Core Viewpoint - Panjie Electronics (Jiangsu) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, showcasing strong revenue growth but persistent losses, highlighting the need to address profitability challenges and product commercialization issues [2][7][8]. Financial Performance - Revenue growth from 2022 to 2024 shows a compound annual growth rate (CAGR) of 82.98%, significantly outpacing the industry average [2][7]. - Despite revenue increases, the company reported annual losses of no less than 200 million yuan, totaling 1.06 billion yuan over three and a half years [2][7][8]. - Cumulative losses since 2015 amount to 1.339 billion yuan, averaging over 100 million yuan per year [8]. Cash Flow Situation - Operating cash flow has consistently been negative, with net outflows totaling 465 million yuan over the reporting period [3][12]. - As of June 2025, cash and cash equivalents stood at 123.87 million yuan, raising concerns about the sustainability of operations given the historical cash flow deficits [3][12]. Industry Outlook - The global wireless sensor SoC market is projected to grow at a CAGR of 30% from 2019 to 2024, with expectations to reach 50.7 billion yuan by 2030 [4]. - The Chinese market for wireless sensor SoCs is anticipated to grow from 2.5 billion yuan in 2025 to 26.6 billion yuan by 2030, with a CAGR of 60.2% [4]. Strategic Focus - The IPO proceeds are intended for business expansion, product commercialization, and enhancing research capabilities in key product areas such as smart tire sensor SoCs, BMS SoCs, and USI SoCs [10]. - There is a pressing need to supplement working capital due to ongoing cash flow challenges [12].

Core Viewpoint - The company, Banjie Electronics Technology (Jiangsu) Co., Ltd., is preparing for an IPO, focusing on high-performance automotive chips, but has reported consecutive net losses from 2022 to 2025 [1][2]. Financial Performance - The net profits for Banjie Electronics from 2022 to the first half of 2025 are projected to be approximately -205 million, -356 million, -351 million, and -143 million yuan respectively [1][2]. - The operating revenues for the same period are estimated to be around 104 million, 223 million, 348 million, and 157 million yuan respectively [2]. Market Position - In 2024, the global market size for wireless automotive sensor SoCs is expected to reach 2.9 billion yuan, with Banjie Electronics projected to generate approximately 209 million yuan in revenue, capturing a market share of 7.3% [2]. - The global wireless TPMS SoC market is anticipated to grow from 2.7 billion yuan in 2024 to 7.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of 17.5% [2]. Use of Proceeds - The funds raised from the IPO will be utilized to expand business scale, accelerate new product commercialization, procure wafers, and enhance internal manufacturing capabilities [3]. - Investments will also focus on advancing technology in smart tire sensor SoCs, battery management system SoCs, and universal sensor interface SoCs [3]. Customer and Supplier Dynamics - The majority of Banjie Electronics' customers are direct sales clients, with revenue from the top five customers accounting for 41.2%, 35.6%, 52.1%, and 46.8% of total revenue from 2022 to the first half of 2025 [4]. - The company relies heavily on a few suppliers, with the top five suppliers representing 72.8%, 52.6%, 64.5%, and 63.9% of total procurement during the same period [4].

Core Viewpoint - Panjie Electronics Technology (Jiangsu) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and Guotai Junan International acting as joint sponsors [1] Company Overview - Panjie Electronics is a global leader and pioneer in the wireless sensor SoC (System on Chip) field, focusing on innovative sensor chips [3] - According to a Frost & Sullivan report, Panjie Electronics ranks as the third largest automotive wireless sensor SoC company globally and the largest in China by revenue in 2024 [3] Industry Position - The company is at the forefront of wireless sensor SoC and has established a first-mover advantage since 2018 by mass-producing high-performance automotive-grade wireless sensor SoCs [3] - Wireless sensor SoCs are identified as a key growth engine in the automotive electronics sector [3] Product Portfolio - The core product TPMS SoC for intelligent tire sensing was mass-produced in 2018, making Panjie Electronics the first supplier in China to achieve this [6] - The BPS SoC, a core product for Battery Management Systems (BMS), was mass-produced in 2021, addressing early fault detection challenges in high-temperature scenarios [6] - The USI SoC, which can be applied to various sensors, was also mass-produced in 2021 [6] Financial Performance - Revenue figures for Panjie Electronics are as follows: approximately RMB 104 million in 2022, RMB 223 million in 2023, RMB 348 million in 2024, and RMB 157 million for the first half of 2025 [6] - The company reported losses of approximately RMB 205 million, RMB 356 million, RMB 351 million, and RMB 143 million for the respective periods [6][9]