Group 1 - Shenzhen Huada Beidou Technology Co., Ltd. (referred to as "Huada Beidou") submitted its IPO application to the Hong Kong Stock Exchange on June 11 [2] - This marks Huada Beidou's second attempt at an IPO, having previously initiated the process in October 2022 before voluntarily terminating its A-share listing plan [4] - The company was established in December 2016, inheriting core technologies and R&D teams from the navigation chip division of Huada Electronics, and is backed by several major investors [5][6] Group 2 - According to the prospectus, Huada Beidou's revenue for 2022, 2023, and 2024 is projected to be 698 million RMB, 645 million RMB, and 840 million RMB respectively, with corresponding gross profits of 83.69 million RMB, 67.92 million RMB, and 81.97 million RMB [8][9] - The company is expected to incur losses of 92.61 million RMB, 288.92 million RMB, and 141.27 million RMB for the same years [8][9] - In 2024, Huada Beidou anticipates shipping 16.1 million GNSS chips and modules, ranking sixth globally among GNSS service providers and second among domestic companies, with a global market share of 4.8% [9] Group 3 - The company expects revenue growth in the coming years as it continues to expand its business scale and improve cost efficiency, aiming for a path towards sustained profitability [11]

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. (Huada Beidou), a leading provider of space positioning services in China, has officially submitted its application to the Hong Kong Stock Exchange, aiming to become the first stock in the Hong Kong market focused on space positioning services [1][2]. Company Overview - Huada Beidou was established on December 6, 2016, with investments from prominent companies such as China Electronics Corporation, SAIC Motor Corporation, and BYD, among others [1][2]. - The company is closely associated with Sun Jiadong, known as the "father of satellites" in China, with its current chairman being his son [1][2]. Market Position - As of 2024, Huada Beidou's GNSS chip and module shipments are projected to reach 16.1 million units, making it the sixth-largest GNSS space positioning service provider globally and the second-largest among Chinese companies, with a market share of 4.8% [4]. - In the dual-frequency high-precision GNSS chip and module segment, Huada Beidou ranks as the fourth-largest globally, holding a market share of 10.5% [4]. Product Development - The company has completed four generations of product iterations, with its latest HD814X series leading the industry in terms of functionality [3]. - Huada Beidou's chips support multiple satellite systems, including BeiDou, GPS, GLONASS, Galileo, QZSS, and NavIC, enhancing positioning accuracy and overall performance [3]. Financial Performance - Huada Beidou has not yet achieved profitability, reporting losses of RMB 92.61 million, RMB 289 million, and RMB 141 million for the years 2022, 2023, and 2024, respectively [8]. - Revenue for the same years was RMB 698 million, RMB 645 million, and RMB 840 million [8]. Research and Development - The company places a strong emphasis on R&D, with over 42% of its workforce dedicated to this area. R&D expenditures for 2022, 2023, and 2024 were RMB 103 million, RMB 110 million, and RMB 118 million, respectively, accounting for over 40% of total expenditures [9]. - The global GNSS space positioning service market is projected to grow significantly, with an expected market size of approximately RMB 32,450 billion by 2028, reflecting a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028 [9]. Strategic Partnerships - Huada Beidou has established strategic partnerships with leading companies in shared mobility, smart vehicles, and intelligent transportation [5]. - The company plans to integrate its products with international navigation systems, enhancing compatibility and attracting a broader customer base in overseas markets [11].