Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Jiewate, regarding their overseas listing application [1] - Jiewate submitted its listing application to the Hong Kong Stock Exchange on May 30, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has requested Jiewate to clarify its company history, including the legality of past equity changes and compliance with relevant regulations [1] Group 2 - Jiewate aims to become a global leader in the analog integrated circuit industry, possessing a complete core technology architecture that includes process, integrated circuit design, and system definition [2] - The company's product portfolio primarily consists of power management integrated circuits and signal chain integrated circuits, offering approximately 2,200 models for sale as of December 31, 2024 [2] - According to Frost & Sullivan, Jiewate has achieved industry-leading status in the number of power management integrated circuit product models by 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Jiewate, regarding their overseas listing applications [1] - Jiewate submitted its listing application to the Hong Kong Stock Exchange on May 30, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has requested Jiewate to clarify its company history, including the legality of past equity changes and compliance with relevant regulations [1] Group 2 - Jiewate aims to become a leader in the global analog integrated circuit industry, possessing a complete core technology architecture that includes process, integrated circuit design, and system definition [2] - The company's product portfolio primarily consists of power management integrated circuits and signal chain integrated circuits, offering approximately 2,200 models for sale as of December 31, 2024 [2] - According to Frost & Sullivan, Jiewate has achieved an industry-leading position in the number of power management integrated circuit product models by 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for three companies, including Jiewate, regarding their overseas listing application [1] - Jiewate submitted its listing application to the Hong Kong Stock Exchange on May 30, 2025, with CITIC Securities as the sole sponsor [1] - The CSRC has requested Jiewate to clarify its company history, including the legality of past equity changes and compliance with relevant regulations [1] Group 2 - Jiewate aims to become a global leader in the analog integrated circuit industry, possessing a complete core technology architecture that includes process, integrated circuit design, and system definition [2] - The company's product portfolio primarily consists of power management integrated circuits and signal chain integrated circuits, offering approximately 2,200 models for sale as of December 31, 2024 [2] - According to Frost & Sullivan, Jiewate has achieved industry-leading levels in the number of power management integrated circuit product models by 2024 [2]

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has officially commenced its IPO journey on the Hong Kong Stock Exchange, focusing on becoming a leader in the global analog integrated circuit industry through its innovative and efficient product offerings [2]. Company Overview - Jiewa operates as a virtual IDM model, specializing in the research and development of analog integrated circuits, with a comprehensive core technology architecture that includes process, integrated circuit design, and system definition [2]. - The company offers a wide range of analog integrated circuit products, with approximately 2,200 models available for sale, including over 2,000 power management integrated circuit models, achieving industry-leading status in 2024 [2][4]. Market Position - According to Frost & Sullivan, Jiewa ranks eighth globally and fourth among Chinese analog integrated circuit companies in terms of revenue from power management integrated circuits in 2024 [3]. - In the Chinese market, Jiewa ranks sixth globally and second among local companies for DC-DC integrated circuit revenue in 2024 [3]. - The company also ranks fifth globally and second in China for revenue from power management integrated circuits in the communications market, and sixth globally and second in China for the computing and storage market [3]. Financial Performance - Jiewa's revenues for the years 2022, 2023, and 2024 were RMB 1,447.7 million, RMB 1,296.7 million, and RMB 1,678.8 million, respectively, indicating strong revenue growth in 2024 due to increased demand across various sectors [4]. - The company has significantly invested in R&D, with expenditures of RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million for the years 2022, 2023, and 2024, representing 21.0%, 38.5%, and 36.9% of total revenue, respectively [4]. - As of December 31, 2024, Jiewa employed 776 R&D personnel, accounting for over 62.1% of its total workforce, with approximately 62.9% holding master's degrees or higher [4].

Core Viewpoint - Jiewa Microelectronics Co., Ltd. (referred to as "Jiewa") has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to become an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in December 2022 [1][3]. Company Overview - Jiewa is a virtual IDM model semiconductor design company focused on the research and development of analog integrated circuits, with a registered capital of approximately 447 million yuan [3]. - The company was established in March 2013 and is located in Hangzhou, Zhejiang Province [3]. Financial Performance - Jiewa's revenue for the years 2022, 2023, and 2024 was approximately 1.448 billion yuan, 1.297 billion yuan, and 1.679 billion yuan, respectively, with gross profits of 557 million yuan, 153 million yuan, and 254 million yuan [5][6]. - The company reported net losses of approximately 136 million yuan in 2022, 533 million yuan in 2023, and 611 million yuan in 2024 [5][7]. Product Portfolio - Jiewa's product offerings primarily include power management integrated circuits and signal chain integrated circuits, with around 2,200 models available for sale as of December 31, 2024 [4][8]. - Revenue from power management integrated circuits accounted for approximately 95.5%, 98.5%, and 98.0% of total revenue in 2022, 2023, and 2024, respectively [8]. Sales and Cost Analysis - The total sales volume for Jiewa was approximately 3.387 billion units in 2022, 4.275 billion units in 2023, and 5.784 billion units in 2024, indicating a significant increase in sales volume [9]. - Despite the increase in sales volume, revenue growth was limited, with a 10.4% decrease in 2023 attributed to a decline in average selling prices across all product categories [9][10]. - The company's costs increased significantly, with costs of approximately 891 million yuan, 1.144 billion yuan, and 1.425 billion yuan for the respective years, reflecting increases of 28.3% and 24.6% in 2023 and 2024 [9].

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, focusing on the design and development of analog integrated circuits [1][3]. Company Overview - Jiewa operates as a virtual IDM (Integrated Device Manufacturer) specializing in analog integrated circuit design, aiming to become a leader in the global analog integrated circuit industry [1][3]. - The company has developed proprietary and internationally advanced process platforms for integrated circuit production, offering a comprehensive range of analog integrated circuit products [3]. Product Portfolio - The product lineup includes power management integrated circuits and signal chain integrated circuits, with approximately 2,200 models available for sale as of December 31, 2024, including over 2,000 power management integrated circuit models [3]. Supplier Relationships - Major suppliers consist of wafer fabs and integrated circuit packaging and testing service providers. The procurement amounts from the top five suppliers for 2022, 2023, and 2024 were approximately RMB 1.1535 billion, RMB 0.9113 billion, and RMB 1.0525 billion, accounting for 74.8%, 69.4%, and 69.0% of total procurement, respectively [3]. Financial Performance - Revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 1.448 billion, RMB 1.297 billion, and RMB 1.679 billion, respectively. The net profit/loss for the same periods was approximately RMB 136 million, -RMB 533 million, and -RMB 611 million [3][5]. - The gross profit margins for these years were 38.5%, 11.8%, and 15.1%, indicating a significant decline in profitability in 2023 [5][7]. Research and Development - R&D expenses for the fiscal years 2022, 2023, and 2024 were RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million, representing 21.1%, 38.5%, and 36.9% of total revenue, respectively [5][7].