On January 16, 2026, Shenyang Scientific Instrument Co., Ltd. of the Chinese Academy of Sciences (stock abbreviation: ZKY, stock code: 830852) successfully passed the review of the Listing Committee of the Beijing Stock Exchange, marking that this "hard technology" enterprise, which has been deeply engaged in the field of vacuum technology for nearly 70 years, officially entered a new stage of capital-enabled development. This approval not only recognizes ZKY's technical strength and industry status, but also injects new momentum into the self-reliance and controllability of China's semiconductor industry chain.

In terms of performance, Zhongke Instrument has maintained a steady growth trend in revenue in recent years. According to the prospectus (draft for listing), from 2022 to 2024, Zhongke Instrument achieved operating revenues of RMB 698 million, RMB 852 million, and RMB 1.082 billion, with an average annual compound growth rate of 25.4%; corresponding net profits were RMB 498 million, RMB 600 million, and RMB 193 million, respectively. In terms of gross profit margin, the company's consolidated gross profit margin remained at a reasonable level in the industry, at 28.66%, 33.02%, and 29.44% from 2022 to 2024, reflecting strong cost control and product competitiveness. In the first three quarters of 2025, the company's revenue reached RMB 845 million, an increase of 21.93% compared to the same period last year.

▲ Recent revenue performance of Zhongke Instrument (Source: Prospectus)

As a leading enterprise under the Chinese Academy of Sciences specializing in clean vacuum and ultra-high vacuum technology research, ZKYI has been committed to the mission of "leading vacuum technology and supporting scientific and technological innovation" since its inception in 1958. The company's main business focuses on the research, development, production, and sales of dry vacuum pumps and vacuum scientific instruments. Its core products cover the pan-semiconductor fields such as integrated circuit wafer manufacturing and photovoltaic cell production, as well as the construction of national major science and technology infrastructure. It is one of the few domestic enterprises that can break the long-term monopoly of European, American, and Japanese enterprises in the field of high-end vacuum equipment.

Dry vacuum pumps are essential components for achieving a vacuum environment in various processes of integrated circuits. Eleven of the 15 main process steps in the integrated circuit industry require the use of dry vacuum pumps. Benefiting from the steady growth of the integrated circuit industry in recent years, the dry vacuum pump industry has also maintained a good development trend. Taking the 12-inch wafer production line as an example, the industry typically requires approximately 3,500 dry vacuum pumps for a production capacity of 60,000 wafers per month. According to statistics from SEMI's "World Fab Forecast Report", the global wafer production capacity in 2023 was equivalent to 13.16 million 12-inch wafers per month, an increase of approximately 680,000 wafers per month compared to 2022. Based on this calculation, including the procurement demand for dry vacuum pumps from new capacity and the replacement demand for dry vacuum pumps from existing capacity, the global demand for dry vacuum pumps in the integrated circuit industry in 2023 was 112,700 units. Calculating at an average price of RMB 100,000 per pump, the global market size was approximately RMB 11.275 billion. At the same time, SEMI predicts that the global wafer production capacity in 2024 will increase by 840,000 wafers per month compared to 2023. Based on this calculation, the global demand for dry vacuum pumps in the integrated circuit industry in 2024 will be 125,700 units, with a market size of approximately RMB 12.574 billion. The industry has good development prospects.

▲ Main product series of dry vacuum pumps from Zhongke Instrument

To continuously strengthen its research and development (R&D) and industrialization capabilities, Zhongke Instrument plans to raise 825 million yuan in this initial public offering (IPO), which will be invested in three core projects: 231 million yuan is intended for the construction of a dry vacuum pump industrialization project, which will increase production capacity to an annual output of 20,040 units; 474 million yuan is planned for the expansion of high-end semiconductor equipment and the construction of a research and development center, to improve the production support and R&D system for high-end products; and 121 million yuan will be used for the research and development of a new generation of dry vacuum pumps and high-speed dry screw pumps, focusing on cutting-edge products such as ultra-high-speed energy-saving pumps and ultra-high-temperature pumps. This layout will further consolidate the company's advantages in the integrated circuit field and accelerate the process of domestic substitution for high-end vacuum equipment.

▲ Situation of the fundraising and investment project of Zhongke Instrument (Source: Prospectus)

In the future, CSI will leverage its listing on the Beijing Stock Exchange as an opportunity to continuously deepen vacuum technology innovation, accelerate the process of domestic substitution, and provide stronger support for the autonomy and controllability of key components in China's integrated circuit manufacturing equipment and supply chain security. At the same time, it will contribute more "CSI strength" to the construction of national major science and technology infrastructure and frontier scientific research, writing a new chapter in the high-quality development of China's high-end equipment manufacturing industry. 

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