Research Brief | Zhejiang Zhongjing Technology hosts a visit from Shenwan Lingxin and other institutions for research. Orders are sufficient, and the production capacity of 6-8 inch polished silicon wafers continues to expand.

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On April 1, Zhejiang Zhongjing Technology Co., Ltd. (hereinafter referred to as the “Company”) received a specific-object research visit from Shanhang Lixing Fund. The Company’s Deputy General Manager/Secretary to the Board of Directors, Li Zhiping, and Securities Affairs Representative, Ye Rong, responded to investors’ questions concerning the Company’s business outlook, capacity planning, and performance growth drivers.

Basic Information on the Research

Interpretation of Core Content of the Research

2026 Business Outlook: Sufficient Orders, Focus on Customer Development

The Company stated that production is currently running normally, with ample orders. It will further safeguard product delivery by improving utilization rates. Going forward, it will continue to nurture strategic customers, focus on high-quality customers, and tap potential customers, while stepping up market development efforts to expand market scale.

6–8 inch Polished Silicon Wafer Capacity: Advancing Funded Projects with Customer Certification and Equipment Expansion in Parallel

Regarding the capacity for 6–8 inch polished silicon wafers, the Company introduced that the funded projects are currently in the process of ramping up production and batch customer certification, and the equipment is also being further expanded. As the customer base grows, product categories are more diverse, with complete specifications, enabling the Company to better meet the needs of downstream customers for different products. The Company will plan capacity arrangements in an orderly manner in light of actual operating conditions, existing capacity, and market demand.

Performance Growth Drivers: Grinding Silicon Wafers as the Foundation, with New Products and New Businesses Enabling Growth

In terms of business structure, according to the data in the Company’s 2025 interim report, semiconductor single-crystal silicon wafers account for 52.93% of operating revenue, semiconductor single-crystal silicon rods account for 14.06%, and semiconductor power chips and devices account for 31.50%. The Company pointed out that the grinding silicon wafer business, as the foundation of the Company, will continue to play an important role. With the funded projects for 6–8 inch polished silicon wafers reaching production ramp-up, and the advancement of the Jiangsu Gaoxing Chip project, new products and new businesses will show a growth trend, jointly becoming future performance growth drivers.

Production Rhythm and Product Pricing: Tight but Orderly Production, Prices Remain Stable

The Company’s current production schedule is tight, and all production plans are being implemented steadily in line with the preset rhythm. Going forward, it will ensure timely and stable delivery by hiring employees, increasing training efforts, and optimizing production arrangements. Regarding product pricing, the Company stated that it is mainly influenced by factors such as market supply and demand and production costs. Prices for different products and sub-markets may differ. Currently, pricing for regular products remains stable, and in the later stage the Company will set selling prices based on costs, demand, and business contracts.

Jiangsu Gaoxing Chip Project: Factory Construction Completed, Entering Equipment Commissioning Stage

The construction of the new Jiangsu factory and the electromechanical installation works have been completed. It is currently in the process of equipment and process commissioning. The Company said that as the project progresses, it will enter a new stage of development. For further progress, please refer to the information disclosed by the Company.

Asset Impairment Risk: Make Judgments Based on Accounting Standards and Fulfill Disclosure Obligations in a Timely Manner

Regarding whether the funded projects will involve large-scale asset impairment in the future, the Company stated that the accrual of asset impairment provisions is primarily based on the “Enterprise Accounting Standards” and the Company’s relevant accounting policies. Whether to accrue such provisions will be determined according to actual operating conditions. The Company will also fulfill its obligations in accordance with information disclosure requirements. For specific details, please refer to the Company’s announcement.

This research shows that Zhejiang Zhongjing Technology, while consolidating the foundation of its existing businesses, is cultivating growth momentum by expanding capacity and advancing new projects. The subsequent release of capacity and the progress of customer certification are worth monitoring.

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Responsible editor: Xiao Lang Express