华大北斗，拟港股IPO

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, positioning itself as a leading provider of space positioning services in China, particularly in the design of navigation positioning chips [1][3]. Group 1: Company Overview - Huada Beidou is a leading provider of GNSS (Global Navigation Satellite System) navigation positioning chips and modules, with significant advantages in dual-frequency high-precision positioning technology, low power consumption, and high integration SoC design technology [3]. - The company is the sixth largest GNSS space positioning service provider globally, with a market share of 4.8%, and is the fourth largest in terms of dual-frequency high-precision RF baseband integrated GNSS chips and modules [3]. Group 2: Product and Market Position - Huada Beidou's core products include standard and high-precision chips for consumer applications, high-precision chips for automotive and specialized applications, and Beidou short message satellite communication chips for consumer electronics and industry applications [3]. - The company holds a dominant position in the shared bicycle sector, with GNSS chip sales exceeding 15 million units, accounting for over 90% of the high-precision shared bicycle market [4]. Group 3: Financial Performance - The company has not yet achieved profitability, with reported losses of 92.61 million RMB, 289.16 million RMB, and 141.27 million RMB for the years 2022 to 2024, respectively [5][8]. - Revenue figures for the same period are 697.997 million RMB, 645.136 million RMB, and 840.286 million RMB, with a declining gross margin from 12% in 2022 to 9.8% in 2024 [6][7]. - Research and development expenses have increased, totaling 1.03 billion RMB, 1.1 billion RMB, and 1.18 billion RMB from 2022 to 2024, contributing to the company's losses [8].