宏芯宇冲刺港交所：芯片老兵联手大厂创业，业绩增收不增利

Core Insights - Shenzhen Hongxinyu Electronics Co., Ltd. (referred to as "Hongxinyu") has officially initiated its listing process on the Hong Kong Stock Exchange, founded by industry veteran Wu Yisheng and Taiwan's storage giant Phison Electronics [2][4] - Despite the global storage chip market entering an upcycle, Hongxinyu's revenue has increased without a corresponding profit increase, leading to speculation that the company may be adopting a market strategy of trading price for volume [2][7] Company Overview - Hongxinyu is recognized as a leading independent memory manufacturer, ranking fifth globally and second in mainland China based on projected 2024 revenue [2][4] - The company was co-founded by Wu Yisheng, who has over 25 years of experience in the chip industry, and currently serves as the chairman and general manager [2][3] Financial Performance - Hongxinyu's revenue surpassed $1 billion in 2023, with a reported revenue of 8.718 billion yuan in 2024 and 7.744 billion yuan in the first three quarters of 2025, indicating continued growth [4][6] - The company has experienced a significant decline in net profit, from 771 million yuan in the first three quarters of 2024 to 351 million yuan in the same period of 2025, suggesting challenges in maintaining profitability despite rising sales [7] Product and Supply Chain - Hongxinyu's product lines include embedded storage, solid-state drives, DRAM, and mobile storage, with a focus on integrating into the storage product supply chain [5][6] - The company has established a strong relationship with Phison Electronics, which holds a 22.5% stake and is also a major supplier, with procurement amounts reaching 576 million yuan, 1 billion yuan, and 918 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [3][5] Cost Structure and Inventory - Raw material procurement constitutes the largest cost for Hongxinyu, with costs of 7.556 billion yuan, 6.503 billion yuan, and 5.717 billion yuan for 2023, 2024, and the first three quarters of 2025, representing 86%, 75%, and 74% of revenue [5][6] - The company's inventory has been rapidly increasing, from 2.548 billion yuan in 2023 to 5.147 billion yuan in the first three quarters of 2025, attributed to rising demand for DRAM products [6]