Halo Micro(SH:688173) Chang Jiang Shang Bao·2025-11-28 00:14Core Viewpoint - The significant increase in the stock price of Xidiwei (688173.SH) is attributed to its announcement regarding the inclusion of its products in Google's supply chain, despite the company's ongoing financial losses since its IPO in 2022 [2][6][7]. Group 1: Stock Performance - On November 27, Xidiwei's stock opened high and closed with a gain of 10.91%, reaching a peak of 15.78 yuan per share during the day [2][4]. - This increase is notable as it is one of the few instances where the stock has risen over 10% since its IPO [5]. - Despite the recent surge, the stock remains approximately 70% lower than its peak price of 51.88 yuan on its first trading day [8]. Group 2: Financial Performance - Since its IPO, Xidiwei has reported continuous losses, totaling 4.36 billion yuan from 2022 to the first three quarters of 2025, with a loss of 0.76 billion yuan in the first three quarters of 2025 [2][12]. - The company has not distributed any cash dividends to shareholders since its listing, indicating a lack of returns for investors [3][9]. - In 2025, Xidiwei's revenue reached 7.17 billion yuan, a year-on-year increase of 107.81%, but it still reported a net loss of 0.76 billion yuan, although this represented a significant reduction in losses compared to the previous year [13][17]. Group 3: Business Operations and Strategy - Xidiwei is recognized as a leading supplier of power management and signal chain chips, with products integrated into the supply chains of major clients like Xiaomi, OPPO, and Audi [12][14]. - The company has been actively pursuing acquisitions to enhance its market position, including a 30.91% stake in Zinitix for approximately 1.12 billion yuan and a premium acquisition of 100% of Chengxin Micro [14][15]. - R&D investments have been increasing, with expenditures reaching 2.53 billion yuan in 2024, accounting for 46.34% of its revenue, reflecting the company's commitment to innovation [16][17].