打开“北斗”，导航定位港交所

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is preparing for an IPO in Hong Kong, potentially becoming the first "Beidou chip stock" in the market [2] Company Overview - Huada Beidou is a well-known provider of space positioning services, focusing on GNSS technology, including integrated SoC chip design and high-precision positioning technology [2][3] - The company ranks sixth globally in GNSS chips and modules by shipment volume, with a market share of 4.8% in 2024 [2] - In terms of revenue, the company ranks eighth globally and third among domestic companies in China, with a market share of approximately 1.1% [2] Product Offerings - Core products include standard and high-precision chips and modules for transportation, consumer electronics, and environmental monitoring [3] - The chips support multiple satellite systems, ensuring wide coverage and accuracy [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected at 700 million, 645 million, and 840 million yuan respectively, with gross profits of 83.69 million, 67.92 million, and 81.97 million yuan [3] - Operating losses are expected to be 928 million, 287 million, and 142 million yuan for the same years [3] - Cash flow shows a net outflow of 328 million yuan over three years, primarily due to increased R&D investment and accounts receivable [3] Recent Performance - In the first half of 2025, revenue reached over 400 million yuan, a 19.4% increase from 335 million yuan in the same period last year [4] - Gross profit for this period was 42.46 million yuan, with operating losses of 62.68 million yuan [4] - The company anticipates an increase in net losses for the full year 2025, despite an expected narrowing of the net loss rate [5] Shareholders and Investors - Founders include notable entities such as China Electronics Technology Group, BYD, and others [5]