mn) |
|---|---|---|---|---|
Huachuang Securities | Nov 2025 | Strong Buy | 109.90 | — |
GF Securities | Feb 2026 | Buy | 138.57 | 358 |
Huaxi Securities | Apr 2026 | Outperform | — | 288 |
Sinolink (Guojin) Securities | May 2026 | Buy | 185.81 | — |
Guotai Haitong Securities | Jul 2026 | Outperform | 150.00 | 252 |
Analyst Conclusions
Management guidance. The company gives no numerical guidance. Management's qualitative messages are as follows:
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Demand is strong as domestic fabs expand.
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The Anhui base remains on schedule for completion in December 2026.
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R&D intensity stays at about 9–10% of revenue.
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New products (vacuum pumps, ultra-low-temperature chillers, panel chillers, the third-generation scrubber) are moving through customer validation.
Consensus expectations. Brokers expect 2026 revenue of RMB 2.0–2.35 billion and 2027 revenue of RMB 2.6–3.1 billion. Huaxi forecasts revenue of RMB 2,022 million, 2,875 million and 3,997 million for 2026–2028. Consensus net profit is about RMB 309 million for 2026 and RMB 436–522 million for 2027. Implied gross margins are about 33%.
Bull case
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Visible backlog. Contract liabilities (RMB 1.64 billion) plus goods shipped (RMB 1.57 billion) at mid-2026 cover more than a year of revenue. Q3 2026 revenue growth accelerated to 49%, supporting a multi-year compounding path.
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Chiller franchise with rising value per chamber. Chillers grew 49% in FY2025 and 44% in H1 2026 at 36% gross margin, with near-sole-supplier status at leading domestic advanced fabs. Ultra-low-temperature products for advanced etch extend the lead.
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Platform optionality. Dry vacuum pumps, a market dominated by foreign suppliers with domestic share still low, together with panel chillers and the new scrubber generation, could add a second growth curve from 2027 as Anhui capacity comes on stream.
Bear case
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Earnings lag revenue. FY2025 profit fell despite 39% revenue growth. Nine-month 2026 profit is up only 12.8%, and Q2 2026 gross margin fell to about 26.7% amid price pressure. Consensus 2026 profit of about RMB 309 million looks hard to reach from a nine-month base of RMB 145 million.
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Concentration and pricing power. With 81% of revenue from five customers, mostly large memory makers in an expansion phase, customers hold the negotiating advantage. Scrubber stagnation (+0.2% in H1 2026) shows how quickly share and pricing can erode.
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Valuation and supply overhang. At about 95x trailing earnings with ROE below 7%, the stock depends on execution. The controlling shareholder's 28.13% reaches the end of its post-IPO lock-up around end-November 2026, and the management platform has been selling.
Key catalysts and monitorables (next 12 months)
Late Nov 2026: Catalyst / monitorable: End of the three-year post-IPO lock-up on Jingyi Group's 47.25 million shares; What to watch: Any reduction plan by the controlling shareholder (an SOE holder would normally signal long-term holding)
Dec 2026: Catalyst / monitorable: Completion of the Anhui base; What to watch: Capex closure, ramp-up schedule, depreciation from 2027
Q4 2026: Catalyst / monitorable: Year-end acceptances; What to watch: Conversion of goods shipped into revenue; Q4 margin and warranty accruals
Feb–Mar 2027: Catalyst / monitorable: FY2026 preliminary results and annual report; What to watch: Full-year profit against the RMB 252–358 million consensus range; dividend; top-five customer share
2026–2027: Catalyst / monitorable: Dry vacuum pump validation; What to watch: First volume orders from domestic IC lines
2026–2027: Catalyst / monitorable: Scrubber order trend; What to watch: Return to growth, or further share loss to Korean and domestic rivals
2027: Catalyst / monitorable: Third-generation scrubber and ultra-low-temperature chiller launches; What to watch: Commercial qualifications at advanced nodes
2027: Catalyst / monitorable: Board re-election; What to watch: Continuity of the Yu Hao-led management team
Ongoing: Catalyst / monitorable: US and Japanese trade controls; What to watch: Component availability and customer fab schedules
Ongoing: Catalyst / monitorable: VAT refund and high-tech tax status; What to watch: Effect on other income and effective tax rate
Analyst verdict. Jingyi is a high-quality franchise business with an earnings record that is still unproven. In nine years it has become the main domestic supplier of fab chillers and the only domestic scrubber supplier deployed at scale. It is close to sole supplier for chillers at China's most advanced memory and logic fabs, and its customer advances and goods shipped together exceed RMB 3 billion against FY2025 revenue of RMB 1.4 billion. The growth case is therefore not in doubt: revenue has compounded at about 30% a year since 2021, nine-month 2026 revenue already exceeds all of 2025, and the Anhui base will add capacity just as China's memory makers enter another expansion cycle.
The weakness is that profit has not kept pace with revenue. Since listing, gross margin has held at about 32–33% at best and slipped to about 30% in H1 2026. R&D and staffing costs have scaled faster than revenue, and grants and investment income account for a material share of net profit. Return on equity of under 7% partly reflects idle IPO cash, but also customers' bargaining power: five fabs take four-fifths of sales. The scrubber business, once 40% of revenue, has stalled. Sorters make almost no profit. Vacuum pumps, the most promising new product line, are still being qualified.
At about RMB 93 per share the market already prices in a near-doubling of 2026 profit that the first nine months do not yet support, which explains the sharp October correction. The investment debate over the next twelve months comes down to three things. First, whether the RMB 1.5–1.6 billion of goods shipped converts into recognised revenue at chiller-level margins. Second, whether the Anhui ramp-up and the new products raise returns rather than adding cost. Third, how the controlling shareholder handles the end of its lock-up. If those go well, Jingyi has the backlog, balance sheet and technology to grow into a much larger fab sub-system platform. If not, the current premium valuation could fall further.
Executive Leadership
Board of Directors
| Name | Role | Born / age | Education | Background | Tenure |
|---|---|---|---|---|---|
Shen Hongliang (沈洪亮) | Chairman (legal representative) | 1976 / 50 | BEng industrial automation (Jilin Institute of Chemical Technology); master of engineering, industrial engineering (Tianjin University) | Deputy chair of the trade union, Beijing Holdings Group (2017–2023); deputy party secretary, GM and director of Beijing Jingyi Group since March 2023 | Chairman since the 2023–2024 term |
Zhao Lixing (赵力行) | Vice chairman | 1964 / 62 | BEng aircraft automatic control; MBA (Beihang University); senior engineer | Engineer, lab director, chief engineer and deputy director at Beijing Automation Institute; director and deputy GM at Beijing Yuandong Instrument; party secretary and president of Beijing Automation Institute; director and GM of the predecessor company (2016–2020) | Vice chairman since March 2021; indirectly holds 6.38 million shares via a partnership |
Yu Hao (于浩) | Director and general manager | 1982 / 44 | BEng mechanical design and automation (Tongji University); MBA (CEIBS); senior engineer | Process engineer at SMIC Beijing (2006–2012); sales head at Beijing Jingyi Automation Research Institute (2012–2016); deputy GM then GM of the company since 2016 | Director/GM since March 2021; executive partner of Anhui Beizi; indirectly holds 2.825 million shares |
Gao Bin (高斌) | Director | 1968 / 58 | Degree in magnetism (Lanzhou University); MBA (UIBE); senior engineer | Senior roles at Beijing Jingye Electric; planning and investment head at Jingyi Group (2008–2021); head of reform and development at Jingyi Group since August 2021 | Since March 2021 |
Chen Wangshu (陈望舒) | Director | 1985 / 41 | BEng industrial engineering (Beijing Institute of Machinery); postgraduate, international trade (Renmin University); senior economist | Board secretary and office director of Jingyi Group | Since March 2021 |
Wang Li (王莉) | Director | 49 | Master's | Shareholder-nominated director | Current term |
Yu Yingmin (余应敏) | Independent director (accounting professional) | 1966 / 60 | Postdoctoral research in applied economics (Institute of Fiscal Science, Ministry of Finance) | Professor and doctoral supervisor, School of Accounting, Central University of Finance and Economics; independent director at other listed companies | Since September 2022 |
Wang Zhaofeng (王兆峰) | Independent director | 1969 / 57 | PhD procedural law (Renmin University) | Former prosecutor; managing partner of Deheng Law Firm (2006–2020); founder of Beijing Zhoutai Law Firm (2020–) | Since September 2022 |
Wang Yun (王云) | Independent director | 44 | PhD | Independent director | Current term |
Executive Leadership Team
| Name | Title | Age | Education | Background | Total pre-tax pay (CNY K) |
|---|---|---|---|---|---|
Yu Hao | General manager | 44 | Tongji BEng; CEIBS MBA | SMIC process engineer; company GM since 2016 | 3,554 |
Lu Xiaowu (卢小武) | Vice general manager | 46 | Master's | Senior operating executive | 3,608 |
Zhou Liang (周亮) | Vice general manager and chief engineer | 45 | Master's | Former etch equipment manager at Intel Dalian; senior IC procurement manager at Tsinghua Unigroup | 3,510 |
Zheng Shuainan (郑帅男) | Vice general manager and CFO | 40 | Bachelor's (Sichuan University); law master's and EMBA (Peking University) | CFO since 2021; board secretary 2021–August 2026; appointed vice GM in August 2026 | 3,500 |
Zhang Jianxin (张建新) | Vice general manager | 42 | Mechanical design (Beijing Information Science and Technology University) | Former product manufacturing engineer at Foxconn; former role at Lenovo's infrastructure solutions group | 2,000 |
Gao Lidong (高立东) | Vice general manager | 49 | MBA (Dalian University of Technology) | Operating executive | — |
Fu Yudian (付雨点) | Board secretary and chief legal officer | 32 | Master's in finance (Central University of Finance and Economics) | Investment banker at Guotai Haitong Securities (2018–March 2026); joined as IR director in March 2026; appointed board secretary on 28 August 2026 | — |
He Linlin (和琳琳) | Head of accounting | — | — | Accounting function head | — |
Board & Management Changes
| Date | Change |
|---|---|
Mar 2021 | Board formed on conversion; Zhao Lixing vice chairman, Yu Hao GM |
Sep 2022 | Independent directors Yu Yingmin, Wang Zhaofeng and Chen Junjiang join |
2023–2024 | Shen Hongliang, Jingyi Group GM, becomes chairman; second board elected for three years |
2024–2026 | Wang Li and Wang Yun join the board, replacing Ma Liang and independent director Chen Junjiang |
Mar 2026 | Fu Yudian joins as investor relations director |
28 Aug 2026 | Zheng Shuainan resigns as board secretary and chief legal officer for work reasons, and stays CFO and becomes vice GM. Fu Yudian is appointed board secretary and chief legal officer (board vote 9–0) |
Major Shareholders
| Rank | Shareholder | Type | Shares | Stake (%) |
|---|---|---|---|---|
| 1 | Beijing Jingyi Group Co., Ltd. | State-owned legal person (restricted shares) | 47,250,000 | 28.13 |
| 2 | Anhui Beizi Investment Management Center (LP) | Management/employee platform | 20,136,418 | 11.99 |
| 3 | Agricultural Bank of China – Orient AI Thematic Mixed Fund | Mutual fund | 8,199,978 | 4.88 |
| 4 | Bank of China – E Fund Supply-Side Reform Flexible Mixed Fund | Mutual fund | 2,597,680 | 1.55 |
| 5 | NSSF Portfolio 17022 (managed by China Universal) | Social security fund | 2,465,949 | 1.47 |
| 6 | Hong Kong Securities Clearing Co. (Northbound Connect) | Foreign investors | 2,092,210 | 1.25 |
| 7 | Huaxia SSE STAR Semiconductor Materials and Equipment ETF | ETF | 2,057,107 | 1.22 |
| 8 | Guotai CSI Semiconductor Materials and Equipment ETF | ETF | 1,929,426 | 1.15 |
| 9 | GF Small-Cap Growth Mixed Fund (LOF) | Mutual fund | 1,369,118 | 0.81 |
| 10 | E Fund Fenghe Bond Fund | Mutual fund | 1,200,000 | 0.71 |
| — | Top 10 total | — | 89,297,886 | 53.16 |
Competitive Landscape
Competitors by Segment
| Product line | International competitors | Domestic / regional competitors | Jingyi's position |
|---|---|---|---|
Process chillers | Advanced Thermal Sciences (ATS), SMC (Japan), Shinwa Controls, GST (Korea), Unisem (Korea) | Emerging domestic entrants | Domestic No. 1 since 2022; about 39% domestic share in 2024; close to sole supplier at leading domestic advanced fabs. Domestic market concentrated: CR6 about 90% in 2018–2022 |
Local scrubbers | Edwards (Atlas Copco), Ebara, DAS Environmental Expert, Kanken Techno, CSK, Unisem, GST, EcoSys | Shengjian Technology (603324.SH) and others | Domestic No. 4 in 2022 and the only domestic supplier deployed at scale. Global top three held about 46% in 2024 |
Wafer sorters and handling | Rorze, Brooks Automation, Hirata, Sinfonia, Kawasaki Robotics | Domestic handling automation suppliers | Small share; product used for line coverage |
Dry vacuum pumps (new) | Edwards, Ebara, Pfeiffer Vacuum, Leybold, Kashiyama | SKY Technology (中科仪, 920186.BJ), Hanbell Precision (002158.SZ) | Entrant at the validation stage |
Peer Comparison FY2025
| Company | Revenue FY2025 (millions, local currency) | Revenue growth FY2025 (%) | Gross margin FY2025 (%) | Net profit FY2025 (millions, local currency) |
|---|---|---|---|---|
Beijing Jingyi Automation Equipment (MYR Bn) | 1,426.2 | 38.95 | 32.6 | 147.9 |
Global Standard Technology, KOSDAQ 083450 (KRW) | 347,200 | 0.3 | — | — |
Shengjian Technology, 603324.SH (MYR Bn) | 1,126.0 | -22.42 | 21.23 | -17.1 |
SKY Technology (中科仪), 920186.BJ (MYR Bn) | 1,291.0 | 19.3 | — | — |
