Core Viewpoint - XiHua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [5]. Company Overview - Established in August 2018, XiHua Technology is a national-level key "little giant" enterprise specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped [5]. - The company ranks second globally in the Scaler market with a shipment of 37 million units, holding an 18.8% market share [5][6]. Financial Performance - XiHua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over four years. Revenue for 2022, 2023, 2024, and the first nine months of 2025 was 87 million, 150 million, 244 million, and 240 million RMB, respectively, with a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company's gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% from 2022 to the first nine months of 2025, attributed to its relatively small sales scale [11]. Product Lines and Market Position - XiHua Technology has developed two major product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCU) [16]. - The smart display segment has consistently contributed over 85% of the company's revenue from 2022 to the first nine months of 2025, while the smart sensing control segment's revenue share increased from 1.9% in 2022 to 14.4% in 2025 [16]. R&D and Innovation - The company has invested heavily in R&D, with expenditures of approximately 400 million RMB over the years, focusing on enhancing existing products and developing next-generation chips for AMOLED touch and audio driver applications [9][8]. - XiHua Technology has established a comprehensive technology solution based on MCU, perception, and display architecture, with a dedicated R&D team comprising over 50% of its workforce [25][28]. Customer and Supplier Dependency - XiHua Technology's revenue is highly concentrated, with the top five customers contributing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue from 2022 to the first nine months of 2025, indicating a significant reliance on a few key clients [30]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8%, 83.7%, 83.6%, and 76.6% of total procurement during the same period [34]. Ownership and Management - The company is controlled by its founder and chairman, Chen Xi, and his spouse, Wang Hong, who together hold 65.51% of the shares [37][39]. - Chen Xi has over 25 years of experience in the semiconductor and high-tech fields, with a strong educational background from Tsinghua University and UCLA [42].

曦华科技成立于2018年8月，是国家级重点"小巨人"企业，主要提供智能显示芯片、智能感控芯片及解决方案，已应用于智能汽车、手机、可穿戴设备和 机器人等市场。其自主研发芯片累计出货量超过1亿颗。 曦华科技部分产品线布局（图源：曦华科技官网） 该公司的智能显示芯片及解决方案包括核心图像处理芯片AI Scaler及智能显示驱动芯片STDI芯片。曦华科技研发了全球首款ASIC架构的Scaler，在视觉 无损压缩、画质增强及高速接口传输方面掌握关键技术。 12月3日，深圳端侧AI芯片与解决方案提供商曦华科技正式递表港交所。 沙利文数据显示，2024年，全球Scaler市场中前五大供应商合计市场份额达70.8%，曦华科技凭借3700万颗的出货量排名全球第二，市场份额为18.8%。根 据批注估计，公司A为莱迪思半导体、公司B为京微齐力、公司C为安路科技、公司D为荣晶电子。 且曦华科技在AI Scaler细分赛道占据55%的市场份额，排名全球第一，其来自AI Scaler的收入自2022年以来连续3年位列中国榜首。 | 排名 | 公司名稱 | 出意量 | 市場份額 | | --- | --- | --- | --- | | ...