Nations(SZ:300077) 智通财经网·2025-12-30 00:45Core Viewpoint - GuoMin Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - GuoMin Technology is a platform-based integrated circuit design company focused on providing control chips and system solutions for various smart terminals. The company has achieved widespread application of its products in key areas such as consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics [5]. - According to ZhiShi Consulting, GuoMin Technology ranks among the top five Chinese companies in the global platform-based microcontroller unit (MCU) market by revenue in 2024, and is among the top three in the global 32-bit MCU market. The company also holds the first position in the Chinese MCU market for embedded commercial encryption algorithm modules [5]. - Since its establishment in 2000, GuoMin Technology has transitioned from specialized market chips to general-purpose MCUs and high-end products like edge AI computing. In 2023, the company expanded its product range to include BMS chips and RF chips, which are expected to generate revenue starting in 2024 [5]. Financial Performance - The company reported revenues of approximately RMB 1.195 billion, RMB 1.036 billion, RMB 1.168 billion, and RMB 958 million for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [9]. - The gross profit for the same periods was approximately RMB 426 million, RMB 18 million, RMB 182 million, and RMB 183 million [10]. - The company experienced a significant loss before tax of RMB 18.93 million in 2022, which increased to RMB 593.99 million in 2023, with a projected loss of RMB 255.72 million for 2024 [12]. Industry Overview - The global MCU market is expected to grow from USD 19.8 billion in 2019 to USD 29.9 billion by 2024, with a compound annual growth rate (CAGR) of 8.6%. The market is projected to continue growing at a CAGR of 9.9%, reaching USD 48 billion by 2029 [13]. - The Chinese MCU market has rapidly expanded from RMB 36.8 billion in 2019 to RMB 63.3 billion in 2024, with a CAGR of 11.5%. It is expected to maintain a rapid growth rate, reaching RMB 111.4 billion by 2029 at a CAGR of 12.0% [17]. - Emerging industries are expected to further expand the application range of MCUs, with the global MCU market for edge AI applications projected to grow from USD 70 million in 2024 to USD 270 million by 2029, reflecting a CAGR of 31.0% [16].