国民技术冲击港股IPO 三年累亏超8亿

Core Viewpoint - The company, Guomin Technology, has submitted an IPO application to the Hong Kong Stock Exchange, despite reporting significant losses and a high debt ratio in recent years [1][3]. Financial Performance - From 2022 to 2024, the company's revenue figures were 1.195 billion, 1.037 billion, and 1.168 billion respectively, while net losses were 32 million, 571 million, and 235 million [3]. - The gross profit margin has shown significant volatility, dropping to 1.7% in 2023 due to supply-demand imbalances leading to price declines and inventory write-downs [3]. - As of the first half of 2025, the company's debt-to-asset ratio reached 71.68%, and operating cash flow has been negative for three consecutive years [3]. Management Actions - Prior to the IPO submission, several executives, including the chairman and general manager, sold shares, with the chairman cashing out approximately 120 million from selling 5.1411 million shares [3]. - The shares sold were primarily from a 2021 equity incentive plan, with a grant price of 6.1 per share [3]. Corporate Structure and Strategy - Guomin Technology is a leading domestic MCU chip company with a dispersed shareholding structure and no controlling shareholder [3]. - In 2021, the company attempted to make the chairman the controlling shareholder through a directed issuance but failed due to exchange concerns and funding issues [3]. - The current IPO aims to expand financing channels to alleviate ongoing losses and high debt pressure, although management's share sales and the company's challenging fundamentals have led to mixed market sentiment regarding its future [3].