Supported by the national team! Gorreli breaks the foreign semiconductor CIM technology monopoly, with three consecutive increases in gross profit margin, rushing towards Hong Kong stocks | Hong Kong E Voice

Source: Times Business Research Institute Author: Yang Junwei

Source | Times Business Research Institute

Author | Intern Yang Junwei

Editor | Zheng Lin

On March 2, 2026, Shanghai GoriLi Software Co., Ltd. (hereinafter referred to as “GoriLi”) officially submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International and Minyin Capital serving as joint sponsors. This marks their second attempt to list in Hong Kong, with funds raised intended for advanced process CIM system R&D, expansion into the general semiconductor scene, market promotion, and working capital supplementation.

According to the prospectus, GoriLi was founded in 2007 and is a leading domestic provider of intelligent manufacturing software solutions for the general semiconductor industry. It focuses on providing customized software services for semiconductors, display panels, PCBs, photovoltaics, and other fields. Its core product is the CIM system (including core MES manufacturing execution systems). The company is among the first in China to achieve a breakthrough in 12-inch wafer front-end 18nm process domestic CIM systems. Its products cover five major technology platforms, with over 340 clients, including industry leaders such as SMIC and Tianma Microelectronics. According to Frost & Sullivan data, based on 2024 revenue, the company ranks first among domestic local providers of general semiconductor IMSS, with an overall market share of 11.7%, ranking second in the industry. It is a key target for domestic replacement of industrial software in the general semiconductor sector.

Shareholder structure shows that GoriLi’s equity is controlled by “founders + state-owned entities + industry capital.” The prospectus discloses that the actual controller, Sun Zhiyan, directly and indirectly controls 53.57% of the company’s shares; institutional shareholders are strong, including Guotou Major Projects Fund, Guokai Manufacturing, SMIC Haihe Fund, China Merchants Capital, and other well-known institutions, with prominent industry synergy resources.

Financial data from the prospectus shows that from 2023 to 2024, GoriLi’s revenue grew from 165 million yuan to 249 million yuan, with continued expansion; however, it has not yet achieved profitability, with net losses of 127 million yuan and 103 million yuan in the same periods, and a loss of 104 million yuan in 2025. Over three years, the total loss exceeds 334 million yuan. Gross profit margin has shown a gradual upward trend, at 3.4%, 13.2%, and 14.2% respectively from 2023 to 2025, with the most significant increase in 2024.

It is worth noting that GoriLi’s attempt to list in Hong Kong still faces multiple risks: ongoing large losses and weak profitability; high customer concentration and significant decline in customer retention; business highly tied to the semiconductor industry cycle, with downstream capital expenditure fluctuations directly affecting orders; a global market dominated by international giants, with increasing domestic industry competition; high accounts receivable operational risks; and uncertainties in technological R&D iteration.

As a leading domestic provider of industrial software for the general semiconductor sector, GoriLi, backed by strong shareholders, is striving for a Hong Kong listing. Whether it can achieve profitability, resolve operational risks, and consolidate its market position will be key to its long-term stable development.

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