清华学霸创办的芯片小巨人要IPO了，夫妻控股超65%，4年累亏4亿

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, despite reporting a loss of 426 million yuan over less than four years, with over 80% of its revenue coming from its top five clients [1][10]. Group 1: Company Overview - Founded in August 2018, Xihua Technology is recognized as a national key "little giant" enterprise, primarily providing smart display chips and smart sensing control chips for markets including smart cars, mobile phones, wearable devices, and robotics [1]. - The company has developed the world's first ASIC architecture AIScaler, which has become a leading product globally, with an expected shipment of approximately 37 million units in 2024 [3]. Group 2: Financial Performance - From 2022 to the first nine months of 2025, Xihua Technology reported cumulative losses of 426 million yuan, with annual losses of 129 million yuan in 2022, 153 million yuan in 2023, and 80.82 million yuan in 2024 [10]. - The overall gross margin decreased from 35.7% in 2022 to 21.5% in 2023, rebounding to 28.4% in 2024, but falling again to 22.1% in the first nine months of 2025 [10]. Group 3: Revenue Breakdown - In the revenue breakdown, smart display chips and solutions accounted for over 85% of total revenue from 2022 to the first nine months of 2025, while the revenue from smart sensing control chips grew from 1.9% in 2022 to 14.4% in the first nine months of 2025 [7][8]. Group 4: Market Position and Competition - In 2024, Xihua Technology ranked second in the global scaler market and first in the ASIC scaler market, with a shipment volume accounting for 18.8% of the market share [10]. - The global scaler market is highly concentrated, with the top five suppliers holding approximately 70.8% of the market share [10]. Group 5: Supply Chain and Client Dependency - Xihua Technology has a high dependency on its suppliers, with the top five suppliers accounting for 81.8% to 76.6% of total procurement from 2022 to the first nine months of 2025 [11]. - The company also relies heavily on its top five clients for revenue, which constituted 89.9% to 82.2% of total revenue during the same period [11]. Group 6: Future Outlook - Xihua Technology is working to diversify its customer base and expand its procurement network to reduce reliance on a few suppliers and clients, aiming to enhance its bargaining power and improve production efficiency [12]. - The company is positioned in a rapidly growing sector of edge AI, indicating potential for future growth despite current challenges [12][13].