Core Insights - Coosea Intelligent Technology Co., Ltd. is positioning itself as an industry leader in the expanding global smart hardware market, targeting a future market of millions of units and reinforcing its leading position in global smart terminal solutions [1][3]. Market Potential - From 2020 to 2024, the shipment volume of smart hardware from local brands is projected to rise from 190.9 million units to 276.4 million units, with expectations to further increase to 388.2 million units by 2029, indicating strong market potential and structural growth opportunities [3]. - Coosea is currently the second-largest end-to-end solution provider for local smartphone brands globally and is expected to reach the top position in shipment volume by the first quarter of 2025 [3]. Strategic Focus - The company has placed a strong emphasis on AI functionality development as a core part of its growth strategy, increasing investments in artificial intelligence, customized operating systems, and modular platform construction, with over 530 million RMB invested in R&D over the past three years [3][6]. - Coosea holds over 100 patents and actively participates in drafting national standards, aiming to provide competitive and differentiated smart products for local brands, particularly in emerging markets and niche sectors [3][6]. Global Expansion and Supply Chain - Coosea is accelerating its global sales network, currently covering over 70 countries and regions, and has established stable partnerships with top global telecom operators [5]. - The company leverages a robust domestic industrial chain and a controllable supply chain system to create an efficient, flexible, and transparent material and production management system, enabling rapid response to customer demands and supporting large-scale customized deliveries [5]. Future Outlook - Coosea aims to deepen its AI and smart technology layout, consolidating its one-stop service advantage to empower more local brands to rise in the global market [6]. - With the ongoing demand for smart devices in emerging markets such as South Asia, the Middle East, and Latin America, along with the steady increase in the share of local brands in global shipments, Coosea is well-positioned for sustainable and high-quality growth in the new growth cycle of smart hardware [6].

Group 1 - The company is a high-tech enterprise supported by the state, benefiting from a preferential income tax rate of 15%, but there is a risk of this preferential treatment being revoked or the company failing to meet the criteria for high-tech enterprises [2] - The company operates in a highly competitive electronic information industry, with increasing competition in the smart terminal product sector, which may lead to a decline in operating profit and gross margin [2] - The global market growth rate for the company's main products, such as tablet and laptop sales, is facing a downward risk, which could result in a decline in operating revenue [2] Group 2 - The company is actively expanding into the non-consumer smart terminal solution market and new smart hardware industries, facing risks related to market and technology direction choices, partner selection, and potential slow or failed R&D [3] - The company sources major components from abroad, and fluctuations in the RMB and local currency exchange rates could impact profit margins and sales in the context of ongoing global financial instability [3] - As of June 30, 2025, there are no share pledges or freezes involving the company's controlling shareholders, actual controllers, directors, or senior executives [3]

Core Viewpoint - Yiswei Computing, a leading RISC-V chip company, has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant milestone in the AI sector led by Wang Dongsheng, founder of BOE Technology Group [2][6]. Company Overview - Yiswei Computing was established in 2019 and focuses on RISC-V computing architecture, providing specialized algorithms and IP modules to create efficient hardware and software platforms for global clients [6]. - The company aims to deliver intelligent terminal solutions for consumer electronics and smart IoT applications, enhancing smart home, office, and portable scenarios [6]. Financial Performance - Revenue projections for Yiswei Computing from 2022 to 2024 are 2 billion, 1.752 billion, and 2.025 billion yuan, with gross margins of 25.9%, 15.4%, and 17.7% respectively [8]. - The company has maintained high R&D investments, with expenditures of 1.44 billion, 1.445 billion, and 1.337 billion yuan from 2022 to 2024, representing 72%, 82.5%, and 66% of annual revenues [8]. - Cumulatively, Yiswei Computing's revenue from 2022 to 2024 is projected to be 5.777 billion yuan, with total losses amounting to 4.954 billion yuan [9]. Market Position - Yiswei Computing is recognized as the largest provider of intelligent terminal human-computer interaction solutions in China, according to Frost & Sullivan [6]. - The company is also the leading provider of RISC-V custom solutions in China, with the highest number of RISC-V mass production solutions expected by 2024 [7]. Investment and Funding - Since its inception, Yiswei Computing has completed four funding rounds, raising over 9 billion yuan from various investors, including IDG Capital and other notable firms [9].