A-shares Subscription | Saiying Electronics(920181.BJ) Opens Subscription Focused on R&D and Manufacturing of Ceramic Tubes for High-Power Semiconductor Devices

On March 30, Saiying Electronics (920181.BJ) launched its IPO offering. The offering price is CNY 28 per share, the subscription cap is 486,000 shares, the price-to-earnings (P/E) ratio is 13.79x, and it is listed on the Beijing Stock Exchange (BSE). Soochow Securities is the sponsor.

According to the prospectus, Saiying Electronics mainly is a national high-tech enterprise specializing in the R&D, manufacturing, and sales of key components for power semiconductor devices, such as ceramic tube enclosures and encapsulated heat-dissipation substrates. The company’s products are mainly used in power semiconductor devices including thyristors, IGBTs, and IGCTs. Its application fields cover the entire power system value chain, such as power generation, transmission, substation, distribution, and end-use. The company plays an important role in areas including ultra-high-voltage power transmission and transformation, new energy power generation, industrial control, new energy vehicles, smart computing data centers, and rail transit, with broad market prospects.

The company has focused on the development and manufacturing of ceramic tube enclosures for high-power semiconductor devices for more than 20 years. Through continuous R&D innovation, it has tackled industry technical challenges such as hard-to-diffuse high-penetration metallization in isostatic-pressing ceramics and high internal stress caused by multi-medium welding. It has mastered core technologies such as high-density isostatic-pressing ceramic metallization diffusion and ultra-large-diameter ceramic metal high-strength high-vacuum welding, and holds a leading position in the ceramic tube enclosure industry. The company has formed a range of multi-spec product lines, including ceramic tube enclosures for 1–6 inch thyristors and ceramic tube enclosures for flat-plate pressure-connection IGBTs, among others. It maintains long-term, close cooperation with power semiconductor leaders such as CRRC Times, Infineon, and Hitachi Energy.

The group standard “Flat-Plate Ceramic Tube Enclosures for Press-Fitted Insulated Gate Bipolar Transistors (IGBTs)” (T/CITIIA 203-2018), drafted by the company as the first drafting unit and with Chen Guoxian and Xu Hongwei as the main drafters, was released in September 2018. On May 9, 2025, it was approved and promulgated by the Ministry of Industry and Information Technology to become the industry standard “Flat-Plate Ceramic Tube Enclosures for Press-Fitted Insulated Gate Bipolar Transistors (IGBTs)” (SJ/T 11972-2025). The release of this standard is of great significance in standardizing the technical development path of flat-plate ceramic tube enclosures for IGBTs, promoting technological innovation and coordination across the industrial chain, facilitating industrial upgrading, and enhancing international competitiveness. It shows the company’s leading market position in the ceramic tube enclosure industry.

The company is deeply integrated into the development of the country’s strategic emerging industries. It has broken through key processes such as cold forging, pre-bending, and continuous electroplating, building a core technology system for encapsulated heat-dissipation substrates. In 2017, it began its heat-dissipation substrate business. Relying on its precision machining capabilities and stable, reliable product quality, the company has already formed long-term, stable cooperation with CRRC Times, customer A, Hongwei Technology, and others. In 2020 and 2022, it won CRRC Times’ “Strategic Cooperation Award,” and its industry influence and market position have continued to improve.

The company is a national-level specialized, sophisticated, and innovative “Little Giant” enterprise, a national high-tech enterprise, a Jiangsu provincial private technology enterprise, and a Wuxi Gazelle enterprise. The company undertakes and has completed 7 national-level and provincial-level research projects, including an industrial strong foundation project of the Ministry of Industry and Information Technology titled “Industrialization of precision ceramic structural components for multi-rack high-power IGBT flat-plate full press-fit modules for flexible high-voltage DC transmission,” an industrial and information technology electronic information industry development fund project titled “Precision ceramic housings for multi-rack full press-fit high-power IGBTs,” a science and technology innovation fund for small and medium-sized science and technology enterprises project under the Ministry of Science and Technology titled “Development and industrialization of ceramic tube enclosures for multi-rack flat-plate press-fit IGBTs for lightweight high-voltage DC transmission,” projects titled “Precision ceramic tube enclosures for multi-rack flat-plate full press-fit high-power IGBTs” and “Precision housings for high-power integrated gate commutation thyristors (IGCTs),” a Jiangsu provincial science and technology achievements transformation project titled “Development and industrialization of ceramic packaging series products for high-voltage high-power devices,” a Jiangsu provincial science and technology support program project titled “Research on kiloamp-class IGBT ceramic packaging structures,” and more, demonstrating significantly enhanced core competitiveness.

The company has formed an experienced, highly collaborative R&D technical team, establishing a reasonable organizational structure, standardized management processes, and a comprehensive talent incentive mechanism. In recent years, the company has continuously increased product and technology upgrades. It has formed core process technologies including ultra-large-diameter ceramic metal high-strength high-vacuum welding, flat-bottom substrate special-shaped radius-forming technology, and multi-hole one-time cold forging of pin-tooth substrates. It has established long-term cooperation relationships with research institutions such as Huazhong University of Science and Technology. As of December 31, 2025, the company has 9 invention patents and 44 utility model patents.

In terms of finance, in 2023, 2024, and 2025, the company’s operating revenue was approximately CNY 321 million, 457 million, and 600 million, respectively. In the same period, net profits were approximately CNY 55.0683 million, 73.9015 million, and 88.0779 million, respectively.

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