2025年12月19日，来自广东深圳的 美格智能技术股份有限公司 MeiG Smart Technology Co., Ltd.(以下简称"美格智能")在港交所递交招股 书，拟香港主板IPO上市。这是继其于 2025年6月18日递表失效后的再一次申请。 | 纂 编纂 數目 | .. | [編纂]股H股(視乎[編纂]行使情況而定) | | --- | --- | --- | | 编纂 數目 | .. | [編纂]股H股(可予[編纂]) | | [编纂]數目 | .. | [编纂]股H股(可予[编纂]並視乎[编纂]行使情況而 | | | | 定) | | 取高 编纂] | : | 每 股[编纂]編纂]港元,另加1%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,多繳股款可予退還) | | 面值 | | 每股H股人民幣1.00元 | | ■盖 | | ■ 海 | 根据弗若斯特沙利文的资料，于2024年按高算力智能模块业务的收入计，美格智能是最大的高算力智能模块供货商，占全球市场份额的 ...

智通财经APP获悉，据港交所12月19日披露，美格智能技术股份有限公司(简称：美格智能，002881.SZ)向港交所主板提交上市申请，中金公司为其独家保荐 人。这是该公司年内第二次递表，曾于6月18日向港交所递交过上市申请。根据弗若斯特沙利文的资料，于2024年，按无线通信模块业务收入计，公司在全 球无线通信模块行业中排名第四，占全球市场份额的6.4%。 | 编纂][编纂]數目 | : [编纂]股H股(視乎[编纂]行使情况而定) | | --- | --- | | [编纂]數目 … | [编纂]股H股(可予[编纂]) | | [编纂]數目 | : [編纂]股H股(可予[編纂]並視乎[編纂]行使情況而 | | | 定) | | 最高[编纂] | : 每 股[編 纂][編 纂]港 元,另 加 1%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,多繳股款可予退還) | | 面值 .. | 每股H股人民幣1.00元 | | [编纂] | : [编纂] | 招股书显示，美格智能是全球领先的无线通信 ...

Core Viewpoint - Meig Smart is a leading global provider of wireless communication modules and solutions, recently submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company ranks fourth in the global wireless communication module industry with a market share of 6.4% and holds the top position in high-performance intelligent modules with a market share of 29% [1][2]. Group 1: Company Performance - The company has shown strong performance over the past two years, with revenue growth rates of -6.9%, 36.98%, and 73.57% from 2023 to Q1 2025, while net profit growth rates were -49.5%, 110.6%, and 616% respectively [1][2]. - The intelligent module business has seen a compound annual growth rate (CAGR) of 39% from 2022 to 2024, with its revenue share increasing by 21.4 percentage points to 62.9% [5][6]. Group 2: Market Trends - The global edge AI market is expected to reach a scale of 251.7 billion yuan in 2024, with a five-year CAGR of 29.3%, projected to grow to 1.22 trillion yuan by 2029, with a CAGR of 39.6% [1][2]. - The high-performance intelligent module market is projected to grow from 2.4 billion yuan in 2024 to 11.5 billion yuan by 2029, benefiting from the explosion of edge AI applications [3][4]. Group 3: Competitive Position - The global wireless communication module market is relatively concentrated, with the top five manufacturers holding 76.8% of the market share. Meig Smart ranks fourth with a 6.4% market share [3][4]. - The company leads in specific segments, holding a 35.1% market share in 5G vehicle-mounted modules and a 29% market share in high-performance intelligent modules [3][4]. Group 4: Financial Health - The company maintains a stable gross margin between 16% and 18% over the past three years, with the intelligent module business contributing over 70% of gross profit [8][9]. - As of March 2025, the company has a debt-to-asset ratio of 47.6% and cash reserves of 460 million yuan, although it has experienced negative cash flow in recent years [8][9]. Group 5: Investment Outlook - The company is well-positioned to capitalize on the AI development wave, with strong product offerings in 5G vehicle-mounted modules and high-performance intelligent modules expected to drive sustained revenue growth [9][10]. - The average dividend payout ratio from 2022 to 2024 is 26.4%, indicating a commitment to returning value to shareholders [9].

Core Viewpoint - Meige Intelligent Technology Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading provider of wireless communication modules and solutions, particularly in high-performance intelligent modules [2] Group 1: Market Position and Product Innovation - Meige Intelligent ranks fourth globally in the wireless communication module industry by revenue, holding a market share of 6.4% as of 2024 [2] - The company is recognized as the first globally to launch intelligent module products and to achieve large-scale deployment of 5G intelligent modules in new energy vehicles [2] - In the high-performance intelligent module segment, Meige Intelligent is the first to develop a 48TOPS high-performance intelligent module and has become a designated supplier for leading automotive manufacturers [3] Group 2: Revenue and Customer Segmentation - Revenue from direct sales customers for Meige Intelligent was approximately RMB 2,055.6 million, RMB 1,957.3 million, and RMB 2,785.1 million for the years 2022, 2023, and 2024, respectively, accounting for 89.1%, 91.1%, and 94.7% of total revenue during those periods [4] - Revenue from distribution sales was RMB 250.4 million, RMB 190.1 million, and RMB 156.3 million for the same years, representing 10.9%, 8.9%, and 5.3% of total revenue [4] Group 3: Research and Development Investment - Meige Intelligent's R&D expenses were RMB 185.9 million, RMB 213.9 million, and RMB 208.1 million for the years 2022, 2023, and 2024, constituting 8.1%, 10.0%, and 7.1% of total revenue, respectively [4] - The company's total R&D expenses as a percentage of total revenue are higher than the average level in the global wireless communication module industry as of December 31, 2024 [4]