芯天下递表港交所 营收连降后2025年扭亏 研发开支大幅削减引关注

Core Viewpoint - The company, Chip World Technology Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange after experiencing a decline in revenue, with plans to return to profitability by 2025 [1][2]. Financial Performance - In the past performance period, the company's revenue showed fluctuations, with revenues of 663 million yuan, 442 million yuan, and 379 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [1]. - The gross profit for the same periods was 103 million yuan, 62 million yuan, and 71 million yuan, with corresponding gross profit margins of 15.5%, 14.0%, and 18.8% [1]. - The company recorded net losses of 14 million yuan and 37 million yuan for 2023 and 2024, respectively, with a significant revenue decline of 33.3% in 2024 compared to 2023, and a net loss increase of 164.8% year-on-year [2]. Research and Development - In the first nine months of 2025, the company's R&D expenditure significantly decreased from 50.14 million yuan in 2024 to 33.32 million yuan, marking a reduction of 33.6% [2]. - The R&D team consists of 74 members, accounting for 48.1% of the total workforce, which raises concerns about the potential impact of reduced R&D spending on the company's long-term technological competitiveness and market expansion capabilities [2].