Core Viewpoint - Goer Microelectronics has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant step in its strategy to transition from A-share to H-share listing, aiming to capitalize on opportunities in the smart terminal market and strengthen its position in the smart sensing interaction solutions industry [1][3]. Group 1: Company Overview - Goer Micro is a subsidiary of Goer Group, a leader in the electroacoustic industry, and specializes in smart sensing interaction solutions, particularly in acoustic sensors [1][4]. - The company has developed the UniSense platform, which integrates full-stack technical capabilities across various domains, enabling it to provide optimized smart sensing solutions based on customer needs [4]. Group 2: Market Position and Performance - As of 2024, Goer Micro is the largest smart sensing interaction solutions provider in China and the fifth largest globally, with a cumulative sensor shipment exceeding 5 billion units and a market share of approximately 4.3% [5][10]. - The company has maintained a strong revenue growth trajectory, with a compound annual growth rate (CAGR) of about 20.55% from 2022 to 2024, achieving revenues of 31.21 billion RMB, 30.01 billion RMB, and 45.36 billion RMB in those years [10][12]. Group 3: Revenue Breakdown - Sensors are the primary revenue source for Goer Micro, contributing 81.4%, 69.7%, 78.5%, and 80.8% of total revenue in 2022, 2023, 2024, and Q1 2025, respectively [6][10]. - The company is the leading provider of acoustic sensors globally, with a market share of approximately 43.0%, and has generated significant revenue from this segment [8][9]. Group 4: Client Relationships and Retention - Goer Micro has established stable relationships with major clients, with revenue from the top five clients accounting for 75.5%, 74.3%, 79.7%, and 80.5% of total revenue in the respective years [14][16]. - The company has a high client retention rate, with figures of 94%, 154%, 128%, and 146% across the reporting periods, indicating strong customer loyalty [16]. Group 5: Research and Development - Goer Micro has invested significantly in R&D, with expenditures of 2.59 billion RMB, 2.64 billion RMB, 3.26 billion RMB, and 674.31 million RMB over the reporting periods, totaling over 9 billion RMB [17][18]. - The company holds 1,825 patents, including 738 invention patents, making it the company with the most patents in the smart sensing interaction solutions industry in China [19]. Group 6: Future Outlook - The IPO in Hong Kong is expected to enhance Goer Micro's global customer coverage and service network, facilitating the integration of its UniSense platform with global industry partners and increasing its brand influence [19].

Core Viewpoint - The strategic dual approach of GoerTek Inc. is highlighted through its significant acquisition and subsidiary listing efforts, aiming to enhance its competitiveness in the precision structural components sector [2][3]. Acquisition Details - GoerTek plans to acquire 100% equity of two wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (RMB 9.5 billion) [2][3]. - The two target companies, Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd., have a combined unaudited revenue of HKD 9.11 billion for 2024, indicating substantial business scale [3]. Financial Performance - In 2024, GoerTek's precision component products generated revenue of RMB 15.05 billion, a year-on-year increase of 15.85%, with a gross margin of 21.51% [4]. - The total revenue for GoerTek in 2024 reached approximately RMB 100.95 billion, reflecting a 2.41% increase from 2023 [5]. Business Segmentation - The revenue breakdown for 2024 shows that electronic components accounted for 97.61% of total revenue, while precision components contributed 14.90% [5]. - The company’s revenue from domestic sales increased by 30.63% year-on-year, while overseas sales remained relatively stable with a slight increase of 0.20% [5]. Market Position and Challenges - GoerTek has been significantly tied to Apple’s supply chain, which has driven its rapid growth since 2010, but also poses risks due to over-reliance on a single client [6][7]. - The company is undergoing a transformation to diversify its business, which now includes precision components, smart acoustic devices, and smart hardware [6]. Subsidiary Listing Efforts - GoerTek's subsidiary, GoerTek Microelectronics, has submitted a second listing application to the Hong Kong Stock Exchange, aiming to raise funds for its operations [8]. - The subsidiary has faced challenges in its previous IPO attempts, including a withdrawal of its application in May 2024 after two and a half years of efforts [9]. Competitive Landscape - GoerTek Microelectronics is positioned as the fifth largest globally and the largest in China in the smart sensor interaction solutions market, but it faces intense competition [11]. - The company’s revenue from its top five clients has shown increasing concentration, with Apple being the largest contributor, indicating a potential vulnerability [13].

Group 1 - The core viewpoint of the articles is that companies in the consumer electronics supply chain, including Goer Microelectronics, are increasingly pursuing listings in Hong Kong to enhance their global presence and competitiveness amid complex global trade dynamics and rising local service demands [1][13] - Goer Microelectronics has submitted its listing application to the Hong Kong Stock Exchange for the second time this year, with several major financial institutions acting as joint sponsors [1][2] - The company is recognized as the fifth largest provider of intelligent sensing interaction solutions globally, with a market share of 2.2%, and the largest provider in China [2][3] Group 2 - Goer Microelectronics focuses on sensor technology, particularly acoustic sensors, and has developed a comprehensive platform called UniSense for integrated technology capabilities [2][3] - The company has experienced revenue fluctuations, with reported revenues of approximately 3.12 billion RMB in 2022, 3.00 billion RMB in 2023, and projected revenues of 4.54 billion RMB in 2024 [4][6] - The sensor business is the primary revenue source, contributing 81.4% of total revenue in 2022, 69.7% in 2023, and 78.5% in 2024 [4][5] Group 3 - The company has a high dependency on major clients, with the top five clients accounting for 75.5% of total revenue in 2022, and the largest client (presumably Apple) contributing 56.1% of revenue [6][8] - Goer Microelectronics has a strong cash reserve of 2.4 billion RMB as of May 31, 2025, and a low level of liabilities, with current liabilities totaling 1.36 billion RMB [7][8] - The global market for intelligent sensing interaction solutions reached 186 billion RMB in 2023 and is expected to grow at a compound annual growth rate of 9.6% to 151.7 billion RMB by 2028 [10][12] Group 4 - The competitive landscape for intelligent sensing interaction solutions is intense, with Goer Microelectronics ranked as the eighth largest globally and facing competition from established players in the US, Europe, Japan, and South Korea [12][13] - The company plans to continue developing high-performance sensors and expand its solution offerings to maintain its competitive edge in consumer electronics while exploring new applications in automotive electronics, smart homes, and healthcare [13]

Core Viewpoint - Goer Microelectronics Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, marking its second attempt after a previous application lapsed in January 2025 [1][6]. Company Overview - Goer Microelectronics is a provider of intelligent sensing interaction solutions, with products including sensors, SiP, and interaction modules used in various fields such as mobile phones, headphones, VR/AR, automotive, and smart home applications [3]. - The company has developed the UniSense platform, which encompasses all key aspects of the industry value chain, including material research, chip design, packaging testing, algorithm software development, and system design [3]. - As of March 31, 2025, Goer Microelectronics offers over 400 solutions across approximately 30 smart terminal types, making it the provider with the most comprehensive intelligent sensing interaction solutions in China, serving 126 direct clients [3]. Financial Performance - In the fiscal years 2022, 2023, and 2024, Goer Microelectronics reported revenues of RMB 3.121 billion, RMB 3.101 billion, and RMB 4.536 billion, respectively, with corresponding net profits of RMB 326 million, RMB 289 million, and RMB 309 million [3]. - For the first quarter of 2025, the company achieved revenue of RMB 1.12 billion, a 54% increase from RMB 726 million in the same period the previous year, with a gross profit of RMB 230 million compared to RMB 161 million year-on-year [3]. Company History and Valuation - Established in October 2017, Goer Microelectronics is the sole subsidiary of Goer Group focused on microelectronics, with a registered capital of RMB 612.44 million [5]. - According to the 2025 Global Unicorn List, the company is valued at RMB 20.5 billion, making it the highest-valued unicorn in Shandong province, despite a decline from 2024 [5]. - The company's history dates back to 2004 when it began MEMS research as a department of Goer Group, later becoming an independent entity in 2017 [5]. Listing Attempts - Goer Microelectronics initially planned to list on the Shenzhen Stock Exchange's ChiNext in 2020, but the application was withdrawn due to the COVID-19 pandemic [5]. - In 2024, the company announced its intention to list on the Hong Kong Stock Exchange, aiming to enhance its international presence and capital operations [6]. - After a failed application in January 2025, the company resubmitted its listing application on July 21, 2025, with the same underwriting team [6].

Core Viewpoint - Goer Microelectronics, a subsidiary of Goer Co., has submitted a second application for listing on the Hong Kong Stock Exchange after its previous application expired in January 2025 [2] Company Background - Goer Micro was established in 2004 as a business unit of Goer Co. focusing on MEMS research and development [3] - The company achieved mass production of its first acoustic sensor in 2009 and began developing sensor interaction modules [4] - In 2014, it started developing MEMS pressure sensors, achieving mass production by 2016 [5] - Goer Micro became an independent entity in 2017, focusing on SiP development, with mass production starting in 2021 [6] Financial Performance - In Q1 2024 and Q1 2025, Goer Micro reported revenues of 4.536 billion and 1.120 billion RMB, respectively, which are approximately 4.49% and 6.87% of Goer Co.'s revenues during the same periods [6] - Goer Co. contributed 346 million and 57.4 million RMB to Goer Micro's revenues in Q1 2024 and Q1 2025, representing 7.6% and 5.1% of Goer Micro's total revenue [6] Business Operations - Goer Micro provides comprehensive smart sensing interaction solutions, including sensors, SiP, and sensing interaction modules [8] - The company has internal design capabilities for MEMS and ASIC chips and outsources wafer manufacturing to third-party manufacturers [10][15] - Goer Micro's production capacity is approximately 2.4 billion units annually, with an 88.8% utilization rate as of March 2025 [14] Market Position - In 2024, Goer Micro ranked fifth globally in the smart sensing interaction solutions market with a market share of 2.2% [13] - The company ranked first in the acoustic sensor revenue segment with a market share of 43.0% [13] Growth Potential - The demand for Goer Micro's sensors and related solutions is expected to grow due to advancements in smart electronics, smart homes, smart cars, and AI [14] - The company aims to expand its business scope and market share through its upcoming IPO and strategic investments [12] Profitability - Goer Micro's gross margins for 2024 and Q1 2025 were 18.98% and 20.58%, respectively, indicating higher profitability compared to Goer Co.'s margins of 11.09% and 12.41% during the same periods [17]

Company Dynamics - The Hong Kong Stock Exchange disclosed that GoerTek Inc. has submitted a listing application to the main board, marking the company's second attempt to list in Hong Kong, with CICC, CITIC International, China Merchants Bank International, and UBS serving as joint sponsors [2] Company Background - GoerTek Inc. originated from a department of Goer Group listed on A-shares, which became independent in 2017, focusing on MEMS research and development [3] - The company is a provider of intelligent sensing interaction solutions, specializing in acoustic sensors for various sectors including consumer electronics, automotive electronics, smart home, industrial applications, and healthcare [3] - GoerTek is the fifth largest intelligent sensing interaction solution provider globally, with a market share of 2.2% as of 2024, and is the largest in China [3] - The company has shipped over 5 billion sensors and offers more than 400 types of solutions, widely used in around 30 smart terminal applications [3] R&D and Innovation - GoerTek has established a chip research institute and an advanced packaging technology R&D center, employing 753 experienced R&D personnel [4] - The company has incurred R&D expenses of approximately RMB 259 million, RMB 264 million, RMB 326 million, RMB 60 million, and RMB 67 million for the years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [4] - GoerTek holds 1,825 patents, including 738 invention patents, making it the company with the most patents in China's intelligent sensing interaction solution industry [4] Financial Performance - From 2022 to 2024, GoerTek reported revenues of approximately RMB 3.121 billion, RMB 3.001 billion, and RMB 4.536 billion, with net profits of about RMB 326 million, RMB 289 million, and RMB 309 million for the same years [4] - For the three months ending March 31, 2025, the company achieved a revenue of RMB 1.120 billion [4]

Core Viewpoint - Goer Microelectronics is pursuing an IPO in Hong Kong, revealing significant financial data and business information, including a 54.4% year-on-year revenue growth in Q1 2025, contrasted by a 43.6% decline in net profit, indicating underlying operational challenges and risks that warrant investor scrutiny [1]. Business Model - The company operates a platform-based business model that integrates material research, chip design, and algorithm software development, enabling diverse solutions that meet customer needs through its UniSense full-stack capabilities [2]. Product Solutions - Goer Microelectronics offers a variety of solutions, including sensors (acoustic, pressure, inertial), SiP (TWS SiP, touch SiP), and sensor interaction modules, which are highly customizable to meet the diverse and miniaturized demands of smart terminals [3]. Financial Data - Revenue Growth: In Q1 2025, the company achieved a revenue of 1.1 billion RMB, reflecting a 54.4% year-on-year increase, showcasing strong business expansion capabilities [4]. - Net Profit Decline: The net profit for Q1 2025 was 230.5 million RMB, down 43.6% year-on-year, indicating potential issues in cost control, product pricing, or market competition [5]. Profitability Indicators - Gross Margin: Although specific gross margin data is not disclosed, the disparity between revenue and net profit suggests significant cost impacts on gross margin [6]. - Net Margin: The substantial drop in net margin in Q1 2025 may be linked to increased expenses, such as R&D and marketing costs, affecting overall profitability [7]. Revenue Composition - Sensor Business Dominance: The sensor business is the primary revenue source, consistently contributing over 69% of total revenue from 2022 to 2025, with acoustic sensors being the largest segment [9]. - SiP and Sensor Interaction Modules: SiP revenue fluctuates between 15% and 25%, while sensor interaction modules, though smaller, show growth, indicating efforts in business diversification [10]. Financial Challenges - Profitability Pressure: The significant decline in net profit represents a major financial challenge, necessitating strategies to enhance profitability and optimize cost structures [12]. - Cost Control Issues: Despite revenue growth, ineffective cost management has led to profit declines, highlighting the need for improved supply chain management and production efficiency [13]. Industry Comparison - Competitive Position: Goer Microelectronics ranks as the fifth largest global provider of smart sensor interaction solutions and the largest in China, indicating a competitive edge, though further analysis is needed to assess its standing against peers in profitability metrics [14]. Customer and Supplier Dynamics - Customer Concentration: The company serves 126 direct customers, including major smartphone manufacturers, raising concerns about revenue dependency on a few key clients [15]. - Supplier Concentration: High supplier concentration may pose risks related to material supply stability and procurement pricing, impacting operational continuity [16]. Management and Governance - Shareholder Structure: Understanding the ownership structure and major shareholders is crucial for assessing control stability and potential conflicts [17]. - Management Experience: The qualifications and incentives of the management team are vital for strategic decision-making and operational effectiveness [18][19].

Core Viewpoint - Goer Microelectronics has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with several financial institutions acting as joint sponsors [1] Company Overview - Goer Microelectronics is a provider of intelligent sensing interaction solutions, focusing on acoustic sensors and covering various sectors including consumer electronics, automotive electronics, smart home, industrial applications, and healthcare [3][4] - The company has developed a comprehensive technology platform called UniSense, which integrates material research, chip design, packaging testing, algorithm software development, and system design to deliver high-performance solutions at optimal costs [3] - As of 2024, Goer Microelectronics ranks as the fifth largest intelligent sensing interaction solution provider globally, holding a market share of 2.2%, and is the largest in China [3] Market Position - Goer Microelectronics is the fourth largest sensor provider globally with a market share of 4.3%, and the largest acoustic sensor provider with a market share of 43.0% [4] - The company offers over 400 types of solutions, widely used in approximately 30 types of smart terminals, including smartphones, smart headphones, VR/AR devices, smart cars, and smart homes [4] - The company has served 126 direct customers globally, including the top nine smartphone manufacturers by shipment volume as of 2024 [4] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, the company reported revenues of approximately 3.12 billion, 3.00 billion, and 4.54 billion RMB respectively, with net profits of approximately 326 million, 289 million, and 309 million RMB [6][7] - For the three months ending March 31, 2024, and 2025, the company achieved revenues of approximately 726 million and 1.12 billion RMB, with net profits of approximately 75 million and 116 million RMB respectively [6][7]