Core Viewpoint - Goer Micro, a provider of intelligent sensing and interaction solutions, has received approval for its IPO application on the Hong Kong Stock Exchange, highlighting its growth and market position in the sensor industry [2][32]. Group 1: Company Overview - Goer Micro was established in October 2017 and is headquartered in Qingdao, Shandong. The company specializes in sensors, SiP (System in Package), and sensing interaction modules, particularly focusing on acoustic sensors [5][10]. - In 2024, Goer Micro's revenue is projected to exceed 4.5 billion RMB, making it the largest intelligent sensing interaction solution provider in China and the fourth largest globally [5][10]. - The company has shipped over 5 billion sensors and serves 126 direct customers, including the top nine smartphone manufacturers [8][10]. Group 2: Financial Performance - Goer Micro's revenue for 2022, 2023, and 2024 was 3.12 billion RMB, 3.00 billion RMB, and 4.54 billion RMB, respectively, with net profits of 326 million RMB, 289 million RMB, and 309 million RMB [10][12]. - The company's gross margins for the years 2022 to 2024 were 18.5%, 17.2%, and 19.0%, respectively, indicating a positive trend in profitability [12]. - Revenue from sensors accounted for 81.4% of total revenue in 2022, decreasing to 69.7% in 2023, but rebounding to 78.5% in 2024 [14]. Group 3: Market Position and Clients - Goer Micro's major clients include Xiaomi, Samsung, and Goer Group, with revenue from the top five clients constituting approximately 75.5% to 80.5% of total revenue over the past few years [21][22]. - The company has maintained a long-term strategic relationship with a leading American multinational technology company, which has significantly contributed to its revenue [21][22]. Group 4: Research and Development - As of March 2025, Goer Micro employs 753 R&D personnel, with an average industry experience of over 10 years, and holds 1,825 patents, including 738 invention patents [19]. - The company plans to continue developing high-performance sensors and expand its range of solutions to maintain its competitive edge in the consumer electronics sector [39]. Group 5: Supply Chain and Costs - The primary cost of Goer Micro's intelligent sensing interaction solutions is materials, with chips accounting for approximately 40% to 48% of total costs [25]. - The company has established long-term strategic partnerships with key suppliers, ensuring the sustainability of its supply chain [31].

Core Viewpoint - Over 80 A-share listed companies have pursued A+H dual listings this year, with notable companies like Goer Microelectronics planning to list in Hong Kong [1][29] Company Overview - Goer Microelectronics, a spin-off from Goer Group, focuses on the sensor field and was established in 2017, with its headquarters in Qingdao, Shandong Province [3][4][5] - The company has a history dating back to 2004, initially as a business unit of Goer Group, specializing in MEMS research and development [4] - As of July 11, 2025, Goer Group holds an 83.40% stake in Goer Microelectronics [7] Financial Performance - Goer Microelectronics reported revenues of 3.121 billion RMB in 2022, 3.001 billion RMB in 2023, and projected 4.536 billion RMB in 2024, with a net profit of 325 million RMB in 2022 and 289 million RMB in 2023 [12][13] - The company's revenue from sensor business accounted for 78.5% in 2024, with acoustic sensors making up 74.1% of that [14] - The gross profit margin for the company was 18.5% in 2022, 17.2% in 2023, and is projected to be 19.0% in 2024 [16] Market Position - Goer Microelectronics is the fifth largest global provider of smart sensing interactive solutions, holding a market share of 2.2% [28] - The company heavily relies on major clients, with over 75% of its revenue coming from the top five customers, including Apple, which accounted for over 55% of revenue in most years [18][28] Industry Context - The sensor industry is significantly influenced by the cyclical nature of consumer electronics demand, with a projected rebound in 2024 after a decline in 2022 and 2023 due to pandemic and inflation impacts [24] - The global smart terminal market is expected to grow from 3.232 billion units in 2024 to 4.23 billion units by 2029, driven by applications in smart consumer electronics and smart homes [23] - The competitive landscape includes established players from the US, Europe, Japan, and South Korea, with the top ten providers accounting for 41.6% of the market share [27]

Core Viewpoint - The "Bay Area T Stage: Longgang New Show" summer launch event showcased innovative technologies and products, emphasizing the integration of AI and advanced materials into everyday life, supported by government initiatives to promote new technologies and services [1][2]. Group 1: Event Highlights - The event featured a theme of "AI in Summer," with demonstrations of AI translation glasses capable of real-time translation in 30 languages, wearable screens that transform advertising into art, and high-quality open AI headphones [1]. - A significant highlight was the unveiling of three global firsts, including the self-developed large model inference chip "Deep Sky X6000 Mesh Accelerator Card" by Cloud Sky Technology, which supports the rapid application of large models [2]. - The event also introduced the world's largest optical multi-dimensional force sensor "Photon Finger Max," enhancing robotic capabilities from delicate tasks to heavy lifting [2]. Group 2: Government Support and Future Plans - The launch event was rooted in Longgang District's new policy to promote the application of new technologies, products, and services, aimed at accelerating the transition of hard technology from labs to everyday life [2]. - The government support significantly reduced promotional costs for companies, allowing for a zero-cost global launch of new products, which was previously costly [2]. - Future "Bay Area T Stage" events will be held quarterly, continuing to empower innovation in the district [3].

Group 1 - UBTECH announced its fifth equity financing since its IPO, aiming to raise approximately HKD 24.73 billion by issuing about 30.16 million new H-shares at HKD 82.00 per share, which is a discount of about 9.14% from the closing price on July 21, 2025 [1] - The total amount raised by UBTECH, including the IPO, has reached HKD 55.82 billion, corresponding to approximately 13.85% of the company's total share capital post-financing [1] Group 2 - GoerTek submitted a prospectus to the Hong Kong Stock Exchange for its subsidiary, GoerTek Microelectronics, aiming for a listing on the main board, marking its second attempt after a previous application lapsed on January 20, 2025 [2] - GoerTek Microelectronics holds a 4.3% market share in the global sensor market, ranking fourth, and a 43.0% share in the acoustic sensor market, ranking first [2] Group 3 - Xiechuang Data announced plans for an IPO in Hong Kong to enhance its international strategy and overseas financing capabilities, focusing on IoT smart terminals and data storage devices [3] - The company, which was listed on the Shenzhen Stock Exchange in July 2020, currently has a market capitalization of approximately RMB 27.51 billion [3] Group 4 - Dongyang Sunshine Pharmaceutical's absorption merger plan was approved with over 99% support at a shareholder meeting, marking a significant step in its listing process, with plans to officially list on August 7 [4] - This merger represents the first case of an H-share absorption merger and privatization listing on the Hong Kong Stock Exchange, avoiding new share issuance while achieving asset integration [4] Group 5 - The Hang Seng Index closed at 25,130.03, with a gain of 0.54% on July 22 [5] - The Hang Seng Tech Index and the National Enterprises Index also saw increases of 0.38% and 0.39%, closing at 5,606.83 and 9,075.60 respectively [5]

Core Viewpoint - Goer Microelectronics, a leading smart sensor interaction solution provider in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to accelerate its global expansion despite facing significant market challenges and competition [1] Group 1: Market Position and Financial Performance - Goer Microelectronics holds a 43% market share in the global acoustic sensor market, with annual revenue exceeding 4.536 billion RMB [1] - The company has shipped over 5 billion sensors and serves nine of the top global smartphone manufacturers, indicating a strong presence in the consumer electronics sector [1] - Revenue from the top five customers accounted for 80.5% of total revenue in Q1 2025, highlighting a significant dependency on a few key clients [2] Group 2: Customer and Supplier Dependency - The company’s revenue from its top five customers was 23.56 billion RMB in 2022, decreasing to 22.30 billion RMB in 2023, but projected to rise to 36.15 billion RMB in 2024 [2] - Goer Microelectronics has a long-term strategic partnership with a single supplier for MEMS microphone chips, which accounted for over 50% of its total procurement from 2022 to 2025 [4] - The reliance on a limited number of customers and suppliers poses risks to the company's revenue stability and supply chain continuity [4] Group 3: Competitive Landscape and Global Market Share - Despite being the fifth largest provider in the global smart sensor interaction market with a market share of only 2.2%, Goer Microelectronics is the leading provider in the acoustic sensor segment [6][7] - The company faces intense competition from international giants like Bosch and STMicroelectronics, particularly in automotive and industrial applications [7] - The company’s business structure is heavily reliant on the consumer electronics market, which may not support long-term valuation amid declining smartphone shipments [2][7] Group 4: Geopolitical and Operational Risks - Geopolitical risks, particularly U.S. restrictions on the Chinese semiconductor industry, could impact the company's supply chain and operational capabilities [5] - The company has not yet achieved substantial breakthroughs in self-sufficiency for key chips, with a significant portion of its R&D focused on packaging technology [5] - The rising administrative costs and declining profit margins indicate challenges in maintaining operational efficiency amid expansion efforts [9]

Core Viewpoint - Goer Microelectronics has re-applied for listing on the Hong Kong Stock Exchange, reflecting the company's strategic ambitions and expectations after a previously withdrawn IPO application in A-shares [1][2]. Group 1: Listing Journey - Goer Micro's journey began in November 2020 when its parent company announced plans for a spin-off listing. The company received approval for its IPO in December 2021 and passed the listing committee meeting in October 2022, but did not submit the registration until it withdrew its application in May 2024 [1][2]. - The company re-applied for listing on July 21, 2025, with several financial institutions acting as joint sponsors, indicating a strong commitment to pursue a listing in Hong Kong [1][2]. Group 2: Market Position and Performance - Goer Micro is a leading player in the global MEMS market, ranking among the top ten MEMS manufacturers from 2018 to 2021, and is the only Chinese company in this category. In 2020, it achieved a 32% market share in MEMS acoustic sensors, surpassing its competitors [3]. - The sensor business is a core pillar for Goer Micro, with revenues of 2.541 billion yuan, 2.092 billion yuan, and 2.515 billion yuan for the years 2022, 2023, and the first nine months of 2024, respectively. In the first nine months of 2024, sensor revenue accounted for 77% of total revenue [3]. - Goer Micro has maintained a consistent R&D investment of around 8%, supporting technological innovation and product upgrades to meet the increasing demands of AI terminal devices [3]. - The cumulative shipment of sensors by Goer Micro has exceeded 5 billion units, and it is the fourth largest sensor provider globally with a market share of 4.3%, while holding the title of the largest acoustic sensor provider with a market share of 43.0% [3].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [6]. Core Views - The company is actively embracing lightweight trends in automotive electronics, focusing on high integration products and the potential release of capacity from its Thailand factory [1]. - The company has successfully entered the T-chain for lightweight components, enhancing the value per vehicle through innovative materials and technologies [2]. - The company is strategically positioning itself in the robotics sector, with a focus on collaboration within the humanoid robotics supply chain [3]. Summary by Sections Automotive Electronics - The company has developed precision molds and complex injection molding technologies, successfully creating customized IGBT functional modules that integrate over 160 metal components into traditional plastics, with fully automated production [1]. - The focus is on developing highly integrated electronic products for new energy vehicles and smart connectivity, with existing products like electronic water pumps already serving both domestic and international markets [1]. - The Thailand production base is expected to commence operations in the first half of 2025, which will enhance the company's overseas production capacity [1]. Lightweight Components - The company is advancing lightweight automotive parts, particularly in functional door panels, utilizing advanced injection molding and organo board technology to significantly reduce component weight [2]. - The automotive functional door panels have been successfully applied in mainstream models from Tesla and BYD, entering the supply chains of major domestic and international manufacturers [2]. - Future developments will focus on larger components such as functional door panels, headlight assemblies, and electronic cooling fans, aiming to increase the value per vehicle [2]. Robotics Sector - The company holds a 5.44% stake in Wuhan Fei En Wei Electronics, which specializes in MEMS sensors and is entering the humanoid robotics supply chain [3]. - The collaboration with Handzhi Innovation aims to produce humanoid robots, with a production target of 1,500 units annually, generating an expected annual output value of 300 million yuan [3]. - The entry into the robotics field is anticipated to enhance the company's resource integration within the industry [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.543 billion, 1.738 billion, and 1.932 billion yuan respectively, with corresponding net profits of 150 million, 176 million, and 200 million yuan [4]. - The report anticipates a significant increase in net profit in 2025, with a growth rate of 35.78% compared to the previous year [4].

Core Viewpoint - Goer Microelectronics has submitted its second listing application to the Hong Kong Stock Exchange in 2023, with several financial institutions acting as joint sponsors [1] Company Overview - Goer Microelectronics is a provider of intelligent sensing interaction solutions, focusing on acoustic sensors and covering various sectors including consumer electronics, automotive electronics, smart home, industrial applications, and healthcare [3][4] - The company has developed a comprehensive technology platform called UniSense, which integrates material research, chip design, packaging testing, algorithm software development, and system design to deliver high-performance solutions at optimal costs [3] - As of 2024, Goer Microelectronics ranks as the fifth largest intelligent sensing interaction solution provider globally, holding a market share of 2.2%, and is the largest in China [3] Market Position - Goer Microelectronics is the fourth largest sensor provider globally with a market share of 4.3%, and the largest acoustic sensor provider with a market share of 43.0% [4] - The company offers over 400 types of solutions, widely used in approximately 30 types of smart terminals, including smartphones, smart headphones, VR/AR devices, smart cars, and smart homes [4] - The company has served 126 direct customers globally, including the top nine smartphone manufacturers by shipment volume as of 2024 [4] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, the company reported revenues of approximately 3.12 billion, 3.00 billion, and 4.54 billion RMB respectively, with net profits of approximately 326 million, 289 million, and 309 million RMB [6][7] - For the three months ending March 31, 2024, and 2025, the company achieved revenues of approximately 726 million and 1.12 billion RMB, with net profits of approximately 75 million and 116 million RMB respectively [6][7]

Investment Overview - The company plans to establish a wholly-owned subsidiary named Shanghai Huapei Embodied Intelligent Technology Co., Ltd. with a registered capital of RMB 10 million, fully funded by the company’s own resources [1][2] - The investment aims to accelerate the company's layout in the sensor business within the embodied intelligence and industrial sectors, enhancing overall competitiveness [1][2] Board Approval - The investment does not require approval from the board of directors or shareholders according to relevant regulations [1][2] Investment Target Details - The subsidiary has completed its business registration and will engage in various activities including manufacturing and sales of industrial robots, artificial intelligence software and hardware development, and technical services [2][3] Impact on the Company - The establishment of the subsidiary aligns with the company's strategic needs in the sensor field, promoting diversified business development and potentially enhancing profitability and market competitiveness [2][3] - The investment will not adversely affect the company's financial status or operational results for the current year [2] Risk Analysis - The products intended for development in the embodied intelligence and industrial sectors are still in the early stages, posing risks related to development success and market introduction [3] - The timeline for product launch and future market strategies remains uncertain, with potential risks from policy, technology, and market conditions [3]

Core Viewpoint - Blue Dot Touch (Beijing) Technology Co., Ltd. has recently completed nearly 100 million RMB in Series B financing, aiming to enhance R&D investment and expand its team to meet the demand for small-sized, high-precision, and high-bandwidth sensors in humanoid robots [1][3]. Company Overview - The company was founded in April 2019 by Liu Wuyue, a graduate of Northwestern Polytechnical University, and has received angel investment from the Zhiyou Jinmiao Fund in May 2020 [1]. - The core team primarily comes from prestigious research institutions such as the University of Science and Technology of China and the China Academy of Aerospace Technology [2]. Market Position - Blue Dot Touch holds over 70% market share in humanoid robot six-dimensional force sensors and 95% in robot joint force sensors, serving major clients like Xiaomi and UBTECH [2][9]. - The company has successfully positioned itself in the first tier of six-dimensional force sensors, competing directly with foreign brands like ATI [3]. Industry Trends - The humanoid robot market is experiencing a significant surge, with an expected shipment of approximately 2,000 units in China in 2024, surpassing industry expectations [5]. - The transition from prototype to mass production in humanoid robots is underway, with predictions of shipments reaching between 5,000 to 10,000 units by 2025 [5]. Product Development - Blue Dot Touch's sensors are critical components in humanoid robots, with each robot requiring four six-dimensional force sensors and 28 joint torque sensors, which account for 15% of the total BOM cost [7]. - The company has developed several flagship sensor modules, including six-dimensional force sensors and joint torque sensors, which have received positive feedback from clients [8][11]. Future Outlook - Liu Wuyue anticipates explosive growth in the humanoid robot force sensor market, projecting it to reach a scale of 100 billion RMB globally, with China's development pace outpacing that of foreign markets [13]. - The company plans to apply for an IPO on the Sci-Tech Innovation Board around 2028, reflecting its confidence in the rapidly growing market and its doubling revenue each year [15].