Amlogic(SH:688099) Mei Ri Jing Ji Xin Wen·2025-10-15 13:45Core Viewpoint - The company, A-share listed Jingchen Co., Ltd. (SH688099), 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][3]. Group 1: IPO Details - Jingchen Co., Ltd. plans to use approximately 70% of the funds raised from the IPO for growth and R&D enhancement, 10% for global customer service system development, 10% for investments and acquisitions related to its "platform + ecosystem" strategy, and the remaining 10% for working capital and general corporate purposes [3]. Group 2: Business Model and Revenue Sources - The company, established in July 2003 and headquartered in Shanghai, operates as a system-level semiconductor design firm, providing smart terminal control and connectivity solutions [4]. - Approximately 80% of the company's revenue is generated through a distribution model, relying on around 24 distributors [5]. - The majority of revenue comes from semiconductor sales, particularly from smart multimedia and display SoCs, which accounted for over 70% of total revenue during the reporting period [5]. Group 3: Financial Performance - The company's revenue for the reporting periods was 5.545 billion, 5.371 billion, 5.926 billion, and 3.33 billion yuan, with net profits of 727 million, 498 million, 822 million, and 497 million yuan respectively [7]. - The company has seen a positive growth trend in net profit after two years of decline [7]. Group 4: Customer and Supplier Concentration - The top five customers contributed to 57.9%, 65.5%, 63.3%, and 66.3% of total revenue during the reporting periods, with the largest single customer accounting for 17.3%, 24.5%, 18.8%, and 20.4% [7]. - The company has a high supplier concentration, with the top five suppliers accounting for 91.2%, 86.6%, 88.0%, and 78.9% of total procurement during the reporting periods [8]. Group 5: Inventory and Receivables - The company's inventory has shown a fluctuating growth trend, with values of 1.518 billion, 1.245 billion, 1.41 billion, and 1.853 billion yuan [9]. - Accounts receivable have also shown a fluctuating growth trend, with amounts of 153 million, 245 million, 199 million, and 299 million yuan [11].