On March 2, 2026, Glorysoft (Shanghai) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Minsheng Bank Capital as joint sponsors.

As a leading provider of intelligent manufacturing software solutions for China’s pan‑semiconductor industry, Glorysoft focuses on delivering self‑developed computer integrated manufacturing systems to advanced manufacturing sectors including semiconductors, display panels, PCBs and photovoltaics.

According to Frost & Sullivan, by revenue in 2024, the company ranked second in China’s pan‑semiconductor IMSS market with a market share of approximately 11.7%, and is also the largest domestic player in the sector.

Business Model: Focused on Pan‑Semiconductor Sector, Full‑Stack Self‑Developed IMSS Covering the Entire Value Chain

Glorysoft specializes in the high‑barrier, high‑growth intelligent manufacturing software segment for the pan‑semiconductor industry.

Founded in 2007, the company has been dedicated to the R&D and commercialization of customized IMSS for advanced manufacturing, covering the full value chain from production data collection, equipment connection and production process management to big data analytics and artificial intelligence applications.

Its product ecosystem consists of five self‑developed platforms:

Production Operation Platform (centered on MESwell© manufacturing execution system)

Integrated Automation Platform

Intelligent Control Digital Platform

Intelligent Big Data Engine Platform

Digital Equipment Platform

Together, these platforms form a complete CIM system solution that meets the complex, high‑precision and real‑time coordination requirements of pan‑semiconductor manufacturing.

In terms of revenue structure, CIM software solutions represent the core income source:

2023: RMB 137 million, accounting for 82.7% of total revenue

2024: RMB 195 million, accounting for 78.5%

2025: RMB 215 million, accounting for 71.6%

While the proportion has declined slightly, the absolute value continues to grow, reflecting the company’s solid position in its core business.

Emerging segments including the Intelligent Control Digital Platform, Intelligent Big Data Engine Platform and Digital Equipment Platform increased from 16.3% in 2023 to 27.7% in 2025, demonstrating successful diversification.

Notably, in early 2023, the company successfully delivered a domestic computer integrated manufacturing system for 12‑inch front‑end 18nm processes, including a core manufacturing execution system.

This milestone marked its ability to compete head‑to‑head with international giants.

In terms of customer structure, the company serves semiconductor, display panel, PCB and photovoltaic industries.

As of the end of 2025, it had established relationships with over 340 customers, growing from 134 in 2023 to 198 in 2025.

Revenue from semiconductor customers rose from RMB 76.6 million (2023) to RMB 125 million (2025), representing 41.6% of total revenue.

As of the end of 2025, the company had a 148‑member R&D team, accounting for 26.9% of total employees, with 18.9% holding master’s degrees or higher.

It owned 31 patents, 18 trademarks and 159 software copyrights in mainland China, and had applied for more than 12 overseas patents.

Financial Performance: Steady Revenue Growth, Narrowing Losses and Improving Gross Margin

The company has maintained stable revenue growth:

2023: RMB 165 million

2024: RMB 249 million (+50.4% YoY)

2025: RMB 300 million (+20.7% YoY)

Growth was driven by digital transformation demand in the pan‑semiconductor industry and the company’s leading position in CIM software solutions.

Profitability has improved continuously:

Gross profit increased from RMB 5.7 million (2023) to RMB 32.75 million (2024) and RMB 42.64 million (2025)

Gross margin rose from 3.4% (2023) to 13.2% (2024) and 14.2% (2025)

However, the company remains in a strategic loss phase:

2023: Net loss of RMB 127 million

2024: Net loss of RMB 103 million

2025: Net loss of RMB 104 million

The losses mainly reflect high R&D investment:

2023: RMB 66.4 million (48.5% of operating expenses)

2024: RMB 59.0 million (43.6%)

2025: RMB 66.2 million (42.0%)

Selling and marketing expenses remained reasonable, falling from 22.7% of revenue (2023) to 14.5% (2025), showing improved scale efficiency.

Market Outlook: Accelerated Domestic Substitution, Industry Enters High‑Growth Stage

According to Frost & Sullivan:

China’s pan‑semiconductor IMSS market expanded from RMB 1.1 billion (2020) to RMB 2.1 billion (2024), representing a CAGR of 19.2%.

It is projected to reach RMB 6.6 billion by 2029, with a CAGR of 25.4%.

Key growth drivers:

Policy support: the 14th Five‑Year Plan for Intelligent Manufacturing

Strong domestic substitution demand

Technology integration of AI and CIM systems

Upgraded customer requirements for flexible and low‑carbon manufacturing

In the competitive landscape, international players still hold significant share, but domestic vendors are rising rapidly.

Glorysoft, as the largest domestic provider, ranked second in the market with 11.7% share in 2024.

Conclusion

Centered on self‑developed CIM systems, Glorysoft has expanded its product portfolio and optimized its customer base.

Although still loss‑making due to high R&D and strategic expansion, the company shows clear upward trends in revenue and gross margin.

Supported by policy, industry expansion and technological upgrading, China’s pan‑semiconductor IMSS market is entering a high‑growth era.

As a domestic leader, Glorysoft is well‑positioned to further strengthen its advantage and become a key player in intelligent manufacturing software.

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