琻捷电子：三年半合计亏损超10亿，经营现金流失血4.65亿，现金储备告急｜IPO观察

Core Viewpoint - Panjie Electronics (Jiangsu) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, showcasing strong revenue growth but persistent losses, highlighting the need to address profitability challenges and product commercialization issues [2][7][8]. Financial Performance - Revenue growth from 2022 to 2024 shows a compound annual growth rate (CAGR) of 82.98%, significantly outpacing the industry average [2][7]. - Despite revenue increases, the company reported annual losses of no less than 200 million yuan, totaling 1.06 billion yuan over three and a half years [2][7][8]. - Cumulative losses since 2015 amount to 1.339 billion yuan, averaging over 100 million yuan per year [8]. Cash Flow Situation - Operating cash flow has consistently been negative, with net outflows totaling 465 million yuan over the reporting period [3][12]. - As of June 2025, cash and cash equivalents stood at 123.87 million yuan, raising concerns about the sustainability of operations given the historical cash flow deficits [3][12]. Industry Outlook - The global wireless sensor SoC market is projected to grow at a CAGR of 30% from 2019 to 2024, with expectations to reach 50.7 billion yuan by 2030 [4]. - The Chinese market for wireless sensor SoCs is anticipated to grow from 2.5 billion yuan in 2025 to 26.6 billion yuan by 2030, with a CAGR of 60.2% [4]. Strategic Focus - The IPO proceeds are intended for business expansion, product commercialization, and enhancing research capabilities in key product areas such as smart tire sensor SoCs, BMS SoCs, and USI SoCs [10]. - There is a pressing need to supplement working capital due to ongoing cash flow challenges [12].