Core Viewpoint - The company, Jiewate (688141), announced its intention to acquire a total of 66.25% equity in New Port Coast (Beijing) Technology Co., Ltd. for a total consideration of 418 million yuan, enhancing its stake in the high-speed mixed-signal IC design sector [1] Group 1 - Jiewate plans to acquire 20% of New Port Coast for 126 million yuan, resulting in a total ownership of 35.3677% post-transaction [1] - New Port Coast specializes in high-speed mixed-signal IC design, including clock chips, high-speed interface chips, and automotive chips, which will complement Jiewate's product matrix in signal chain products [1] - The transaction reflects a strategic move to strengthen Jiewate's capabilities in the semiconductor industry through the acquisition of complementary technology [1]

Core Viewpoint - Jiewa Microelectronics Co., Ltd. (referred to as "Jiewa") has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to become an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in December 2022 [1][3]. Company Overview - Jiewa is a virtual IDM model semiconductor design company focused on the research and development of analog integrated circuits, with a registered capital of approximately 447 million yuan [3]. - The company was established in March 2013 and is located in Hangzhou, Zhejiang Province [3]. Financial Performance - Jiewa's revenue for the years 2022, 2023, and 2024 was approximately 1.448 billion yuan, 1.297 billion yuan, and 1.679 billion yuan, respectively, with gross profits of 557 million yuan, 153 million yuan, and 254 million yuan [5][6]. - The company reported net losses of approximately 136 million yuan in 2022, 533 million yuan in 2023, and 611 million yuan in 2024 [5][7]. Product Portfolio - Jiewa's product offerings primarily include power management integrated circuits and signal chain integrated circuits, with around 2,200 models available for sale as of December 31, 2024 [4][8]. - Revenue from power management integrated circuits accounted for approximately 95.5%, 98.5%, and 98.0% of total revenue in 2022, 2023, and 2024, respectively [8]. Sales and Cost Analysis - The total sales volume for Jiewa was approximately 3.387 billion units in 2022, 4.275 billion units in 2023, and 5.784 billion units in 2024, indicating a significant increase in sales volume [9]. - Despite the increase in sales volume, revenue growth was limited, with a 10.4% decrease in 2023 attributed to a decline in average selling prices across all product categories [9][10]. - The company's costs increased significantly, with costs of approximately 891 million yuan, 1.144 billion yuan, and 1.425 billion yuan for the respective years, reflecting increases of 28.3% and 24.6% in 2023 and 2024 [9].