Amid the accelerating wave of domestic power semiconductor substitution and the rapid evolution of downstream sectors such as new energy, automotive electronics, and industrial control, Changjing Technology, founded in 2018, stands as a relative newcomer compared to established listed players like Silan Micro and Yangjie Technology.

However, through precise strategic positioning, independent technological development, and an upgraded full-industry-chain model, the company has dismantled the barriers of first-mover advantage, achieving a late-mover triumph that has quickly propelled it into the first tier of comprehensive domestic semiconductor enterprises, showcasing robust growth resilience and core competitiveness. On June 10, 2026, Changjing Technology’s IPO was accepted by the Shenzhen Stock Exchange’s main board. Financial data reveals that from 2023 to 2025, the company achieved leapfrog growth, with operating revenue reaching RMB 2.260 billion, RMB 2.678 billion, and RMB 2.985 billion respectively, while non-GAAP net profit attributable to parent company stood at RMB 124 million, RMB 218 million, and RMB 334 million, with comprehensive gross margins of 28.64%, 30.00%, and 31.33%, showing year-on-year increases in both sales scale and profitability.

Accelerated Catch-Up: Setting a New Industry Growth Pace

Looking at the domestic power semiconductor landscape, industry leaders such as Silan Micro and Yangjie Technology have long operated under the IDM model, leveraging stable production capacity layouts and market accumulation to maintain top positions in the domestic discrete device sector, building deep industry barriers through first-mover advantages. In contrast, when Changjing Technology was established in 2018, the domestic and international market structures were already taking shape, and the company faced intense competitive pressure from industry leaders from the outset. Nevertheless, the company rejected conventional industry development paths, adopting a dual-engine approach of “internal R&D iteration plus external resource integration” to precisely seize core opportunities in domestic substitution, gradually completing a strategic upgrade from a Fabless model to a parallel “Fabless + IDM” model—in 2020, the company established Changjing Pulian in Nanjing to build automotive-grade packaging and testing production lines; in 2022, it acquired Xin Shun Microelectronics to integrate wafer manufacturing resources, and established a failure analysis and reliability testing laboratory that earned CNAS qualification, ultimately developing full-industry-chain capabilities covering chip design, wafer manufacturing, and packaging and testing in the discrete device field. Unlike digital chips, discrete devices and analog ICs do not solely pursue Moore’s Law or advanced process nodes; instead, they emphasize deep integration of design, manufacturing, and application, making the integration of design, wafer fabrication, and packaging and testing all the more critical. Currently, the world’s leading discrete device and analog IC semiconductor companies, such as Infineon, onsemi, and Texas Instruments, predominantly adopt the IDM model, forming integrated competitive advantages across the industry chain through internal resource consolidation. According to prospectus data, from 2023 to 2025, the company’s operating revenue grew from RMB 2.260 billion to RMB 2.985 billion, while non-GAAP net profit attributable to parent rose from RMB 124 million to RMB 334 million; notably, MOSFETs, as a newly developed product line, saw revenue climb from RMB 325 million to RMB 813 million between 2022 and 2025, posting an impressive compound annual growth rate of 35.82%. According to certification from the China Semiconductor Industry Association, in 2024, the company ranked 3rd overall in China and 2nd among mainland Chinese enterprises for combined sales of diodes and transistors; for CSP MOSFET market share, it ranked 3rd overall in China and 1st among mainland Chinese enterprises. Through solid operations, agile market responsiveness, and sustained technological investment, Changjing Technology has continuously accelerated in product iteration, market expansion, technological breakthroughs, and operational model (IDM) advancement, successfully catching up and establishing itself as one of the industry’s fastest-growing potential enterprises.

Benchmarking Global Leaders: Building a Comprehensive Product Matrix

The core competitiveness of global power semiconductor leaders lies in their comprehensive product line portfolios and full-scenario coverage capabilities, enabling them to deliver one-stop chip solutions to downstream customers. As a domestic late entrant, Changjing Technology has precisely benchmarked the full-category layout logic of international giants such as Infineon, onsemi, and Nexperia, overcoming the industry pain points of domestic peers’ narrow product ranges and incomplete coverage to build a semiconductor product system encompassing full categories, multiple specifications, and high adaptability, with product line completeness on par with leading domestic and international companies. According to the prospectus, Changjing Technology’s main products comprehensively cover core discrete devices including diodes, transistors, MOSFETs, and IGBTs, while also laying out power management ICs, discrete device wafers, and other core categories, with mass production capabilities across over 10,000 specifications—making it one of the domestic enterprises with the most complete product categories and richest series in discrete devices and power management ICs. The product matrix balances mid-to-low-end foundational components with high-end power chips, encompassing both conventional devices suited to consumer electronics and high-voltage, high-frequency, high-reliability products tailored for new energy, industrial control, and intelligent vehicles, achieving comprehensive coverage across consumer, industrial, and automotive-grade scenarios. To date, the company has delivered over 3,000 automotive-grade certified products, fully meeting the stringent requirements of the intelligent vehicle sector. Through its full-category layout, Changjing Technology has successfully broken through the limitations of narrow market segments, forming a product structure where “foundational products stabilize the base while high-end products drive incremental growth,” elevating its comprehensive supporting capabilities to the industry’s first tier. In 2025, the company’s discrete devices, power management ICs, and wafer businesses developed synergistically, with revenue contributions of 75.70%, 8.13%, and 15.88% respectively, with multi-track balanced development mitigating the risks of single-industry cyclical fluctuations. Diodes and transistors, serving as the business cornerstone, accounted for 47.20%, 47.07%, and 46.63% of main business revenue during the reporting period, with over 8,000 diode and transistor products generating revenue.

Fortifying Moats: Deep Cultivation of Key Core Industry Chain Segments

Power semiconductors, often described as the “industrial rice” of electronic devices, are core foundational components supporting China’s high-end manufacturing and new energy industry upgrades, and are crucial to ensuring the autonomous and controllable development of the semiconductor industry chain. Beyond the surface-level advantages of product layout, Changjing Technology’s true core competitiveness stems from its proprietary, independently controlled process technologies, differentiated technical barriers, and irreplaceability in key core segments of the industry chain, with self-developed technologies precisely matching the rigid demands of high-end industries and filling multiple gaps in domestic technology. Through sustained high-intensity R&D investment, Changjing Technology has accumulated a series of proprietary core technologies, focusing on the four key technical directions of device miniaturization, low power consumption, high voltage resistance, and high reliability, mastering industry-advanced technologies including SGT trench processes, superjunction SJ high-voltage processes, wafer-level CSP packaging, and high-efficiency power integration technology. The company continues to advance its process platform iterations—in 2025, it completed the production solidification of nearly 100 new power device products and advanced platform upgrades including CSP G2, SGT G2/G3, IGBT G3, and Trench G2. According to the prospectus, as of the end of 2025, the company held 235 authorized patents (including 80 invention patents) and 113 integrated circuit layout design rights. Distinct from industry-standard processes, Changjing Technology’s optimized trench structure design significantly enhances MOSFET chip current density while reducing conduction losses; its self-developed superjunction technology breaks through traditional device voltage limits, making it ideally suited for high-voltage energy storage and industrial frequency conversion applications; its proprietary wafer-level CSP MOSFET products have been certified by the Jiangsu Provincial Department of Industry and Information Technology as domestically leading and internationally advanced; and its 60V-150V SGT MOSFET series delivers performance on par with leading international brands. In the IGBT segment, the company’s FST3.0 products employ advanced micro-trench gate (1.6μm pitch) plus field-stop technology, significantly increasing carrier density while reducing conduction and switching losses, reaching the latest generation level of mainstream international brands; its 1200V IGBT half-bridge module series includes three current ratings of 450A, 600A, and 900A, comprehensively covering photovoltaic energy storage system requirements. The company is also actively positioning itself in third-generation semiconductors, developing an independently controlled wide-bandgap SiC process platform, with SiC MOSFETs and SiC diodes already in mass production. These proprietary technologies give the company’s products core advantages of lower energy consumption, higher stability, and longer service life at equivalent specifications, forming a technological moat that differentiates it from competitors. Leveraging its unique differentiated technical advantages, Changjing Technology has precisely positioned itself at the core of the domestic power semiconductor industry chain, addressing the domestic industry’s shortcomings of “missing high-end technology and insufficient high-end products,” continuously reducing downstream high-end industries’ import dependence, and providing solid technical support for the autonomous, controllable, and high-end upgrading of the domestic semiconductor industry chain. For its current IPO, Changjing Technology plans to raise RMB 1.4904 billion, with investments in an annual production capacity of 10 billion industrial and automotive-grade power device packaging and testing industrialization project (RMB 682 million), a MOSFET/IGBT and third-generation semiconductor technology R&D project (RMB 232 million), a power management IC technology R&D project (RMB 207 million), and working capital replenishment (RMB 370 million), continuously strengthening high-end production capacity and cutting-edge technology research and development.

A Promising Future: Deepening Roots in Domestic Power Semiconductor Innovation

From a late entrant to a leader in its niche segment, from single-product breakthroughs to full-chain layout, Changjing Technology has shattered the monopoly structure of industry first-movers through its differentiated strategy, full-category portfolio, and hardcore technological innovation. Looking ahead, as the domestic substitution process continues to deepen and downstream high-end market demand continues to expand, Changjing Technology will remain committed to the power semiconductor track, continuously iterating core technologies, perfecting its product matrix, further leveraging its core value across the industry chain, striving to become a globally leading comprehensive semiconductor enterprise, and contributing to the high-quality upgrading of China’s semiconductor industry.