宏芯宇，拟港股IPO

Core Viewpoint - Shenzhen Hongxinyu Electronics Co., Ltd. (referred to as "Hongxinyu") has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor. The post-investment valuation after the D-round financing reached 10.76 billion RMB [1][6]. Group 1: Company Overview - Hongxinyu, established in December 2018, is a leading independent memory manufacturer with a focus on the design, production, and large-scale delivery of storage products [2]. - The company operates under the independent memory manufacturer model, integrating upstream memory wafers, main control chips, and external packaging testing to meet diverse market demands [2]. - Hongxinyu's product offerings include embedded storage, solid-state drives, DRAM, and mobile storage, targeting applications in smartphones, tablets, PCs, smart imaging devices, and automotive central control systems [2]. Group 2: Client Relationships and Market Position - Hongxinyu maintains strong partnerships with major clients such as Xiaomi, Transsion, OPPO, Vivo, TCL, and Baidu, and has begun supplying storage products for automotive applications in 2023 [2]. - The company aims to achieve mass production of enterprise-level storage products by 2026 [2]. Group 3: Financial Performance - In terms of revenue, Hongxinyu reported 8.78 billion RMB in 2023, 8.72 billion RMB in 2024, and 7.74 billion RMB in the first three quarters of 2025, indicating a year-on-year revenue growth of 14.59% in 2025 despite a decline in net profit [3][4]. - The net profit figures were -117 million RMB in 2023, 483 million RMB in 2024, and 351 million RMB in the first three quarters of 2025, reflecting a 54.55% year-on-year decline in net profit for 2025 [3][4]. - The net profit margin decreased from 5.5% in 2024 to 4.5% in the first three quarters of 2025, primarily due to a drop in gross margin from 16.1% to 13.1% as a result of declining average selling prices of storage products [6]. Group 4: Research and Development Investment - Hongxinyu has consistently increased its R&D investment, with expenditures of 283 million RMB, 392 million RMB, and 355 million RMB for the first three quarters of 2023, 2024, and 2025, respectively, representing 3.2%, 4.5%, and 4.5% of total revenue during those periods [2][6].