卖出1.65亿颗芯片、亏损20亿元，爱芯元智明日港股敲钟

Core Viewpoint - Aixin Yuanzhi Semiconductor Co., Ltd. is preparing for its IPO on February 10, aiming to raise approximately HKD 29.61 billion by issuing 105 million shares at an offer price of HKD 28.2, marking it as the first publicly listed edge AI chip company in China [1]. Company Overview - Founded in May 2019, Aixin Yuanzhi is a leading supplier of AI inference system chips (SoC), focusing on high-performance perception and computing platforms for industries such as edge computing and smart vehicles [1]. - By September 30, 2025, the company expects to have delivered over 165 million SoCs and has independently developed five generations of SoCs, achieving large-scale production across various applications [1]. Financial Performance - The company has not yet achieved profitability, with revenues for 2022, 2023, 2024, and the first three quarters of 2025 reported at approximately RMB 50.23 million, RMB 230.13 million, RMB 472.89 million, and RMB 254.22 million, respectively [2][3]. - Net losses for the same periods were approximately RMB -611.57 million, RMB -743.07 million, RMB -904.20 million, and RMB -691.02 million [2][3]. - Adjusted net losses for 2022, 2023, 2024, and the first nine months of 2025 were RMB -444.09 million, RMB -542.45 million, RMB -627.72 million, and RMB -462.17 million, respectively, totaling over RMB 2 billion in cumulative losses [4]. Gross Margin and Cost Structure - The company's gross margin has been under pressure, declining from around 26% in 2022 and 2023 to 21.2% in the first three quarters of 2025 [7][6]. - High R&D expenditures have been a significant factor, with annual R&D investments exceeding RMB 400 million from 2022 to 2024, peaking at RMB 589 million in 2024 [4]. Customer Concentration - Aixin Yuanzhi has a high customer concentration, with revenues from the top five customers accounting for approximately 91.5%, 85.4%, 75.2%, and 75% of total revenues in 2022, 2023, 2024, and the first three quarters of 2025, respectively [9]. IPO Use of Proceeds - The net proceeds from the IPO are intended for optimizing existing technology platforms, investing in R&D projects, expanding sales, and potential equity investments or acquisitions [10]. Leadership and Compensation - The CEO, Sun Weifeng, who joined in April 2024, received a compensation of RMB 22.46 million for the first nine months of 2025 [12][11].