Core Viewpoint - Goer Micro, a leading player in China's MEMS sensor industry, has recently re-applied for an IPO on the Hong Kong Stock Exchange after facing challenges in its previous listing attempts, aiming to enhance its market presence and capitalize on growth opportunities [1][3]. Company Overview - Goer Micro was established in 2017 as a subsidiary of Goer Group, focusing on MEMS research and development, with its roots tracing back to 2004 [1]. - The company was spun off from Goer Group in 2019, consolidating all MEMS-related businesses under Goer Micro, which laid a solid foundation for its future IPO [1]. IPO Journey - The IPO journey has been tumultuous, with the company initially planning to list in 2020 but later abandoning its A-share listing plan in 2024 due to various challenges [1][3]. - The decision to pursue a listing on the Hong Kong Stock Exchange in 2025 marks a strategic shift aimed at overcoming previous setbacks and seeking new growth avenues [1][3]. Market Performance - Goer Micro's revenue and profit have shown significant growth in 2024 and the first quarter of 2025, indicating a recovery from past performance issues [3]. - Despite the recovery, the company's profitability metrics, such as gross margin, remain lower than those of its industry peers, primarily due to the high revenue contribution from its acoustic sensor business, which has relatively lower margins [3][5]. Competitive Landscape - The global MEMS sensor market is highly competitive, with Goer Micro facing strong rivals like Bosch, Infineon, and STMicroelectronics, necessitating continuous improvement to secure a position in the mid-to-high-end market [5]. - In the acoustic sensor sector, competition from companies like AAC Technologies and Sensirion poses additional challenges for Goer Micro [5]. Strategic Goals - By choosing to list on the Hong Kong Stock Exchange, Goer Micro aims to enhance its international influence and expand its market share globally [5]. - A critical challenge for the company remains its dependency on major clients and suppliers, which it must address to achieve business diversification and supply chain autonomy in the future [5].