Core Viewpoint - The company, Siwei (Shanghai) Electronic Technology Co., Ltd., successfully completed a public offering of 40,010,000 shares at a price of 31.51 RMB per share, raising a total of approximately 1.26 billion RMB, with a net amount of about 1.17 billion RMB after deducting issuance costs [1][2]. Continuous Supervision Work - The sponsor, CITIC Securities, has established and effectively implemented a continuous supervision work system and plan [1]. - A supervision agreement was signed between the sponsor and the company, clarifying rights and obligations during the supervision period [1]. - The sponsor conducted regular communication, site inspections, and due diligence to understand the company's operational status [1]. - During the supervision period, the company did not violate any regulations or commitments [2][4]. Financial Performance - The company's operating income for 2024 reached approximately 5.97 billion RMB, representing a year-on-year increase of 108.87% [17]. - The net profit attributable to shareholders was approximately 391.42 million RMB, showing significant growth compared to the previous year [19]. - The total assets of the company increased by 27.41% year-on-year, reaching approximately 7.83 billion RMB [17]. - The basic earnings per share for 2024 was 0.98 RMB, a substantial increase from 0.04 RMB in 2023 [17][20]. Research and Development - The company invested approximately 44.74 million RMB in R&D in 2024, a year-on-year increase of 56.35% [24]. - R&D expenditure accounted for 7.50% of operating income, a decrease of 2.51 percentage points compared to the previous year [24]. - The company has established a strong R&D team, with 44.92% of its total workforce engaged in R&D activities [21]. Market Position and Competitive Advantage - The company has maintained a high market share in the security and machine vision sectors, with significant sales growth in smart mobile phones and automotive electronics [19][23]. - The company has developed a robust customer resource system, collaborating with well-known brands such as Hikvision, DJI, and Xiaomi [21][23]. - The company has a solid intellectual property system, holding a total of 464 authorized patents, including 96 overseas patents [21]. Industry Risks - The integrated circuit design industry is characterized by rapid technological changes, requiring continuous innovation and adaptation to market demands [7][8]. - The company faces operational risks due to its reliance on third-party foundries for chip production, which may affect profitability and supply stability [9][10]. - The company is exposed to macroeconomic fluctuations that could impact demand in downstream application areas [12][14].