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Core Viewpoint - The global metaverse industry is experiencing a spiral growth cycle in hardware, software, and ecosystem, with significant demand for AR/VR devices and customized computing resources, particularly in China [1][7]. Company Overview - Jie Microchip Technology Co., Ltd. is a provider of metaverse computing infrastructure products and services, focusing on chips, customized servers, cloud gaming terminals, and related software and services [2][8]. - The company has established a vertically integrated business model through self-research and sales of customized chip products, servers, and cloud gaming terminals [2]. Financial Performance - For the fiscal years ending March 31, 2023, 2024, and the first half of 2025, Jie Microchip reported revenues of $9.54 million, $21.78 million, and $9.89 million, respectively, with net profits of -$0.81 million, $1.36 million, and $0.54 million, indicating a significant revenue and profit breakthrough in fiscal year 2024 [2][4]. - Hardware sales, particularly from chips, customized servers, and cloud gaming terminals, accounted for 80.9% of total revenue in fiscal year 2024, showing a year-on-year growth of 151.4% [3][4]. Product Insights - The self-developed "Star One" and "Star Series" chips are designed for cloud computing and gaming, significantly reducing latency in metaverse applications [5]. - The company’s reliance on a few key clients poses a risk, as a single client accounted for 45.9% of total revenue in the fiscal year ending March 31, 2024 [6]. Market Dynamics - The metaverse market is projected to grow at a compound annual growth rate of 36%, reaching approximately 473 billion yuan (about $47.3 billion) by 2025 [7]. - Despite the rapid development of hardware technology, the industry faces challenges in matching user expectations with content and ecosystem maturity [7]. Strategic Positioning - Jie Microchip plays a crucial role as a "water seller" in the metaverse infrastructure sector, which helps mitigate competition risks in the end-user market but also highlights a lack of core technological reserves [8]. - The upcoming IPO is seen as a critical step to overcome funding bottlenecks and will subject the company to rigorous scrutiny in the international capital market [8].