业绩亏损、公司依赖单一客户！曦华科技，拟港股IPO

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor. The company specializes in edge AI chips and solutions, with products adopted by major automotive OEMs and globally recognized consumer electronics brands [1]. Financial Performance - The company reported net losses of RMB 129 million, RMB 153 million, RMB 81 million, and RMB 63 million for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [2][3]. - Revenue figures for the same periods were RMB 87 million, RMB 150 million, RMB 244 million, and RMB 240 million, with gross margins of 35.7%, 21.5%, 28.4%, and 22.1% respectively [2][3]. Product Offerings - Xihua Technology provides a comprehensive range of edge AI chips and solutions, including smart display chips (AI Scaler and STDI chips) and smart sensing control chips (TMCU, general MCU, touch chips, and smart cockpit solutions) [2]. Research and Development - The company has been investing heavily in research and development, with expenditures of RMB 114 million, RMB 125 million, RMB 87 million, and RMB 67 million for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [4]. Customer Concentration Risk - The company faces concentration risk as a significant portion of its revenue is dependent on a few major clients. The largest client contributed revenues of RMB 67 million, RMB 87 million, RMB 162 million, and RMB 90 million for the respective periods, accounting for 76.7%, 57.9%, 66.5%, and 37.4% of total revenue [5][6]. - Revenue from the top five clients for the same periods was RMB 78 million, RMB 118 million, RMB 217 million, and RMB 197 million, representing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue [6]. Fundraising Purpose - The funds raised from the listing will be used to enhance the technological research and development capabilities of existing product lines, develop next-generation chips for AMOLED touch control and audio drivers, build automotive electronic module production and assembly facilities, and expand the company's global market presence and sales network [6].