TBC Home →
Company profiles›Piotech

Piotech拓荆科技

688072Founded 2010Shenyang, Liaoningpiotech.cnReviewed 2026-08-30

Piotech is a Chinese semiconductor equipment supplier focused on thin-film deposition tools, one of the non-lithography equipment categories China needs to qualify inside domestic fabs.

Scale

~$907Mrevenue FY2025 · CNY 6.5B
~$26Bmarket cap · 2026-10-04

Gap vs frontier

Substitutesector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Piotech: substitute tier in Deposition / etch / metrology, ~$907M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
Deposition / etch · Substitute
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 141% since FY2023

Growth prospects

Expanding customer base and product roadmap

FY2025 revenue about 6.52B CNY (+58.87% YoY); trailing-twelve-month revenue about 6.92B CNY (+59.50% YoY); Q1 2026 revenue about 1.11B CNY (+56.97% Y…IPO/prospectus-era disclosures described tools used at 14nm and above, with testing below 10nm.

China competition

Competes with NAURA, SiCarrier, AMEC, ACM Research in Deposition / etch — peers listed at sector level.

Substitute

Global comparables

Global reference set: Applied Materials, Lam Research, Tokyo Electron.

Applied Materials, Lam Research, Tokyo Electron, ASM International, and Kokusai Electric by process-tool category.

Technical gap

Sector rated substitute vs the frontier.

Obstacles

US export-control exposure

Added to the U.S. Entity List in December 2024.
All sourced facts (10)
  • Headquarters: Shenyang, Liaoning.
  • Employees: Approximately 1,695 employees (as reported by data provider)
  • Revenue / scale: FY2025 revenue about 6.52B CNY (+58.87% YoY); trailing-twelve-month revenue about 6.92B CNY (+59.50% YoY); Q1 2026 revenue about 1.11B CNY (+56.97% YoY)
  • Market cap / valuation: Market cap about 234.15B CNY (SSE STAR Market, 688072)
  • Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688072 · A-share common stock (par value RMB 1.00)
  • Founded: Founded in 2010 in Shenyang, Liaoning.
  • Listing: Listed on the Shanghai STAR Market as 688072 in 2022.
  • Core tools: PECVD, ALD, and SACVD deposition equipment.
  • Process-node signal: IPO/prospectus-era disclosures described tools used at 14nm and above, with testing below 10nm.
  • Export controls: Added to the U.S. Entity List in December 2024.

About

Sells thin-film deposition equipment — PECVD, ALD, and SACVD systems — plus service and spares to Chinese fabs. STAR Market-listed (688072) since 2022; reported FY2025 revenue of about RMB 6.5B; added to the U.S. Entity List in December 2024.

Shenyang, Liaoning · Founded 2010 · Ticker 688072

Why it matters

Deposition is a core fab process step. Piotech matters because domestic fabs cannot localize capacity with lithography alone; they also need production-qualified deposition tools, service depth, recipes, and repeat orders.

Where it sits in the stack

Equipment

Deposition / etch / metrology

Substitute

Advanced-node process coverage, metrology/inspection, reliability, customer qualification, and imported subsystem dependencies.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Plasma-enhanced chemical vapor deposition (PECVD) systems.
  • Atomic layer deposition (ALD) systems.
  • Sub-atmospheric chemical vapor deposition (SACVD) systems.
  • High-end semiconductor equipment industrialization project announced in 2024 with RMB 1.1B planned investment.·2024
  • Thin-film deposition (CVD) equipment

Financials

688072.SS · Shanghai STAR Market 688072 · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 2.7BRMB 0.66B
2023
RMB 4.1BRMB 0.69B
2024
RMB 6.52BRMB 0.93B
2025

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

Ecosystem

Investors / affiliates

  • Piotech
  • 沈阳新松半导体设备 (新松半导体)
  • 新松半导体

Competitors

  • Applied Materials
  • Lam Research
  • Tokyo Electron

Customers / end markets

  • Reported customer exposure includes major China fabs such as SMIC, Hua Hong, YMTC, and CXMT in earlier public descriptions; each customer/program should be treated as source-specific rather than universal qualification
  • End markets are indirect: logic, memory, power, and specialty chips depend on fab tool adoption rather than Piotech selling into end devices

Global peer set

  • Applied Materials, Lam Research, Tokyo Electron, ASM International, and Kokusai Electric by process-tool category
  • Chinese peers include AMEC, NAURA, ACM Research, Piotech, Hwatsing, and other tool specialists by step

Affiliates

  • Wholly-owned subsidiaries: 拓荆创益（沈阳）半导体设备有限公司, 拓荆科技（上海）有限公司, 上海岩泉科技

Competitive position

  • Piotech belongs in the deposition-tool slice of the equipment map, not the broad 'semiconductor equipment' bucket.
  • The relevant comparison set is Applied Materials, Lam Research, Tokyo Electron, ASM International, and other deposition suppliers, depending on the exact film and process step.
  • A tool vendor should be judged by fab qualification, repeat orders, uptime/service, critical-layer use, and process coverage, not by a product brochure.
  • Adoption bottleneck is fab qualification at advanced nodes and reliance on imported precision subsystems/materials.
  • Global comparables: Applied Materials, Lam Research, Tokyo Electron, ASM International, and Kokusai Electric by process-tool category.
  • Global comparables: Chinese peers include AMEC, NAURA, ACM Research, Piotech, Hwatsing, and other tool specialists by step.
  • Critical dependencies include RF power, vacuum systems, precision components, process recipes, chamber materials, sensors, and field-service depth.
  • Entity List status can constrain U.S.-origin components and know-how, while also increasing domestic substitution pressure from Chinese fabs.

Recent activity

  • 2025-09-13—Disclosed 2025 private A-share placement plan (预案) on SSE STAR Market. [via big5.sse.com.cn]
  • 2025—Added to SSE 180 Index adjustment list and ranked #2 reserve constituent for the SSE STAR 50 Index. [via english.sse.com.cn]
  • 2024-05-10—Related-party co-investment: subsidiary 上海岩泉科技 to invest RMB 15.00 million for 1.0714% of 沈阳新松半导体设备 (新松半导体). [via star.sse.com.cn]

Milestones and signals

  • 2010—Piotech was founded.
  • 2026-10-04—Market cap: RMB 187B
  • FY2025—Revenue: RMB 6.5B
  • FY2025—Net Profit: RMB 927M
  • Listing—Shanghai Stock Exchange STAR Market (科创板) · 688072 · A-share common stock (par value RMB 1.00)

What to watch

  • PECVD, ALD, and SACVD order flow by fab type.
  • RMB 1.1B industrialization-base project execution.
  • Customer qualification at SMIC, Hua Hong, YMTC, CXMT, and other domestic fabs.
  • Entity List workarounds and domestic component localization.

Answered questions

Last reviewed 2026-07-01
Which Piotech tools are qualified in production, and at what process steps?

On the record: in etch, thin-film deposition, and ion implant processes across the semiconductor manufacturing chain (Commercial use) at vacuum transfer platforms) and in front-end (FEOL) and back-end (BEOL) semiconductor wafer fabrication (Commercial use) at Core business is thin-film deposition equipment (incl. CVD).

Are deployments limited to noncritical/mature layers, or are any tools used in advanced-node or memory-critical layers?

On the record: in etch, thin-film deposition, and ion implant processes across the semiconductor manufacturing chain (Commercial use) at vacuum transfer platforms) and in front-end (FEOL) and back-end (BEOL) semiconductor wafer fabrication (Commercial use) at Core business is thin-film deposition equipment (incl. CVD).

How much revenue comes from initial tool sales versus service, spares, and repeat fab orders?

A tool vendor should be judged by fab qualification, repeat orders, uptime/service, critical-layer use, and process coverage, not by a product brochure.

Which subcomponents remain import-sensitive after the 2024 Entity List action?

Adoption bottleneck is fab qualification at advanced nodes and reliance on imported precision subsystems/materials. Critical dependencies include RF power, vacuum systems, precision components, process recipes, chamber materials, sensors, and field-service depth.