新股前瞻 | 从去库存寒冬到AI新战场，芯天下叩响港交所大门

Core Viewpoint - The company, Xintianxia Technology Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage capital market support to transition from an innovator to a leader in the semiconductor industry, particularly in code flash memory and AI applications [1]. Group 1: Company Overview - Xintianxia was established in 2014 and focuses on the research, design, and sales of code flash memory chips, including NOR Flash and SLC NAND Flash, serving various sectors such as telecommunications, consumer electronics, industrial medical, and automotive electronics [1]. - As of 2024, Xintianxia ranks sixth among global fabless companies in code flash memory, and fourth and fifth in the SLC NAND Flash and NOR Flash segments, respectively [1]. Group 2: Financial Performance - The company's revenue was 663 million RMB in 2023, dropping to 442 million RMB in 2024, with consecutive net losses due to a temporary operational lag and strategic pricing adjustments [2]. - By the end of September 2025, the company reported a revenue of 379 million RMB, a 10% increase year-on-year, achieving profitability with a net profit of 8.4 million RMB [2]. Group 3: Market Position - Xintianxia holds a 3.7% market share in the global code flash memory market and 6.6% in the SLC NAND Flash sector as of 2024 [3]. - The company has made significant advancements in high-performance, large-capacity storage, successfully producing a 2Gbit SPI NOR Flash based on ETOX 55nm technology, breaking the monopoly of foreign companies in high-end applications [3]. Group 4: Strategic Initiatives - The company is focusing on a "Storage + AI" strategy to enhance efficiency in edge computing, responding to the growing demand for high-performance storage chips driven by AI applications [4]. - Xintianxia is expanding its product lines to include analog chips and MCUs, providing comprehensive chip solutions that integrate power supply, control, storage, and drive functions [5]. - The company is also developing in-memory computing (CIM) acceleration chips based on ReRAM technology, aiming for production by the end of 2026, targeting edge AI applications [5]. Group 5: Future Outlook - The importance of storage chips is expected to grow as AI technology penetrates new sectors such as smart vehicles and humanoid robots, with Xintianxia's upcoming IPO seen as a potential catalyst for enhancing its global brand recognition and technological capabilities [6].