七年登顶 IPO闯关

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. has rapidly ascended to become the second-largest player in the global scaler industry and the largest in the ASIC scaler sector within just seven years, but faces significant financial pressures with cumulative losses of 426 million yuan over the past four years and a revenue structure heavily reliant on its top five clients, which contribute over 80% of its income [1][3][8]. Group 1: Company Overview - Founded in August 2018, Xihua Technology specializes in the research and supply of smart display chips and smart sensing control chips, with products penetrating key markets such as smart cars, smartphones, wearable devices, and robotics [3]. - The company has developed the world's first ASIC architecture scaler chip, establishing core competitiveness in key technology areas such as visual lossless compression and image quality enhancement [3]. - According to a report by Frost & Sullivan, Xihua Technology is projected to ship 37 million scaler chips in 2024, holding an 18.8% market share globally, and dominates the AI scaler segment with a 55% market share [3]. Group 2: Market Dynamics - The proliferation of edge AI devices is driving explosive demand for smart display and sensing control solutions, with the global scaler shipment volume expected to grow from 114.1 million units in 2020 to 159.5 million units in 2024, reflecting a compound annual growth rate (CAGR) of 8.7% [4]. - The automotive electronics sector, a key focus for Xihua Technology, has seen its TMCU and general MCU products achieve mass production with nine of the top ten domestic automotive OEMs [4]. Group 3: Financial Performance - From 2022 to the first nine months of 2025, Xihua Technology's revenue grew from 87 million yuan to 240 million yuan, achieving a CAGR of 67.8%, but the company has accumulated losses of 426 million yuan, indicating ongoing profitability challenges [6]. - The gross margin has fluctuated significantly, dropping from 35.7% in 2022 to 21.5% in 2023, with a slight recovery to 28.4% in 2024, before declining again to 22.1% in the first nine months of 2025 [6][7]. Group 4: Customer and Supplier Concentration Risks - The revenue concentration among the top five clients remains high, accounting for 89.9%, 78.6%, 88.8%, and 82.2% of revenue from 2022 to the first nine months of 2025, indicating a significant dependency on a limited customer base [8]. - The company has also faced challenges with supplier concentration, with over 80% of procurement coming from the top five suppliers, and a heavy reliance on foundries like SMIC and TSMC, which adds to cost pressures due to rising material and packaging costs [8]. Group 5: Strategic Initiatives - In response to its challenges, Xihua Technology has increased its customer base from 22 in 2022 to 93 in the first nine months of 2025 and established partnerships with seven major foundries and nine packaging suppliers to enhance supply chain stability [9]. - The company is focusing on core sectors, with 52% of its workforce in R&D and a total of 361 patent applications, 85% of which are invention patents, while also exploring new projects in AMOLED touch control chips and automotive electronic modules [9]. - The upcoming IPO fundraising will primarily support R&D upgrades, automotive electronic capacity building, and global market expansion, aiming to overcome growth bottlenecks through technological iteration and market expansion [9].