400亿北京CPU龙头，冲刺港交所

Core Viewpoint - Beijing Junzheng, established in July 2005, has become a leading player in CPU design and has expanded into automotive, industrial, and medical markets through strategic acquisitions and product development [3][40]. Market Position - Beijing Junzheng ranks fourth globally and first in mainland China for automotive-grade niche DRAM and NOR Flash [4]. - The company holds the second position globally and first in China for SRAM, and ranks third globally for battery-class IP-Cam SoC [8][10]. Financial Performance - Revenue for Beijing Junzheng has shown a downward trend, with figures of RMB 54.12 billion in 2022, RMB 45.31 billion in 2023, and projected RMB 42.13 billion in 2024 [11][14]. - Net profit has also declined, from RMB 7.79 billion in 2022 to RMB 2.02 billion in the first half of 2025 [11][14]. Research and Development - The company employs 760 R&D personnel, accounting for approximately 64% of its total workforce, and has filed 792 patents [27][18]. - R&D expenses have fluctuated, with RMB 6.42 billion in 2022 and RMB 3.48 billion in the first half of 2025 [11][14]. Product Lines - Beijing Junzheng's product portfolio includes computing chips, storage chips, and analog chips, with a focus on high-performance, low-power solutions for AIoT and smart security applications [20][23]. - The company is advancing its RISC-V architecture to enhance its competitive edge in the market [23][40]. Customer and Supplier Relationships - The top five customers account for over 50% of total sales, with significant revenue contributions from major clients [28][29]. - The company maintains strong relationships with 18 wafer fabrication partners and 32 packaging and testing partners [34]. Strategic Goals - Beijing Junzheng aims to optimize its AI application product mix and expand its automotive-grade chip offerings, including the development of 3D DRAM technology [40][41].