芯迈半导体IPO，收入逐年下滑，3年亏13亿

Core Viewpoint - Hong Kong Stock Exchange has seen a surge in IPO applications, with 30 companies submitting applications in just three days, including ChipMight Semiconductor, which focuses on power semiconductor technology [1] Company Overview - ChipMight Semiconductor, established in 2019 and headquartered in Hangzhou, specializes in designing and providing high-performance power management ICs and power devices [3] - The company adopted a Fab-Lite IDM business model, investing in and forming strategic partnerships with foundries, holding 16.76% of Rich Semiconductor as of June 23, 2025 [6] Financial Performance - The company has experienced a decline in revenue over the past few years, with reported revenues of 1.688 billion RMB in 2022, 1.640 billion RMB in 2023, and an estimated 1.574 billion RMB in 2024 [10][11] - Net losses totaled 1.375 billion RMB over three years, with adjusted net profits of 237.9 million RMB in 2022, 76.9 million RMB in 2023, and a loss of 53.3 million RMB in 2024 [10][14] - The gross margin has decreased from 37.4% in 2022 to 29.4% in 2024, primarily due to increased competition and lower margins in expanding Chinese operations [12][13] Market Dynamics - The global power semiconductor market is projected to grow from 411.5 billion RMB in 2020 to 595.3 billion RMB in 2024, with a compound annual growth rate (CAGR) of 7.1% expected until 2029 [19][20] - The automotive sector is anticipated to be the largest contributor to growth in the power semiconductor industry, alongside emerging applications in AI servers and industrial automation [19][22] Competitive Landscape - ChipMight ranks third in the global smartphone PMIC market with a market share of 3.6% and fifth in the global display PMIC market with a share of 6.9% [23] - The company faces significant competition, with the top five companies in the OLED display PMIC market holding a combined market share of 60.3% [23]