Core Viewpoint - Several A-share companies are progressing towards A+H dual listings, including Audiwei, which submitted its IPO prospectus to the Hong Kong Stock Exchange [1] Company Overview - Audiwei, established in June 1999 and headquartered in Panyu, Guangzhou, focuses on the research, manufacturing, and sales of sensors and actuators [3][4] - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators [5][14] Financial Performance - Audiwei's revenue has shown growth in recent years, with figures of RMB 377.95 million in 2022, RMB 467.08 million in 2023, and projected RMB 617.16 million in 2024 [10][11] - Net profits for the same years were RMB 52.62 million, RMB 76.98 million, and RMB 93.95 million, with fluctuating gross margins of 34.9%, 38%, and 34.8% respectively [10][11] - The company faces pressure from accounts receivable, with trade receivables amounting to RMB 1.62 billion, RMB 1.98 billion, RMB 2.47 billion, and RMB 2.43 billion over the reporting periods [15] Product and Market Position - Audiwei's primary revenue sources are smart home solutions (56.9% of revenue in H1 2025) and smart automotive solutions (38.3% of revenue in H1 2025) [12][13] - The company ranks fifth among Chinese enterprises in global sensor shipments, with a market share of only 0.1% [19][28] - Audiwei's products are integrated with signal processing circuits and AI system-compatible outputs, providing plug-and-play solutions for downstream manufacturers [8][10] Industry Context - The global sensor market is projected to grow from approximately USD 189.1 billion in 2020 to USD 237.1 billion by 2024, with a compound annual growth rate (CAGR) of about 5.8% [24][26] - The actuator market is also expanding, expected to grow from approximately USD 262.1 billion in 2020 to USD 320.5 billion by 2024 [24][26] - The sensor and actuator industry is characterized by a highly fragmented market with specialized suppliers, where the top five suppliers hold only about 5.4% of the market share [27][28]

Core Viewpoint - Audiwei (BJ920491), known as the "first stock of sensors" on the Beijing Stock Exchange, has submitted its application for listing on the Hong Kong Stock Exchange, aiming to accelerate overseas market expansion and enhance financing channels [1] Group 1: IPO and Fund Utilization - Audiwei plans to use the funds raised from the Hong Kong IPO to increase production capacity in Malaysia, build a new high-performance sensor production base in China, invest in R&D and digitalization, and for general corporate purposes [1] - The company aims to support long-term and steady development in both domestic and international markets through this listing [1] Group 2: Company History and Market Position - Founded in 1999, Audiwei has undergone several transformations, including a name change and a shift from the New Third Board to the Beijing Stock Exchange [2] - Audiwei is the second company to announce a "North + H" listing plan, following the vaccine company Kanglaweishi [2] - The company focuses on providing intelligent sensing and precision micro-execution solutions for various scenarios, including smart homes, smart cars, smart terminals, and smart manufacturing [2] Group 3: Product and Revenue Breakdown - Audiwei's new generation AKII vehicle-mounted ultrasonic sensor supports ADAS/AVP and is the first in China to achieve mass production [3] - The company ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensors and actuators in 2024 [3] - The main revenue source during the reporting period is the smart home solution, with its share increasing from 53% in 2022 to 56.9% in the first half of 2025 [3] Group 4: Production Capacity and Financial Performance - As of mid-2025, Audiwei has three domestic production bases and one overseas base in Malaysia, with a customer network covering over 46 countries [4] - The company reported revenues of 378 million, 467 million, 617 million, and 327 million yuan for the respective years, with profits of 52.6 million, 76.9 million, 93.9 million, and 46.9 million yuan [5] - Despite a 15.1% year-on-year revenue growth in the first half of 2025, profit growth was only 3.9% [5] Group 5: Margin Trends and Capacity Utilization - The gross margin for the smart automotive solution decreased from 25.9% in 2023 to 22.1% in the first half of 2025, attributed to intensified competition in the domestic automotive supply chain [6] - The gross margin for actuators dropped from 27% in 2022 to 21.3% in the first half of 2025, mainly due to rising prices of precious metals [6] - Overall capacity utilization declined to 53.9% in the first half of 2025, down 16.4 percentage points from 2024, with actuator utilization plummeting from 63.3% to 36.1% [6] Group 6: Market Competition and Shareholder Structure - Audiwei holds a third-place position in the global automotive ultrasonic sensor and actuator market, but there is a significant gap compared to industry leaders Bosch and Valeo, which together hold nearly 40% of the market share [7] - The largest shareholders are the executive director and chairman Zhang Shuguang and his spouse, holding approximately 15.39% and 1.80% of the company's issued shares, respectively [7] - The company justifies its plan to raise funds for expansion despite declining capacity utilization, indicating that the funds will primarily be used for its overseas production base [7]

Company Overview - Guangdong Audiwei Sensor Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming for a dual listing after its previous IPO on the Beijing Stock Exchange in June 2022 [2] - Audiwei is recognized as a global leader in sensor and actuator solutions, focusing on smart home, smart automotive, smart terminals, and smart manufacturing applications [2] Market Position - According to Frost & Sullivan, Audiwei ranks second in China for smart home product sensors revenue in 2024, third globally for automotive ultrasonic sensors and actuators shipment volume, fifth in China for overall sensor shipment volume, and third globally for automotive sensor shipment volume in 2024 [2] Production Capacity - Audiwei has established a coordinated production system both domestically and internationally, with three production bases in China (Guangzhou, Zhaoqing, Jingdezhen) and one overseas base in Selangor, Malaysia [3] Financial Performance - The company has shown steady growth in recent years, with revenues of RMB 378 million, RMB 467 million, RMB 617 million, and RMB 327 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Audiwei's net profits for the same periods were RMB 53 million, RMB 77 million, RMB 94 million, and RMB 47 million [3]

受益于行业发展红利与自身竞争优势，奥迪威传感在往绩期间实现了收益及溢利的显著增长。2022年至2024年，公司收益分别 为人民币3.78亿元、4.671亿元及6.172亿元，复合年增长率达27.8%；2025年上半年，收益进一步增至人民币3.269亿元，较上年 同期的2.84亿元增长15.1%。盈利方面，2022年至2024年，公司年内溢利分别为人民币5260万元、7700万元及9400万元，复合年 增长率达33.6%；2025年上半年，期内溢利为人民币4700万元，较上年同期的4520万元增长3.9%。盈利能力保持稳定，2022年至 2024年及2025年上半年，公司纯利率分别为13.9%、16.5%、15.2%及14.4%。 凭借强大的技术实力与产品竞争力，奥迪威传感在全球市场占据领先地位。根据弗若斯特沙利文数据，2024年，公司在全球智 能家居产品传感器收益排名中位列中国第二；在全球汽车超声波传感器与执行器出货量排名中位列全球第三；在全球传感器出 货量排名中位列中国第五；在全球汽车传感器出货量排名中位列中国第三。值得一提的是，公司自主研发的新一代AKII车载超 声波传感器，实现了对ADAS/AVP的有效 ...

注：本文系新闻报道，不构成投资建议 据联交所11月27日披露，广东奥迪威传感科技股份有限公司向联交所提交上市申请，拟香港主板上市， 招商证券(香港)有限公司为独家保荐人。 公司是全球领先的传感与执行解决方案的领导者和先锋之一，致力于面向智能家居、智能汽车、智能终 端以及智能制造等人工智能与物理世界互联互动的各类场景提供智能传感及精密微型执行解决方案。 ...

Core Viewpoint - Guangdong Audiwei Sensor Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, focusing on the research, manufacturing, and sales of sensors and actuators for various high-growth downstream applications [1]. Company Overview - Audiwei specializes in providing comprehensive intelligent sensing and actuation solutions for smart homes, smart cars, smart terminals, and smart manufacturing [5]. - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators, including sensitive materials, transducer chips, algorithms, and precision manufacturing [5]. Market Position - Audiwei ranks second in China for smart home product sensor revenue in 2024 and third globally for automotive ultrasonic sensors and actuators shipped [6]. - The company has three domestic production bases in Guangzhou, Zhaoqing, and Jingdezhen, and one overseas base in Selangor, Malaysia [6]. Financial Performance - Revenue for Audiwei was RMB 377.951 million in 2022, RMB 467.081 million in 2023, and is projected to reach RMB 617.164 million in 2024, reflecting a compound annual growth rate (CAGR) of 27.8% [11]. - Net profit for the same years was RMB 52.618 million, RMB 76.978 million, and RMB 93.951 million, with a CAGR of 33.6% [12]. Profitability Metrics - Gross margin improved from 34.9% in 2022 to 38.0% in 2023, while net profit margin increased from 13.9% to 16.5% during the same period [10][13]. Industry Overview - The sensor and actuator market is expected to grow steadily, driven by increasing demand for intelligent sensing and precise motion control [14]. - The global sensor market is projected to expand from USD 189.1 billion in 2020 to USD 237.1 billion by 2024, with a CAGR of 5.8% [14]. - In China, the sensor market is expected to grow from RMB 292.9 billion in 2020 to RMB 398.3 billion by 2024, with a CAGR of 8.0% [14]. Smart Home Market - The global market for sensors and actuators in smart home products is projected to reach approximately USD 23 billion and USD 45.9 billion, respectively, by 2024 [16]. - The Chinese market for the same is expected to reach RMB 44.9 billion and RMB 86.5 billion [16]. Automotive Market - The global market for automotive sensors and actuators is expected to reach approximately USD 45.7 billion and USD 40.6 billion, respectively, by 2024 [18]. - In China, the market size for automotive sensors and actuators is projected to reach RMB 89.5 billion and RMB 86.7 billion [18].

Core Viewpoint - Audiwei has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor, focusing on the development, manufacturing, and sales of sensors and actuators [1] Group 1: Company Overview - Audiwei specializes in smart sensors and precision micro-actuator solutions, targeting four core application scenarios: smart home, smart automotive, smart terminals, and smart manufacturing [1] - The company adopts an IDM (Integrated Device Manufacturer) model, integrating sensitive materials, transducer chips, algorithms, and precision manufacturing processes to provide customized, high-reliability solutions [1] Group 2: Market Position - According to Frost & Sullivan, Audiwei ranks second in China for sensor revenue from smart home products in 2024, third globally in automotive ultrasonic sensor and actuator shipments, fifth in global sensor shipments, and third in China's automotive sensor shipments [1] Group 3: Product Development - The company has independently developed the next-generation AKII vehicle-mounted ultrasonic sensor, effectively supporting ADAS/AVP, making it the first participant in China to achieve mass production of this type of sensor [1] Group 4: Production Facilities - As of June 30, 2025, Audiwei has three production bases in China located in Guangzhou, Zhaoqing, and Jingdezhen, and one overseas production base in Selangor, Malaysia [1]

Company Overview - Guangdong Audiwei Sensor Technology Co., Ltd. has submitted its application to the Hong Kong Stock Exchange for a main board listing, with China Merchants Securities International as the sole sponsor [1] - The company focuses on the research, development, manufacturing, and sales of sensors and actuators, providing comprehensive intelligent sensing and execution solutions for various high-growth downstream applications [1] Business Focus - Audiwei targets four core solution scenarios: (i) smart home solutions; (ii) smart automotive solutions; (iii) smart terminal solutions; and (iv) smart manufacturing solutions, with smart home and automotive solutions forming the current business foundation [1] - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators, including sensitive materials, transducer chips, algorithms, and precision manufacturing [1] Financial Performance - Audiwei's revenue for 2022, 2023, and 2024 is projected to be RMB 378 million, RMB 467 million, and RMB 617 million, respectively, with a compound annual growth rate (CAGR) of 27.8% [2] - The net profit for the same years is expected to be RMB 52.6 million, RMB 76.98 million, and RMB 93.95 million, reflecting a CAGR of 33.6% [3] - The company's net profit margin for 2022, 2023, and 2024 is recorded at 13.9%, 16.5%, and 15.2%, respectively [4] Market Overview - The global sensor and actuator market is expected to grow steadily, with the market size projected to expand from USD 189.1 billion and USD 262.1 billion in 2020 to USD 237.1 billion and USD 320.5 billion in 2024, with CAGRs of 5.8% and 5.2% [5] - In China, the market size for sensors and actuators is anticipated to grow from RMB 292.9 billion and RMB 394.5 billion to RMB 398.3 billion and RMB 499.1 billion, with CAGRs of 8.0% and 6.1% [5] Future Outlook - The demand for intelligent sensing and precise motion control is expected to drive the transition towards higher performance, miniaturized, and software-enhanced sensors and actuators [6] - The global and Chinese sensor and actuator markets are projected to maintain stable growth, with CAGRs of approximately 4.8% and 6.2% from 2024 to 2029 [6] - The market for smart home product sensors and actuators is expected to reach approximately USD 87.9 billion and RMB 195.6 billion by 2029, with CAGRs of about 5.0% and 8.3% from 2024 to 2029 [6] Industry Position - Audiwei ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensor and actuator shipments in 2024 [2] - The company has three domestic production bases located in Guangzhou, Zhaoqing, and Jingdezhen, along with one overseas production base in Selangor, Malaysia [2]

Core Viewpoint - Guangdong Audiwei Sensor Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, focusing on the research, manufacturing, and sales of sensors and actuators for various high-growth downstream applications [1]. Company Overview - Audiwei specializes in providing comprehensive intelligent sensing and actuation solutions for smart homes, smart cars, smart terminals, and smart manufacturing [5][6]. - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators, including sensitive materials, transducer chips, algorithms, and precision manufacturing [5]. Market Position - Audiwei ranks second in China for smart home product sensor revenue in 2024 and third globally for automotive ultrasonic sensors and actuators shipped [6]. - The company has three domestic production bases in Guangzhou, Zhaoqing, and Jingdezhen, and one overseas base in Selangor, Malaysia [6]. Financial Performance - Revenue for Audiwei is projected to grow from RMB 377.951 million in 2022 to RMB 617.164 million in 2024, reflecting a compound annual growth rate (CAGR) of 27.8% [9][10]. - Net profit is expected to increase from RMB 52.618 million in 2022 to RMB 93.951 million in 2024, with a CAGR of 33.6% [10][11]. Profitability Metrics - Gross margin improved from 34.9% in 2022 to 38.0% in 2023, while net profit margin increased from 13.9% to 16.5% during the same period [10][11]. - Return on equity rose from 6.0% in 2022 to 8.3% in 2023, indicating enhanced profitability [10]. Industry Overview - The global sensor and actuator market is expected to grow from USD 189.1 billion in 2020 to USD 237.1 billion by 2024, with a CAGR of 5.8% [11]. - The Chinese market for sensors and actuators is projected to grow from RMB 292.9 billion in 2020 to RMB 398.3 billion by 2024, with a CAGR of 8.0% [11]. Future Outlook - The demand for intelligent sensing and precise motion control is expected to drive the transition towards higher performance, miniaturized, and software-enhanced sensors and actuators [11]. - The global and Chinese sensor and actuator markets are anticipated to maintain stable growth, with projected CAGRs of approximately 4.8% and 6.2% from 2024 to 2029, respectively [11].

据港交所11月27日披露，广东奥迪威传感科技股份有限公司(简称：奥迪威)递表港交所主板，招商证券国际为其独家保荐人。招股书显示，奥迪威是全球领 先的传感与执行解决方案的领导者和先锋之一。公司致力于面向智能家居、智能汽车、智能终端以及智能制造等人工智能与物理世界互联互动的各类场景提 供智能传感及精密微型执行解决方案。 根据弗若斯特沙利文资料，就全球智能家居产品传感器收益而言，奥迪威于2024年在中国排名第二；就全球汽车超声波传感器与执行器出货量而言，公司于 2024年在全球排名第三；就全球传感器出货量而言，公司于2024年在中国排名第五；就全球汽车传感器出货量而言，公司于2024年在中国排名第三。 ...