GRIKIN Advanced Material Overview
GRIKIN is China's longest-established supplier of high-purity metal sputtering targets for integrated circuits and the main operating asset of GRINM Advanced Materials. It is one of the few Chinese target makers that controls the whole chain: ultra-high-purity metal refining, target melting and hot pressing, bonding, precision machining, cleaning and packaging. Its range covers aluminium, titanium, copper, tantalum, cobalt, copper-manganese, nickel-platinum and tungsten targets. Its 12-inch cobalt, copper and copper-manganese targets have reportedly passed 5 nm process qualification at TSMC. It ships in volume to SMIC, YMTC, CXMT, Samsung and Intel. Together, the Changping (Beijing) and Dezhou (Shandong) bases can produce about 78,000 target pieces a year. A second Dezhou phase, approved in July 2026, adds 30,000 pieces a year. Big Fund II's July 2025 investment links GRIKIN directly to China's national semiconductor fund. GRINM's 2026 sale of its rare-earth and infrared-optics businesses has made GRIKIN the group's core earnings driver.
What the company does. GRINM Advanced Materials' 2025 annual report describes GRIKIN as mainly engaged in the R&D and production of ultra-high-purity metal raw materials and thin-film materials for microelectronics and optoelectronics, and of precious-metal materials and products. Its main products are high-purity metal targets, evaporation materials, and precious-metal alloys and compounds. Beijing business-registration records describe a broader scope that also covers trading in nonferrous materials, import and export, and technical consulting and services for rare and precious metals. GRIKIN's own materials describe three pillars: high-purity thin-film materials, rare and precious metal functional materials, and platinum-group metal materials.
Business model. GRIKIN is a vertically integrated materials manufacturer, and its sales are almost entirely of manufactured products. Revenue falls into three streams:
- Thin-film materials (sputtering targets, evaporation materials) — Nature: Custom-engineered consumables qualified per fab, tool and process step, then supplied under recurring purchase orders; Margin profile (FY2025, parent product-line basis): Gross margin 18.63%
Platinum-group products: Nature: Sales of high-value precious metals (Pt, Pd, Rh, etc.) and fabricated products, where metal prices pass through to customers; Margin profile (FY2025, parent product-line basis): Gross margin 1.63%
- Precious metals, nonferrous metals and high-end manufacturing — Nature: Precious-metal alloys, compounds and fabricated parts; Margin profile (FY2025, parent product-line basis): Gross margin 11.57%
There is no subscription or licensing revenue of any size. The parent's 2025 lithium-sulfide technology transfer (RMB 107.57 million gain) was booked at the former rare-earth subsidiary, not at GRIKIN. Metal content dominates reported revenue in the platinum-group and precious-metal lines, so those lines inflate group revenue at very thin margins. Profit at GRIKIN is driven mainly by targets.
Value-chain position. GRIKIN sits upstream of the wafer fab, in the PVD (physical vapour deposition) consumables layer. It buys 4N–5N metal feedstock, mainly copper, tantalum, titanium, cobalt, nickel, platinum, aluminium and tungsten. It refines this to 5N–6N purity, forms the target blanks and bonds them to backing plates. It then sells the finished targets to fabs, either directly or through tool-specific qualification on Applied Materials and Chinese PVD platforms. A target is used up during sputtering and must be replaced, so demand tracks wafer starts and the number of metal layers per wafer rather than equipment spending.
Customer types and end markets.
Leading-edge foundries: Examples (as publicly reported): TSMC (5 nm process qualification reported), Samsung, Intel; Products used: 12-inch Co, Cu, CuMn targets
Chinese foundries: Examples (as publicly reported): SMIC; Products used: Al, Ti, Cu, Ta, NiPt targets
Memory makers: Examples (as publicly reported): YMTC (confirmed by GRINM on its investor platform on 27 May 2026 as a long-term partner, with GRIKIN an important target supplier), CXMT; Products used: Cu, Ta, Ti, W targets
Power and specialty devices: Examples (as publicly reported): Not named publicly; Products used: Al, Ti, NiPt targets
Compound semiconductor and LED: Examples (as publicly reported): Not named publicly; Products used: Precious-metal evaporation materials
Industrial and catalyst users: Examples (as publicly reported): Not named publicly; Products used: Platinum-group products
Independent characterisation. GRIKIN is best read as China's state-backed second domestic target champion. It is smaller than Ningbo Konfoong (Jiangfeng) in target revenue, but has deeper metallurgical roots and more control over its own high-purity raw materials. That integration gives it a structural advantage in copper, cobalt and NiPt. Its weaknesses are margins that remain well below global peers (thin-film gross margin of 18.6% in FY2025 against Konfoong's 27–31% on targets) and a low-margin precious-metals business that dilutes reported returns. The 2025–2026 restructuring removed the rare-earth and optics drag at parent level. It also positioned GRIKIN to benefit from AI-driven demand for copper interconnect, HBM and advanced packaging, and from China's push to buy domestic semiconductor materials.
Strategy
Stated strategy. GRINM Advanced Materials' FY2025 annual report and its 2026 communications set out four recurring themes:
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Focus on the core business. The group says it will concentrate on semiconductor thin-film materials, keep innovating technically and optimise its product structure. It aims to concentrate resources on its core advantages.
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World-class target company. The Phase II announcement describes the goal of building a world-class target company. It aims to raise the domestic share of key materials and to break through target technology for nodes below 7 nm.
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High-end mix. The group is prioritising 12-inch, copper-series, tantalum, cobalt and specialty targets for AI computing, HBM and Chiplet advanced packaging.
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"Quality, Efficiency and Returns" action plan. This follows the Shanghai Stock Exchange initiative and includes a dividend floor of about 30% of profit and interim dividends from 2026.
Strategic initiatives (last 24 months)
Big Fund II strategic equity: Date: Jun–Jul 2025; Detail: RMB 300 million for 5.67% of GRIKIN, earmarked for IC target R&D, high-purity materials, powder-metallurgy targets and machining capability
Lithium-sulfide asset sale (rare-earth subsidiary): Date: Jun 2025; Detail: Sale of patents, know-how and equipment with a floor of RMB 110 million, completed with a RMB 107.57 million gain
Exit from rare earths and infrared optics: Date: Jul–Sep 2026; Detail: 45% of GRINM Rare Earth sold for RMB 454 million and 51% of GRINM Guojinghui for RMB 243 million, both to China GRINM
Phase II high-purity target expansion: Date: Approved 30 Jul 2026; Detail: RMB 486 million; +30,000 pieces a year of Cu/Cu-alloy, Ta and Ti targets; start September 2026, production September 2027, fully invested by December 2028
High-end target capacity project: Date: Approved 30 Jul 2026; Detail: The second of two target projects, which together total about RMB 1.47 billion. It strengthens supply of specialty high-end targets.
Commodity hedging at GRIKIN: Date: AGM 2026; Detail: Futures hedging programme to manage exposure to precious and base metal prices
Customer qualification throughput: Date: FY2025 / H1 2026; Detail: 182 products validated with customers in 2025, with 107 moving to batch sales; 319 products in trial validation in H1 2026
15th Five-Year Plan alignment: Date: 2026; Detail: Phase II is designed to support target capacity growth and a better geographic layout for capacity over 2026–2030
Medium-term targets. Management has not given formal numeric revenue or margin guidance. It has said that visible target capacity is aimed at about 100,000 pieces a year. The board approved organisational performance targets for 2026 and for the 2025–2027 term in April 2026, but did not publish the figures.
Products & Services
GRIKIN's portfolio is organised around the Electronics plate. Products are listed one by one where public information allows.
High-purity sputtering targets (thin-film materials)
| Product | Description and key capabilities | Target customer / application | Status |
|---|---|---|---|
| High-purity aluminium and aluminium-alloy targets (Al, AlCu) | 5N–5N5 aluminium and Al-0.5Cu interconnect targets, 8-inch and 12-inch | Mature-node logic, power devices and memory interconnect | Long-running volume product. AlCu volumes rose in FY2025. |
| High-purity titanium targets | 5N Ti for Ti/TiN barrier and liner layers | Logic and memory, all nodes | Volume. Ti capacity is being added in Phase II (2027). |
| High-purity copper targets | 6N Cu seed-layer targets for copper interconnect, 12-inch | Advanced logic, DRAM and 3D NAND | Copper-series targets have been a focus since 2022. Reportedly qualified at TSMC 5 nm. |
| Copper-manganese alloy targets (CuMn) | Self-forming barrier / seed alloy for advanced Cu interconnects | Advanced logic (≤28 nm down to 5 nm) | 12-inch CuMn reportedly qualified at TSMC 5 nm. Volumes rose in FY2025. |
| High-purity tantalum targets | Ta/TaN diffusion barrier for Cu interconnect; very demanding grain-structure control | Advanced logic and memory | Volume. Dezhou Ta capacity is close to saturated, and Phase II adds Ta lines. |
| High-purity cobalt targets | Ultra-high-purity Co for contacts and liners at advanced nodes | Advanced logic | 12-inch ultra-high-purity Co reportedly passed TSMC 5 nm qualification. Volumes rose in FY2025. |
| Nickel-platinum alloy targets (NiPt) | 12-inch high-purity NiPt (typically 4N5–5N, with set Pt contents) for nickel-silicide contacts. GRIKIN holds core IP for the high-purity NiPt alloy. | Logic and power at 65 nm and below | Mass production on its own technology. |
| Tungsten targets | W for contacts and word lines in memory | 3D NAND and DRAM | Part of the high-end mix flagged in H1 2026, when demand for Cu, CuMn, Co, Ta and W targets rose. |
| Powder-metallurgy targets | Alloy and refractory targets made by hot pressing / HIP | Advanced logic and memory | In development. Funded by Big Fund II proceeds. |
| Specialty high-value targets | Premium targets for HBM, Chiplet and advanced packaging | AI and memory | H1 2026 disclosure says specialty targets are growing much faster than standard targets. |
Pricing is quoted per piece under customer-specific supply agreements, and precious-metal targets are linked to the metal price. Individual list prices are not publicly disclosed.
Evaporation materials
| Product | Description | Application |
|---|---|---|
| Precious-metal evaporation materials (Au, Ag, Pt, Pd and alloys) | Pellets, wires and slugs for e-beam and thermal evaporation | Compound semiconductors, LEDs, RF and power-device metallisation |
| High-purity base-metal evaporation materials | Ti, Ni, Al, Cr and others | Backside metallisation, optoelectronics |
Ultra-high-purity metal raw materials
GRIKIN makes its own 5N–6N refined metals as feedstock for its targets, including copper, cobalt, nickel, tantalum and precious metals. Big Fund II's capital is earmarked partly for "high-purity material capability improvement." This internal supply sets GRIKIN apart from target makers that buy refined metal from outside.
Platinum-group metal materials
| Product | Description |
|---|---|
| Platinum, palladium, rhodium and other PGM products | Refined metals and semi-finished products. Revenue was RMB 3,992 million in FY2025 at a 1.63% gross margin. |
| PGM compounds and catalyst precursors | Precious-metal chemicals for industrial and automotive catalysts. FY2025 volumes fell as electric vehicles reduced demand for automotive catalysts. |
Precious-metal alloys, compounds and fabricated products
These are precious-metal alloys (electrical contact materials, brazing alloys), compounds and fabricated parts. They are reported in the "precious metals, nonferrous metals and high-end manufacturing" line: RMB 563.3 million of revenue at an 11.57% gross margin in FY2025.
Services
GRIKIN provides information consulting on rare and precious metals, technical services, and precious-metal hedging services, which are linked to its own commodity hedging programme. At the 2025 AGM, shareholders approved a commodity futures hedging programme for GRIKIN. Service revenue is not material.
Legacy biomedical materials
Shape-memory (NiTi) alloys for orthodontics and minimally invasive surgery were among GRIKIN's founding products. The group now handles them through GRINM Medical Devices (有研医疗), which reported RMB 63.0 million of medical device materials revenue in FY2025.
Financial Narrative
GRIKIN publishes no standalone statements. The tables below show the consolidated GRINM Advanced Materials group, of which GRIKIN is the main profit contributor. Sources are the FY2021–FY2025 annual reports, with balance-sheet data for FY2021–FY2022 taken from the reported statements as summarised in broker research.
Income statement
The FY2025 gross margin is calculated from revenue and cost across the six reported product lines. The 9M 2026 consolidated gross margin was 8.10%, 1.41 points lower than in 9M 2025.
Revenue CAGR. Group revenue fell at a 12.2% compound annual rate from FY2021 to FY2025 (RMB 16,059 million to RMB 9,542 million). Over the same period, thin-film materials (GRIKIN's core) grew from an implied RMB 1,084 million in FY2023 to RMB 2,288 million in FY2025, a two-year CAGR of 45%. The group decline reflects lower platinum-group and rare-earth metal prices and the deconsolidation steps in rare earths. It does not reflect the target franchise, which grew strongly.
Operating income, EBITDA and pre-tax income. These are not separately published in the extracts available for each year. Pre-tax profit was RMB 309 million for 9M 2026, up 7.85%, and RMB 286.8 million for 9M 2025, up 207.71%. Interest-bearing debt and EBITDA figures for all five years are not publicly disclosed in summary form, so leverage ratios below are limited to what the filings support.
Balance sheet
Monetary-fund balances for FY2023–FY2025 are approximate and taken from analyst summaries of the reported balance sheet.
Total assets rose 17.2% in FY2025, driven by GRIKIN's capacity build-out, larger inventories and receivables in targets, and the RMB 300 million Big Fund II capital increase. In FY2025 the Big Fund II money was recorded as minority interest at GRIKIN, not as parent equity. At 30 September 2023 the debt-to-asset ratio was 33.63%. Total assets fell in Q3 2026 when GRINM Rare Earth and GRINM Guojinghui were deconsolidated. Book value per share reached RMB 5.29 at 30 September 2026.
Cash flow
The fixed-asset investment in the Dezhou target expansion totalled RMB 613.93 million, and the project was basically complete in FY2025. Dividends declared were RMB 0.085 per share for FY2021, RMB 0.109 per share for FY2024 (RMB 92.27 million total, a 62.48% payout), RMB 0.096 per share for FY2025 (RMB 81.27 million total, a 30.69% payout) and an interim RMB 0.043 per share for H1 2026 (about RMB 36.4 million). The company has made no share buybacks. Since listing it has paid out RMB 643 million in cash dividends, RMB 290 million of it in the last three years.
Ratios
The weighted ROE was 6.04% for 9M 2026. The top-five customer concentration was 76.27% of sales in FY2021 and 39.79% in FY2024. The drop mainly reflects lower platinum-group and rare-earth revenue, where a few large metal buyers dominated.
Trend commentary
FY2021–FY2022. Reported revenue peaked in FY2021 at RMB 16.06 billion on high platinum-group and rare-earth prices. Gross margin was only 4.33%, because metal pass-through revenue dominated. Profit rose 40% in FY2021 and 13% in FY2022. Underlying (non-recurring-adjusted) profit rose 65% in FY2022 as target revenue grew 27%.
FY2023–FY2024. Revenue fell 29% in FY2023 and 15.5% in FY2024. Lower PGM and rare-earth prices drove the decline, along with export controls on infrared optical materials in 2024. Rare-earth losses cut FY2024 attributable profit by RMB 102–118 million. Meanwhile thin-film revenue rose 46.5% and GRIKIN earned RMB 234.6 million. This was the point at which the group's earnings shifted from rare earths to targets.
FY2025 inflection. Attributable profit rose 79.3% to RMB 264.8 million, and adjusted profit rose 88.2%. Target revenue grew 50%. The rare-earth subsidiary narrowed its losses with the help of a one-off RMB 107.57 million technology-transfer gain, of which RMB 48.41 million reached attributable profit. Gross margin roughly doubled from the FY2021 level as targets became a larger share of revenue.
FY2026 to date. Revenue rose 50.35% in H1 and 24.98% in 9M. The 9M figure includes Q3, the first quarter after the rare-earth and optics deconsolidation, when revenue fell 13.86%. 9M adjusted profit rose 33.2%, and Q3 adjusted profit rose 82.38%, helped by IC-industry VAT super-deduction credits. Operating cash flow is the main weakness. Each year, inventory of high-value precious metals and receivables from fabs absorb cash before Q3–Q4 collections.
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View Subscription PlansFinancial Detail
Product Lines
| Product line (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Platinum-group products | 5,888 | 4,184 | 3,992 |
Thin-film materials (targets and evaporation materials) | 1,084 | 1,588 | 2,288 |
Rare-earth materials | 2,832 | 2,437 | 2,367 |
Infrared optical materials | 261 | 208 | 244 |
Medical device materials | 71 | 80 | 63 |
Product line gross margin (%)
| Product line gross margin (%) | FY2024 | FY2025 |
|---|---|---|
Platinum-group products | 2.45 | 1.63 |
Thin-film materials | 17.78 | 18.63 |
Rare-earth materials | -0.05 | 8.43 |
Infrared optical materials | 32.43 | 32.23 |
Medical device materials | 33.83 | 32.62 |
Product line YoY growth (%)
| Product line YoY growth (%) | FY2024 | FY2025 |
|---|---|---|
Platinum-group products | -28.94 | -4.59 |
Thin-film materials | 46.53 | 44.02 |
Rare-earth materials | -13.95 | -2.86 |
Infrared optical materials | -20.16 | 17.36 |
Medical device materials | 12.07 | -20.85 |
Grikin Details
| GRIKIN (CNY Mn) | FY2024 |
|---|---|
Registered capital | 846 |
Total assets | 2,441 |
Net assets | 1,958 |
Net profit | 235 |
Income statement (CNY Mn)
| Income statement (CNY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 16,059 | 15,254 | 10,822 | 9,146 | 9,542 |
Net profit attributable to shareholders | 239 | 270 | 226 | 148 | 265 |
Net profit excluding non-recurring items | 131 | 217 | 178 | 114 | 215 |
Per-share data (MYR Bn)
| Per-share data (MYR Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Basic EPS | 0.28 | 0.32 | 0.27 | 0.174 | 0.313 |
Margins (%)
| Margins (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net margin (attributable) | 1.49 | 1.77 | 2.09 | 1.62 | 2.78 |
Margins (%) — Gross margin
| Margins (%) | FY2021 | FY2022 | FY2025 |
|---|---|---|---|
Gross margin | 4.33 | 5.06 | 8.99 |
Balance Sheet
| Balance sheet (CNY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 4,897 | 5,540 | 6,237 | 6,503 | 7,621 |
Cash and equivalents (monetary funds) | 1,276 | 1,119 | 1,260 | 1,155 | 1,311 |
Equity (CNY Mn)
| Equity (CNY Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Equity attributable to shareholders | 3,773 | 3,917 | 4,256 |
Cash flow (CNY Mn)
| Cash flow (CNY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 304 | 157 | 221 | -55 | -79 |
Interim operating cash flow (CNY Mn)
| Interim operating cash flow (CNY Mn) | H1 2026 | 9M 2026 |
|---|---|---|
Operating cash flow | -950 | -586 |
Returns & Leverage Ratios (%)
| Ratio | FY2021 | FY2025 |
|---|---|---|
Weighted ROE (%) | 7.19 | 6.50 |
Revenue by Region
| Region (CNY Mn) | FY2024 | FY2025 |
|---|---|---|
Domestic (mainland China) | 8,556 | 8,921 |
Overseas | 546 | 596 |
Region YoY growth (%) | FY2025 | — |
Domestic | 4.26 | — |
Overseas | 9.22 | — |
Share Price & Returns
| Reference point | Price / metric |
|---|---|
9 Oct 2026 close | 47.95 |
1-year change to 9 Oct 2026 | +110.1% |
Record high (29 Jun 2026, intraday) | 62.79 (market cap RMB 53.16 billion) |
15 Apr 2025 (limit-up after Q1 pre-announcement) | 17.55 |
20 Aug 2025 | 20.12 |
Shares outstanding | 846,553,332 |
Market cap at MYR Bn 47.95 | ≈RMB 40.6 billion |
Capital Markets
| Metric | GRINM AM |
|---|---|
P/E (TTM) | 143.4 |
P/B (LF) | 9.06 |
P/S (TTM) | 3.61 |
Dividend per share (MYR Bn)
| Dividend per share (MYR Bn) | FY2021 | FY2024 | FY2025 |
|---|---|---|---|
Final dividend | 0.085 | 0.109 | 0.096 |
Analyst Conclusions
Management guidance. Management expects demand for semiconductor thin-film materials to stay strong. It says orders are strong and capacity is saturated, and it is working toward visible capacity of about 100,000 pieces a year. It gives no numeric revenue or profit guidance.
Consensus expectations. The single published forecast has group profit growing about 68% in 2026 to RMB 445 million and about 38% in 2027 to RMB 612 million. Delivered 9M 2026 profit of RMB 263 million (+7.3%) implies the 2026 forecast needs a very strong Q4. On the adjusted 9M run-rate (+33%), it looks stretched.
Bull case
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Structural growth with pricing power. Target revenue has grown 40–50% a year for three years in a row. AI, HBM and Chiplet are lifting demand for specialty targets faster than for standard ones. Rising metal costs give the industry room to raise prices.
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Capacity unlock. Phase II adds 30,000 pieces a year from September 2027 to a base of about 78,000. Combined with the second high-end project (≈RMB 1.47 billion in total), it supports roughly 40% more volume capacity into 2028.
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Mix purification. With rare earths and infrared optics gone, GRIKIN's profits now dominate the parent's earnings. The market may value the parent against Konfoong and global targets peers rather than as a rare-earth cyclical.
Bear case
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Valuation already priced for perfection. A P/E above 140x and P/B of 9x, against a lone analyst target of RMB 33 below the market price, leave little margin for error. The stock fell more than 20% in three days in July 2026.
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Margin and cash conversion gap. Thin-film gross margin of 18.6% trails Konfoong by about 10 points, and operating cash flow has been negative for two years. Growth is consuming working capital.
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Execution and supply risk. The bases are saturated until late 2027, tantalum supply is disrupted, and geopolitical exposure could hold back the international customers (TSMC, Samsung, Intel) behind the premium-qualification story.
Key catalysts and monitorables (next 12 months)
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FY2026 profit pre-announcement and the full-year profit gap against the RMB 445 million consensus — Expected timing: Jan 2027
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FY2026 annual report, including GRIKIN's standalone profit and target revenue, and the FY2026 dividend — Expected timing: Apr 2027
Phase II construction progress at Dezhou: Expected timing: Ongoing, targeting production in September 2027
Thin-film gross-margin trend (above or below 20%): Expected timing: Each quarterly report
Conversion of the 319 trial validations into batch sales: Expected timing: H2 2026 – 2027
Tantalum price and supply normalisation: Expected timing: 2026–2027
Changes in export-control policy: Expected timing: Ongoing
Any further capital injection or listing route for GRIKIN: Expected timing: Not announced
Analyst verdict. GRIKIN has become the core of GRINM Advanced Materials. The 2025–2026 restructuring was deliberate: GRIKIN's general manager took charge of the listed parent, Big Fund II joined GRIKIN's shareholder register, and the parent sold rare earths and infrared optics to its controlling shareholder. The underlying franchise is real. Target revenue grew around 50% in 2025 and more than 40% through 9M 2026. GRIKIN earned RMB 234.6 million in 2024 and was on track to exceed that comfortably in 2025. It also holds high-end process qualifications that few Chinese suppliers can claim, including reported TSMC 5 nm qualification for cobalt and copper-alloy targets.
The financial profile still lags the story. Gross margins in thin-film materials are well below those of Konfoong, the domestic leader. Cash flow from operations has been negative for two years as metal inventories and receivables build. Group revenue is still inflated by thin-margin platinum-group sales. Capacity, not demand, is the binding constraint until Phase II comes online in late 2027.
At about 140x trailing earnings, the parent's valuation already assumes that GRIKIN will roughly double its profits within two years and narrow its margin gap with peers. Those outcomes are plausible but not yet proven. GRIKIN's strategic value is high and its operating momentum strong. It sits in one of the clearest import-substitution niches in Chinese semiconductor materials, with national-fund and central-SOE backing. For investors the question is execution and price, not relevance. The next three data points will decide whether the rerating holds: the FY2026 disclosure of GRIKIN's standalone earnings, the trend in thin-film gross margin, and on-time Phase II commissioning. GRIKIN's position looks strong, while the parent's valuation leaves little margin for error.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Background |
|---|---|---|
Lü Baoguo (吕保国) | Party branch secretary, director and general manager of GRIKIN (as disclosed on 25 June 2025); also general manager and director of GRINM Advanced Materials since 24 June 2025 | Born August 1967; master's degree, Tsinghua University; professor-level senior engineer. Formerly deputy director of GRINM's Rare & Precious Metals Institute and deputy general manager of GRIKIN. Also director and general manager of Cuibolin and a director of GRIKIN (Shandong). |
Board of Directors
| Name | Title | Notes |
|---|---|---|
Ai Lei (艾磊) | Chairman (since 24 June 2025) | Born February 1972; master's degree, Graduate School of the Chinese Academy of Sciences; professor-level senior engineer. Previously at China Iron & Steel Research Institute Group (deputy director and director of planning). |
Lü Baoguo (吕保国) | Director and general manager | See 9.1 |
Jiang Xuan (江轩) | Director | Board member as of July 2025 |
Wang Limin (汪礼敏) | Director | Board member as of July 2025 |
Wu Ling (吴玲) | Independent director | Board member as of July 2025 |
Chen Lei (陈磊) | Director | Board member as of July 2025 |
Wang Guoping (王国平) | Director | Board member as of July 2025 |
Yang Yang (杨阳) | Chief financial officer and board secretary | Principal accounting officer in the FY2024 and FY2025 reports |
Zhou Siya (周斯雅) | Head of accounting | Also a supervisor in 2025 |
Board & Management Changes
| Date | Change |
|---|---|
5 Jun 2025 | Chairman Yang Hai and director/general manager Yu Dunbo resign for reassignment |
24 Jun 2025 | Ai Lei elected chairman; Lü Baoguo appointed general manager. Putting GRIKIN's own chief in charge of the listed company marked the strategic turn to targets. |
Major Shareholders
| Shareholder | Stake (%) |
|---|---|
GRINM Advanced Materials Co., Ltd. | 94.33 |
China Integrated Circuit Industry Investment Fund Phase II Co., Ltd. | 5.67 |
Major Shareholders by Holder
| Holder | Stake (%) |
|---|---|
China GRINM Group Co., Ltd. | 33.09 |
China Reform Holdings' Guoxin Investment Co., Ltd. (国新投资) | 2.44 |
Yuecai Trust · Yuezhong No. 3 Single Fund Trust | 1.74 |
China Rare Earth Group's China Rare & Rare Earth Co., Ltd. (中国稀有稀土) | 1.58 |
Hong Kong Securities Clearing Co. (Northbound) | 0.94 |
Guotai CSI Semiconductor Materials & Equipment ETF | 0.81 |
Competitive Landscape
Key Competitors
| Competitor | Home | Position relative to GRIKIN |
|---|---|---|
JX Advanced Metals | Japan | Global leader, with about 60–64% of semiconductor targets (Fuji Keizai, 2023). Semiconductor-materials revenue was ¥83.1 billion in April–September 2025 (+13%). Has a US plant in Mesa, Arizona. |
Tosoh | Japan | Major supplier of Ti, Ta and Cu targets to Asian fabs |
Solstice Advanced Materials (formerly Honeywell Electronic Materials) | US | Leading in Cu, Ta and Ti. Separated from Honeywell in 2025. |
Materion | US | Precious-metal and specialty targets |
Linde (formerly Praxair Surface Technologies) | US/Germany | Specialty targets |
ULVAC | Japan | Equipment maker with a target arm |
Plansee SE | Austria | Refractory W and Mo targets |
Mitsui Mining & Smelting | Japan | Mainly display ITO; some semiconductor targets |
TANAKA Precious Metals | Japan | Precious-metal targets and evaporation materials |
Ningbo Konfoong (Jiangfeng) Materials | China | Largest domestic rival. Target revenue RMB 2.85 billion in 2025 (+22%). Supplies 7 nm and 5 nm, entering 3 nm. |
Longhua Technology (Luoyang Sifon) | China | Display and semiconductor Mo/Cu/ITO targets |
Fujian Acetron (阿石创) | China | Optical and display targets |
Oulai New Materials (欧莱新材) | China | Display and semiconductor targets |
Peer Comparison FY2025
| Company | Revenue (CNY Mn) | Revenue growth (%) | Gross margin (%) | R&D / revenue (%) |
|---|---|---|---|---|
GRINM AM — thin-film materials line (GRIKIN core) | 2,288 | 44.0 | 18.6 | 3.0 |
GRINM AM — consolidated | 9,542 | 4.3 | 9.0 | 3.0 |
Ningbo Konfoong (consolidated) | 4,604 | 27.7 | 27.2 | 5.7 |
Ningbo Konfoong — targets | 2,850 | 22.0 | 31.4 | 5.7 |
