Woofun AI reports that CoreTech Systems, the world's largest supplier of direct imaging equipment for PCB manufacturing, completed its listing on the HKEX with an issue price of HK$252.73 per share and an opening price of HK$439, marking a significant increase of 73.70% at the opening. The total market cap at the opening reached HK$636.55 billion, approximately RMB 55.343 billion, while cornerstone investors subscribed to approximately HK$1.581 billion in shares. These participants included entities controlled by the Hefei State-owned Assets Supervision and Administration Commission, specifically Hefei Jianhui, Xinyao Investment, and Jinghe Integration Hong Kong, alongside Shenghong Technology Hong Kong, Lanqi Technology, Hillhouse Capital, and other leading industrial institutions that placed locked-up subscriptions.

The funds raised through CoreTech Systems' IPO are designated to enhance R&D capabilities, expand overall production capacity, execute strategic investments and/or acquisitions, broaden global sales business and overseas sales and service networks, and serve as working capital and for other general corporate purposes. CoreTech Systems holds an 18.8% market share as the world's largest supplier of direct imaging equipment for PCB manufacturing. According to data from CIC Consulting, based on revenue in 2025, CoreTech Systems ranks fourth among global suppliers of direct writing lithography equipment, with a market share of 9.4%. Financial performance over the last three years shows revenues of RMB 829 million in 2023, RMB 954 million in 2024, and RMB 1.408 billion in 2025, with corresponding net profits of RMB 179 million, RMB 161 million, and RMB 290 million respectively.

Regarding the fluctuation in net profit, CoreTech Systems stated that the decline from 2023 to 2024 was mainly due to inventory impairment related to product upgrades. The increase in net profit in 2025 was attributed to three main factors: first, the direct increase in sales volume; second, the greater contribution from overseas sales and semiconductor equipment sales, which led to an increase in gross profit margins; third, increased revenues, especially due to strong demand from domestic customers, as well as increased capital expenditures in AI server-related applications and advanced packaging, continued demand for domestic alternatives, improved delivery capabilities, and repeat purchases from key customers. Over the past three years, CoreTech Systems' revenues from direct imaging equipment for PCB manufacturing and automatic production lines were RMB 590 million, RMB 773 million, and RMB 1.08 billion respectively, while its revenues from semiconductor direct writing lithography equipment and automatic production lines were RMB 188 million, RMB 110 million, and RMB 233 million respectively.

Semiconductor-related businesses are becoming new growth areas for CoreTech Systems, and the revenue from this segment increased by 112.5% year-on-year in 2025. It is worth noting that there is no significant positive correlation between revenue and product sales volume. For example, the sales volumes of semiconductor direct writing lithography equipment and automatic production lines were 54 units, 27 units, and 61 units respectively in the past three years, while those of direct imaging equipment for PCB manufacturing and automatic production lines were 280 units, 378 units, and 475 units respectively. Looking closer at CoreTech Systems' sources of revenue, it is clear that the Chinese mainland is its core market. In 2023, this market accounted for 92.7% of its total revenue; in 2024, it accounted for 80.3%; and in 2025, it accounted for 80.5%.

However, the performance of its overseas markets cannot be ignored either. The proportion of its overseas revenue increased from 7.3% in 2023 to 19.5% in 2025, with Thailand, Japan, and Taiwan, China serving as important overseas markets.

Woofun AI data shows that CoreTech Systems' inventory levels over the past three years were RMB 308.5 million, RMB 577.8 million, and RMB 771.2 million respectively. Inventory goods accounted for 5.0%, 16.3%, and 14.1% of its total inventory respectively, and the average inventory turnover days were 227.5 days, 262.9 days, and 287.2 days respectively. Depending on whether physical mask templates are used, lithography technologies can be divided into mask lithography technology and direct writing lithography technology. Mask lithography relies on physical mask templates, using light beams to pass through these templates to achieve the projection and exposure process; whereas direct writing lithography, also known as digital mask lithography or maskless lithography in industry practice, does not require physical mask templates and instead uses light beams to directly focus on the substrate to achieve the exposure process. The global market size for direct writing lithography equipment is expected to increase from approximately RMB 11.2 billion in 2024 to approximately RMB 19 billion in 2030, at a compound annual growth rate of 9.2%.

Currently, the global market for direct writing lithography equipment in the semiconductor industry is highly concentrated, with the top five suppliers accounting for more than 70% of the total market share. In 2025, CoreTech Systems' sales revenue from direct writing lithography equipment in the semiconductor industry reached RMB 233 million, accounting for 2.8% of the total market share. CoreTech Systems' semiconductor direct writing lithography equipment and automatic production lines are mainly used in the lithography processes of IC mask template manufacturing, IC carrier boards, advanced packaging, and the production of micro/mini LED and OLED display panels. Compared with direct imaging equipment for PCB manufacturing, semiconductor direct writing lithography equipment supports a narrower minimum line width of 350 nm, aiming to meet the strict requirements of high-end semiconductor and display device manufacturing processes. CoreTech Systems' semiconductor direct writing lithography equipment is designed for sub-micron precision and is suitable for a wide range of semiconductor and display applications. Such equipment can support the production of mask templates for process nodes ranging from 130 nm to 90 nm, as well as wafer-level and panel-level packaging, MEMS, and the production of micro/mini LED and OLED panels.

On the other hand, direct imaging equipment for PCB manufacturing is mainly used in the exposure process of printed circuit board manufacturing. As electronic products continue to develop towards intelligence, miniaturization, and multi-functionality, the number of components integrated on printed circuit boards has increased significantly. This trend has led to increasingly precise requirements for parameters such as line width, line spacing, hole diameter, and the thickness of conductive and insulating layers. Therefore, higher technical requirements have been imposed on the exposure process of printed circuit boards, especially in terms of exposure accuracy. In the field of mass-produced printed circuit board manufacturing, direct imaging technology has been successfully applied. The global market size for direct imaging equipment for PCB manufacturing is expected to increase from approximately RMB 4.6 billion in 2024 to approximately RMB 6.7 billion in 2030, at a compound annual growth rate of 6.6%. CoreTech Systems' direct imaging equipment for PCB manufacturing and automatic production lines are mainly used in the lithography processes of PCB manufacturing, especially in the lithography of pattern layers and solder resist layers. The lithography process is a fundamental step in PCB manufacturing, involving the transfer of the designed circuit pattern onto the PCB substrate through precise optical patterning and subsequent development. Traditionally, the lithography process relied on film mask templates.

However, CoreTech Systems' direct imaging technology enables digital lithography without the need for mask templates, thus simplifying the production process and reducing the risk of defects associated with film materials.

Direct imaging equipment for PCB manufacturing supports a minimum line width of 4 μm, which can meet the technical requirements of a wide range of PCB applications, such as HDI boards. CoreTech Systems' equipment offers competitive levels in terms of minimum line width, production capacity, and alignment accuracy. Specifically, the MAS 4 model can achieve a minimum line width of 4 μm, meeting the strict requirements of IC carrier board manufacturing. The independent MAS 35T system can produce up to 480 pieces per hour when the minimum line width is 35 μm and the alignment accuracy is ±12 μm; while the independent MAS 15T system can produce up to 360 pieces per hour when the minimum line width is 15 μm and the alignment accuracy is ±8 μm. According to the prospectus, as of December 31, 2025, CoreTech Systems had provided nearly 100 types of direct imaging equipment for PCB manufacturing and semiconductor direct writing lithography equipment to more than 600 customers. According to data from CIC Consulting, as of June 30, 2025, CoreTech Systems' customers included all ten of the world's largest PCB manufacturers and 70% of the top 100 PCB manufacturers globally.

Over the past three years, CoreTech Systems' R&D expenses were RMB 95 million, RMB 98 million, and RMB 131 million respectively, accounting for 11.4%, 10.2%, and 9.3% of its total annual revenues in those years. At the same time, CoreTech Systems has established a production base in Hefei. The total construction area of the Hefei production base (Phase I) is approximately 34,879.8 square meters, and it began operations in 2021. It is specialized in the production of high-end direct imaging equipment for PCB manufacturing, wafer-level packaging direct imaging lithography equipment, and FPD equipment. The actual capacity utilization rates of this production base over the past three years were 89.1%, 96.9%, and 100.2% respectively. The total construction area of the Hefei production base (Phase II) is approximately 40,397.9 square meters, and it began preliminary trial operations in September 2025. It is specialized in the production of automatic production line systems, high-end direct imaging equipment for PCB manufacturing, laser drilling equipment, wafer-level packaging direct imaging lithography equipment, and flat panel display equipment. During the preliminary trial operation phase, the Hefei production base (Phase II) has already produced 48 automated production lines to support 96 LDI devices.

CoreTech Systems is the only company in the world whose commercial products cover all applications in PCBs, IC carrier boards, advanced packaging, and mask templates. It is also one of only two companies in China whose commercial products cover advanced packaging applications, and one of only three companies in China whose products cover mask template applications. Achieving a dual listing on the A-share and HKEX markets not only allows CoreTech Systems to utilize the substantial funds raised to enhance its R&D efforts in high-end lithography technology, expand its production capacity, and integrate upstream industrial chains, thereby alleviating the heavy asset financing pressures faced by the equipment industry, but also enables it to accelerate its overseas market expansion by leveraging the international capital platform of the HKEX market and seize the growing opportunities in the Southeast Asian PCB and advanced packaging sectors. As the first company listed on the HKEX whose main business involves direct writing lithography equipment, CoreTech Systems' successful listing also marks the official entry of domestic high-end micro-nano equipment into the global competition arena. This strategic positioning suggests a pivotal shift in the global supply chain dynamics for precision lithography tools.