As the AI market continues to burgeon, the entire semiconductor supply chain has witnessed valuation boosts, with industry-related companies generally attaining exceptionally high market valuations.

On June 24th, Zhenbao Technology, a company specializing in semiconductor equipment components, officially went public on the STAR Market. On its debut, the stock skyrocketed by 1212%, propelling the company's total market capitalization beyond 90 billion yuan. According to the STAR Market's rule of 500 shares per trading lot for new listings, investors could have reaped profits exceeding 270,000 yuan per lot at the peak, setting a new record for per-lot gains among new listings in 2026.

Given such a spectacular market debut, what is the true strength of Zhenbao Technology? And why has it garnered such intense market enthusiasm?

Kan Jian Finance posits that the core logic behind this extraordinary surge lies in the current red-hot AI market trend.

Public information indicates that Zhenbao Technology is a leading enterprise in China's semiconductor equipment components sector. It primarily provides core components for vacuum chambers in equipment used in the integrated circuit and display panel industries, along with comprehensive surface treatment solutions. The company's core products encompass silicon, quartz, silicon carbide, and ceramic semiconductor equipment components, while also offering in-depth surface treatment services such as spray regeneration and anodizing.

From an operational performance standpoint, the company has demonstrated steady growth. From 2023 to 2025, Zhenbao Technology achieved revenues of 506 million yuan, 635 million yuan, and 868 million yuan, respectively, with corresponding net profits of 109 million yuan, 152 million yuan, and 226 million yuan. Both revenue and net profit have consistently increased for three consecutive years.

In the first quarter of 2026, the company maintained its strong growth trajectory, achieving total quarterly revenue of 223 million yuan, a 34.93% year-on-year increase; net profit of 51 million yuan, a 72.38% year-on-year increase; and core net profit (excluding non-recurring items) of 48.1 million yuan, a 53.22% year-on-year increase. The gross margin for the period reached 46.84%, maintaining a high level of profitability.

Simultaneously, the company disclosed its performance forecast for the first half of 2026, projecting revenue between 472 million yuan and 492 million yuan, representing a 28.83% to 34.29% year-on-year increase. Net profit is expected to range from 105 million yuan to 115 million yuan, a 23.26% to 35.00% year-on-year increase, indicating strong overall growth certainty.

With a market capitalization exceeding 90 billion yuan and annual net profit just over 200 million yuan, can Zhenbao Technology justify its ultra-high valuation?

Examining the current A-share market, among leading semiconductor companies recently listed on the STAR Market, Zhenbao Technology's valuation performance is not overly exaggerated. Previously listed semiconductor companies on the STAR Market, such as Dapu Micro, Muxi Shares, and Moore Threads, have all achieved high valuations. In comparison, Zhenbao Technology's greatest advantage lies in its ability to sustain autonomous profitability, with net profit consistently maintaining positive growth. Although its growth rate is not explosive, in the volatile semiconductor industry, where loss-making companies are prevalent, this stable profit growth is highly valuable.

Industry data further corroborates the company's core competitiveness. According to industry data released by Frost & Sullivan, in 2024, among local semiconductor equipment components enterprises directly supplying wafer fabrication plants, Zhenbao Technology ranked first in China for both silicon and quartz components, with corresponding market shares of 4.5% and 8.8%, respectively. Given its dominant position in the niche industry, it is reasonable for the company to command a high valuation premium in the market.

Furthermore, the comprehensive boom in the AI computing power industry has spurred rapid expansion in demand for advanced memory and high-end logic chips. In the current capital market, the number of high-end semiconductor stocks with core technologies and scarce attributes is limited. The supply-demand imbalance has further fueled a scarcity valuation bubble in the high-end semiconductor sector.

However, from a long-term perspective, any company's high valuation ultimately needs to be underpinned by tangible performance. For high-end semiconductor companies like Zhenbao Technology, seizing this round of AI industry expansion presents an excellent opportunity to break through growth bottlenecks and deliver on their valuations.

Wang Bing, the founder and chairman of Zhenbao Technology, stated that the technological gap between domestic memory chip and advanced logic wafer manufacturing enterprises and international industry leaders is continuously narrowing, with local manufacturers' market competitiveness steadily improving. The market demand for downstream semiconductor equipment components will sustain long-term growth, and the company's future development prospects are clear and promising. Currently, Zhenbao Technology has initiated a fundraising and expansion plan to fully increase production capacity and meet the incremental demand during the semiconductor industry's upcycle.

Based on this, Zhenbao Technology will focus its IPO proceeds on three core areas: constructing a semiconductor and pan-semiconductor precision components and materials production base, upgrading its core R&D center, and undertaking the Shanghai Zhenbao Semiconductor Equipment Components R&D Center construction project, thereby solidifying dual barriers in production capacity and technology.

Leveraging the current AI industry boom, Zhenbao Technology is not only deepening its presence in the domestic market but also officially embarking on a global expansion strategy.

Wang Bing introduced that the company has formulated a two-step international development strategy. On one hand, relying on its Singapore subsidiary to fully explore the Southeast Asian market, it has already established collaborations with international renowned wafer fabrication plants such as UMCL Singapore and GlobalFoundries, continuously expanding its overseas high-quality customer base. On the other hand, it continues to supply SK Hynix's Dalian plant and other wafer fabrication plants in bulk, accumulating high-end international supporting service capabilities. Subsequently, it will seize opportunities to establish overseas production bases and complete its global industrial layout.

Wang Bing admitted that the company's Chongqing headquarters base will fully advance capacity expansion to adequately meet the downstream market's sustained growth in demand. Simultaneously, through the concurrent construction of R&D centers in Shanghai and Chongqing, it will drive rapid iteration of existing product processes towards more advanced manufacturing processes and strategically position itself in high-end new sectors such as electrostatic chucks, aluminum nitride heaters, and high-density coatings. In the integrated circuit industry, only by continuously maintaining technological leadership can a company continuously broaden and solidify its core competitive moat.

Kan Jian Finance judges that the high-speed development wave of the AI industry will persist, and the semiconductor industry will remain in a high-growth cycle for the coming years, with ample room for sector growth. There is no need for excessive short-term concern over industry valuation bubbles.

Following the substantial surge in the company's stock price on its debut, founder Wang Bing's personal net worth has also soared. From the equity structure, Wang Bing directly holds 36.01% of Zhenbao Technology's shares. Based on the company's closing market capitalization on its first day, his personal net worth has surpassed 32 billion yuan.