来源：活报告 2025年11月30日，移芯通信首次向港交所递交招股书，拟在香港主板上市，独家保荐人为中信建投。 公司是全球领先的蜂窝通信芯片提供商，2024年收入5.52亿元人民币，净利润0.12亿元，同比增长一 倍，毛利率22.34%；2025年上半年收入3.37亿元，净利润0.17亿元，同比增长两成，毛利率22.78%。 LiveReport获悉，上海移芯通信科技股份有限公司Shanghai Eigencomm Technologies Co., Ltd.（简称"移 芯通信"）于2025年11月30日首次在港交所递交上市申请，拟在香港主板上市。 公司是一家全球领先的蜂窝通信芯片提供商，拥有高度优化的引擎，使设备能够通过蜂窝LTE/5G网络 进行通信。 公司的芯片产品矩阵覆盖低、中、高无线传输全速域，具有优化「PPA（功耗、性能、面积╱成本）」 平衡的独特优势，确保了高性能、低功耗、成本效益，以满足多样化需求，并适应各种应用场景下的严 苛运行条件。公司的芯片构成了物联网生态系统的基石，使智能表计、车辆及工业设备等物理实体能够 实现无缝数据交换。 此外，公司的芯片产品矩阵不仅赋予设备连接能力，更通过矢量增强端 ...

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. (Yixin Communication), a leading provider of cellular communication chips, has submitted an IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board by November 30, 2025, with CITIC Securities International as the sole sponsor [1]. Company Overview - Yixin Communication is recognized as a global leader in cellular communication chips, offering highly optimized engines that enable devices to communicate via cellular LTE/5G networks. The company's chip product matrix covers low, medium, and high wireless transmission speeds, ensuring high performance, low power consumption, and cost-effectiveness to meet diverse needs across various application scenarios [3][4]. - The company's chips are foundational to the Internet of Things (IoT) ecosystem, facilitating seamless data exchange for smart meters, vehicles, and industrial equipment. Additionally, the chips enhance devices with AI capabilities, enabling efficient data collection, processing, and exchange [3]. Market Position - According to Frost & Sullivan, Yixin Communication ranks first in China and third globally in the cellular communication chip industry by shipment volume. The company's NB-IoT products hold the global top position, while its Cat.1bis products are second globally [4]. - The company is preparing for the next phase of innovation, with upcoming 5G RedCap products expected to significantly enhance performance while controlling costs. The development of 5G eMBB products will further solidify the company's position in high-speed transmission applications [4]. Business Model - Yixin Communication operates as a fabless chip design company, focusing on the research, development, architecture, and commercialization of cellular communication chips. The company outsources wafer manufacturing, assembly, packaging, and testing to trusted foundries and partners, allowing it to concentrate resources on high-value areas such as product definition and system-level innovation [5]. - This fabless model is particularly effective in the rapidly evolving cellular IoT market, where chip design complexity is increasing and requires substantial R&D investment. By not owning manufacturing facilities, the company avoids significant capital expenditures and operational risks, enabling rapid scaling of production through a network of reliable partners [5]. Financial Performance - The financial data from the prospectus indicates that Yixin Communication's revenues for the fiscal years ending June 30, 2022, 2023, 2024, and the first half of 2025 were approximately RMB 410 million, RMB 533 million, RMB 552 million, and RMB 337 million, respectively. The net profits/losses for the same periods were -RMB 98 million, -RMB 159 million, RMB 12 million, and RMB 17 million, with gross margins of -3.6%, 8.9%, 22.3%, and 22.8% [6][8]. Risks - The company faces significant risks related to outsourcing key processes, including wafer manufacturing and testing, which could impact its ability to meet customer demands and affect revenue and market share [10][11]. - Yixin Communication also has a high customer concentration risk, with a substantial portion of its revenue derived from a few key clients. For instance, revenues from the top five customers accounted for approximately 88.3%, 86.7%, 81.4%, and 87.9% of total revenue for the years ending December 31, 2022, 2023, 2024, and the first half of 2025, respectively [12][13].

| 编纂]的[编纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [編纂]數目 | .. [编纂]股H股(可予[编纂]) | | [编纂]數目 | : [编纂]股H股(可予[编纂]及視乎[编纂]行使與否而 | | | 定) | | 最高[编纂] | : 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00565%聯交所交 | | | 易費及0.00015%會財局交易徵費(須於申請時 | | | 以港元繳足,多繳款項可予退還) | | 面值 " | 每 股H股人民幣1.00元 | | [禮臺] | : [编纂] | 据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所主板，中信建投（601066）国际为其 独家保荐人。 招股书显示，移芯通信是一家蜂窝通信芯片提供商，专注于蜂窝通信芯片的研究、开发、架构及商业化，使设备能够通过蜂 窝LTE/5G网络进行通信。公司的芯片产品矩阵覆盖低、中、高无线传输全速域，具有优化"PPA(功耗、性能、面积/成本)"平 衡的独特优势。 公司提供覆盖低速率至高速率 ...

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities (International) as the sole sponsor [1] Group 1: Company Overview - Yixin Communication is a global leader in cellular communication chip provision, featuring a highly optimized engine that enables devices to communicate via cellular LTE/5G networks [1] - The company's chip product matrix covers low, medium, and high wireless transmission speed domains, offering a unique advantage in optimizing the balance of PPA (Power, Performance, Area/Cost) [1] Group 2: Market Position - According to a report by Frost & Sullivan, Yixin Communication ranks first in China and third globally in the cellular communication chip industry by shipment volume [1] - The company's NB-IoT products hold the global leading position, while its Cat.1bis products rank second worldwide [1]

智通财经获悉，据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所 主板，中信建投国际为其独家保荐人。 招股书显示，移芯通信是一家蜂窝通信芯片提供商，专注于蜂窝通信芯片的研究、开发、架构及商业 化，使设备能够通过蜂窝LTE/5G网络进行通信。公司的芯片产品矩阵覆盖低、中、高无线传输全速 域，具有优化"PPA(功耗、性能、面积/成本)"平衡的独特优势。 公司提供覆盖低速率至高速率全场景的蜂窝通信芯片产品矩阵，为广泛的现实世界应用提供支撑。芯片 构成了物联网生态系统的基石，使智能表计、车辆及工业设备等物理实体能够实现无缝数据交换。 此外，公司的芯片产品矩阵不仅赋予设备连接能力，更通过矢量增强端侧AI及Open CPU技术使其具备 智能，能够高效地采集、处理及交换信息。这种广泛能力解锁了从智能传感器、AI玩具、移动支付到 可穿戴设备、网联汽车、工业自动化等更复杂系统的广泛应用场景。 根据技术特点及应用场景，蜂窝通信芯片可分为低速、中速、高速及超高速。公司的产品系列根据其支 持的蜂窝物联网标准分为多个类别，为广泛的市场需求提供解决方案。 NB-IoT：非常适合低数据速度、长距离及超低功耗 ...

智通财经APP获悉，据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所主板，中信建投 国际为其独家保荐人。 招股书显示，移芯通信是一家蜂窝通信芯片提供商，专注于蜂窝通信芯片的研究、开发、架构及商业化，使设备能够通过蜂 窝LTE/5G网络进行通信。公司的芯片产品矩阵覆盖低、中、高无线传输全速域，具有优化"PPA(功耗、性能、面积/成本)"平 衡的独特优势。 公司提供覆盖低速率至高速率全场景的蜂窝通信芯片产品矩阵，为广泛的现实世界应用提供支撑。芯片构成了物联网生态系 统的基石，使智能表计、车辆及工业设备等物理实体能够实现无缝数据交换。 此外，公司的芯片产品矩阵不仅赋予设备连接能力，更通过矢量增强端侧AI及Open CPU技术使其具备智能，能够高效地采 集、处理及交换信息。这种广泛能力解锁了从智能传感器、AI玩具、移动支付到可穿戴设备、网联汽车、工业自动化等更 复杂系统的广泛应用场景。 | 编纂]的[编纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [编纂]數目 | " [编纂]股H股(可予[编纂]) | | [編纂]數目 | " [ ...

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, positioning itself as a leading provider of cellular communication chips globally, with a focus on optimizing performance, power consumption, and cost-effectiveness [1][2]. Group 1: Company Overview - Yixin Communication specializes in cellular LTE/5G communication chips, offering a product matrix that covers low, medium, and high wireless transmission speeds [1]. - The company's chips are foundational to the Internet of Things (IoT) ecosystem, enabling seamless data exchange for smart meters, vehicles, and industrial equipment [1]. Group 2: Market Position - According to Frost & Sullivan, Yixin Communication holds a leading position in the global cellular IoT chip market, with NB-IoT chip shipments expected to reach 26.3 million units in 2024, capturing 38.4% of the global NB-IoT market [2]. - The company is also a strong competitor in the Cat.1bis chip market, with projected shipments of 61.1 million units in 2024, representing 22.7% of the global Cat.1bis market, making it the second-largest player in this segment [2].

据港交所11月30日披露，上海移芯通信科技股份有限公司(简称：移芯通信)递表港交所主板，中信建投 （601066）国际为独家保荐人。招股书显示，移芯通信是一家全球领先的蜂窝通信芯片提供商，拥有高度优化的 引擎，使设备能够通过蜂窝LTE/5G网络进行通信。公司芯片产品矩阵覆盖低、中、高无线传输全速域，具有优 化"PPA(功耗、性能、面积╱成本)"平衡的独特优势，确保了高性能、低功耗、成本效益，以满足多样化需求，并 适应各种应用场景下的严苛运行条件。该公司芯片构成了物联网生态系统的基石，使智能表计、车辆及工业设备 等物理实体能够实现无缝数据交换。 根据弗若斯特沙利文的报告，公司已稳居全球蜂窝物联网芯片市场竞争格局的领先地位，NB-IoT芯片出货量于 2024年达到26.3百万片，占全球NB-IoT市场的38.4%。除了在NB-IoT领域的领先地位外，公司亦为Cat.1bis芯片市 场的有力竞争者，进一步巩固了其行业领先地位。公司Cat.1bis芯片在不影响性能的情况下提供卓越的成本效益。 根据弗若斯特沙利文报告，移芯通信Cat.1bis芯片出货量于2024年达到61.1百万片，占全球Cat.1bis市场的22.7 ...

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. (Yixin Communication) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor. The company is a global leader in cellular communication chips, providing optimized engines for devices to communicate via cellular LTE/5G networks [1][2]. Group 1: Company Overview - Yixin Communication is recognized as a leading provider of cellular IoT chips, with a strong position in the global market [2]. - The company's chip product matrix covers low, medium, and high wireless transmission speeds, ensuring high performance, low power consumption, and cost-effectiveness [1]. - Yixin Communication's chips are foundational to the IoT ecosystem, enabling seamless data exchange for smart meters, vehicles, and industrial equipment [1]. Group 2: Market Position and Performance - According to Frost & Sullivan, Yixin Communication is expected to achieve a shipment of 26.3 million NB-IoT chips in 2024, capturing 38.4% of the global NB-IoT market [2]. - The company is also a strong competitor in the Cat.1bis chip market, with projected shipments of 61.1 million units in 2024, representing 22.7% of the global Cat.1bis market, making it the second-largest player in this segment [2].

Industry Overview - The communication chip industry in China is defined as integrated circuits specifically designed for data transmission and communication protocols, playing a crucial role in various electronic devices [1][2] - Communication chips are categorized into several types, including Wi-Fi, Bluetooth, Zigbee, cellular communication, RFID, Ethernet, and GPS chips, widely used in smartphones, smart home devices, industrial automation, and medical equipment [2][3] Industry Chain Analysis - The upstream of the communication chip industry consists of raw material and equipment suppliers, while the midstream includes manufacturers who design, produce, and test chips, and the downstream involves terminal device manufacturers integrating these chips into various applications [5][7] Industry Development History - The Chinese communication chip industry has evolved over 40 years, transitioning from technology gaps to self-sufficiency, with significant advancements from 2G to 5G technologies, and is now making strides towards 6G [8][11] Policy Background - Current policies in China focus on key areas such as 5G/6G and satellite communication, promoting breakthroughs in critical technologies through various support measures [12][13] Current Industry Status - The global communication chip industry is at a critical stage with ongoing 5G advancements and steady progress in 6G research, characterized by a competitive landscape where international giants hold significant advantages, while local companies like HiSilicon and Unisoc are making notable progress [16][17] Competitive Landscape - The Chinese communication chip industry can be divided into three tiers based on technical strength and market influence, with leading companies like HiSilicon and Unisoc at the forefront, followed by mid-tier firms like Zhaoxin and Espressif, and smaller innovative companies focusing on niche markets [21][23] Future Development Trends - The industry is expected to see trends such as leading in 6G technology, deepening domestic substitution, and cross-industry integration, with a focus on high-quality development and support for digital economy growth [24][28]