Core Viewpoint - Anhui Xici Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on the magnetic sensor industry, which is influenced by demand fluctuations in downstream sectors such as new energy vehicles, photovoltaics, and robotics [1][23]. Company Overview - Xici Technology is headquartered in Bengbu, Anhui Province, and has a history of over ten years [2]. - The company was founded by Dr. Wang Jianguo, who has extensive experience in the magnetic sensor industry, and has a core team that includes experts in the field [3][6]. Financial Performance - The company has experienced revenue fluctuations, with reported revenues of 666 million RMB in 2022, 594 million RMB in 2023, and projected revenues of 703 million RMB in 2024 [9][10]. - Net losses were recorded at 1.206 billion RMB in 2022 and 66.56 million RMB in 2023, with a projected net profit of 9.9 million RMB in 2024 [9][10]. - Cash and cash equivalents have significantly decreased from 314 million RMB at the end of 2024 to 177 million RMB by April 2025 [14][15]. Product and Market Position - Xici Technology specializes in magnetic sensors, including current sensors and motion sensors, with a projected revenue breakdown for 2024 showing 82.7% from current sensors and 12.5% from motion sensors [11][19]. - The global magnetic sensor market is expected to grow from 119.2 billion RMB in 2024 to 293 billion RMB by 2029, with a compound annual growth rate of 19.7% [19][21]. - Xici Technology holds a 0.6% market share in the global magnetic sensor market, ranking tenth among suppliers [21][22]. Investment and Financing - The company has completed six rounds of financing, with significant institutional investors including a national industrial investment fund that holds 15.79% of its issued shares [4][6]. - The company has faced challenges with cash flow, as indicated by a substantial decrease in cash reserves and increasing accounts receivable [14][15]. Industry Dynamics - The magnetic sensor industry is characterized by a fragmented market with over 200 suppliers globally, and Xici Technology is positioned to capitalize on growth in sectors like green energy and industrial automation [19][21]. - The company is also affected by the volatility of the semiconductor industry, which can impact its operational stability [22][23].

Company Overview - Anhui Xici Technology Co., Ltd. (referred to as "Xici Technology") has submitted its prospectus to the Hong Kong Stock Exchange on August 26, with CITIC Securities International and GF Securities (Hong Kong) as joint sponsors [1] - The company specializes in the magnetic sensor field, which is influenced by demand fluctuations in downstream industries such as new energy vehicles, photovoltaics, and robotics [2][31] - Xici Technology is currently in a development stage, facing pressure due to a significant decrease in cash reserves and a decline in product prices over recent years [2][31] Founding and Leadership - Xici Technology was founded by Dr. Wang Jianguo in February 2013, with a focus on high-end magnetic sensor research and development [5] - The core team includes Dr. Wang, Dr. Mao Sineng, and Dr. Bai Jianmin, with Dr. Mao having resigned in August 2023 [5][8] - Dr. Wang holds a Ph.D. in Physics Engineering from the University of Lisbon and has over 20 years of experience in the magnetic sensor industry [8][9] Financial Performance - The company reported revenues of RMB 666.3 million in 2022, RMB 594.2 million in 2023, and projected revenues of RMB 703.4 million in 2024 [14][16] - Net losses were recorded at RMB 1.206 billion in 2022 and RMB 66.6 million in 2023, with a projected net profit of RMB 9.9 million in 2024 [14][15] - Cash and cash equivalents significantly decreased from RMB 314.2 million at the end of 2024 to RMB 177.5 million by April 30, 2025 [22] Product and Market Position - Xici Technology's products primarily include current sensors and motion sensors, with current sensors accounting for 82.7% of revenue in 2024 [17] - The global magnetic sensor market is projected to grow from RMB 119.2 billion in 2024 to RMB 293 billion by 2029, with a compound annual growth rate (CAGR) of 19.7% [27] - Xici Technology ranks tenth among global magnetic sensor suppliers, holding a market share of 0.6% [29][30] Investment and Shareholding - The company has undergone six rounds of financing, with the Advanced Manufacturing Industry Investment Fund II being a major institutional shareholder, holding 15.79% of issued shares [6] - Dr. Wang controls approximately 25.29% of the voting rights, making him the largest single shareholder group [6] Research and Development - As of April 30, 2025, Xici Technology employed 118 R&D personnel, accounting for 14.1% of total employees, with R&D expenses representing 6.4% to 8.6% of total revenue during the reporting period [21] - The company faces credit risks related to customer payment delays and defaults, with trade receivables amounting to RMB 1.837 billion at the end of 2022 [21]