Core Viewpoint - Wuhan Juxin Microelectronics Co., Ltd. (Juxin Micro) has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for key technology research, global sales expansion, strategic investments, and working capital [1][3]. Financial Performance - Juxin Micro reported a revenue growth of 128.7% from 2022 to 2024, with revenues of RMB 127 million, RMB 242 million, RMB 667 million, and RMB 400 million for the respective years [13]. - The company achieved a turnaround in 2024, reporting a net profit of RMB 9.734 million after recognizing deferred tax assets of RMB 40.747 million, despite previous losses [14]. - However, in the first half of 2025, Juxin Micro faced a "revenue without profit" situation, with a 53.64% revenue increase but a 37.60% decline in adjusted net profit [14]. Customer Dependency - Juxin Micro has a significant reliance on a major client, referred to as Client E, which contributed 99.73% and 97.13% of the company's direct sales revenue in 2022 and 2023, respectively [2][19]. - The top five clients accounted for 99.7%, 90.5%, 78.3%, and 81.7% of total revenue during the reporting period, indicating a high customer concentration risk [19]. Funding and Valuation - Since its establishment, Juxin Micro has completed 10 rounds of financing, raising over RMB 1.1 billion, with notable investors including Xiaomi, OPPO, and ByteDance [3]. - As of June 2025, the post-investment valuation of the company was approximately RMB 5.31 billion [3]. Governance and Management - The board of directors consists of nine members, including four executive directors and three independent directors, with Liu Deheng serving as the chairman and CEO [10][8]. - The compensation for the board members varied, with Liu Deheng's remuneration significantly higher than that of other directors [10][12]. Profitability Challenges - Juxin Micro's gross margin has been declining, with rates of 27.6%, 23.6%, 23.4%, and 23.3% over the reporting period [16]. - The majority of revenue comes from smart sensing products, which have seen a decline in gross margin from 25.8% to 22.8% [17][16].

Core Viewpoint - Wuhan Juxin Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its expertise in intelligent perception, machine vision, and imaging technology solutions to enhance smart devices [2]. Financial Performance - The company reported revenues of RMB 127.448 million, RMB 242.048 million, and projected revenues of RMB 666.580 million for the years 2022, 2023, and 2024 respectively, with a projected revenue of RMB 400.233 million for the first half of 2025 [3]. - The gross profit for the same periods was RMB 35.127 million, RMB 57.026 million, and projected RMB 156.227 million, with a gross profit of RMB 93.414 million for the first half of 2025 [3]. - The company incurred losses before tax of RMB 137.334 million in 2022, RMB 110.130 million in 2023, but is projected to achieve a profit of RMB 9.734 million in 2024 and RMB 20.717 million in the first half of 2025 [3]. Shareholding Structure - Liu Deheng holds a 20.56% stake in the company, while Juxin Microelectronics and other incentive platforms collectively hold 21.38%, giving Liu a total control of 41.94% of the shares [4][5]. - The shareholding structure includes various entities, with Juxin Microelectronics holding 10.08%, and other platforms holding smaller percentages [4]. Leadership Background - Liu Deheng, the founder and CEO, has extensive experience in the semiconductor industry, having worked at ASML and NXP Semiconductors prior to establishing the company in January 2016 [5][6]. - Liu holds a Bachelor's degree in Electrical Information Engineering from Huazhong University of Science and Technology and a Master's degree in Electrical Engineering from Delft University of Technology [6].