Core Viewpoint - Wuhan Juxin Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Haitong International and CITIC Securities as joint sponsors [1][3]. Company Overview - Juxin Microelectronics is a leading provider of intelligent perception, machine vision, and imaging technology solutions, focusing on high-performance mixed-signal chips and optimized algorithms to empower smart devices [3][4]. - The company aims to enhance interaction efficiency and imaging experience across high-growth scenarios such as robotics, IoT, mobile smart devices, digital twins, and automotive electronics [3][4]. Product Development - Juxin Microelectronics has developed a comprehensive range of intelligent perception products that integrate optical sensing, smart audio, and vibration sensing technologies with proprietary algorithms [4]. - The company's solutions aim to improve human-machine interaction through low-power, low-latency, and privacy-protecting interactions [4]. Machine Vision Solutions - The company offers extensive machine vision solutions that enable smart devices to have spatial awareness and visual understanding capabilities [6]. - Key products include 3D iToF and 3D dToF image sensors, which allow users to perceive three-dimensional image information and obtain depth data [6]. Financial Performance - For the fiscal years 2022, 2023, and projected figures for 2024 and 2025, Juxin Microelectronics reported revenues of approximately CNY 127.4 million, CNY 242.0 million, and CNY 666.6 million, respectively [6][7]. - The company experienced net losses of approximately CNY 137.3 million in 2022, CNY 110.1 million in 2023, and is projected to achieve a profit of CNY 9.7 million in 2024 [6][7].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Wuhan Silicon Integrated Co., Ltd. 武漢聚芯微電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下知 悉、接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示 同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公 司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company reported strong performance in the first half of 2025, achieving revenue of 5.446 billion yuan, a year-on-year increase of 19.21%, and a net profit attributable to shareholders of 354 million yuan, up 78.65% [1] - The controller business segment continues to show robust growth, with revenue reaching 5.245 billion yuan, a 16.64% increase year-on-year, driven by new customer acquisitions and project deliveries [2] - The company is focusing on AI integration and smart sensing technologies, launching products like the "Perception Plan" body-sensing clothing, which is compatible with VR/AR applications [4] Financial Performance - The company achieved a gross margin of 19.13% in the first half of 2025, an increase of 1.66 percentage points year-on-year, attributed to optimization in customer and product structure [3] - The projected net profits for 2025-2027 are estimated at 700 million, 921.57 million, and 1.176 billion yuan, respectively, with corresponding P/E ratios of 66, 50, and 39 [5] - Revenue is expected to grow at rates of 25.85%, 28.66%, and 23.26% for the years 2023, 2024, and 2025, respectively [5] Business Segments - The revenue from household appliance smart controllers was 3.56 billion yuan, up 22.14% year-on-year, while automotive electronic controllers generated 415 million yuan, a 5.20% increase [2] - The company is expanding its market share in various segments, including smart control for electric tools and intelligent products, which also showed positive growth [2] Strategic Focus - The company is committed to enhancing its product offerings and customer base by focusing on high-value clients and improving manufacturing efficiency through supply chain collaboration [3] - Future growth will be driven by deepening its presence in three strategic areas: home appliances, electric tools, and industrial automation [4]

Group 1 - The 2024-2025 China Home Appliance Industry Brand Evaluation event was held at the IFA in Berlin, covering 11 categories of home appliances with a total of 55 brands selected [1] - The brand evaluation project, initiated in 2010, is guided by the Ministry of Industry and Information Technology and aims to support the development of domestic home appliance brands through a scientific and objective evaluation system [1] - The project has positively contributed to the high-quality development of the industry by enhancing brand value and cultivating industry benchmarks [1] Group 2 - The home appliance industry in China is experiencing significant growth opportunities due to the old-for-new policy, with a recovery trend observed over the past year [2] - Traditional categories are benefiting from policy incentives, while emerging categories are expanding and reshaping competitive structures, driven by large-scale equipment updates and consumer replacement actions [2] - Companies are focusing on technological innovation to strengthen brand foundations, increasing R&D investments in AI, smart sensing, and energy-saving technologies to enhance user experience and product reliability [2] Group 3 - Brand building is a comprehensive reflection of national competitiveness and is crucial for establishing a new development pattern in the home appliance industry [3] - The industry is committed to increasing product variety, improving quality, and creating strong brands to better align supply with market demand [3] - Chinese home appliance brands are gaining global influence through diversified strategies and technological innovation, positioning themselves as key representatives of Chinese manufacturing and creativity [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for 1H25, driven by increased production of iPhone camera modules and improved market share in iPad cameras [3]. Group 1: Financial Performance - Revenue for 1H25 reached $1.36 billion, a substantial increase of 132% year-on-year, primarily due to low base effects from previous periods and increased production of iPhone camera modules [3]. - The gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% gross margin in the peak season of 2H24, indicating an improvement in pricing pressure [3]. - The net profit for 1H25 was $67 million, representing a 320% year-on-year increase, with a net profit margin of 5.0%, up from 2.7% in 1H24, showcasing a clear recovery in profitability [3]. Group 2: Competitive Positioning - The company has a significant advantage in profit margins compared to competitors, particularly LG Innotech, whose gross margins have been declining (7.9% in 2023, 7.2% in 2024, and 5.0% in 1H25) [4]. - The company's superior product yield management and cost optimization capabilities position it favorably for future order acquisition, allowing it to maintain a competitive edge in the market [4]. Group 3: Future Outlook - In 2H25, the company is expected to benefit from the sales peak of major client Apple, with anticipated increases in product shipments [5]. - The upcoming iPhone 17 Pro series is expected to feature upgraded camera technology, which will likely enhance the company's average selling price (ASP) for long-focus products and increase the adoption of ultra-wide cameras [5]. - The company is strategically positioned for long-term growth in various sectors, including foldable iPhone camera modules by 2026, wearable devices, and robotics, leveraging its established relationship with Apple [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by more than 15% over the next 6-12 months [5]. Core Insights - The company reported a significant revenue increase of 132% year-on-year for 1H25, reaching $1.36 billion, driven by the production of iPhone camera modules and increased market share in iPad rear cameras [1]. - The gross margin for 1H25 was 11.4%, remaining stable compared to the 11.5% in the peak season of 2H24, suggesting an improvement in pricing pressure [1]. - Net profit for 1H25 surged by 320% year-on-year to $67 million, with a net profit margin of 5.0%, up from 2.7% in 1H24, indicating a clear recovery in profitability [1]. Summary by Sections Financial Performance - Revenue for 1H25 was $1.36 billion, a 132% increase year-on-year, attributed to low base effects and increased production of iPhone camera modules [1]. - The gross margin for 1H25 was 11.4%, consistent with the previous peak season, reflecting improved pricing conditions [1]. - The company’s net profit reached $67 million in 1H25, marking a 320% increase year-on-year, with a net profit margin improvement of 2.3 percentage points [1]. Competitive Positioning - The company has a significant advantage in profit margins compared to competitors like LG Innotech, whose margins have been declining, with 1H25 margins at 5.0% compared to the company's 11.4% [2]. - This margin advantage positions the company favorably for future order acquisitions, as it can maintain competitive pricing without resorting to drastic price cuts [2]. Future Outlook - The company is expected to benefit from the upcoming iPhone product launches in 2H25, with anticipated upgrades in camera specifications that could enhance average selling prices (ASP) [3]. - Long-term growth prospects include entering the foldable iPhone camera module market by 2026 and expanding into wearable technology and robotics, leveraging existing relationships with major clients like Apple [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards to $190 million, $226 million, and $343 million respectively, reflecting increased R&D investments [5]. - Despite the downward adjustments, the company is expected to continue gaining market share in the CCM sector and diversify its product offerings, supporting a positive long-term growth outlook [5].