芯迈半导体赴港IPO，三年累亏16亿

Core Viewpoint - ChipMight Semiconductor is attempting its second IPO on the Hong Kong Stock Exchange despite facing significant financial challenges, including three consecutive years of declining revenue and cumulative losses exceeding 1.6 billion yuan [1][3][9]. Financial Performance - ChipMight Semiconductor has not yet achieved profitability, with revenues for 2022, 2023, 2024, and the first three quarters of 2025 reported at approximately 1.688 billion yuan, 1.640 billion yuan, 1.574 billion yuan, and 1.458 billion yuan respectively, indicating a continuous decline in revenue from 2022 to 2024 [3][4]. - The company reported annual losses of 172 million yuan, 506 million yuan, 697 million yuan, and 236 million yuan for the respective years, totaling a cumulative loss of 1.611 billion yuan over three years [3][4]. Gross Margin and Cost Structure - The gross margin has been under pressure, with gross profits of 632 million yuan, 548 million yuan, 463 million yuan, and 425 million yuan for the years 2022, 2023, 2024, and the first three quarters of 2025, leading to a decline in gross margin from 37.4% in 2022 to 29.1% in 2025 [5]. - The company has a high customer concentration risk, with revenue from the top five customers accounting for 87.8%, 84.6%, 77.6%, and 66.8% in the respective years [5]. Company Background and Growth - Founded in Hangzhou, ChipMight Semiconductor specializes in power semiconductors and offers efficient power management solutions across various sectors, including automotive and consumer electronics [6]. - A pivotal moment in the company's growth was the acquisition of Silicon Mitus, Inc. in 2020 for approximately 2.5 billion yuan, which significantly enhanced its technology and market position [7]. Shareholder Composition and Market Challenges - The company boasts a prestigious shareholder lineup, including the National Integrated Circuit Industry Investment Fund II and Sequoia China, among others, but faces challenges such as ongoing losses and a highly competitive semiconductor market [8]. - Research and development expenditures have increased significantly, from 246 million yuan in 2022 to 406 million yuan in 2024, reflecting a rising R&D expense ratio from 14.6% to 25.8% [8]. IPO Context and Future Outlook - The upcoming IPO is seen as a critical opportunity for ChipMight Semiconductor to secure capital for technological upgrades amidst its financial struggles, with investor focus on whether the company can leverage its technological foundation and shareholder support to reverse its current trajectory [9].