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Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, despite reporting losses of 426 million yuan over the past four years and relying heavily on its top five customers for over 80% of its revenue [1][12]. Company Overview - Founded in August 2018, Xihua Technology is recognized as a national-level "little giant" enterprise, specializing in intelligent display chips and intelligent sensing control chips, with applications in smart cars, mobile phones, wearable devices, and robotics [1]. - The company has developed the world's first ASIC architecture AIScaler, which has become a leading product globally, with an expected shipment of approximately 37 million units in 2024 [3]. Financial Performance - From 2022 to the first nine months of 2025, Xihua Technology reported losses of 129 million yuan, 153 million yuan, and 80.82 million yuan, with a loss of 62.97 million yuan in the first three quarters of 2025 [12]. - The overall gross margin decreased from 35.7% in 2022 to 21.5% in 2023, rebounding to 28.4% in 2024, but dropping again to 22.1% in the first nine months of 2025 [12]. Revenue Breakdown - The main revenue source is intelligent display chips and solutions, accounting for over 85% of total revenue from 2022 to the first nine months of 2025. Revenue from intelligent sensing control chips increased from 1.9% in 2022 to 14.4% in the first nine months of 2025 [9][10]. Market Position - In 2024, Xihua Technology ranked second in the global Scaler market with an 18.8% market share, while the first-ranked company held a 20.6% share [13][14]. - The global Scaler market is highly concentrated, with the top five suppliers accounting for approximately 70.8% of the market share [13]. Supply Chain and Customer Dependency - Xihua Technology has a high dependency on its top five suppliers, which accounted for 81.8% to 76.6% of total procurement from 2022 to the first nine months of 2025 [16]. - The company also relies heavily on its top five customers, which contributed 89.9% to 82.2% of total revenue during the same period [16]. Future Outlook - The company is working to diversify its customer base and expand its procurement network to reduce dependency on a few suppliers and customers [17]. - The global Scaler market is expected to grow, with shipments projected to increase from 114.1 million units in 2020 to 159.5 million units in 2024, reflecting a compound annual growth rate of 8.7% [17].