Core Viewpoint - Panjie Electronics Technology (Jiangsu) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, focusing on high-performance automotive-grade chips, particularly for TPMS and BMS applications. The company ranks third globally in wireless sensor SoCs and is the largest in China, but faces challenges such as ongoing losses and intense international competition [1][2]. Financial Performance - The company reported revenue figures for 2022 to the first half of 2025 as follows: 104 million, 224 million, 348 million, and 157 million yuan, with a compound annual growth rate of 83% from 2022 to 2024. Gross margins improved from 15.4% in 2022 to 27.1% in the first half of 2025 [2]. - Despite revenue growth, the company has faced significant net losses, totaling approximately 1.05 billion yuan from 2022 to the first half of 2025, with losses of 205 million, 356 million, 351 million, and 143 million yuan in respective years [2][3]. Cash Flow and Debt - The net cash used in operating activities has been negative, with figures of -152 million, -61.17 million, -137 million, and -115 million yuan from 2022 to the first half of 2025. Additionally, R&D expenditures decreased by 10.34% year-on-year in the first half of this year [3]. - As of June 2025, the company had short-term borrowings of 12.25 million yuan, all owed to founders Li Mengxiong and Li Shuguang, with a total repayment obligation of 12.25 million yuan [3]. Customer and Supplier Relationships - The company derives a significant portion of its revenue from a few major clients, with the top five clients accounting for 41.2%, 35.6%, 52.1%, and 46.8% of revenue from 2022 to the first half of 2025. Notably, one major client is affiliated with a shareholder of Panjie Electronics [4][5]. - There is an overlap between major customers and suppliers, with one client also serving as a supplier for processing services and another providing electronic components [5][6]. Inventory and Market Position - The company has a high inventory level, with an inventory amount of 230 million yuan and an inventory turnover period of 310 days, exceeding the industry average. The company is heavily reliant on the automotive sector [6]. - Panjie Electronics ranks third in the global wireless automotive sensor SoC market with a market share of only 7.3%, indicating a significant gap compared to the top two competitors, which hold 30.4% and 22.4% market shares respectively [6].

出品：新浪财经上市公司研究院 作者：君 9月5日，琻捷电子首次向联交所递交上市申请，拟以18C章在港股主板上市，由中金公司、国泰君安国际担任联席保荐人。 近三年一期，琻捷电子营业收入快速增长，但尚未实现盈利，累计净亏损逾3亿元。 不过，更值得关注的是，琻捷电子于2022年发生的一笔颇为异常的高溢价收购。彼时，琻捷电子以1.26亿元价格收购聚洵半导体100%股权，次年即全额计 提商誉减值损失7613.6万元。其中，向A股上市公司科隆股份收购聚洵半导体51%股权时，聚洵半导体的增值率高达743.13%。 此外，其余交易对方均通过共青城英锐创间接入股琻捷电子，且共青城英锐创的执行事务合伙人为琻捷电子执行董事徐红如全资持有。这一连串复杂关系背 后，琻捷电子或涉嫌利益输送，甚至涉嫌误导性陈述。 深陷持续亏损泥潭 投后估值高达36.35亿元 据新浪财经上市公司研究院统计，琻捷电子目前已完成8轮融资，融资总额逾10亿元。截至D+轮，公司投后估值约36.35亿元，较天使轮飙升133.6倍。 琻捷电子的投资者包括纪源资本、经纬创投、华登、诚通混改、国风投、君海、鸿泰、华泰保险、华金资本、厦门建发、海望、广发信德、千乘等知名 V ...