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Leadmicro (微导纳米)微导纳米

688147.SSFounded 2015Reviewed 2026-08-30

Wuxi-based vacuum thin-film deposition equipment maker centered on atomic layer deposition (ALD), with product lines spanning ALD, CVD and etch tools for photovoltaic cells, integrated circuits, compound-semiconductor power devices and emerging applications. Listed on the STAR Market in December 2022 (688147.SS). FY2025 revenue was RMB 2.63B (-2.47% YoY) as photovoltaic demand fell, while semiconductor equipment revenue jumped 169% to RMB 881M, becoming the largest growth engine.

Scale

~$366.4Mrevenue FY2025 · CNY 2.6B
~$6.6Bmarket cap · 2026-10-04
1,179employees · 2025

Gap vs frontier

—gap not quantified

Leadmicro (微导纳米).

Company at a glance

Scale

Revenue up 57% since FY2023

Growth prospects

Expanding customer base and product roadmap

via data.eastmoney.com ↗STAR Market, 688147.SS, 2022-12-23, IPO price RMB 24.21via static.cninfo.com.cn ↗Revenue RMB 2.63B (-2.47% YoY) on photovoltaic cycle adjustment; semiconductor equipment revenue RMB 881M (+169.12% YoY)

Official filings: www1.hkexnews.hk ↗ · FY2025 annual report (Sina Finance) ↗ · FY2025 annual report summary (CNINFO) ↗ · STAR IPO prospectus (Sina Finance) ↗

All sourced facts (6)
  • Founded: 2015-12-25 in Wuxi (Xinwu district), Jiangsu via money.finance.sina.com.cn ↗
  • Listing: STAR Market, 688147.SS, 2022-12-23, IPO price RMB 24.21 via data.eastmoney.com ↗
  • FY2025 results: Revenue RMB 2.63B (-2.47% YoY) on photovoltaic cycle adjustment; semiconductor equipment revenue RMB 881M (+169.12% YoY) via static.cninfo.com.cn ↗
  • Semiconductor orders: New semiconductor orders of about RMB 1.48B booked in January-September 2025 via og.microbell.com ↗
  • Milestone 2025: First ALD volume-production tool for automotive chip packaging shipped to a leading European customer; multiple ALD/CVD tools passed key-customer validation for High-k, metal compound and hard-mask steps via stcn.com ↗
  • Export-control status: Added to the US Entity List on 2024-12-02; company stated the impact is overall controllable and operations normal via cls.cn ↗

About

Sells stand-alone and integrated thin-film deposition process equipment plus services; historically PV-driven (first GW-level PE-TOPCon integrated line), now shifting mix toward IC fabs where High-k dielectric, metal compound and hard-mask ALD/CVD tools passed key-customer qualification and entered volume production in 2025.

Founded 2015

Why it matters

ALD is a chokepoint deposition step in advanced logic, memory and advanced packaging; Leadmicro is the principal domestic ALD supplier displacing ASM International/AMAT/TEL-class tools at Chinese fabs, and was added to the US Entity List in December 2024.

Where it sits in the stack

equipment

Key semiconductor products

  • Atomic layer deposition (ALD) toolsthermal/PE-ALD for High-k dielectrics, metal compounds, hard masks (IC), TOPCon cell passivation (PV), compound-semiconductor power devices
  • Chemical vapor deposition (CVD) tools for IC and PV applications
  • Etch equipment·via subsidiary Wuxi Xianwei, established 2020, semiconductor epitaxy equipment·2020
  • First GW-level PE-TOPCon integrated process line for photovoltaics

Financials

688147.SS · Shanghai STAR Market 688147.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.68BRMB 0.27B
2023
RMB 2.7BRMB 0.23B
2024
RMB 2.63BRMB 0.22B
2025

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

Ecosystem

Global peer set

  • ASM International (ALD leader)
  • Applied Materials (deposition portfolio)
  • Tokyo Electron (deposition portfolio)
  • Kokusai Electric (batch deposition)

Competitive position

  • First Chinese supplier to run production-type High-k ALD tools on IC front-end lines, per company investor-relations disclosures
  • Pioneer of scaled ALD in PV: industry-first GW-level PE-TOPCon integrated line acceptance drove TOPCon mass adoption
  • FY2025 pivot: semiconductor segment (RMB 881M, +169%) overtook PV as growth engine amid the photovoltaic downturn
  • Not assessable; no product or capability text captured.
  • Not assessable; no fab-qualification or adoption signals captured.
  • Global comparables: ASM International (ALD leader)
  • Global comparables: Applied Materials (deposition portfolio)
  • Global comparables: Tokyo Electron (deposition portfolio)

Milestones and signals

  • 2015—Leadmicro (微导纳米) was founded.
  • 2022—STAR Market, 688147.SS, 2022-12-23, IPO price RMB 24.21
  • 2025—Employees At End-2025: CNY 1,179
  • 2026-10-04—Market cap: RMB 47.1B
  • FY2025—Revenue: RMB 2.6B
  • FY2025—Net Profit: RMB 219M

What to watch

  • Conversion of RMB 1.48B (9M2025) semiconductor order book into 2026 revenue
  • Progress of High-k and hard-mask ALD/CVD tools at domestic memory and logic fabs
  • Supply-chain localization after December 2024 Entity List designation

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Against ASM International (ALD leader), Applied Materials (deposition portfolio), Tokyo Electron (deposition portfolio), and Kokusai Electric (batch deposition): Not assessable; no product or capability text captured.

Open questions

  • Which products are qualified beyond pilots in equipment?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?