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Kingsemi (芯源微)芯源微

688037Founded 2002Shenyang, LiaoningReviewed 2026-08-30

Kingsemi designs, manufactures, and sells semiconductor front-end and advanced-packaging process equipment, primarily photoresist coater/developer track systems and related cleaning and stripping tools. Revenue comes from tool sales to integrated device manufacturers, foundries, packaging houses, and compound semiconductor/LED producers, supplemented by aftermarket service, spare parts, and process support.

Scale

~$271.1Mrevenue FY2025 · CNY 1.9B
~$9.2Bmarket cap · 2026-10-04

Gap vs frontier

—gap not quantified

Kingsemi (芯源微).

Company at a glance

Scale

Revenue up 13% since FY2023

Growth prospects

Revenue trajectory FY2023–2025

All sourced facts (3)
  • Founded: 2002
  • Headquarters: Shenyang, Liaoning Province, China
  • Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688037 · A-share common stock

Why it matters

Kingsemi is China's most established domestic maker of photoresist track equipment—coating, developing, and adjacent wet processing tools—a lithography-adjacent step long dominated globally by Tokyo Electron. The test that matters is whether its track tools move from mature-node, packaging, and LED wins into volume qualification at leading domestic logic and memory fabs on production-critical layers, which would confirm a genuine substitution story rather than a niche one.

Where it sits in the stack

equipment

Key semiconductor products

  • Photoresist coating and developing process technologycommercial.
  • Photoresist coater/developer track systems
  • Single-wafer cleaning equipment
  • Photoresist stripping tools
  • Spin/spray coating for advanced packaging

Financials

688037.SS · Shanghai STAR Market 688037.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.72BRMB 0.25B
2023
RMB 1.75BRMB 0.2B
2024
RMB 1.95BRMB 0.07B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Competitors

  • Tokyo Electron (TEL)
  • SCREEN Holdings
  • Suss MicroTec

Customers / end markets

  • IC manufacturing (foundry, logic, memory)
  • Advanced packaging (bumping, wafer-level packaging)
  • LED and compound semiconductor
  • MEMS and power devices

Global peer set

  • Tokyo Electron (TEL): Global leader in photoresist coater/developer track equipment; the primary benchmark Kingsemi's track tools substitute against
  • SCREEN Holdings: Japanese maker of coater/developer and wet-processing equipment; same product category as Kingsemi's core lines
  • Suss MicroTec: European supplier of lithography processing tools (coat/develop, bonding); comparable in packaging and compound-semi processing
  • Global reference companies: Tokyo Electron (TEL), SCREEN Holdings, Suss MicroTec, EV Group

Competitive position

  • China position: Substitute.
  • Domestic leader in track/coating-developing equipment, but global track market is dominated by TEL; gap is widest at advanced-node production-critical layers.
  • Adoption bottleneck is fab qualification at advanced nodes and dependence on imported precision components and compatible process chemistries.
  • Global comparables: Tokyo Electron (TEL): Global leader in photoresist coater/developer track equipment; the primary benchmark Kingsemi's track tools substitute against.
  • Global comparables: SCREEN Holdings: Japanese maker of coater/developer and wet-processing equipment; same product category as Kingsemi's core lines.
  • Global comparables: Suss MicroTec: European supplier of lithography processing tools (coat/develop, bonding); comparable in packaging and compound-semi processing.
  • Global comparables: Global reference companies: Tokyo Electron (TEL), SCREEN Holdings, Suss MicroTec, EV Group.

Milestones and signals

  • 2002—Kingsemi (芯源微) was founded.
  • 2026-10-04—Market cap: RMB 66.0B
  • FY2025—Revenue: RMB 1.9B
  • FY2025—Net Profit: RMB 71.7M
  • Listing—Shanghai Stock Exchange STAR Market (科创板) · 688037 · A-share common stock

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

Which customers, fabs, or end markets show real adoption rather than policy interest?

Named exposure so far: IC manufacturing (foundry, logic, memory), Advanced packaging (bumping, wafer-level packaging), and LED and compound semiconductor.

What is the measurable gap versus global reference companies?

Against Tokyo Electron (TEL), SCREEN Holdings, Suss MicroTec, and EV Group: Domestic leader in track/coating-developing equipment, but global track market is dominated by TEL; gap is widest at advanced-node production-critical layers.

Open questions

  • Which products are qualified beyond pilots in equipment?