Amlogic(SH:688099) Mei Ri Jing Ji Xin Wen·2025-10-10 13:44Core Viewpoint - The company, Jingchen Semiconductor, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its capital strength and competitiveness while advancing its international strategy [1]. Group 1: IPO Details - Jingchen Semiconductor plans to use approximately 70% of the IPO proceeds to support growth and enhance R&D capabilities, 10% for global customer service system development, 10% for strategic investments and acquisitions related to its "platform + ecosystem" strategy, and the remaining 10% for working capital and general corporate purposes [1]. Group 2: Company Overview - Established in July 2003 and headquartered in Shanghai, Jingchen Semiconductor is a system-level semiconductor design company providing smart terminal control and connectivity solutions [2]. - The company ranks fourth globally among manufacturers focused on smart terminal SoC chips and first in mainland China for home smart terminal SoC chips [2]. Group 3: Revenue and Sales - As of mid-2023, Jingchen Semiconductor's cumulative chip shipments exceeded 1 billion units, with its business covering over 250 global mainstream operators and 14 of the top 20 global TV brands [2]. - Revenue from distributors accounted for 73.3%, 78.5%, 78.3%, and 76.9% of total sales from 2022 to the first half of 2025 [3][4]. Group 4: Financial Performance - The company's revenue for the reporting periods was 5.545 billion RMB, 5.371 billion RMB, 5.926 billion RMB, and 3.33 billion RMB, with net profits of 727 million RMB, 498 million RMB, 822 million RMB, and 497 million RMB respectively [6]. - The company has seen a recovery in net profit growth after declines in 2022 and 2023 [6]. Group 5: Customer and Supplier Concentration - The top five customers contributed over 60% of the revenue, with the largest single customer accounting for 17.3% to 24.5% of total revenue during the reporting periods [6]. - The company relies heavily on a small number of suppliers, with the top five suppliers accounting for 91.2% to 78.9% of total procurement [7]. Group 6: Inventory and Receivables - As of mid-2023, the company's inventory reached nearly 1.9 billion RMB, with inventory turnover days averaging around 152.5 days [8]. - Accounts receivable also showed a fluctuating growth trend, reaching 299 million RMB by mid-2023 [9].