曦华科技，递交IPO招股书，拟赴香港上市，农银国际独家保荐

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. (CVA Technology) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to list on the main board [4]. Business Overview - Established in 2018, CVA Technology operates as a fabless AI chip and solution provider, focusing on edge AI chips based on MCU and ASIC architectures, with applications in consumer electronics, automotive, and emerging markets [5][6]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, and ranks second globally in the scaler industry by shipment volume as of 2024, while being the leader in the ASIC scaler segment [6]. Product Lines - CVA Technology's product portfolio includes: - Smart Display Chips and Solutions: Comprising AI Scaler and STDI chips [6]. - Smart Control Chips and Solutions: Including TMCU, general-purpose MCUs, touch chips, and smart cockpit solutions [7]. - As of September 30, 2025, the company has a comprehensive product lineup with 17 chip models across two major product lines [6]. Market Position and Achievements - In 2024, CVA Technology's TMCU and general-purpose MCUs achieved mass production with nine out of ten leading automotive OEMs in China [8]. - The company is recognized as the only domestic provider to achieve mass production of HoD TMCU solutions and has received leading recognition for its TMCU technology from the Ministry of Industry and Information Technology in 2024 [8]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 0.87 billion, RMB 1.50 billion, RMB 2.44 billion, and RMB 2.40 billion, respectively [14]. - Corresponding net losses were RMB 1.29 billion, RMB 1.53 billion, RMB 0.81 billion, and RMB 0.63 billion, with adjusted net losses of RMB 0.98 billion, RMB 1.29 billion, RMB 0.69 billion, and RMB 0.35 billion [14]. Shareholder Structure - Prior to the IPO, the major shareholders include Mr. Chen Xi and Ms. Wang Hong, who collectively hold approximately 65.51% of the shares [10][12]. Management Team - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, with Mr. Chen Xi serving as the founder, chairman, and CEO [14].