深圳AI芯片“小巨人”冲刺IPO，清华学霸创办，夫妻持股超65%，出货量全球第一

Core Viewpoint - Xihua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [1][4]. Group 1: Company Overview - Founded in August 2018, Xihua Technology is recognized as a national-level key "little giant" enterprise, specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped to date [1]. - The company ranks second globally in the Scaler market with a market share of 18.8%, having shipped 37 million units, and holds the largest market share of 55% in the AI Scaler segment [2][3]. Group 2: Financial Performance - Xihua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over less than four years, with R&D expenditures nearing 400 million RMB [5]. - Revenue figures for the years 2022 to 2025 (up to September) are 87 million RMB, 150 million RMB, 244 million RMB, and 240 million RMB, respectively, indicating a compound annual growth rate of 67.8% from 2022 to 2024 [5][8]. - The gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% for the respective years, attributed to the company's relatively small sales scale [8][9]. Group 3: Product Lines and Market Position - Xihua Technology has developed 17 chip models across two main product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCUs) [11][12]. - The smart display chips have consistently contributed over 85% of the company's revenue from 2022 to 2025, while the revenue share from smart sensing control chips has increased from 1.9% in 2022 to 14.4% in the first nine months of 2025 [11][12]. Group 4: R&D and Technological Development - The company has established three major technological foundations, with over 50% of its workforce dedicated to R&D, totaling 81 employees [20][22]. - Xihua Technology has filed 361 patent applications, with 85% being invention patents, and holds 169 granted patents as of September 2025 [22]. Group 5: Customer and Supplier Dependency - A significant portion of Xihua Technology's revenue is concentrated among a few key customers, with the top five customers contributing 89.9% of total revenue in 2022, decreasing to 82.2% in the first nine months of 2025 [23][24]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8% of total procurement costs in 2022, which decreased to 76.6% in the first nine months of 2025 [27][29]. Group 6: Ownership Structure - The founder and chairman, Chen Xi, and his spouse, Wang Hong, collectively control 65.51% of Xihua Technology [30][32].