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Core Viewpoint - Audiwei (920491.BJ) is preparing for an IPO on the Hong Kong Stock Exchange, following a successful listing on the Beijing Stock Exchange, driven by strong revenue and profit growth in the AI sector [1][3][12]. Company Overview - Audiwei specializes in the research, development, manufacturing, and sales of sensors, actuators, and related smart modules, with applications in smart homes and smart vehicles [1][12]. - The company was founded in June 1999 and has undergone multiple rounds of financing, attracting investments from notable firms such as Dacheng Venture Capital and Shenchuang Capital [1][25]. Financial Performance - From 2022 to 2024, Audiwei's revenue grew from 378 million RMB to 627 million RMB, with a compound annual growth rate (CAGR) of 27.8%. Net profit increased from 52.6 million RMB to 93.9 million RMB, with a CAGR of 33.6% [12][32]. - In the first half of 2025, revenue reached 327 million RMB, a year-on-year increase of 15.09%, while net profit was 46.96 million RMB, up 3.93% year-on-year [12][32]. Shareholder Structure - The largest shareholder group consists of Zhang Shuguang and Huang Haitao, holding a combined 17.19% of the shares. The second-largest shareholder is Zhong Baoshan, chairman of Longi Green Energy, holding 6.06% [5][29][27]. Market Position - Audiwei ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensor and actuator shipments [12][32]. - The company’s core businesses, smart home solutions and smart automotive solutions, account for over 95% of total revenue [12][32]. Production and Capacity - Audiwei operates three domestic production bases and one overseas base in Malaysia, which is expected to commence production in 2026. However, the overall capacity utilization rate has declined to 53.9% in the first half of 2025, down 16.4 percentage points from 2024 [18][38]. - The utilization rate for actuators dropped significantly to 36.1% in the first half of 2025, compared to 63.3% in 2024 [38]. Profitability and Margins - The gross margin for the company fluctuated, with overall gross margins reported at 34.9%, 38.0%, 34.8%, and 35.4% from 2022 to the first half of 2025. The gross margin for actuators decreased from 27% in 2022 to 21.3% in the first half of 2025 [17][37]. Cash Flow and Dividends - Audiwei has maintained a strong cash position, with cash and cash equivalents of 461.3 million RMB as of June 2025, and has distributed a total of 98.47 million RMB in dividends over the past three and a half years [22][20].