ST Nano is known as the 'chip general hospital' in the semiconductor industry chain.

Another super IPO has emerged in Suzhou, Jiangsu Province.

Recently, ST Nano submitted an application for listing on the STAR Market.

ST Nano is engaged in the testing and analysis of nanomaterials and their products, electronic and electrical products, electronic components, chemical products, consumer goods, biological samples, metallic materials, and semiconductor materials. As one of the earlier testing centers in China to master advanced process failure analysis lines, ST Nano is known as the 'chip general hospital' in the semiconductor industry chain.

ST Nano has laboratories in Suzhou, Nanjing, Fujian, Singapore, Malaysia, and other places, with a professional team of over 500 people.

What kind of magical company is this?

- 01 -

ST Nano (Suzhou) Co., Ltd. (hereinafter referred to as ST Nano) was established in Suzhou in 2012 and founded by Li Xiaomin.

Li Xiaomin graduated from Peking University with a bachelor's degree in microelectronics and obtained a master's degree in electronic engineering from the National University of Singapore. He previously worked as a research and development engineer at the Microelectronics Institute of the Agency for Science, Technology and Research in Singapore.

In 2004, Li Xiaomin founded Singapore ST Nano, a commercial third-party testing and analysis laboratory in Singapore. In 2012, he brought the company to Suzhou, seizing the opportunity of China's semiconductor industry moving towards mid-to-high-end development, forming a domestic and international business layout.

ST Nano is a renowned third-party testing and analysis laboratory in the semiconductor industry, committed to providing professional and efficient third-party testing and analysis services to the semiconductor industry chain. Its core businesses include failure analysis, materials analysis, and reliability analysis.

By providing precise and reliable testing technology, comprehensive and diverse testing projects, and efficient and timely response, ST Nano offers customers one-stop testing and analysis services to help solve difficult problems in new product development, process improvement, and other areas.

ST Nano's testing and analysis laboratory covers a wide range of areas, including integrated circuits, discrete devices, optical devices, sensors, display panels, and more.

For example, during the chip design phase, failure analysis services can help customers quickly locate and solve problems with electronic products, thereby shortening development time and improving product reliability. Its advantage lies in precise testing technology, which can help customers improve product yield, performance, and reduce production costs.

- 02 -

According to data from the China Semiconductor Industry Association, ST Nano had a market share of approximately 4.23% in the domestic semiconductor third-party laboratory market in 2023, ranking in the third tier of competition. China CEPREI, GRGT, and Kinglong Technology, with national research strength and Taiwanese backgrounds, are in the first tier; SUS Testing and Liyang Chip, with relatively advanced testing technologies, are in the second tier.

Currently, ST Nano serves nearly 2,000 high-tech enterprise customers globally and is the first third-party testing and analysis laboratory in the Asia-Pacific region recognized by the official Xilinx website.

According to public data, ST Nano possesses over 20 core technologies and has participated in the formulation of six national standards and five industry standards as a major drafting unit. In recent years, it has published over 50 papers in international core journals and industry conferences, with some research results being cited by international giants in scientific instruments as technical application examples.

ST Nano's customer types cover the entire semiconductor industry chain, including raw material, chip design, manufacturing, packaging, equipment manufacturers, as well as research institutions and universities.

Typical customers of ST Nano include well-known domestic and international chip design manufacturers such as Zhisheng Microelectronics, Qualcomm, and Broadcom; leading domestic foundries such as Hua Hong Group; global packaging and testing giants such as ASE and JCET; leading global semiconductor equipment suppliers such as Applied Materials and Northern Microelectronics; domestic display panel leaders such as BOE and Tianma Microelectronics; and domestic LED chip leader HC SemiTek.

It is worth mentioning that ST Nano once successfully led the investigation into an abnormal cockpit display incident on an Airbus civil aviation aircraft, earning praise from the Vice President of Airbus Asia-Pacific as a 'hidden hero behind high-tech enterprises.'

- 03 - The main competitors faced by ST Nano include Hongkang, SUS Testing, CTI Weisibo , GRGT, and EAG Laboratories.

Specifically, Hongkang has strong technical capabilities in failure analysis, materials analysis, and reliability testing, with 2023 revenue in mainland China reaching 518.0112 million yuan; SUS Testing focuses on integrated circuit validation and analysis services, with 2023 revenue in mainland China of 256.5235 million yuan; CTI Weisibo has further strengthened its presence in the semiconductor testing and analysis field through acquisitions; GRGT has seen significant growth in its integrated circuit testing and analysis segment; and EAG Laboratories has a broad global business presence, particularly with strong competitive advantages in materials analysis.

In recent years, ST Nano's revenue and net profit have shown a rapid growth trend. From 2021 to 2023, its operating revenue was 167.5775 million yuan, 287.2092 million yuan, and 393.9833 million yuan, respectively, with a compound annual growth rate (CAGR) of 53.33%. After deducting non-recurring gains and losses, its net profit attributable to shareholders of the parent company was 22.7561 million yuan, 51.5845 million yuan, and 85.8791 million yuan, respectively, with a CAGR of 94.26%.

The growth in ST Nano's revenue and net profit is primarily attributed to the following factors:

1. Growth in market demand: With the rapid development of the semiconductor industry, downstream customers' demand for semiconductor testing and analysis services has continued to increase, providing a broad market space for the company's business development.

2. Enhancement of technological innovation capabilities: The company focuses on technological research and development and innovation, continuously introducing new testing technologies and methods, which has improved its market competitiveness and provided strong support for the growth of its revenue and net profit.

3. Expansion of market share: By continuously improving product quality and service levels, the company's reputation and brand recognition in the market have continued to increase, expanding its market share and providing a solid foundation for the growth of its revenue and net profit.

In terms of market prospects, according to market research institution data, the global semiconductor market size is expected to grow from USD 555.9 billion in 2021 to USD 693.7 billion in 2025, with a CAGR of 5.5%. At the same time, as semiconductor technology continues to advance, the requirements for testing and analysis are also increasing, indicating significant potential for growth in the semiconductor testing and analysis market.

This article does not constitute investment advice.