Investment logic: The global testing equipment market has entered a golden growth period (SEMI predicts a growth rate of over 30% in 2025), and the localization rate is still low. The monopoly pattern of the United States and Japan needs to be broken urgently. The extended testing time of AI chips, the 3D stacking of HBM, and the popularization of advanced packaging drive the continuous high growth of the demand for testing equipment.
Our entry points: Focus on sub - fields such as ATE (Automated Test Equipment), probe stations, sorters, and SiC/GaN power testing. The ceilings of these tracks are moderate (ranging from hundreds of millions to billions), which are not attractive to large institutions, but are fertile ground for the birth of "hidden champions".
Where we focus on in - depth development
Yangtze River Delta: Suzhou Industrial Park, Nanjing Jiangbei New Area, Shanghai Lingang - areas where semiconductor and AI enterprises are concentrated.
Beijing Yizhuang: The core of the aerospace and semiconductor industries.
Pearl River Delta: Smart hardware and advanced manufacturing.

We are dedicated to seeking out great enterprises to bring long term value to investors. Our team spends a great deal of time researching industry trends, technological developments, and changes in professional habits. We hope to capture value as early as possible. We adopt a concentrated position strategy, holding heavy positions and accompanying the enterprises closely. We believe that the advantage of our small five - person team lies not in "casting a wide net" but in "digging deep wells". We only add 3 - 5 new projects each year to ensure that sufficient time and resources can be devoted to each project.