Core Viewpoint - Shanghai Eigencomm Technologies Co., Ltd. (移芯通信) is a leading provider of cellular communication chips, planning to list on the Hong Kong Stock Exchange with a strong financial performance and a diverse product matrix catering to various market needs [1][10]. Company Overview - The company submitted its IPO application on November 30, 2025, with CITIC Securities as the sole sponsor [1]. - 移芯通信 specializes in cellular LTE/5G communication chips, offering a unique balance of power, performance, and area/cost (PPA) [1][9]. - The chip product matrix supports a wide range of applications, including smart meters, vehicles, and industrial devices, forming the backbone of the IoT ecosystem [1][2]. Financial Performance - In 2024, the company reported revenues of approximately RMB 5.52 billion, with a net profit of RMB 120 million, marking a 100% year-on-year increase [1][10]. - For the first half of 2025, revenues reached RMB 3.37 billion, with a net profit of RMB 170 million, reflecting a 20% year-on-year growth [1][10]. - The gross margin for 2024 was 22.34%, with a slight increase to 22.78% in the first half of 2025 [1][10]. Product Offerings - The product series is categorized based on supported cellular IoT standards, including: - NB-IoT for low-speed, long-distance, and ultra-low power applications [6]. - 4G Cat.1bis for mid-speed applications requiring voice support [6]. - 5G RedCap and LTE Cat.4 for high-speed, low-latency industrial IoT applications [6]. - The company holds the global leading position in NB-IoT chip shipments and ranks second in Cat.1bis chip shipments [15][16]. Market Position - According to Frost & Sullivan, 移芯通信 ranks first in China and third globally in the cellular communication chip industry by shipment volume [9][12]. - The global cellular communication chip market is projected to grow from 653.1 million units in 2025 to 1,001.3 million units by 2029, with a compound annual growth rate (CAGR) of 11.9% [11]. Competitive Landscape - The company has developed comprehensive technologies supporting connected devices, including advanced cellular communication algorithms and integrated chip designs [4]. - The competitive landscape includes comparable companies such as Aojie Technology and Chuangyao Technology, with 移芯通信's current market valuation and financial metrics being competitive [22].