Company at a glance
Scale
Revenue down 72% since FY2023
Growth prospects
Expanding customer base and product roadmap
via tmtpost.com ↗Revenue RMB 11.36B; net profit RMB 885M (-64.7% YoY); adjusted net profit RMB 617M (-74.9% YoY), pressured by the photovoltaic downturnvia money.finance.sina.com.cn ↗Integrated-circuit and SiC-related equipment and materials revenue RMB 1.85B in FY2025; unfulfilled IC and compound-semiconductor equipment contracts…Official filings: static.sse.com.cn ↗ · FY2025 annual report (Sina Finance) ↗ · FY2024 annual report summary (CNINFO) ↗
All sourced facts (8)
- Listing status: Shanghai Stock Exchange (STAR Market) · 688478 · A-share
- Founded / HQ: 2006-12-14 in Zhejiang (originally Shangyu Jingsheng M&E Engineering), headquartered in Hangzhou area, Zhejiang via q.stock.sohu.com ↗
- Listing: Shenzhen ChiNext, 300316.SZ, 2012-05-11 via vip.stock.finance.sina.com.cn ↗
- FY2025 results: Revenue RMB 11.36B; net profit RMB 885M (-64.7% YoY); adjusted net profit RMB 617M (-74.9% YoY), pressured by the photovoltaic downturn via tmtpost.com ↗
- Semiconductor mix: Integrated-circuit and SiC-related equipment and materials revenue RMB 1.85B in FY2025; unfulfilled IC and compound-semiconductor equipment contracts above RMB 3.7B (incl. tax) at end-2025 via money.finance.sina.com.cn ↗
- Key customers: TCL Zhonghuan is the largest customer; others include NSIG (沪硅集团), JCET, Silan Microelectronics (士兰微), SiEn Integration (芯联集成) and Hua Hong Group via q.stock.sohu.com ↗
- Technology milestones: Developed China's first fully automatic mono-crystal silicon growth furnace in 2007; at SEMICON China 2025 showed 8-inch conductive SiC, 8-inch optical-grade SiC, 12-inch sapphire and 12-inch polycrystalline SiC products, and SiC substrates supply more than half of the leading global and domestic power-chip makers via jsjd.cc ↗
- Capacity milestone: Ground broken on an 8-inch SiC substrate pulling base designed for 600,000 wafers per year via quote.cfi.cn ↗
About
Equipment-plus-materials model: crystal growth furnaces and processing tools for PV (historically the core, anchored by top customer TCL Zhonghuan), extended into semiconductor-grade crystal equipment, 8-inch SiC substrate manufacturing, sapphire and SiC consumables, with equipment backlog converting to recurring materials revenue.
Founded 2006 · Ticker 688478
Why it matters
Jingsheng is the world-scale domestic supplier of crystal growth equipment and the emerging Chinese SiC substrate champion - its SiC substrates already ship to more than half of the leading power-chip makers - making it the equipment bridge between China's PV industrial base and its semiconductor materials ambitions.
Where it sits in the stack
Key semiconductor products
- Mono-crystal silicon growth furnaces·PV and semiconductor grade
- SiC crystal growth and processing equipment; 8-inch conductive and optical-grade SiC substrates
- Sapphire (12-inch) crystal growth and substrates; polycrystalline SiC
- Ingot/wafer processing equipment (slicing, grinding, polishing) and PV consumables
Financials
688478.SS · Shanghai STAR Market 688478.SS · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- PVA TePla (crystal growth furnaces)
- Wolfspeed (SiC substrates, restructuring peer)
- Coherent / SK Siltron CSS (SiC substrates)
Competitive position
- Domestic leader in crystal growth equipment with a two-decade installed base anchored by TCL Zhonghuan
- SiC substrate shipments reach more than half of the leading power-chip makers globally and domestically
- Group earnings are currently PV-cycle-driven (FY2025 net profit -64.7%) while the semiconductor/SiC pillar (RMB 1.85B revenue, RMB 3.7B+ backlog) is the growth engine
- No content signals available to determine specific tool categories, node coverage, or technical frontier position.
- Global comparables: PVA TePla (crystal growth furnaces)
- Global comparables: Wolfspeed (SiC substrates, restructuring peer)
- Global comparables: Coherent / SK Siltron CSS (SiC substrates)
Milestones and signals
- 2006—Jingsheng Equipment (晶升装备) was founded.
- 2025—Employees: CNY ≈5,745
- 2026-10-04—Market cap: RMB 6.4B
- FY2025—Revenue: RMB 116M
- FY2025—Net Profit: RMB -38.3M
- Listing—Shanghai Stock Exchange (STAR Market) · 688478 · A-share
What to watch
- Execution of the 600k-wafer-per-year 8-inch SiC substrate base against a softening SiC price environment
- Conversion of the RMB 3.7B+ IC and compound-semiconductor equipment backlog amid the PV cash squeeze
- Margin recovery as semiconductor and SiC mix rises above the PV base
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Against PVA TePla (crystal growth furnaces), Wolfspeed (SiC substrates, restructuring peer), and Coherent / SK Siltron CSS (SiC substrates): No content signals available to determine specific tool categories, node coverage, or technical frontier position.
Open questions
- Which products are qualified beyond pilots in equipment?
- Which customers, fabs, or end markets show real adoption rather than policy interest?