孙正义看好的复旦校友，8年干出中国第一，即将IPO

Core Viewpoint - Shanghai Eigencomm Communication Technology Co., Ltd. (Eigencomm) has submitted its application for a public listing on the Hong Kong Stock Exchange, showcasing its growth in the cellular IoT chip market and its transition from losses to profitability [2][3]. Company Overview - Eigencomm was founded in 2017 by Liu Shi and his core team, primarily from Marvell, and is one of the few manufacturers with full-stack self-research capabilities in cellular communication chips [2][3]. - The company has captured a global market share of 38.4% in the NB-IoT chip market, ranking first globally, and holds a 22.7% share in the Cat.1bis chip market, ranking second [3][20]. Financial Performance - Eigencomm transitioned from a loss of nearly 100 million yuan in 2022 to a profit of 12.395 million yuan in 2024, marking a significant turnaround [3][22]. - In the first half of 2025, the company achieved revenue of 337.162 million yuan, a year-on-year increase of 13%, and a net profit of 16.853 million yuan, up 5% [22][23]. Funding and Investment - Eigencomm has raised over 1.4 billion yuan through six rounds of financing, with notable investors including SoftBank Vision Fund and Qiming Venture Partners [3][4]. - The latest funding round in January 2022 raised 920 million yuan, led by SoftBank Vision Fund, setting a record for financing in the IoT chip sector at that time [3][4]. Product Development and Market Strategy - The company focuses on the "narrow and deep" market of cellular IoT chips, specifically NB-IoT and Cat.1bis technologies, which are designed for low-power wide-area network applications [14][15]. - Eigencomm's first NB-IoT chip, EC616, was mass-produced in June 2019, achieving significant reductions in power consumption and component count [14][15]. Competitive Landscape - The global cellular communication chip market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 13.6% from 2020 to 2024 [25]. - Eigencomm faces intense competition from domestic players like Unisoc and ASR Microelectronics, as well as global giants like Qualcomm, particularly in emerging markets [27][28]. Challenges - The company has a high customer concentration, with the top five customers contributing 87.9% of its revenue in the first half of 2025, making it sensitive to market fluctuations [28]. - Eigencomm operates on a fabless model, outsourcing production, which exposes it to supply chain risks, especially in a volatile semiconductor market [29]. Future Outlook - Eigencomm plans to use the funds raised from its IPO to enhance its product portfolio, expand downstream applications, strengthen R&D capabilities, and pursue brand building and overseas market expansion [32]. - The company is also exploring new technologies, including 5G RedCap and eMBB chips, and aims to enter the satellite communication sector [32].