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Core Viewpoint - Xihua Technology has submitted its IPO application to the Hong Kong Stock Exchange with a valuation of 2.844 billion RMB, marking it as the first player in the automotive MCU sector closely related to smart vehicles and physical AI to reach this milestone [2][3]. Financial Performance - Xihua Technology's revenue from 2022 onwards shows a compound annual growth rate (CAGR) of 67.8%, with the first three quarters of 2025 already matching the total revenue for 2024, indicating rapid business expansion [6]. - Despite this growth, the company's gross margin remains low, reflecting its status in the "startup" phase compared to other fabless semiconductor companies [6][10]. Supply Chain and Cost Structure - The company faces challenges due to a highly concentrated supply chain, with the top five suppliers accounting for over 80% of procurement, leading to weak bargaining power against rising costs in wafer foundry and packaging testing [8]. - The revenue from the rapidly developing smart sensing control chips (TMCU) surged by 521% in the first nine months of 2025, but the gross margin for this segment is only 9.2%, further dragging down overall profitability [8]. Research and Development - Xihua Technology invests approximately 100 million RMB annually in R&D, which constitutes over 35% of its revenue, significantly higher than the industry average [10]. - However, the return on R&D investment is low, with only 12 patents produced from an investment of 86.83 million RMB in 2024, resulting in an average cost of 7.23 million RMB per patent, which is above the industry average of 3 million RMB [10]. Profitability and Cash Flow - Since its inception, Xihua Technology has not achieved profitability, accumulating a net loss of over 420 million RMB, with negative operating cash flow indicating a lack of self-sustaining financial capability [11][13]. - As of September 2025, the company had cash and equivalents of 605 million RMB, a 60.8% increase from the end of 2024, primarily due to new bank loans, leading to a total debt of 1.023 billion RMB and a debt-to-asset ratio of 50.9% [13]. Product Focus - The company specializes in Scaler chips, which are image/video processing chips that ensure compatibility between different devices' image formats [14][16]. - Xihua Technology's innovative ASIC architecture for Scaler chips offers higher performance, lower power consumption, and better cost efficiency compared to traditional FPGA solutions, positioning it as a leader in the ASIC Scaler segment [17]. Market Position and Growth Drivers - The Scaler market is experiencing continuous growth, driven by the demand for compatibility in smartphone repairs and the increasing prevalence of multi-screen interactions in smart vehicles [17]. - Xihua Technology's product offerings also include TMCU, which is a vehicle-grade microcontroller with advanced touch capabilities, applicable in various automotive functions [18][22]. Company Background - Founded by Chen Xi in 2018, Xihua Technology has undergone multiple funding rounds, attracting significant investments from various venture capital and industry players, including SAIC and BAIC [25][26]. - The company has a clear shareholder structure, with the founder and co-founder holding over 65% of the shares, indicating stable control conducive to long-term strategic planning [28].