Core Viewpoint - Huada Beidou has submitted its IPO application to the Hong Kong Stock Exchange, facing challenges due to unstable revenue and significant losses over the past three years [1][5]. Group 1: Financial Performance - Huada Beidou's revenue over the past three years has been inconsistent, with total revenues of RMB 698 million, RMB 645 million, and RMB 840 million for 2022, 2023, and 2024 respectively [9]. - The company has incurred cumulative losses exceeding RMB 500 million over the past three years, with annual losses of RMB 93 million, RMB 289 million, and RMB 141 million for the respective years [9]. - The gross profit margin has been declining, with rates of 12%, 10.5%, and 9.8% over the same period, significantly lower than comparable companies [10][11]. Group 2: Revenue Sources - Over 70% of Huada Beidou's revenue is derived from distribution business, which has a low gross margin in the single digits, leading to a lower overall gross margin compared to industry peers [1][10]. - The revenue from GNSS chips and related solutions accounted for 27.7%, 26%, and 28.3% of total revenue in the last three years, while the comprehensive chip and module business contributed 72.3%, 74%, and 71.7% [6]. Group 3: Market Position - In 2024, Huada Beidou shipped 16.1 million GNSS chips and modules, ranking as the sixth largest GNSS service provider globally and the second largest among Chinese companies, with a market share of 4.8% [4]. - The company is the largest provider of dual-frequency high-precision GNSS chips and modules in China, with a market share of 10.5% [4]. Group 4: IPO Process and Challenges - Huada Beidou's IPO journey has faced multiple setbacks, including a terminated agreement with CITIC Securities in 2023 and a lack of progress updates on its current advisory process [4][5]. - The company has expressed intentions to explore various capital market strategies, including a potential IPO in Hong Kong [5]. Group 5: Disclosure Issues - There are significant discrepancies between the procurement data disclosed in Huada Beidou's prospectus and the sales figures reported by suppliers, raising concerns about the accuracy of financial disclosures [12][15]. - The largest supplier, Aojie Technology-U, has reported sales figures that do not align with Huada Beidou's procurement amounts, indicating potential issues with revenue recognition [14][15].

近日，深圳华大北斗科技股份有限公司（简称"华大北斗"）正式向港交所提交了上市申请，由招银国际 和平安证券（香港）共同担任保荐人。这家总部位于深圳的公司，是空间定位服务领域的佼佼者，依托 北斗卫星导航系统，专注于导航定位芯片的设计与开发。 华大北斗在导航定位芯片设计领域占据国内领先地位，其产品线不仅支持北斗系统，还兼容全球主要 GNSS系统，为客户提供导航定位芯片、模组及相关解决方案。根据最新市场报告，2024年，华大北斗 的GNSS芯片及模组出货量高达1610万件，使其在全球GNSS空间定位服务提供商中排名第六，在中国 内地公司中排名第二，全球市场份额达到4.8%。 在双频高精度射频基带一体化GNSS芯片及模组领域，华大北斗的出货量同样表现出色，2024年以 10.5%的全球市场份额位居第四，在中国内地公司中更是独占鳌头。这一成就彰显了华大北斗在技术创 新和市场拓展方面的强劲实力。 从财务数据来看，华大北斗近年来保持了稳定的营收增长。招股书显示，2022年至2024年，公司分别实 现收入6.98亿元、6.45亿元和8.4亿元。尽管期内亏损额有所波动，但整体呈现收窄趋势，分别为9261.2 万元、2.89亿元和 ...

营收三年复合增长率达9.7%研发投入持续加大 深圳华大北斗科技股份有限公司（下称"华大北斗"）日前发布公告，拟发行H股并于香港联合交易所主 板上市。根据招股书显示，华大北斗定位为中国领先的空间定位服务提供商，由北斗卫星导航系统赋 能。 华大北斗在导航定位芯片设计领域处于国内领先地位，提供支持北斗及全球主要GNSS系统的导航定位 芯片和模组，同时提供GNSS相关解决方案。公司在芯片级双频高精度定位技术、低功耗技术、高集成 度一体化SoC设计技术等方面具备显著领先优势。 出货量跃居全球第六国内企业中位列第二 2024年，华大北斗的GNSS芯片及模组出货量达到16.1百万件。根据灼识咨询报告，以GNSS芯片及模组 的出货量计，华大北斗是全球第六大的GNSS空间定位服务提供商，在所有中国内地公司中是第二大的 全球GNSS空间定位服务提供商，全球市场份额为4.8%。 在雙頻高精度射頻基帶一體化GNSS芯片及模組領域，華大北斗表現更為突出。2024年，以雙頻高精度 射頻基帶一體化GNSS芯片及模組的出貨量計，華大北斗是全球第四大的GNSS空間定位服務提供商， 在所有中國內地公司中更是最大的全球GNSS空間定位服務提供商， ...