Shenzhen China Micro Semicon (SH:688380) Zhi Tong Cai Jing·2025-09-23 22:45Core Viewpoint - Zhongwei Semiconductor (Shenzhen) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Overview - Zhongwei Semiconductor is a leading provider of intelligent control solutions in China, specializing in the design and delivery of integrated circuit chips, with microcontrollers (MCUs) as the core of its products [3] - The company is one of the earliest domestic enterprises to independently develop and design MCUs, maintaining a leading position in the industry due to its first-mover advantage and continuous innovation [3] - By 2024, Zhongwei is projected to be the number one MCU company in China by shipment volume and third by revenue [3] Product and Market Position - Zhongwei's MCU products dominate the Chinese consumer electronics and smart home appliance markets, ranking first in the smart home appliance MCU market and second in the consumer electronics MCU market by revenue in 2024 [4] - The company has successfully entered high-growth sectors such as industrial control and automotive electronics, focusing on brushless direct current motors (BLDC) in industrial control and developing advanced M4 and RISC-V architecture automotive-grade products [4] - The company has also made strides in AI, data centers, and robotics, with ongoing R&D investments aimed at accelerating MCU product penetration in these cutting-edge fields [4] Financial Performance - In the fiscal years 2022, 2023, and 2024, Zhongwei's revenues were approximately 637 million, 714 million, and 912 million RMB, respectively, with net profits of 59.34 million, -21.95 million, and 136.83 million RMB [5][7] - The company reported a revenue of approximately 429 million RMB for the first half of 2024 and 504 million RMB for the first half of 2025, with corresponding net profits of approximately 43 million and 86 million RMB [5][7]