存储算力两手抓，协创数据加码转型赴港IPO“谋变”

Core Viewpoint - The Hong Kong stock market has seen over HKD 190 billion in IPO fundraising this year, leading globally, with A-share companies like Ningde Times and Hengrui Medicine also listing in Hong Kong, highlighting a trend of A+H listings [1] Company Overview - Xiechuang Data, established in November 2005, has been in the consumer electronics manufacturing industry for nearly 20 years and was listed on the Shenzhen Stock Exchange in July 2020 [2] - The company focuses on a "smart IoT ecosystem" strategy, integrating smart terminals, computing infrastructure, and cloud services into a global industrial system [2] - Xiechuang Data is the second-largest domestic smart storage device manufacturer in the global market by revenue and the second-largest domestic consumer-grade smart camera manufacturer by shipment volume, holding a 6.6% market share [2] Business Structure Changes - From 2022 to the first half of 2025, Xiechuang Data's business structure has shifted significantly, with data storage devices being the core revenue source, increasing from RMB 1.694 billion in 2022 to RMB 3.502 billion in 2024 [3] - IoT smart terminals, previously the second-largest business, saw revenue growth from RMB 1.179 billion in 2022 to RMB 2.259 billion in 2024, but their revenue share declined to 17.7% in the first half of 2025 [3] - The smart computing products and services segment emerged as a new growth engine, with revenue reaching RMB 1.221 billion in the first half of 2025, accounting for 24.7% of total revenue [4] Financial Performance - Xiechuang Data's revenue grew from RMB 3.147 billion in 2022 to RMB 7.410 billion in 2024, with a 38.1% increase in the first half of 2025 compared to the same period in 2024 [5] - Gross profit rose from RMB 322 million in 2022 to RMB 1.233 billion in 2024, with a gross margin improvement from 10.2% to 16.6% [5] - Net profit increased from RMB 131 million in 2022 to RMB 687 million in 2024, with RMB 422 million achieved in the first half of 2025 [5] IPO Objectives and Strategy - The primary goal of Xiechuang Data's IPO is to deepen its focus on the AI computing sector, with funds allocated for building AI computing infrastructure, enhancing R&D capabilities, strategic investments, and operational funding [6] - The company has already committed to significant investments in high-performance computing servers, with a total planned investment exceeding RMB 120 billion in the AI computing sector by 2025 [6] Market Position and Valuation - The AI computing industry is characterized by high barriers, high margins, and high repurchase rates, making it attractive to capital markets, which benefits Xiechuang Data's IPO prospects [10] - The company has three key advantages: a shift from storage hardware to AI computing, increasing revenue and profit margins, and substantial R&D investment supporting global expansion [10] Financial Risks - Xiechuang Data's debt levels have surged, with a debt-to-asset ratio of 256.4% as of mid-2025, reflecting increased bank borrowings to support its expansion in smart computing products and services [9] - The company reported significant cash flow volatility, with negative operating cash flow in 2023 and the first half of 2025, indicating potential liquidity challenges [7][10]