Core Viewpoint - The company, Xihua Technology, is aiming to become the first publicly listed company in the ASIC scaler sector on the Hong Kong Stock Exchange, led by its founder Chen Xi, a notable alumnus of Tsinghua University [3]. Group 1: Company Overview - Xihua Technology is a provider of edge AI chips and solutions, leveraging strong chip design capabilities and unique advantages in smart display and smart sensing integration [5]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, which excels in visual lossless compression, image quality enhancement, and high-speed interface transmission [5][6]. - The AI Scaler has rapidly gained market share, becoming a leading product globally, with an expected shipment of approximately 37 million units in 2024 [6]. Group 2: Product Offerings - The company’s product lineup includes smart display chips (AI Scaler and STDI chips) and smart sensing chips (TMCU, general-purpose MCU, touch chips, and smart cockpit solutions) [5][6]. - The STDI chip integrates additional scaler and TDDI functions, enhancing system integration and performance for smartphones and tablets [7]. - The TMCU is designed for various human-machine interaction applications in vehicles, achieving industry-leading perception performance and certified for automotive safety standards [7]. Group 3: Financial Performance - Xihua Technology has shown strong revenue growth, with revenues increasing from 86.7 million RMB in 2022 to 150 million RMB in 2023, and projected to reach 244 million RMB in 2024, representing a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company recorded gross profits of 30.9 million RMB, 32.3 million RMB, 69.3 million RMB, and 53.1 million RMB for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [10]. - Despite revenue growth, the company reported net losses of 129 million RMB, 153 million RMB, 81 million RMB, and 63 million RMB for the same periods [11]. Group 4: Research and Development - The company invests heavily in research and development, with R&D expenses accounting for 63.3% of total expenditures from 2022 to 2024 [11]. - The R&D team consists of 81 members, most of whom have over 10 years of experience in leading semiconductor companies [11]. Group 5: Leadership - Chen Xi, the founder of Xihua Technology, has over 25 years of management experience in the semiconductor and high-tech sectors and holds multiple degrees from Tsinghua University [11]. - Liu Xiaorong serves as the CFO, bringing extensive financial management experience from previous roles in various technology and investment firms [12][13].

成立仅七年，便摘得"全球Scaler行业第二、ASIC Scaler行业第一"的桂冠，深圳曦华科技股份有限公司（简称"曦华科技"）的成 长速度足以惊艳半导体行业。 近期，这家国家级重点"小巨人"企业正式递交港交所招股书，开启IPO冲刺之路。然而，光环之下，是不到四年累计亏损4.26亿 元的财务压力，是前五大客户贡献超八成收入的结构脆弱性。 作为半导体领域的"后起之秀"，曦华科技的崛起精准踩中了智能终端产业升级的风口。成立于2018年8月的曦华科技，专注于智 能显示芯片、智能感控芯片及解决方案的研发与供应，产品已广泛渗透至智能汽车、手机、可穿戴设备和机器人等核心市场， 形成了以AI Scaler、STDI芯片为核心的智能显示产品线，以及涵盖TMCU、通用MCU的智能感控产品线。凭借自主研发的全球 首款ASIC架构Scaler芯片，其在视觉无损压缩、画质增强等关键技术领域构建了核心竞争力，据弗若斯特沙利文报告显示， 2024年曦华科技Scaler芯片出货量达3700万颗，以18.8%的市场份额位居全球第二，在AI Scaler细分赛道更是以55%的市场份额稳 居全球第一，连续三年实现该领域中国区收入榜首。 当前， ...

Core Viewpoint - XiHua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [5]. Company Overview - Established in August 2018, XiHua Technology is a national-level key "little giant" enterprise specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped [5]. - The company ranks second globally in the Scaler market with a shipment of 37 million units, holding an 18.8% market share [5][6]. Financial Performance - XiHua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over four years. Revenue for 2022, 2023, 2024, and the first nine months of 2025 was 87 million, 150 million, 244 million, and 240 million RMB, respectively, with a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company's gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% from 2022 to the first nine months of 2025, attributed to its relatively small sales scale [11]. Product Lines and Market Position - XiHua Technology has developed two major product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCU) [16]. - The smart display segment has consistently contributed over 85% of the company's revenue from 2022 to the first nine months of 2025, while the smart sensing control segment's revenue share increased from 1.9% in 2022 to 14.4% in 2025 [16]. R&D and Innovation - The company has invested heavily in R&D, with expenditures of approximately 400 million RMB over the years, focusing on enhancing existing products and developing next-generation chips for AMOLED touch and audio driver applications [9][8]. - XiHua Technology has established a comprehensive technology solution based on MCU, perception, and display architecture, with a dedicated R&D team comprising over 50% of its workforce [25][28]. Customer and Supplier Dependency - XiHua Technology's revenue is highly concentrated, with the top five customers contributing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue from 2022 to the first nine months of 2025, indicating a significant reliance on a few key clients [30]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8%, 83.7%, 83.6%, and 76.6% of total procurement during the same period [34]. Ownership and Management - The company is controlled by its founder and chairman, Chen Xi, and his spouse, Wang Hong, who together hold 65.51% of the shares [37][39]. - Chen Xi has over 25 years of experience in the semiconductor and high-tech fields, with a strong educational background from Tsinghua University and UCLA [42].

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to issue H-shares with Agricultural Bank of China International as the sole sponsor [1]. Group 1: Company Overview - Founded in 2018, the company focuses on the design of edge AI chips, offering a product portfolio that includes smart display chips, smart perception and control chips, and solutions for emerging applications in consumer electronics and automotive electronics [5]. - The company ranks second globally in the scaler chip industry by shipment volume, with a market share of 18.8% in 2024, and holds the first position in the ASIC scaler sub-market with a market share of 55%, shipping approximately 37 million units [5]. Group 2: Financial Performance - The company's revenue has shown rapid growth, increasing from 87 million yuan in 2022 to 244 million yuan in 2024, representing a compound annual growth rate of approximately 67.5%. In the first nine months of 2025, revenue continued to grow by 24.2% year-on-year, driven by the ramp-up of core products like AI Scaler and STDI [5]. - Despite revenue growth, the company is still in a phase of continuous losses, with a cumulative net loss of approximately 462 million yuan and a cumulative loss rate of about 59% from 2022 to the first nine months of 2025. The overall gross margin has declined from 35.7% to 22.1% during the same period [6]. Group 3: Market Position and Future Outlook - The company has a high dependency on major customers and suppliers, indicating a concentrated customer base [6]. - With the acceleration of AI applications and increasing demand for display and control chips, the company aims to leverage its IPO to enhance capital, increase R&D investment, and optimize supply chain layout, potentially improving its market share in the edge AI chip sector [6].

曦华科技成立于2018年8月，是国家级重点"小巨人"企业，主要提供智能显示芯片、智能感控芯片及解决方案，已应用于智能汽车、手机、可穿戴设备和 机器人等市场。其自主研发芯片累计出货量超过1亿颗。 曦华科技部分产品线布局（图源：曦华科技官网） 该公司的智能显示芯片及解决方案包括核心图像处理芯片AI Scaler及智能显示驱动芯片STDI芯片。曦华科技研发了全球首款ASIC架构的Scaler，在视觉 无损压缩、画质增强及高速接口传输方面掌握关键技术。 12月3日，深圳端侧AI芯片与解决方案提供商曦华科技正式递表港交所。 沙利文数据显示，2024年，全球Scaler市场中前五大供应商合计市场份额达70.8%，曦华科技凭借3700万颗的出货量排名全球第二，市场份额为18.8%。根 据批注估计，公司A为莱迪思半导体、公司B为京微齐力、公司C为安路科技、公司D为荣晶电子。 且曦华科技在AI Scaler细分赛道占据55%的市场份额，排名全球第一，其来自AI Scaler的收入自2022年以来连续3年位列中国榜首。 | 排名 | 公司名稱 | 出意量 | 市場份額 | | --- | --- | --- | --- | | ...

在AI时代下，智能显示芯片与智能感控芯片正成为市场需求的香喷喷，然而全球最大的ASIC scaler芯片 提供商，曦华科技却不到四年累亏超4.6亿元。 智通财经APP了解到，曦华科技近日递表港交所主板，农银国际为其独家保荐人。该公司是一家端侧AI 芯片与解决方案提供商，根据弗若斯特沙利文报告，于2024年，按出货量计，公司在全球scaler行业中 排名第二，市场份额18.8%，及在ASIC scaler行业中排名全球第一，市场份额55%。 该公司拥有业界领先的研发能力、成熟的量产经验以及尖端技术实力，已量产的芯片产品组合可以满足 客户在消费电子、汽车行业及具身智能等新兴市场的不同需求。公司业绩成长强劲，2022-2024年，收 入从0.87亿元增至2.44亿元，复合增速67.5%，2025年前九月继续增长24.2%。 不过公司的盈利能力却呈下滑趋势，2022年至2025年前9月，毛利率从35.7%下降至22.1%，目前仍处于 连年净亏损状态，但亏损幅度有所缩窄，期间累计净亏损额4.62亿元，累计亏损比例59.08%。截至2025 年9月，其拥有现金等价物0.6亿元，而短期的有息银行借款为1.02亿元。 双业务 ...

清华系汽车芯片"夫妻店"，冲刺港股： 曦华科技，刚刚向港交所递交招股书，估值28.44亿人民币。 细分赛道并不常引人关注，却至关重要——MCU：之前的汽车"芯片荒"，就是国际MCU大厂波动导致。 自主汽车MCU，尤其是跟智能汽车、物理AI浪潮紧密关联的创业玩家，曦华科技是第一个走到IPO时刻的。 估值近30亿，曦华科技经营状况如何 根据招股书披露，曦华科技从2022年起的营收分别为： 年均研发投入一亿左右，但研发投入占超过35%，远高于行业平均。 不过研发的投入产出比并不算高，比如2024年研发投入8683万元仅产出专利12项，平均每项专利成本723万元，研发转化效率低于行业均值（同业平均每 项专利成本约300万元）。 这说明，曦华科技押注的AI Scaler、TMCU等等，尚未转化成核心竞争力，也解释了为何现阶段毛利偏低——高强度的技术投入，尚未能形成与之匹配的 市场竞争力和定价权。 2022–2024年复合年增长率达67.8%，而2025年前三个季度，就已经追平了2024全年营收，所以从这个层面看，曦华科技业务是高速迅猛扩张的。 不过相对于半导体行业，尤其是Fabless模式的半导体公司来说，曦华科技目前 ...

Core Viewpoint - Shenzhen CVA Innovation Co., Ltd. (CVA Technology) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to list on the main board [4]. Business Overview - Established in 2018, CVA Technology operates as a fabless AI chip and solution provider, focusing on edge AI chips based on MCU and ASIC architectures, with applications in consumer electronics, automotive, and emerging markets [5][6]. - The company has developed the world's first ASIC architecture scaler, known as AI Scaler, and ranks second globally in the scaler industry by shipment volume as of 2024, while being the leader in the ASIC scaler segment [6]. Product Lines - CVA Technology's product portfolio includes: - **Smart Display Chips and Solutions**: Comprising AI Scaler and STDI chips [6]. - **Smart Control Chips and Solutions**: Including TMCU, general-purpose MCUs, touch chips, and smart cockpit solutions [7]. - As of September 30, 2025, the company has a comprehensive product lineup with 17 chip models across two major product lines [6]. Market Position and Achievements - In 2024, CVA Technology's TMCU and general-purpose MCUs achieved mass production with nine out of ten leading automotive OEMs in China [8]. - The company is recognized as the only domestic provider to achieve mass production of HoD TMCU solutions and has received leading recognition for its TMCU technology from the Ministry of Industry and Information Technology in 2024 [8]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 0.87 billion, RMB 1.50 billion, RMB 2.44 billion, and RMB 2.40 billion, respectively [14]. - Corresponding net losses were RMB 1.29 billion, RMB 1.53 billion, RMB 0.81 billion, and RMB 0.63 billion, with adjusted net losses of RMB 0.98 billion, RMB 1.29 billion, RMB 0.69 billion, and RMB 0.35 billion [14]. Shareholder Structure - Prior to the IPO, the major shareholders include Mr. Chen Xi and Ms. Wang Hong, who collectively hold approximately 65.51% of the shares [10][12]. Management Team - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, with Mr. Chen Xi serving as the founder, chairman, and CEO [14].

Core Viewpoint - Xihua Technology has submitted a listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor [1] Company Overview - Xihua Technology is a provider of edge AI chips and solutions, with main products including smart display chips (such as AIScaler and STDI) and smart sensing control chips and solutions (such as TMCU, general-purpose MCU, touch chips, and smart cockpit solutions) [1] - The company's products have been adopted by several major automotive OEMs and globally recognized consumer electronics brands, addressing market demands in consumer electronics, automotive, and embodied intelligence [1] Market Position - According to a Frost & Sullivan report, Xihua Technology has developed the world's first ASIC architecture AIScaler, mastering key technologies such as visual lossless compression, image quality enhancement, and high-speed interface transmission [1] - The AIScaler has become a leading product globally, with an estimated shipment of approximately 37 million units in 2024 [1] - In 2024, Xihua Technology ranks second globally in the scaler industry and first in the ASIC scaler industry [1] - The latest generation automotive-grade TMCU maintains a leading position globally in the smart sensing control performance sector [1]

据港交所12月3日披露，深圳曦华科技股份有限公司(简称：曦华科技)递表港交所主板，农银国际为其独家保荐人。 招股书显示，曦华科技是一家端侧AI芯片与解决方案提供商。公司的智能显示芯片及解决方案主要有AIScaler及STDI芯片；而智能感控芯片及解决方案主要 有TMCU、通用MCU、触控芯片及智能座舱解决方案。公司的产品已获多家主流汽车OEM及全球知名消费电子品牌采用，已量产的芯片产品组合可以满足 客户在消费电子、汽车行业及具身智能等新兴市场的不同需求。 根据弗若斯特沙利文报告，曦华科技研发了全球首款ASIC架构的scaler，即AIScaler，在视觉无损压缩、画质增强及高速接口传输方面掌握关键技术。从智 能手机屏应用市场战略性切入，公司AIScaler的市场份额快速增长，目前已成为全球龙头产品。于2024年，曦华科技的AIScaler出货量约为3,700万颗。 根据弗若斯特沙利文报告，于2024年，按出货量计，曦华科技在全球scaler行业中排名第二及在ASICscaler行业中排名第一。根据同一资料来源，曦华科技最 新一代的车规级TMCU保持了在智能感控规格性能领域的全球领先地位。 ...