华大北斗：国内领先的GNSS芯片及模块供应商，四年亏损近6亿元

Core Viewpoint - Huada Beidou, a leading GNSS chip and module supplier in China, has submitted a second listing application to the Hong Kong Stock Exchange despite consecutive years of losses and negative operating cash flow. The company aims to raise funds to support its operations and provide an exit for early investors [1][11]. Financial Performance - The company reported a revenue of 403 million RMB in the first half of 2025, representing a year-on-year growth of 20.2%. However, it has incurred net losses of 588 million RMB from 2022 to the first half of 2025, with losses of 93 million RMB, 289 million RMB, 137 million RMB, and 69 million RMB in respective years [1][11]. - Cash and cash equivalents have decreased from 830 million RMB to 244 million RMB during the same period, indicating a continuous cash burn [1]. Business Model and Growth - Huada Beidou operates two main business lines: GNSS chips and modules, and comprehensive chips and modules. The GNSS segment has shown a revenue share increase from 27.7% in 2022 to 32.2% in the first half of 2025, with direct sales growing by 197.8% in the same period [2][4]. - The company has established a diverse product portfolio across various sectors, including transportation, consumer electronics, and environmental monitoring [7]. Customer Dynamics - The number of new customers has been declining, but revenue per customer has significantly increased, particularly in the GNSS chip and module segment, which rose from 1.106 million RMB to 2.297 million RMB from 2022 to the first half of 2025 [4][11]. - Customer concentration remains low, with the top five customers contributing 38.6% to 48.6% of total revenue over the years [4]. Profitability and Margins - The company's gross margin has been on a downward trend, recorded at 10.5% in the first half of 2025, a decrease of 1.5 percentage points compared to 2022. The comprehensive chips and modules segment has a low single-digit gross margin [5][11]. - Adjusted EBITDA losses have been reported at 58 million RMB, 249 million RMB, 91 million RMB, and 27 million RMB from 2022 to the first half of 2025 [5]. Market Position and Industry Outlook - Huada Beidou ranks sixth globally in GNSS chip and module shipments with a market share of 4.8% and eighth in terms of sales value with a 1.1% share [11]. - The global GNSS market is projected to grow from 22,863 billion RMB in 2024 to 33,447 billion RMB by 2029, with a compound annual growth rate of 7.9% [9][11].