New Stock Listing News | Eugene Technologies submits application to Hong Kong Stock Exchange as China's largest supplier of PCB quality control solutions

According to the disclosure by the Hong Kong Stock Exchange on April 1, Shenzhen Yimei Intelligent Technology Co., Ltd. (referred to as: Yimei Intelligent) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and CMSC International as its joint sponsors. Company Introduction The prospectus shows that the company is deeply involved in the global semiconductor quality control field and is committed to providing PCB quality control solutions. PCB is a key basic carrier for signal transmission and component integration in the semiconductor ecosystem. According to data from Zhishi Consulting, based on revenue projections for 2025, the company is the largest PCB quality control solution provider in China and the second largest globally, with market shares of 13.8% and 8.4% respectively. The company's PCB quality control solutions integrate its own designed and developed optical inspection and electrical performance testing equipment, proprietary software, and full-lifecycle support services, aiming to help PCB manufacturers achieve higher accuracy, reliability, and efficiency in testing throughout the production process. The company's customized solutions range from end-to-end testing solution design to the configuration of individual equipment and the layout of testing lines, seamlessly connecting with the customer's production lines. With a deep understanding of PCB production and continuous technological innovation, the company provides comprehensive PCB quality control solutions, covering standard PCBs and the most advanced PCB types, and possessing specialized technical capabilities for high-precision PCBs (including HDI boards and IC carrier boards). The company also provides full-lifecycle support services, including installation, calibration, training, software upgrades, equipment maintenance and repair, and data-driven yield improvement. The company has established a diversified customer base, including leading PCB manufacturers domestically and internationally, with its products applied in various scenarios such as AIDC, intelligent Siasun Robot & Automation, next-generation communications, automotive electronics, and consumer electronics. During the historical period, the company sold PCB quality control solutions to over 10 countries and regions. The company's PCB optical inspection solutions include optical inspection equipment, proprietary software, and services covering the entire lifecycle (including customer support and software upgrades). The company's PCB optical inspection equipment uses high-definition industrial cameras to scan the appearance of PCBs and compares the scanned images with PCB design specifications using built-in software to automatically identify defects, such as open circuits/short circuits and other anomalies. The company's PCB optical inspection solutions can be used to detect work-in-progress and finished PCB products at various stages of PCB production. By combining hardware that can continuously output high-definition images even with high-speed online scanning with software capable of identifying microscopic defects, the company provides stable defect detection for high-end substrates used in various fields such as AI data centers, intelligent robots, low-altitude economy, next-generation communications, automotive electronics, medical electronics, and consumer electronics. The company's PCB electrical performance testing solutions include electrical performance testing equipment, proprietary software, and full-lifecycle support services. The company's electrical performance testing equipment utilizes high-precision fixtures to probe finished or work-in-progress PCBs; the built-in software compares the measured conductivity, insulation, and resistance results with design specifications to accurately identify open circuits, short circuits, leakage, low resistance measurements, and other electrical performance defects. With technologies like high-precision, high-speed four-wire testing, the company's electrical performance testing solutions provide stable and reliable defect detection capabilities for high-end substrates, ensuring quality assurance for cutting-edge applications such as AIDC, intelligent Siasun Robot & Automation, next-generation communications, and automotive electronic devices. According to data from Zhishi Consulting, the global PCB quality control solution market is highly competitive, with the top five suppliers in 2025 holding approximately 32.3% of the market share (by revenue). In terms of revenue from PCB quality control solutions, the company ranks first among domestic suppliers in China globally, with a market share of approximately 8.4%. Additionally, in terms of revenue, the company is the largest PCB quality control solution provider in China in 2025, with a market share of approximately 13.8%. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 340 million, RMB 476 million, and RMB 764 million, respectively. Profit In 2023, 2024, and 2025, the company's annual profit was approximately RMB 69.05 million, RMB 114 million, and RMB 202 million, respectively. Gross Margin In 2023, 2024, and 2025, the company's gross margin was 42.9%, 46.2%, and 43.5%, respectively. Industry Overview The semiconductor ecosystem covers key processes such as PCB manufacturing, wafer manufacturing, and packaging testing, serving as the core foundation for supporting downstream applications in computing, signal transmission, and system performance. With the rapid development of AI data centers, intelligent robots, and low-altitude economy, semiconductor products are evolving towards high performance, high reliability, and high complexity, driving the increasing complexity of manufacturing processes and the demand for yield management. In this trend, the demand for semiconductor quality control solutions is growing rapidly. Semiconductor quality control solutions are aimed at the manufacturing process of semiconductor products, integrating specialized testing equipment, intelligent algorithms, and data analysis capabilities to monitor, identify, and optimize key process parameters, product defects, and performance indicators in real-time, achieving a solution for quality control throughout the production process. With rapid growth in downstream demand and continuous industry capacity expansion, the global market size for semiconductor quality control solutions is projected to grow from RMB 43.7 billion in 2020 to RMB 83.5 billion in 2025, and is expected to reach RMB 130.4 billion in 2030, with a compound annual growth rate of 9.3% from 2025 to 2030. As a relatively mature segment within the semiconductor industry, PCB is a key basic carrier for signal transmission and component integration. Its quality directly impacts the stability and reliability of downstream electronic devices, making PCB quality control solutions an important segment within the semiconductor market. By revenue, the global PCB industry market size is expected to grow from USD 85.2 billion in 2025 to USD 123.3 billion in 2030, with a compound annual growth rate of 7.7% from 2025 to 2030. In this growth wave, high-end PCB products become the core driver, with market sizes for PCBs with 18 layers or more, HDI PCBs, and IC carrier boards projected to grow from USD 4.9 billion, USD 15.8 billion, and USD 14.9 billion respectively in 2025 to USD 13.2 billion, USD 24.5 billion, and USD 25 billion in 2030, with compound annual growth rates of 21.7%, 9.2%, and 10.9% from 2025 to 2030, significantly outpacing the overall industry level and jointly promoting the industry towards high-end and high value-added transformation. Board Information Following the compilation, the board will consist of seven directors, including four executive directors and three independent non-executive directors. Equity Structure According to the 2026 unanimous action agreement, Mr. Wu and Mr. Lin agree to take unified action on shareholder meeting matters when exercising their voting rights attached to the company's shares held directly and indirectly. As of the last practicable date (March 25, 2026), under the 2026 unanimous action agreement, Mr. Wu, Mr. Lin, Shenzhen Haokaiyi, Shenzhen Heyangsheng, and Shenzhen Huakaijun collectively have the right to control approximately 84.85% of the total voting rights of the issued shares of the company. Mr. Wu, Mr. Lin, Shenzhen Haokaiyi, Shenzhen Heyangsheng, and Shenzhen Huakaijun constitute a group of controlling shareholders after compilation. Intermediary Team Joint Sponsors: China International Capital Corporation Limited, CMSC (Hong Kong) Limited; Legal Advisors: Gallant Y.T. Ho & Co., King & Wood Mallesons; Joint Sponsors and Legal Advisors for Compilation: Conyers Dill & Pearman, Zhunan & Hung Shenzhen Branch; Reporting Accountants: Ernst & Young; Industry Consultants: Zhishi Industry Consulting Co., Ltd.