Core Viewpoint - Suzhou Haiguang Chip Creation Optoelectronics Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, but the company is facing significant financial challenges, including continuous losses and a lack of operational cash flow [1][6]. Financial Performance - The company has accumulated losses of 222 million yuan over the past three and a half years, with a 25.83% year-on-year increase in losses for the first half of 2025 [1][6]. - Operating cash flow has been negative, totaling a net outflow of approximately 455 million yuan, which is about double the total losses during the same period [6][7]. - As of June 30, 2025, the company had a cash balance of 555 million yuan and interest-bearing bank loans amounting to 576 million yuan, indicating a funding gap [7]. Business Operations - Haiguang Chip Creation's main business lacks the ability to generate profits, with its revenue heavily reliant on a single product—optical modules, which accounted for approximately 69% of total revenue in recent periods [10]. - The company reported revenues of 1.03 billion yuan, 1.75 billion yuan, 8.62 billion yuan, and 6.98 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [6][10]. Market Position - The company claims to rank tenth among global professional optical module providers, but it was not listed in the 2024 global optical module TOP10 by LightCounting, which indicates a discrepancy in its market positioning [1][3]. - In the AI optical module sector, Haiguang Chip Creation claims to be the sixth largest globally, but this assertion is questioned by industry experts [4]. Research and Development - The company has only 16 invention patents, significantly fewer than its peers, and its R&D intensity has been declining, with R&D expenditures as a percentage of revenue dropping from 36.18% in 2022 to 6.13% in the first half of 2025 [5][6]. - Compared to similar companies, Haiguang Chip Creation's optical module gross margins are notably low, with negative margins recorded in 2022 and 2023, and only a slight recovery in 2024 [14]. Customer Dependency - The company is highly dependent on a few major customers, with the top five customers accounting for 90.9% to 70.3% of total revenue over the reporting periods [12][13]. - One major customer, referred to as Customer A, has significantly influenced both revenue and procurement, raising concerns about pricing fairness and potential conflicts of interest [13].
海光芯创港股IPO：光模块毛利率畸低、与单价变动方向不一致 发明专利仅16项技术“护城河”是否牢固？
Xin Lang Zheng Quan·2025-11-17 01:43