Core Viewpoint - Yixin Communication is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for product diversification, R&D enhancement, and market expansion [1][4]. Company Overview - Founded in 2017, Yixin Communication is a leading player in the cellular communication chip sector, ranking first in China and third globally with a market share of 15.3% [2]. - The company has a strong product matrix covering low, medium, and high wireless transmission speeds, with notable market leadership in NB-IoT and Cat.1bis products [2][4]. Financial Performance - Yixin Communication has shown steady revenue growth, with projected revenues of RMB 4.1 billion in 2022, RMB 5.33 billion in 2023, and RMB 5.52 billion in 2024 [8][9]. - The company successfully turned a profit in 2024, achieving a net profit of RMB 12.4 million, with further growth expected in 2025 [8][12]. Investment and Shareholding - The company has raised a total of RMB 1.419 billion through six rounds of financing, attracting investments from notable firms such as SoftBank Vision Fund and Qiming Venture Partners [4][6]. - The largest shareholder is the founder Liu Shi, holding 16.23% of the shares, followed by Hasegawa and SoftBank Vision Fund [6]. Product Development and Market Strategy - Yixin Communication is focusing on the development of two significant 5G products: the 5G RedCap chip and the ultra-fast 5G eMBB chip, expected to launch in 2026 and 2027 respectively [12]. - The company aims to leverage its low power consumption and cost advantages while enhancing functionality for industrial IoT applications [12]. Customer Base and Risks - The company has expanded its customer base to over 40 component clients, but faces a high customer concentration risk, with 87.9% of revenue coming from the top five clients [12][14]. - Diversifying the customer base is crucial for mitigating risks associated with high dependency on a few clients [13][14].

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO with CITIC Securities as the sponsor [2]. Company Overview - Established in February 2017, Yixin Communication is a leading global provider of cellular communication chips, featuring a highly optimized engine for communication via LTE/5G networks [3]. - According to a report by Frost & Sullivan, Yixin Communication ranks first in China and third globally in the cellular communication chip industry by shipment volume. Its NB-IoT products hold the global leading position with a market share of 38.4%, while its Cat.1bis products rank second globally with a market share of 22.7% [3]. Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Yixin Communication's revenue and profit figures are as follows: - 2022: Revenue of approximately 410 million RMB, loss of 98.04 million RMB - 2023: Revenue of approximately 533 million RMB, loss of 159 million RMB - 2024: Revenue of approximately 552 million RMB, profit of 12.39 million RMB - 2025 (first half): Revenue of approximately 337 million RMB, profit of 16.85 million RMB [4]. Shareholding Structure - Before the IPO, Liu Shi directly holds about 16.23% of the company's issued shares, while other significant shareholders include Ai Gen Zhi (8.71%) and Ai Gen Ji Hui (7.85%). The largest shareholder group controls approximately 32.79% of the voting rights [6]. Board of Directors - The board of Yixin Communication consists of seven directors, including four executive directors and three independent non-executive directors. Liu Shi serves as the chairman, executive director, and general manager, responsible for overall management and strategic planning [7]. Executive Background - Liu Shi has over 20 years of experience in the technology industry and has held significant positions in companies such as Spreadtrum Communications and Marvell Technology [7][8]. Executive Compensation - In 2024, Liu Shi's total compensation is reported to be 1.957 million RMB, reflecting a 6.88% increase from 1.831 million RMB in 2023 [9].

Core Viewpoint - Yichip Communication has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor, highlighting its position as a leading provider of cellular communication chips globally [1] Group 1: Company Overview - Yichip Communication is recognized as a global leader in the cellular IoT chip market, with a product matrix that covers low, medium, and high wireless transmission speeds [1] - The company's chips are noted for their optimized balance of power consumption, performance, area, and cost (PPA), making them a cornerstone of the IoT ecosystem [1] Group 2: Market Position and Performance - According to a Frost & Sullivan report, Yichip Communication holds a leading position in the global cellular IoT chip market, with projected shipments of 26.3 million NB-IoT chips in 2024, capturing 38.4% of the global NB-IoT market [1] - The company is also a strong competitor in the Cat.1bis chip market, with expected shipments of 61.1 million units in 2024, representing 22.7% of the global market, making it the second-largest player in this segment [1]