飞骧科技拟赴港上市，曾递交科创板上市申请

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, focusing on the design, research, and sales of RF front-end chips for various applications including mobile devices and IoT [1][2][3] Financial Performance - The company's net profits for the years 2022, 2023, 2024, and the first five months of 2025 were -361 million, -193 million, 76 million, and 13 million CNY respectively [1][2] - The company's revenues for the same periods were 1.021 billion, 1.717 billion, 2.458 billion, and 756 million CNY respectively [2][4] Business Model - Feixiang Technology operates a fabless business model, outsourcing wafer manufacturing and testing processes to third-party suppliers, allowing the company to focus on high-value design and marketing [2][4] Client and Supplier Concentration - Revenue from the top five customers accounted for over 70% of total revenue, with specific percentages being 73.8%, 74.2%, 77.6%, and 79.7% for the years 2022, 2023, 2024, and the first five months of 2025 respectively [4] - The company’s largest supplier accounted for 12.2%, 12.1%, 14.6%, and 13.4% of total purchases in the same periods [4] Strategic Focus - The company plans to enhance its RF front-end chip business by increasing R&D investment, focusing on high-performance and miniaturized PA integrated modules, and pursuing mergers, acquisitions, and strategic alliances [4]