Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd., a leading manufacturer of display driver chips, has officially initiated the listing counseling process for its initial public offering (IPO) on the Sci-Tech Innovation Board, with CITIC Securities as the counseling institution [1]. Group 1: Company Overview - Jichuang Beifang was established in 2008, with a registered capital of 431 million yuan. The legal representative is Zhang Jinfang. Investors include Xiaomi Yangtze River Industry Fund, Huawei Habo Technology, TCL Venture Capital, and Vivo [2]. - In December 2021, Jichuang Beifang secured over 6.5 billion yuan in Series E financing, leading to a valuation exceeding 30 billion yuan [2]. - The company specializes in the research, design, and sales of display chips, including panel display driver chips, LED display driver chips, power management chips, and control chips, covering mainstream display technologies such as LCD, LED, and OLED [3]. Group 2: Market Position and Products - According to TrendForce, Jichuang Beifang holds over 40% market share, ranking first in the LED display driver chip market for 2024. If successful in its IPO, it is expected to become the first stock on the Sci-Tech Innovation Board for all categories of display chips [3]. - The company has served major panel manufacturers such as BOE, TCL Huaxing, and Huike, as well as LED display manufacturers like Leyard, Zhouming Technology, and Absen. Its products are widely used by terminal brands including TCL, LG, Samsung, OPPO, Vivo, and Xiaomi [3]. Group 3: Future Developments - Jichuang Beifang is actively advancing the research and development of automotive display chips and SoC chips, while also expanding into MLED display and silicon-based OLED technologies to broaden its business scope and product line [3]. - In May, the company achieved a breakthrough in the automotive display chip sector with the mass production of the first domestically developed automotive-grade integrated local dimming bridge chip, ICNM7810B, for consumer-grade Mini LED display products [3].

Core Viewpoint - Jichuang Beifang is preparing for an initial public offering (IPO) on the Sci-Tech Innovation Board, having previously withdrawn its application in March 2023 due to regulatory concerns [2][5]. Company Overview - Jichuang Beifang is a leading international display chip design company focused on the research, design, and sales of display chips, providing solutions for various display technologies including LCD, LED, and OLED [2][4]. - The company has a diverse product range including panel display driver chips, power management chips, LED display driver chips, and control chips, which are widely used in smartphones, TVs, laptops, tablets, monitors, and various indoor and outdoor LED displays [2][4]. Market Position - According to Omdia's 2021 statistics, Jichuang Beifang ranks first among mainland Chinese manufacturers in the market share of smartphone LCD display driver chips and TDDI chips, and second in the market share of large-size LCD panel display driver chips [3]. - In the power management chip sector, it holds the top position among global manufacturers in mainland China, while in the LED display driver chip market, it has consistently ranked first globally from 2019 to 2021 [3]. Financial Performance - From 2019 to 2021, Jichuang Beifang's revenue increased from 144.74 million to 567.44 million, with net profits turning from a loss of 15.38 million in 2019 to a profit of 93.20 million in 2021 [3][4]. - The revenue composition for 2021 shows that panel display driver chips accounted for 51.41%, power management chips 13.39%, and LED display driver chips 29.68% of total revenue [4]. R&D and Innovation - The company invested 19.98%, 15.26%, and 15.73% of its revenue in R&D from 2019 to 2021, holding a total of 399 overseas patents and 189 domestic patents as of December 31, 2021 [4]. - Jichuang Beifang has developed various advanced display technologies, including the first domestically produced automotive-grade bridge chip with local dimming functionality, which supports FHD resolution and 144Hz refresh rate [8]. Client and Supplier Relationships - The company has established stable partnerships with major wafer manufacturers and testing companies, including World Advanced, Jinghe Integrated, and SMIC [9]. - Its major clients include well-known panel manufacturers and LED screen manufacturers such as BOE, Huaxing Optoelectronics, and international brands like TCL, LG, Samsung, OPPO, vivo, and Xiaomi [9].

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. has submitted its initial public offering (IPO) application for listing on the Sci-Tech Innovation Board, with the filing date recorded as August 5, 2025, and the advisory institution being CITIC Securities [1][2]. Group 1: Company Background - Beijing Jichuang Beifang was established in 2008 and focuses on the research, design, and sales of display chips, providing solutions for various display panels and screens [4]. - The company's main products include panel display driver chips, power management chips, LED display driver chips, control chips, and others [4]. - Major clients include BOE Technology Group, Huaxing Optoelectronics, HKC, Leyard, Absen, and LG Group [5]. Group 2: Financial Performance - The company's revenue for the years 2019, 2020, and 2021 was 144.74 million, 237.98 million, and 567.44 million yuan, respectively [4]. - The net profit attributable to the parent company for the same years was -15.38 million, 5.33 million, and 93.20 million yuan, showing a significant recovery in profitability [4]. - The company's operating cash flow for 2021 was 637.32 million yuan, indicating a strong cash generation capability [5]. Group 3: Previous IPO Attempt - In June 2022, the company had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application in March 2023, leading to the termination of its review by the Shanghai Stock Exchange [4][6]. - The previous IPO fundraising plan included projects such as the development and industrialization of display touch integrated chips and OLED display driver chips, with a total intended fundraising amount of 6.01 billion yuan [6][7]. Group 4: Advisory and Support Institutions - The advisory agreement between CITIC Securities and Jichuang Beifang was signed on July 31, 2025, with additional support from Beijing Guofeng Law Firm and Lixin Certified Public Accountants [2][3].

Core Viewpoint - GuoMin Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. Company Overview - GuoMin Technology is a platform-based integrated circuit design company focused on providing high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals. The company has established a diverse product matrix across key sectors such as consumer electronics, industrial control, digital energy, smart home, automotive electronics, and medical electronics [5][6]. - According to ZhiShi Consulting, by 2024 revenue, GuoMin ranks among the top five Chinese companies in the global platform MCU market and among the top three in the global 32-bit platform MCU market. It holds the first position in the Chinese MCU market for embedded commercial password algorithm modules [5]. Product Development - Since its establishment in 2000, the company has transitioned from specialized market chips to general-purpose MCUs and high-end products like edge AI computing. The company has expanded its product range to include BMS chips and RF chips, particularly after defining its direction as a platform-based integrated circuit design company in 2018 [6]. - The company has launched multiple 32-bit MCU products based on Cortex-M0 to M7, continuously optimizing chip size, power consumption, and performance, thus enhancing its market competitiveness in high-performance computing and high-end control [6]. Market Potential - The global MCU market is projected to grow from approximately $29.9 billion in 2024 to about $48 billion by 2029, with a compound annual growth rate (CAGR) of 9.9%. Emerging applications in AI, robotics, new energy, and low-altitude economy are expected to drive significant growth [7]. - GuoMin's advanced technologies, including multi-core heterogeneous architecture, AI algorithm support, and power consumption control, align with industry trends, particularly in edge intelligence and energy storage control [7]. Financial Performance - For the fiscal years 2022, 2023, and 2024, GuoMin reported revenues of approximately RMB 1.195 billion, RMB 1.037 billion, and an estimated RMB 1.168 billion, respectively. The company incurred losses of approximately RMB 18.93 million, RMB 594 million, and RMB 256 million during the same periods [11][12]. Business Diversification - In addition to its chip business, GuoMin is developing lithium battery anode materials, creating a dual-main business model of "integrated circuits + new energy materials." The anode materials focus on artificial graphite and explore various technological routes, widely applied in electric vehicles, energy storage systems, and portable devices [8]. - The company aims to integrate battery management system control chips with lithium battery anode materials within the same customer base, enhancing system-level efficiency, safety, and cost control [8].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released key points for automotive standardization work for 2025, focusing on accelerating the development and revision of automotive chip standards [1] Group 1: Standardization of Automotive Chips - The MIIT aims to expedite the formulation of general specifications for automotive chip environments and reliability, information security, and consistency testing [1] - The initiative includes improving basic evaluation methods for automotive chips [1] - The ministry will promote the implementation of standards for safety chips and power drive chips for electric vehicles [1] Group 2: Specific Chip Standards - The MIIT plans to complete the review and approval of standards for intelligent cockpit computing chips, satellite positioning chips, infrared thermal imaging chips, and chassis control chips [1] - There is a focus on accelerating the development of standards for control chips, sensor chips, communication chips, and storage chips to meet the application needs for automotive chip product selection [1]