Torrens IPO: Two major clients contribute 70% of revenue, with over 60 million yuan spent on related-party procurement

Rui Finance Yan Minghui December 23, 2025, Shenzhen Stock Exchange official website shows that Torrance Precision Manufacturing (Jiangsu) Co., Ltd. (hereinafter referred to as “Torrance”) has been accepted for the ChiNext IPO. The sponsor is China International Capital Corporation, with Wang Shuai and Wang Zhuting as sponsoring representatives.

According to the prospectus, Torrance is a leading domestic comprehensive service provider specializing in the research, development, production, and sales of precision metal components. It is committed to providing high-performance key process components, process components, structural components, gas pipelines, and system assembly products for semiconductor equipment. Additionally, the company’s process capabilities cover laser equipment, offering laser cavities and cooling process components required for high-power lasers.

Torrance mainly focuses on precision metal components, which are used in semiconductor and laser equipment fields.

From 2022 to the first half of 2025, Torrance’s main business revenues were 279 million yuan, 287 million yuan, 606 million yuan, and 370 million yuan, respectively, with strong growth in 2024 and the first half of 2025.

In terms of industry segmentation, the majority of Torrance’s revenue comes from the semiconductor sector, accounting for 82.27%, 86.04%, 94.00%, and 93.71% in each period.

By product, semiconductor key process components are Torrance’s primary revenue source and the main driver of revenue growth, with business revenues of 105 million yuan, 119 million yuan, 304 million yuan, and 199 million yuan in each period.

The company’s semiconductor structural components and process components businesses also saw significant growth in 2024 and the first half of 2025.

In each period, revenue from semiconductor structural components was 74.744 million yuan, 82.280 million yuan, 173 million yuan, and 97.577 million yuan. Revenue from semiconductor process components was 48.451 million yuan, 42.833 million yuan, 82.485 million yuan, and 44.389 million yuan.

Regionally, Torrance’s revenue growth is mainly driven by domestic sales. Domestic sales in each period were 165 million yuan, 197 million yuan, 504 million yuan, and 262 million yuan, while export sales were 114 million yuan, 90.207 million yuan, 102 million yuan, and 109 million yuan.

The significant increase in Torrance’s revenue since 2024 is related to its major clients.

From 2022 to the first half of 2025, the top five clients contributed 94.78%, 89.70%, 93.44%, and 93.54% of Torrance’s revenue, with the largest client contributing 46.18%, 44.06%, 52.11%, and 44.60%, respectively.

Throughout these periods, Torrance’s largest client has always been North Microelectronics. In 2024 and the first half of 2025, North Microelectronics’ procurement reached 316 million yuan and 165 million yuan, respectively, compared to 129 million yuan and 126 million yuan in 2022 and 2023.

SMIC is Torrance’s second-largest client in each period, contributing revenues of 84.635 million yuan, 86.777 million yuan, 190 million yuan, and 145 million yuan, accounting for 30.33%, 30.23%, 31.40%, and 39.13%, respectively.

In 2024, Torrance’s main revenue increased by 319 million yuan, with procurement from these two major clients increasing by 293 million yuan. In other words, Torrance’s significant revenue growth in 2024 was almost entirely due to increased procurement from North Microelectronics and SMIC.

Among Torrance’s main suppliers, some are related parties. From 2022 to the first half of 2025, Nantong Gaomi ranked as Torrance’s fifth, second, third, and third largest supplier, with procurement amounts of 8.8789 million yuan, 10.0457 million yuan, 23.6682 million yuan, and 17.967 million yuan (consolidated basis, including Nantong Gaomi and Gaogao Precision).

As mentioned above, Qian Ke controls Torrance Shanghai, Qidong Xinqi, and Qidong Xinying through partnerships, with all three holding companies or executive partners being Shanghai Kaiyi. Qian Ke’s cousin, Qian Wenjuan, is the financial officer of Shanghai Kaiyi.

Nantong Gaomi is controlled by Lu Jianshun and his spouse Qian Yanjun, and Qian Yanjun is Qian Wenjuan’s sister.

Nantong Gaomi was established in the second half of 2021, meaning it became a major supplier to Torrance just one year after its founding.