北京君正拟港股IPO，业绩逐年下滑

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is experiencing a decline in net profit and revenue as indicated in its prospectus submitted to the Hong Kong Stock Exchange [1][2]. Financial Performance - The company's net profit for the years 2022, 2023, 2024, and the first half of 2025 is projected to be 0.779 billion, 0.516 billion, 0.364 billion, and 0.202 billion respectively, showing a downward trend [1][2][3]. - Revenue figures for the same periods are 5.412 billion, 4.531 billion, 4.213 billion, and 2.249 billion, also indicating a decline [2][3]. Business Model - The company operates on a fabless model, focusing on chip research and design while collaborating with foundries and packaging service providers [2]. - Revenue sources include sales of computing chips, storage chips, and analog chips, along with technical services for product development and optimization [2]. Customer Concentration - A significant portion of revenue comes from a small number of customers, with sales to the top five customers amounting to 2.737 billion, 2.470 billion, 2.188 billion, and 1.148 billion, representing 50.6%, 54.5%, 51.9%, and 51.1% of total sales respectively [5]. - The largest customer contributed sales of 1.087 billion, 0.954 billion, 0.817 billion, and 0.388 billion, accounting for 20.1%, 21%, 19.4%, and 17.3% of total sales [5]. Supplier Dependency - The company relies heavily on a few suppliers, with purchases from the top five suppliers totaling 2.628 billion, 1.701 billion, 1.423 billion, and 0.705 billion, which represent 65.1%, 58.3%, 47.8%, and 51.0% of total purchases respectively [6]. - The largest supplier's contribution to purchases was 1.290 billion, 0.774 billion, 0.350 billion, and 0.232 billion, making up 32%, 26.5%, 11.8%, and 16.7% of total purchases [6]. Market Competition - The market in which the company operates is highly competitive, influenced by various factors such as customer industry developments, technological advancements, and regulatory changes [6].