Sou Hu Cai Jing·2025-12-26 22:31Core Viewpoint - Huada Beidou, a company focused on Beidou navigation positioning chip development, has officially submitted its listing application to the Hong Kong Stock Exchange, showcasing its growth in the GNSS industry since its establishment in 2016 [1] Group 1: Company Overview - Huada Beidou specializes in chips, modules, and solutions that support Beidou and other global navigation satellite systems (GNSS) [1] - The company has made significant advancements in integrated SoC chip design, dual-frequency high-precision positioning technology, ultra-low power consumption technology, and multi-source fusion navigation technology [1] - Huada Beidou is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 2: Market Position - In 2024, Huada Beidou ranks sixth globally and second domestically in GNSS chip and module shipments, with a market share of 4.8% [4] - The company ranks eighth globally and third domestically in revenue, holding approximately 1.1% of the market share [4] - In the dual-frequency high-precision RF baseband integrated GNSS positioning chip and module sector, Huada Beidou ranks fourth globally and first domestically, with a market share of about 10.5% [4] Group 3: Financial Performance - Huada Beidou's revenue has shown steady growth despite facing losses, with revenues of 698 million RMB, 645 million RMB, 840 million RMB, and 403 million RMB from 2022 to the first half of 2025 [5] - The net profit during this period has been negative, with figures of -93 million RMB, -289 million RMB, -141 million RMB, and -64 million RMB, but adjusted net losses have narrowed [5] - Research and development expenses have been consistently high, amounting to 103 million RMB, 110 million RMB, 118 million RMB, and 42 million RMB, representing 14.7%, 17.0%, 14.1%, and 10.4% of total revenue respectively [6] Group 4: Shareholder Composition - Notable shareholders include BYD, holding 4.12% of shares, and Zhuhai Gree Venture Capital, with 3.536% [4] - The establishment of Huada Beidou has been supported by investments from several companies, including China Electronics Technology Group, Shanghai Automotive Group, and Beijing Automotive Group [4] Group 5: Revenue Distribution - The majority of Huada Beidou's revenue comes from mainland China and Hong Kong, with income proportions of 99.1%, 99.2%, 99.5%, and 99.2% over the past three and a half years [7]