Key takeaway

The company focuses on the R&D and application of industrial ultra-clean technologies in fields such as semiconductors, biopharmaceuticals, and public health and medical care. It has ample production capacity for core products such as fan filter units and air filters. Following its acquisition of CM HI-TECH in 2025, the company gained the technical expertise and integration capabilities to independently provide customers with comprehensive cleanroom solutions, including supporting fan filter units, complete equipment, and cleanroom wall and ceiling systems. In recent years, the company has stepped up its overseas market expansion. It has established operations covering manufacturing, R&D, and sales across Southeast Asia, South Asia, North America, and Europe, with 11 domestic production bases and three overseas production bases. We expect downstream semiconductor capacity expansion and overseas market growth to continue contributing incremental gains to the company.

Thesis

Deep expertise in industrial ultra-clean technologies and comprehensive cleanroom solutions

Founded in 2001, MAYAIR has focused for more than two decades on the R&D and application of industrial ultra-clean technologies in fields such as semiconductors, biopharmaceuticals, and public health and medical care. It has also adapted these technologies for niche markets such as commercial living environments, industrial dust removal, and VOC treatment. The company leads domestic peers in patent count, product specifications, brand reputation, and market share, with performance comparable to leading overseas companies. Following its acquisition of CM HI-TECH, the company gained the technical expertise and integration capabilities to independently provide customers with comprehensive cleanroom solutions, including supporting fan filter units, complete equipment, and cleanroom wall and ceiling systems. This further expands the company’s market reach in cleanroom solutions, extends and strengthens its product portfolio, and enables both companies to broaden and integrate their respective customer bases.

Manufacturing and R&D strengths: Innovation-driven products and a global certification portfolio

The company has become one of the larger suppliers in China’s air purification industry, with ample production capacity for core products such as fan filter units and air filters. Its network of factories and service outlets ensures timely product supply across most regions of China, while the company continues to accelerate its overseas capacity expansion. The company has built an efficient global supply chain system. Through precise procurement and collaborative development of key raw materials such as fans, filter media, sheets, and profiles, it ensures superior product quality from the source. The company is committed to achieving independent control over key materials. It independently develops multiple core advanced materials or jointly develops them with partners. Most of its major materials are now domestically sourced, breaking foreign technological monopolies. As of end-2025, the company had 11 production bases in China and three overseas production bases.

Vigorously expanding downstream markets and applications while extending into upstream core material development

The company emphasizes investment in technological innovation and R&D and has introduced advanced R&D and testing equipment. It operates 34 specialized laboratories, including an ultra-clean microenvironment laboratory, a filter laboratory, an ultra-trace gaseous contaminant sampling and analysis laboratory, a biopharmaceutical hot-air circulation oven laboratory, a sintered filter plate laboratory, an IoT remote monitoring laboratory, a CFD simulation laboratory, and an electrical control system simulation and testing laboratory. It also has more than 480 sets of R&D and testing instruments and equipment. With precision testing equipment and a scientific management system, the company’s testing center has officially obtained UL WTDP (Witness Test Data Program) authorization and CNAS (China National Accreditation Service for Conformity Assessment) laboratory accreditation. The center is qualified to conduct in-depth testing and analysis of key performance parameters for equipment such as FFUs (fan filter units), air filters, and chemical filters, as well as air in application environments.

Accelerating upstream and downstream industry chain integration through overseas expansion and inorganic acquisitions

Leveraging its outstanding technical compliance capabilities, the company has successfully entered the core global semiconductor supply chain. It has also obtained qualified supplier certification from several leading international wafer fabs, leading new energy companies, prominent photovoltaic module manufacturers, and premium air-conditioning brands, marking the full launch of commercial operations. In 2025, the company established new subsidiaries in Hungary and Vietnam. It has now established a presence across Southeast Asia, South Asia, North America, and Europe, with operations covering manufacturing, R&D, and sales. The company ’ s subsidiaries in the United States and Hungary have gradually secured orders, creating new growth drivers in overseas markets. Penetration and contribution across regional markets are expected to continue increasing as local teams are progressively strengthened. In 2025, the company privatized CM HI-TECH by acquiring an approximately 68.39% stake through MayAir HK Holdings Limited, its subsidiary established in Hong Kong, China. It also issued shares to four remaining shareholders in exchange for their approximately 31.61% stake in CM HI-TECH. The company integrated cleanroom wall and ceiling system technologies to create an end-to-end solution covering design, production, and installation.

Investment recommendation: We forecast revenue of RMB2.924bn, RMB3.685bn, and RMB4.657bn in 2026– 28, up 51.58%, 26.03%, and 26.39% YoY, respectively. We forecast net profit attributable to shareholders of the parent company of RMB288mn, RMB386mn, and RMB501mn, up 137.86%, 33.91%, and 29.84% YoY, respectively. This implies P/E ratios of approximately 29x, 22x, and 17x at the current share price. We initiate coverage with a “Buy” rating.

Risks: Risk of failure in cutting-edge technology R&D; management risks arising from business expansion; risk of fluctuations in the downstream semiconductor industry.