Shanghai Jifeng Electronics Co., Ltd. will appear before the listing committee on Oct. 15 as it seeks an IPO on ChiNext.
The company is described in the article as one of the few domestic providers offering full-function, one-stop semiconductor testing solutions. Its business covers third-party laboratory testing and analysis services, testing hardware products, and volume-production services across chip design, wafer manufacturing, packaging, and testing.
Third-party semiconductor testing market growth
Citing Jiwei Consulting, the article said the mainland China market for third-party semiconductor laboratory testing and analysis services was about 12.55 billion yuan in 2025 and is expected to reach 18.15 billion yuan by 2027, representing a compound annual growth rate of 20.3%.
The integrated circuit test board market was estimated at 3.97 billion yuan in 2025 and is projected to rise to 4.79 billion yuan in 2027, according to the same source.
The article linked that growth to faster progress in domestic chip self-sufficiency, rapid advances in leading-edge process nodes and advanced packaging, and rising reliability requirements for AI chips and automotive-grade chips. It said more chip companies are outsourcing testing work to specialist third-party providers.
Business model and technical coverage
Jifeng Electronics said it has built a one-stop "service plus product" model around testing demand across the semiconductor industry chain.
Its testing services and hardware products cover multiple chip categories, including CPUs, GPUs, memory chips, and AI chips. The company said it can handle advanced process nodes, advanced packaging, mature nodes, and specialty processes. It added that its most advanced process-node case has covered a 3 nm chip, while advanced packaging coverage includes 2.5D and 3D packaging.
Third-party laboratory services remain the core revenue base
According to the disclosed figures, third-party laboratory testing and analysis services are the company’s main revenue and profit base. In 2025, that segment accounted for 64.02% of total revenue and posted a gross margin of 51.00%.
Jifeng Electronics said the segment generated 424 million yuan in 2025. The article said that ranked the company third in mainland China’s third-party semiconductor laboratory market, behind Frontken and Wintech Nano.
Revenue and profit expansion from 2023 to 2026 first half
The company’s revenue increased from 443 million yuan in 2023 to 669 million yuan in 2025. Revenue for the first half of 2026 stood at 379 million yuan.
Net profit attributable to shareholders rose from 23.3867 million yuan in 2023 to 91.2555 million yuan in 2025. For the first half of 2026, the figure was 40.1583 million yuan.
Net cash flow from operating activities reached 279 million yuan in 2025, above net profit for the same period.
Customer base, patents, and certifications
The article said Jifeng Electronics has built relationships with more than 3,000 customers across the semiconductor supply chain. Named customers include ZTE, Qualcomm, Hua Hong Grace, JCET, Unisoc, and GigaDevice. It also said the company has brought in NIO and ASR Microelectronics as clients.
As of the prospectus signing date, Jifeng Electronics and its subsidiaries held 140 patents in total, including 58 invention patents. The company also had 201 CNAS-accredited testing items and 56 CMA testing items, while its quality system had obtained certifications including IATF16949 and ISO13485.
From 2023 to 2025, cumulative R&D spending reached 149 million yuan. The article said the company has been converting testing practice into self-developed instruments and testing hardware.
IPO proceeds planned for technology center and automotive testing
Jifeng Electronics plans to raise 924 million yuan in the IPO. The proceeds are earmarked for a Pudong technology center project, an automotive-grade high-reliability mass-testing service project, a chip pilot-platform engineering technology R&D project, and supplemental working capital.
The automotive testing project targets the auto electronics segment. Citing Jiwei Consulting, the article said China’s mainland automotive chip testing market was about 7.56 billion yuan in 2025 and is expected to reach 9.31 billion yuan by 2027.
The article also noted that, as a company operating in a capital-intensive semiconductor segment, Jifeng Electronics faces common challenges including cyclical industry swings and the fact that newer businesses such as volume-production testing are still in a cultivation stage.
The article was published by MarsBit and attributed to the WeChat public account Mos IPO.