Summary of Key Points Core Viewpoint Aixin Yuanzhi Semiconductor Co., Ltd. (stock code: "00600") is set to go public on the Hong Kong Stock Exchange next Tuesday, with an issue price of HKD 28.2 per share, aiming to raise a total of HKD 2.961 billion through the issuance of 105 million shares. Group 1: IPO Details - Aixin Yuanzhi will list on the Hong Kong Stock Exchange on February 13, 2024, with an issue price of HKD 28.2 per share [2][18]. - The company plans to issue 105 million shares, raising a total of HKD 2.961 billion [2][18]. Group 2: Cornerstone Investors - Cornerstone investors have subscribed for USD 185 million (approximately HKD 1.443 billion) [2][20]. - Major cornerstone investors include Weir Semiconductor Hong Kong Ltd., New Mar Clothing International Ltd., and JSC International Investment Fund SPC, among others [2][19][20]. Group 3: Financial Performance - Aixin Yuanzhi's projected revenues for 2022, 2023, and 2024 are RMB 50.23 million, RMB 230.127 million, and RMB 472.892 million, respectively [4][22]. - The company anticipates gross profits of RMB 12.994 million, RMB 59.244 million, and RMB 99.403 million for the same years [4][22]. - Operating losses are projected to be RMB 482 million, RMB 594 million, and RMB 656 million for 2022, 2023, and 2024, respectively [4][22]. Group 4: Executive Compensation - CEO Sun Weifeng's compensation for the first nine months of 2025 is reported to be RMB 22.46 million [8][14]. - CFO Shi Xiaoye's compensation is reported to be RMB 28.1 million for the same period [14]. Group 5: Shareholding Structure - Prior to the IPO, the employee incentive platform holds 87,013,306 shares, representing 14.80% of the total shares post-IPO [15]. - Key executives hold significant shares, with Sun Weifeng owning 19,155,046 shares (3.26%) and Shi Xiaoye holding 18,723,884 shares (3.19%) [16].

Core Viewpoint - Aixin Yuanzhi Semiconductor Co., Ltd. is set to list on the Hong Kong Stock Exchange next Tuesday, with an issue price of HKD 28.2 and a total fundraising amount of HKD 2.961 billion [2]. Group 1: IPO Details - Aixin Yuanzhi plans to issue 105 million shares, raising a total of HKD 2.961 billion [2]. - The cornerstone investors include companies such as Weir Semiconductor Hong Kong Ltd., New Mar Clothing International Ltd., and several investment funds, collectively subscribing for USD 185 million (approximately HKD 1.443 billion) [3]. Group 2: Financial Performance - Aixin Yuanzhi's projected revenues for 2022, 2023, and 2024 are RMB 50.23 million, RMB 230.13 million, and RMB 472.89 million, respectively, with corresponding gross profits of RMB 12.99 million, RMB 59.24 million, and RMB 99.40 million [5]. - The company is expected to incur operating losses of RMB 481.56 million, RMB 594.22 million, and RMB 656.29 million for the years 2022, 2023, and 2024, respectively [6][7]. - For the first nine months of 2025, Aixin Yuanzhi reported revenues of RMB 269.03 million, compared to RMB 254.21 million in the same period the previous year, with an operating loss of RMB 548.99 million [6][8]. Group 3: Cash Flow and Financial Position - As of September 30, 2025, Aixin Yuanzhi held cash and cash equivalents amounting to RMB 340.43 million [8]. - The net cash used in operating activities for the first nine months of 2025 was RMB 548.88 million, indicating significant cash outflows [8].

Group 1 - The core offering of the company is its AI inference system chips, specifically the Axera Neutron mixed-precision neural network processor, which is crucial for deploying quantized models in edge and terminal devices [2] - The company is set to issue 100 million H-shares at a price of HKD 28.2 per share, aiming to raise HKD 2.96 billion, with a subscription amount of HKD 48.4 billion, indicating an oversubscription of 15.4 times [1] - The company has attracted significant investments from major players such as Meituan, Tencent, and various venture capital firms, raising nearly USD 190 million from cornerstone investors [1] Group 2 - According to data from ZhiShi Consulting, the company is the largest provider of mid-to-high-end visual edge AI inference chips globally, with a leading position in the market projected for 2024 [3] - The company has independently developed five generations of SoC by September 30, 2025, achieving commercialization across various applications, including visual terminal computing and smart automotive [3] - The Axera Proton AI-ISP is noted as the world's first commercially scalable AI image signal processor, enhancing visual data optimization even under challenging conditions [2]

Group 1 - Aixin Yuan Zhi (00600) is launching an IPO from January 30 to February 5, planning to issue 100 million H-shares at a price of HKD 28.2 per share, aiming to raise HKD 2.96 billion [1] - The IPO has received strong demand, with a subscription amount of HKD 48.4 billion, resulting in an oversubscription of 15.4 times [1] - The company has attracted significant investments from major players including Meituan (03690), Tencent (00700), and various venture capital firms, totaling nearly USD 190 million [1] Group 2 - Aixin Yuan Zhi's core technology is the Axera Neutron mixed-precision neural network processor (NPU), which is essential for deploying quantitative models and enabling AI inference on edge and terminal devices [1] - The company also offers the Axera Proton AI-ISP, the world's first commercially scaled AI image signal processor, which optimizes visual data in real-time for high-quality imaging under challenging conditions [2] - According to data from Zhaoshang Consulting, Aixin Yuan Zhi is the leading provider of mid-to-high-end visual edge AI inference chips globally, with plans to commercialize five generations of SoCs by September 30, 2025 [2]

Core Viewpoint - Aixin YuanZhi (0600.HK), an AI inference chip supplier, is launching an IPO with plans to issue 105 million shares at a price of HKD 28.20 per share, expected to list on February 10 [1][3]. Company Highlights - Aixin YuanZhi is positioned as a rapidly expanding player in the AI chip industry, with a unique business model and capabilities in mass production across multiple fields, particularly in visual edge AI inference chips [3]. - The company has attracted significant interest from cornerstone investors, with a total subscription amounting to USD 185 million, indicating strong market confidence ahead of its listing [3]. Industry Outlook - The AI chip industry is experiencing growth driven by policy support, market expansion, and surging demand, particularly for edge AI chips, which are seen as critical for the future of AI applications [7][8]. - National policies are promoting the development of edge AI chips, with targets set for widespread adoption of smart terminals by 2027, creating a favorable environment for Aixin YuanZhi's products [8]. Market Demand - The demand for edge AI chips is expected to explode, with projections indicating that the global AI inference chip market could reach CNY 30.696 trillion by 2030, with edge inference chips alone expected to grow at a CAGR of 20.4% from 2024 to 2030 [9]. - Specific sectors such as automotive, robotics, and industrial IoT are driving the demand for edge AI chips, with significant growth opportunities identified in these areas [9]. Competitive Advantages - Aixin YuanZhi has established multiple competitive barriers, including technological and product barriers, with a strong portfolio of over ten SoC chips developed since its inception in 2019 [10]. - The company boasts a highly skilled R&D team, with 80% of its workforce dedicated to research, ensuring continuous innovation and adaptation to market needs [11]. - Aixin YuanZhi's distribution channels have evolved, with a growing reliance on distributors, indicating strong market acceptance and a robust sales strategy [13]. Financial Performance - The company has shown impressive revenue growth, with projections indicating an increase from CNY 50.23 million in 2022 to CNY 473 million in 2024, reflecting a CAGR of 206.8% [14]. - R&D expenditures are significant, with investments expected to reach CNY 5.89 billion by 2024, highlighting the company's commitment to innovation and long-term competitiveness [14]. Valuation Perspective - Aixin YuanZhi's pre-IPO PS valuation is around 20 times, which is considered attractive compared to peers in the AI chip sector, suggesting potential for upward valuation adjustments as the market evolves [16][17]. - The company is well-positioned to benefit from the increasing focus on edge AI chips, which are expected to gain more attention from investors as the market matures [17]. Investment Appeal - Aixin YuanZhi's strategic positioning in the edge AI chip market, combined with strong technological barriers, commercial viability, and reasonable valuation, presents a compelling investment opportunity [18]. - The company is viewed as a key player in the emerging trend of AI integration in edge devices, offering significant long-term growth potential [18].

Major Events - Lanke Technology (06809) will conduct an IPO from January 30 to February 4, with an expected listing on February 9 [1] - Aixin Yuanzhi (00600) will conduct an IPO from January 30 to February 5, with an expected listing on February 10 [1] - Lexin Outdoor (02720) will conduct an IPO from January 31 to February 5, raising HKD 130 million from Horizon Capital and Huangshan Dejun [1] - Dongpeng Beverage (09980) sets the offer price at HKD 248 per share [1] - Zhonghui Biotech-B (02627) received approval from the National Medical Products Administration for a trivalent influenza virus subunit vaccine [1] - Kangzheng Pharmaceutical (00867) received approval for the first and only targeted drug for vitiligo treatment in China [1] - Shishi Pharmaceutical Group (02005) received production registration for Propafenone Hydrochloride Injection from the National Medical Products Administration [1] - China Aluminum (02600) plans to jointly acquire 68.6% of Brazilian Aluminum from Rio Tinto and will initiate a mandatory offer [1] - Yanzhou Coal Mining (01171) plans to transfer 100% equity of Inner Mongolia Xintai Coal [1] - Botai Car Union (02889) plans to collaborate with Ping An Property & Casualty to reconstruct the smart travel insurance ecosystem [1] - Jin Jing New Energy (01783) signed a strategic framework agreement with Tianqi Grand for lithium battery recycling and precious metal extraction [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Hongce Data introduces Fudian Capital as a strategic investor for 40% equity [1] - China Mobile (00941), China Unicom (00762), and China Telecom (00728) will adjust the applicable scope of value-added tax for telecom services [1] Operating Performance - BYD Company (01211) sold approximately 210,000 new energy vehicles in January [2] - Geely Automobile (00175) reported total vehicle sales of 270,200 units in January, a year-on-year increase of about 1% [2] - Chery Automobile (09973) saw total sales of 191,500 vehicles in January, a year-on-year decrease of about 10.7% [2] - Seres (09927) reported total vehicle sales of 45,900 units in January, a year-on-year increase of 104.85% [2] - Great Wall Motors (02333) sold approximately 90,300 vehicles in January, a year-on-year increase of 11.59% [2] - Li Auto-W (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5% [2] - NIO-SW (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1% [2] - GAC Group (02238) reported vehicle sales of 116,600 units in January, a year-on-year increase of 18.47% [2] - Great Wall Motors (02333) released a preliminary report indicating a net profit attributable to shareholders of 9.912 billion yuan for 2025, a year-on-year decrease of 21.71% [2] - Shandong Gold (01787) expects a net profit attributable to shareholders of approximately 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% [2] Earnings Forecast - SF Express (09699) expects a year-on-year profit increase of no less than 80% for 2025 [3] - China International Capital Corporation (03908) anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% [3] - China Shenhua (01088) expects a year-on-year decline in net profit for 2025 [3] - Datang Power (00991) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, a year-on-year increase of about 51% to 73% [3] - China Southern Airlines (01055) expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, turning a profit [3] - Air China (00753) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for 2025 [3] - China Eastern Airlines (00670) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.8 billion yuan for 2025 [3] - GAC Group (02238) expects a net loss attributable to shareholders of 8 billion to 9 billion yuan for 2025 [3] - Ansteel (00347) warns of a net loss attributable to shareholders of approximately 4.077 billion yuan for 2025, a year-on-year narrowing of 42.75% [3] - Junshi Biosciences (01877) warns of a net loss attributable to shareholders of approximately 873 million yuan for 2025, a year-on-year decrease of about 31.85% [3]

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is focused on large-scale commercialization of AI inference SoCs, which is crucial for maintaining financial stability while executing a rigorous product strategy. The company has delivered over 165 million SoCs since its inception, with significant growth expected in sales of visual terminal computing SoCs and edge computing SoCs in 2024, projected to increase by approximately 69% and 400% respectively compared to 2023 [2][3]. - The proprietary technology platform of the company integrates a general architecture that allows for efficient reuse of IP cores across various applications. This scalable approach enables rapid development and commercialization of SoCs, enhancing the company's leadership position in the AI inference SoC market while reducing R&D costs and accelerating product development cycles [3]. - The product matrix is diversified, primarily including SoCs designed for visual terminals, edge inference, and smart vehicles. The company is expected to become the largest supplier of mid-to-high-end visual edge AI inference chips in 2024, demonstrating its market competitiveness and core technological advantages [3]. Financial Data Summary - Revenue for the fiscal year ending December 31 is projected to grow from 0.50 billion RMB in 2022 to 2.30 billion RMB in 2023, and further to 4.73 billion RMB in 2024. However, the net profit is expected to remain negative, with losses increasing from -6.12 billion RMB in 2022 to -8.61 billion RMB in 2024 [4].

Investment Rating - The report suggests a cautious subscription for the company [2]. Core Insights - The company is a supplier of AI inference system chips (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications. It aims to build advanced AI computing infrastructure to promote the widespread adoption of AI [2]. - The company's core technology includes the AxeraNeutron mixed-precision neural network processor (NPU) and the AxeraProton AI-ISP, which is the world's first commercially scalable AI image signal processor. The AI-ISP optimizes visual data in real-time, ensuring high-quality imaging even under harsh conditions [2]. - According to data from Zhaoshang Consulting, the company ranks as the fifth-largest supplier of visual edge AI inference chips globally and the third-largest in China for edge AI inference by shipment volume in 2024 [2]. Market Overview - In 2024, the global AI inference chip market is projected to reach RMB 606.7 billion, with cloud inference, edge inference, and endpoint inference chips accounting for RMB 227.5 billion, RMB 87.7 billion, and RMB 291.6 billion, respectively. The overall market is expected to grow at a compound annual growth rate (CAGR) of 31.0% from 2024 to 2030 [3]. - The company recorded revenues of RMB 50.2 million, RMB 230.1 million, and RMB 472.9 million for the years 2022, 2023, and 2024, respectively, with corresponding net losses of RMB -154.56 million, RMB -201.95 million, and RMB -228.61 million [3]. - The IPO price corresponds to a price-to-sales (PS) ratio of 29.6 times for 2024, indicating uncertain profitability prospects for the company [3].

Investment Rating - The report suggests a cautious subscription for the company [2]. Core Insights - The company is a supplier of AI inference system chips (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications. It aims to build advanced AI computing infrastructure to promote the widespread adoption of AI [2]. - The company's core technology includes the AxeraNeutron mixed-precision neural network processor (NPU) and the AxeraProton AI-ISP, which is the world's first commercially scalable AI image signal processor. The AI-ISP optimizes visual data in real-time, ensuring high-quality imaging even under harsh conditions [2]. - According to data from Zhaoshang Consulting, the company ranks as the fifth largest supplier of visual edge AI inference chips globally and the third largest in China for edge AI inference by shipment volume in 2024 [2]. Market Overview - In 2024, the global AI inference chip market is projected to reach RMB 606.7 billion, with cloud inference, edge inference, and endpoint inference chips accounting for RMB 227.5 billion, RMB 87.7 billion, and RMB 291.6 billion, respectively. The overall market is expected to grow at a compound annual growth rate (CAGR) of 31.0% from 2024 to 2030 [3]. - The company recorded revenues of RMB 50.2 million, RMB 230.1 million, and RMB 472.9 million for the years 2022, 2023, and 2024, respectively, with corresponding net losses of RMB -154.56 million, RMB -201.95 million, and RMB -228.61 million [3]. - The IPO price corresponds to a price-to-sales (PS) ratio of 29.6 times for 2024, indicating uncertain profitability prospects for the company [3].

Core Viewpoint - Aixin Yuan Zhi (00600.HK) plans to globally offer approximately 105 million H-shares at a price of HKD 28.20 per share, with the offering period from January 30 to February 5, 2026, and expected trading to commence on February 10, 2026 [2][12] Group 1: Company Overview - Aixin Yuan Zhi is a supplier of AI inference system chips (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications [5][6] - The company was founded in May 2019 by Tsinghua University alumni and former CTO of Unisoc, Qiu Xiaoxin, and has been recognized as a national-level specialized and innovative "little giant" enterprise in 2025 [5] - The core technology of the company's SoC products is the Axera Neutron mixed-precision neural network processor (NPU), which is crucial for deploying quantized models for AI inference on edge and terminal devices [5][6] Group 2: Market Position and Achievements - Aixin Yuan Zhi is the largest supplier of mid-to-high-end visual edge AI inference chips globally by shipment volume in 2024, and ranks among the top five in the global visual edge AI inference chip market [7] - The company's Axera Proton AI-ISP is the world's first commercially scalable AI image signal processor, marking a significant milestone in the computer vision field [7] - As of September 30, 2025, the company has independently developed five generations of SoCs, achieving large-scale production across various applications, including visual terminal computing and smart automotive [7][9] Group 3: Financial Performance - From 2022 to 2024, the company's revenue grew from RMB 50.2 million to RMB 473 million, with a compound annual growth rate of 206.8% [10] - The gross profit for the years 2022, 2023, and 2024 was RMB 13 million, RMB 59.2 million, and RMB 99.4 million, respectively, with gross margins around 21% to 25% [10] - The company reported losses of approximately RMB 6.12 billion, RMB 7.43 billion, and RMB 9.04 billion for the years 2022, 2023, and 2024, respectively [11] Group 4: Use of Proceeds from IPO - The estimated net proceeds from the global offering are approximately HKD 27.901 billion, with 60% allocated for optimizing existing technology platforms, 15% for R&D projects, 5% for sales expansion, 10% for equity investments or acquisitions, and 10% for working capital and general corporate purposes [12]