NewTimeSpace丨TwinSolution Technology, China's Leading Chip Testing Interface Provider, Aims for STAR Market IPO
TwinSolution Technology (Shanghai) Co., Ltd. (hereinafter referred to as "TwinSolution Technology") recently filed a prospectus for listing on the STAR Market, with Huatai United Securities as the sponsor.
Source: Prospectus
China's Leading Chip Testing Interface Provider with NVIDIA and Apple Among Its Customers
Public information shows that TwinSolution Technology, founded in 2007, focuses primarily on the semiconductor testing interface sector, with main products including chip testing interfaces and probe cards, providing key testing hardware solutions to downstream clients across the industrial chain, including chip design, wafer manufacturing, and packaging and testing.
The prospectus reveals that during the reporting period, the company served over 700 domestic and international individual clients, including leading players in various segments such as CPU, GPU, AI chips, autonomous driving chips, memory chips, RF communication chips, and power chips, with its core technologies achieving sound industrial application.
In terms of product application, TwinSolution Technology's products have been widely applied in high-end scenarios such as artificial intelligence, autonomous driving, and advanced storage, serving renowned domestic and international enterprises including NVIDIA, Apple, Qualcomm, Amazon, Yangtze Memory, Horizon Robotics, and Xiaomi Xuanjie.
TwinSolution Technology is one of the earliest domestic companies to independently develop chip testing interfaces and achieve large-scale mass production, realizing domestic substitution and independent controllability of high-end chip testing interfaces.
As of the prospectus disclosure date, TwinSolution Technology held 77 domestic authorized patents, including 26 invention patents, with core technical indicators reaching internationally advanced levels. As of the end of June 2025, the company had a total of 455 employees, including 70 R&D personnel, accounting for 15.38%.
The prospectus shows that TwinSolution Technology has established design and engineering R&D centers in South Korea, and set up sales and service centers in Hong Kong, the United States, Singapore, and other regions and countries.
According to publicly available data from Yole, TwinSolution Technology ranked first domestically in chip testing interface revenue scale in 2024, and based on its sales revenue, ranked 11th globally in the chip testing interface sector.
Revenue Continues to Grow, Core Technology Products Account for Over 90% of Income
Regarding financial performance, the prospectus shows that TwinSolution Technology's revenue was RMB 165 million, RMB 209 million, and RMB 331 million in 2022, 2023, and 2024, respectively, with a compound annual growth rate of 41.54% from 2022 to 2024. Net profits during the reporting period were RMB 17 million, -RMB 8 million, and RMB 12 million.
In the first half of 2025, the company recorded revenue of RMB 192 million and net profit of RMB 8 million.
Over the three-and-a-half-year period, TwinSolution Technology's comprehensive gross margins were 42.95%, 34.96%, 35.99%, and 36.79%, respectively.
Overall, the company's revenue is in a rapid growth phase, while net profit shows significant fluctuations. The prospectus indicates that these profit fluctuations are due to maintaining high-intensity R&D investment in the MEMS probe card sector, affecting the overall profit release pace.
In terms of revenue from main business operations, TwinSolution Technology's primary business comes from chip testing interface operations, with the sales proportion of probe card business and testing equipment business increasing year by year.
