Core Viewpoint - Shanghai Fuhuan Microelectronics Co., Ltd. (Fuhuan Micro) has submitted an application to list on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1]. Company Overview - Fuhuan Micro is a fabless chip design company focusing on intelligent vision technology, primarily engaged in the design of visual processing ICs for security cameras, recorders, and other visual devices in the video, IoT, and mobility sectors [4]. - The company holds a leading position in the global smart vision processing chip market with a market share of 21.3% in 2024, ranking first in revenue globally [4]. - Fuhuan Micro is also the top player in the global edge smart vision processing chip market and the automotive ISP chip market by shipment volume in 2024 [4]. Product Lines - The company has three main IC product lines: smart video, smart IoT, and smart mobility, which are applied in various devices such as network cameras, video doorbells, wearable video products, and automotive cameras [4]. Market Growth - The global AI SoC market for smart devices is projected to grow from $10.7 billion in 2020 to $31.8 billion in 2024, with a compound annual growth rate (CAGR) of 31.3% from 2020 to 2024 [5]. - By 2029, the market is expected to expand further to $109 billion from $43.8 billion in 2025 [5]. Customer Base - A significant portion of Fuhuan Micro's revenue comes from a small number of customers, with sales from the top five customers accounting for 91.7%, 91.1%, 88.4%, and 84.4% of total sales in 2022, 2023, 2024, and the first half of 2025, respectively [5]. Financial Performance - The company reported revenues of approximately RMB 2.11 billion, RMB 1.82 billion, RMB 1.79 billion, and RMB 687 million for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The corresponding profits for these periods were approximately RMB 378 million, RMB 252 million, RMB 232 million, and RMB 1.83 million [6].

Core Viewpoint - Shanghai Fuhang Microelectronics Co., Ltd. (Fuhang Micro) has submitted its application for listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1]. Company Overview - Fuhang Micro is a fabless chip design company focused on intelligent vision technology, primarily engaged in the design of visual processing ICs for security cameras, recorders, and other visual devices in the video, IoT, and mobility sectors [3]. - The company holds a leading position in the global smart vision processing chip market with a market share of 21.3% in 2024, ranking first in revenue globally [3]. - Fuhang Micro's three main IC product lines include smart video, smart IoT, and smart mobility, applied in various devices such as network cameras, video doorbells, and automotive cameras [3]. Market Growth - The global AI SoC market for smart devices is projected to grow from $10.7 billion in 2020 to $31.8 billion in 2024, with a compound annual growth rate (CAGR) of 31.3% [4]. - By 2029, the market is expected to expand further to $109 billion [4]. Customer Base - The company has a significant reliance on a few major customers, with sales from the top five clients accounting for 91.7%, 91.1%, 88.4%, and 84.4% of total sales in 2022, 2023, 2024, and the first half of 2025, respectively [4]. Financial Performance - Fuhang Micro's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 2.11 billion, RMB 1.82 billion, RMB 1.79 billion, and RMB 687 million, respectively [6]. - The company's profits for the same periods were approximately RMB 378 million, RMB 252 million, RMB 232 million, and RMB 1.83 million [6].