星宸科技正式递交H股上市申请

Core Viewpoint - Xingchen Technology has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its international capital strategy following its A-share listing, aiming to enhance its global competitiveness in the AI SoC chip sector [1] Financial Performance - In the first half of 2025, Xingchen Technology achieved revenue of approximately 1.403 billion yuan, representing a year-on-year growth of 18.63%. However, the net profit attributable to shareholders was about 120 million yuan, a decrease of 7.47%, primarily due to increased R&D investments and market competition [3] - The company's total assets reached approximately 4.43 billion yuan, with net assets around 3.03 billion yuan, indicating steady growth in asset scale [3] Business Segments - The smart security segment is the largest business, accounting for 65.66% of revenue in the first half of 2025, generating approximately 909 million yuan, with a year-on-year growth of 12%. Significant growth was noted in emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America, driven by urbanization and security demand [3] - The smart IoT segment, the second-largest, contributed 23.44% of revenue, amounting to about 325 million yuan, with a year-on-year increase of 31.79%. The smart robotics business has become a key growth driver, expanding from home cleaning robots to high-end applications like courtyard robots and humanoid robots, achieving substantial growth in shipment volumes [3] - The smart automotive segment, although only 10.9% of total revenue, saw the fastest growth, reaching 151 million yuan, a year-on-year increase of 45.43%. The company is expanding into L0-L2 level ADAS systems and has partnered with Tier 1 suppliers to develop L2+ advanced ADAS chips, resulting in a doubling of revenue from the pre-installed market [4] Strategic Initiatives - Xingchen Technology is strategically positioning itself in the 3D perception field, launching integrated solutions for "3D perception + AI computing" aimed at high-performance applications such as automotive lidar and advanced intelligent robotics, intending to capture the high-performance and high-reliability chip market [4] - The move to pursue an H-share listing is expected to leverage international capital platforms to increase R&D investments in AI chips, 3D perception, and intelligent driving, enhancing global market expansion capabilities, particularly in high-growth areas like smart security, robotics chips, and pre-installed automotive systems [4]