Core Viewpoint - Fengcai Technology (Shenzhen) Co., Ltd. is in the process of issuing H shares and listing on the Hong Kong Stock Exchange, with the necessary application materials published on the exchange's website [1][2]. Group 1 - The company has received confirmation from the China Securities Regulatory Commission regarding the filing for the overseas issuance and listing of H shares [2]. - The purpose of publishing the post-hearing information package is solely to provide information to the public and qualified investors in Hong Kong, and it is a draft version subject to updates [2][3]. - The company will not publish the post-hearing information package on domestic stock exchanges or media, but provides links for domestic investors to access the information [3]. Group 2 - The issuance and listing are still subject to final approval from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [4].

Core Viewpoint - Fengcai Technology (Shenzhen) Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange after its initial public offering (IPO) on the Shanghai Stock Exchange in April 2022, where it faced a significant drop in share price on its first trading day [1][3]. Group 1: Company Overview - Fengcai Technology is a chip design company focused on the design and research of BLDC motor drive control chips [5]. - The company was established in May 2010 and has a registered capital of approximately RMB 92.36 million [4]. Group 2: Financial Performance - Revenue for Fengcai Technology was RMB 3.23 billion in 2022, RMB 4.11 billion in 2023, and is projected to reach RMB 6.00 billion in 2024 [5][6]. - Gross profit for the same years was approximately RMB 1.85 billion, RMB 2.19 billion, and RMB 3.16 billion, respectively [5][6]. - Net profit figures were RMB 1.42 billion in 2022, RMB 1.75 billion in 2023, and RMB 2.22 billion in 2024 [5][6]. Group 3: Shareholder Structure - Fengcai Hong Kong holds 38.06% of Fengcai Technology's equity, controlled by Bi Lei and his brother Bi Chao [10]. - Bi Lei serves as the Executive Director, Chairman, General Manager, and CEO of Fengcai Technology [11]. Group 4: Product Revenue Breakdown - The majority of Fengcai Technology's revenue comes from MCU (motor control chips), with revenues of approximately RMB 2.32 billion, RMB 2.75 billion, and RMB 3.85 billion for 2022, 2023, and 2024, respectively [7][8]. - MCU revenue accounted for 71.9%, 66.8%, and 64.1% of total revenue during these years [7][8]. Group 5: Cash Flow and Investments - As of the end of 2024, Fengcai Technology had cash and cash equivalents of approximately RMB 297 million, a decrease of about RMB 300 million from the previous year [9]. - The net cash flow from operating activities was RMB 184.73 million in 2024, showing a positive trend [10].

证券代码：688279 证券简称：峰岹科技 公告编号：2025-032 峰岹科技（深圳）股份有限公司 关于刊发境外上市股份（H 股）发行聆讯后资料集的 公告 2025 年 1 月 15 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 1 月 16 日在 上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《峰岹科技（深圳） 股份有限公司关于向香港联交所递交 H 股发行并上市的申请并刊发申请资料的 公告》（公告编号：2025-003）。 2025 年 5 月 28 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）出具的《关于峰岹科技（深圳）股份有限公司境外发行上市备案通知书》 （国合函〔2025〕930 号），中国证监会对公司本次发行上市备案信息予以确认。 具体内容详见公司 2025 年 5 月 30 日在上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《峰岹科技（深圳）股份有限公司关于发行境外上市股份（H 股）获得中国证监会备案的公告》（公告编号：2025-030）。 2025 年 6 月 ...

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Viewpoint - Fengqian Technology is a chip design company specializing in the design and development of BLDC motor drive control chips, establishing a strong market position in the industry [2]. Company Overview - Fengqian Technology holds a 4.8% market share in China's BLDC motor control and drive chip market as of December 31, 2023, ranking sixth among the top ten companies, and is the only Chinese company in this group [2][5]. - The company's product offerings include all core components of typical motor drive control systems, such as motor control chips (MCU and ASIC), motor drive chips (HVIC), intelligent power modules (IPM), and power devices (MOSFET) [9]. Market Dynamics - The global BLDC motor market has grown from RMB 121.7 billion in 2019 to RMB 274.9 billion in 2023, with a compound annual growth rate (CAGR) of 22.6%. It is projected to reach RMB 626.9 billion by 2028, with a CAGR of 20.5% [6]. Financial Performance - Fengqian Technology's revenue for the fiscal years 2022, 2023, and 2024 is approximately RMB 322.973 million, RMB 411.359 million, and RMB 600.325 million, respectively, with net profits of RMB 142.001 million, RMB 174.847 million, and RMB 222.362 million [9][10]. - The gross margin slightly decreased from 53.8% in the three months ending March 31, 2024, to 52.0% in the same period of 2025, attributed to strategic adjustments and price reductions amid increased market competition [9].

Meeting Overview - The second meeting of the second board of directors of Fengcai Technology (Shenzhen) Co., Ltd. was held on June 18, 2025, combining in-person and remote attendance [1] - The meeting was chaired by Mr. Bi Lei, with all five directors present, and it complied with legal and regulatory requirements [1] Resolutions Passed - The board approved the proposal for the global issuance of H shares and listing on the Hong Kong Stock Exchange, authorizing relevant personnel to handle the issuance procedures and related matters [1] - The voting result for this proposal was unanimous, with 5 votes in favor and no opposition or abstentions [2] Changes in Company Secretary - The board agreed to appoint Mr. Hou Haowen and Ms. Jiao Qianqian as co-secretaries of the company, following the resignation of Ms. Zhen Kaining due to personal reasons [2][3] - The appointment will take effect from the date the H shares are listed on the Hong Kong Stock Exchange [3] Revision of Committee Guidelines - The board approved the revision of the "Board Nomination Committee Working Rules (Draft)" applicable after the H share issuance and listing, effective from the listing date [3] - The voting result for this proposal was also unanimous, with 5 votes in favor and no opposition or abstentions [3]

证券代码：688279 证券简称：峰岹科技 公告编号：2025-031 峰岹科技（深圳）股份有限公司 第二届董事会第二十三次会议决议公告 （一）审议通过《关于确定公司 H 股全球发售及在香港联合交易所有限公 司上市相关事宜的议案》 董事会同意关于公司境外发行股份（H 股）并在香港联合交易所有限公司上 市（以下简称"本次发行上市"）的相关安排，刊发、签署符合相关法律法规要 求的招股说明书及其他相关文件，处理 H 股发行程序及相关事项，并授权相关 人士按相关决议处理与本次发行上市有关的具体事务。 表决结果：5 票同意，0 票反对，0 票弃权。 本议案已经公司第二届董事会战略与 ESG 委员会 2025 年第一次会议审议通 过。 （二）审议通过《关于变更公司秘书及公司授权代表的议案》 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 会议召开情况 峰岹科技（深圳）股份有限公司（以下简称"公司"）第二届董事会第二十 三次会议于 2025 年 6 月 18 日在公司会议室以现场与通讯相结合的方式召开，会 议通知及相关材料于 20 ...

Group 1 - Fengcai Technology (688279.SH), based in Shenzhen, Guangdong, has received the overseas issuance and listing filing notice from the China Securities Regulatory Commission (CSRC) [2] - The company plans to issue no more than 26,554,400 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [2] - The company must report any significant events to the CSRC during the overseas issuance process and must also report the issuance and listing status within 15 working days after completion [2] Group 2 - Fengcai Technology specializes in the design and R&D of BLDC (Brushless DC) motor drive control chips, covering all major components of general motor drive control systems [5] - According to Frost & Sullivan, Fengcai Technology ranked sixth in China's BLDC motor control and drive chip market in 2023, with a market share of 4.8%, being the only Chinese company among the top ten in this market [5] - The company was listed on the A-share market on April 20, 2022, and submitted its prospectus to the Hong Kong Stock Exchange on January 15, 2025, with CICC as the sole sponsor [5][6]

Company Overview - Fengcai Technology Co., Ltd. (688279.SH) was established in 2011, focusing on the research, design, and sales of motor drive control chips, providing motor control solutions widely used in home appliances, industrial control, and automotive electronics [1] Financial Performance - Revenue is expected to grow significantly by 45.9% to 600 million yuan in 2024, with approximately 94% of revenue coming from mainland China and over 60% from microcontroller units (MCUs) [3] - Revenue growth is driven by demand expansion in multiple end markets, including a 19.64% increase in white goods sales and a 7.35% increase in automotive electronics, particularly for automotive-grade (BLDC) chips [3] - The industrial control sector, including servo and motor control, has seen more than a doubling in revenue from intelligent power modules (IPMs) [3] - Gross margin is projected to be 53.2% in 2024, remaining stable year-on-year due to product mix optimization and recovery in ASIC product margins [3] - In Q1 2025, gross margin is expected to be 52.5%, reflecting a slight decline due to increased marginal cost pressures and changes in sales structure [3] Profit and Expenditure - Net profit for 2024 is projected at 222.36 million yuan, a year-on-year increase of 27.2%, while Q1 2025 net profit is expected to be 50.41 million yuan, a slight decrease of 0.3% due to increased expenditures [4] - Stock incentive expenses have significantly increased, with adjusted net profit reaching 67.34 million yuan, a year-on-year increase of 29.7% [4] - R&D expenditure accounted for 20.5% of revenue in Q1 2025, a year-on-year increase of 81.4%, aimed at developing automotive-grade chips and industrial servo technologies [4] Balance Sheet - As of Q1 2025, net assets increased by 10% to 2.63 billion yuan, with cash and equivalents slightly declining to 520 million yuan, primarily used for R&D and incentive arrangements [5] - The company maintains a healthy financial structure with a current ratio of 24 and no interest-bearing debt [5] Cash Flow - Operating cash flow has improved for three consecutive years, with Q1 2025 cash flow increasing by 113% year-on-year to 56 million yuan, mainly due to increased cash receipts from sales [6] Competitive Advantages - The company specializes in high-margin BLDC motor control chips, with MCU revenue accounting for 67% and a gross margin exceeding 55% [7] - Strong customer relationships with leading clients such as Midea, Roborock, and Haier, resulting in a high customer concentration (over 55% from the top five clients) [7] - The company exhibits superior profitability with a gross margin consistently above 53% and a net margin exceeding 37%, significantly outperforming competitors like Zhongying Electronics [7] - Breakthroughs in automotive-grade chips, with compliance to AEC-Q100 and ISO 26262 safety standards, position the company favorably in the electric vehicle market [7] Investment Risks - High customer concentration poses dependency risks, with the top five clients accounting for 55.2% of sales in 2024 [8] - Product concentration is also a concern, with over 60% of revenue derived from MCU products, and the market growth rate for small appliances expected to slow [8] - Rapid technological advancements necessitate continuous R&D investment to maintain competitiveness, with R&D expenditure at 19% of revenue in 2024 [8] - Price competition in the semiconductor industry has led to a 35.7% decline in unit prices for key products from 2021 to 2023 [8] - R&D investment is slightly lower than peers, with 2024 R&D expenditure at 19.4%, compared to 24% for competitors [8]

Industry Overview - The BLDC motor drive control chip industry has a broad market space due to the advantages of BLDC motors such as high reliability, low vibration, high efficiency, low noise, and energy saving. The penetration rate of BLDC motors in downstream applications continues to increase across various sectors including computing and communication devices, transportation, power tools, and industrial and automotive fields [2]. Company Focus - The company specializes in the research and development of high-performance motor drive control chips. The domestic integrated circuit industry started relatively late, and this specific segment has long been dominated by international giants like Texas Instruments (TI), STMicroelectronics (ST), Infineon, and Cypress. The company has developed a proprietary motor control processor core architecture through long-term R&D investment and technical accumulation, achieving widespread application of its products due to its technological and system-level service advantages [3]. Expansion into Emerging Fields - In 2024, the company is expected to benefit from increased server cooling demands driven by data center computing power needs, alongside continuous R&D investments in the industrial sector. The company is making proactive arrangements in the industrial servo field and is actively engaging in technical exchanges with downstream customers or Tier 1 manufacturers to promote the gradual mass production of industrial servo products [4]. Revenue Growth - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%. The net profit attributable to the parent company was 222 million yuan, up 27.18% year-on-year. In Q1 2025, the company reported a revenue of 171 million yuan, a year-on-year increase of 47.34%, while the net profit attributable to the parent company was 50 million yuan, a slight decrease of 0.29% year-on-year. This indicates a sustained growth in revenue levels and strong growth momentum for the company [5]. Competitive Advantages - The company possesses core advantages in three areas: chip technology, motor drive architecture, and motor technology. 1. Chip Technology: Unlike most domestic MCU manufacturers that use ARM Cortex-M processor core architecture, the company employs its proprietary ME core architecture specifically designed for motor control. 2. Motor Drive Architecture Technology: The company has made forward-looking arrangements in mainstream sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors. 3. Motor Technology: The company can propose specific driving methods tailored to the characteristics of customers' motors, optimizing the performance of motor systems [6].