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芯迈半导体报考港股上市：收入连续两年下降，2024年由盈转亏
Sou Hu Cai Jing·2025-07-01 15:02

Core Viewpoint - ChipMinds Semiconductor Technology (Hangzhou) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating its growth and investment potential in the semiconductor industry [1][3]. Company Overview - ChipMinds Semiconductor was established in September 2019 and is headquartered in Hangzhou, China. The company underwent several changes in 2025, including a name change and an increase in registered capital from approximately 27.08 million RMB to 50 million RMB [3][4]. Shareholder Changes - The company has seen changes in its shareholder structure, with notable exits and entries among investors. Highfields holds approximately 88.51% of the company [5][6]. Financing History - ChipMinds has completed multiple rounds of financing since its inception, with significant investments from firms such as Xiaomi Fund and CATL. The A-round financing in September 2020 raised 2.1 billion RMB, with a pre-investment valuation of around 5 billion RMB [5][7]. - In 2022, the company raised 1.135 billion RMB in B-round financing, with a pre-investment valuation of 20 billion RMB [7]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be approximately 1.688 billion RMB, 1.640 billion RMB, and 1.574 billion RMB, respectively, indicating a decline in revenue over the years [12][15]. - The gross profit for the same years is expected to be around 631 million RMB, 548 million RMB, and 462 million RMB, with net losses of approximately 172 million RMB, 506 million RMB, and 697 million RMB [12][14]. Product Revenue Breakdown - Revenue from power management IC products has decreased from 1.655 billion RMB in 2022 to 1.597 billion RMB in 2023, attributed to weak downstream consumer demand and industry headwinds [15][16]. - Conversely, revenue from power device products is expected to increase significantly from approximately 38.8 million RMB in 2023 to 146 million RMB in 2024, driven by improved customer adoption and reduced certification cycles [17].