The Zhitong Finance App learned that on October 27, Mi Fei Technology (Shanghai) Co., Ltd. (abbreviation: Mi Fei Technology) applied for listing on the Shanghai Stock Exchange Science and Technology Innovation Board and changed its review status to “Inquired”. Cathay Pacific Haitong Securities is its sponsor and plans to raise 1,191 billion yuan.
According to the prospectus, Mifei Technology focuses deeply on the core technology research and industrial application of automatic material transfer systems (AMHS) for semiconductor wafers. It is one of the few local suppliers in mainland China that holds independent intellectual property rights for AMHS core technology, aligning key technical indicators with the international advanced level, and can provide AMHS hardware equipment and software systems for various semiconductor fabs.
Semiconductor AMHS (Automated Material Handling System) is deeply integrated with transmission equipment, storage equipment, purification equipment, and fully automated control software, and has become the core infrastructure necessary for semiconductor fabs to guarantee wafer yield and improve production line efficiency.
As one of the few domestic suppliers to complete factory inspection at 8-inch and 12-inch fabs, the company has successfully entered the supply chain system of well-known semiconductor companies at home and abroad with deep technical accumulation and continuous innovation capabilities, and has grown into a leading enterprise capable of delivering AMHS products to global semiconductor customers.
Mifei Technology has successively launched three categories, more than 30 types of core hardware equipment, and self-developed industrial control software such as MCS, and has become one of the few domestic manufacturers with the ability to independently develop and supply a full range of semiconductor AMHS software and hardware. The company's products have successively entered the supply chain of mainstream domestic customers such as Xinlian Integration, Yirui Technology, and Xinyue Energy, and has begun to establish business cooperation with overseas customers such as Infineon.
At present, the AMHS storage equipment, purification equipment, and MCS industrial control software developed independently by the company have all passed large-scale semiconductor fab production line verification. The crane transmission system has passed mass production line verification for small and medium-sized semiconductor fabs, and verification tests are currently being carried out on the customer's new regional line of a large semiconductor fab.
According to the prospectus, in each period of the reporting period, the total main business revenue of the company's top five customers accounted for 98.65%, 80.64%, 92.42% and 90.24% of the current main business revenue, respectively, and the customer concentration was high.
In terms of the competitive landscape, the global AMHS market concentration is extremely high. After years of development, Japan's Daifuku Group and Murata Machinery have formed a huge leading edge with the accumulation of capital, technology, customer resources, and brands. In the global semiconductor AMHS competition, the above two Japanese companies together account for 90% of the market share.
After this stock issuance, the funds raised will be used for the following projects after deducting the issuance fee:
On the financial side, in 2023, 2024, 2025, and January-June 2026, the company achieved operating income of about 174 million yuan, 167 million yuan, 393 million yuan, and 207 million yuan respectively; for the same period, net profit was approximately -35.152 million yuan, -53.11 million yuan, 604.53 million yuan, and 36.3632 million yuan, respectively.
