ESWIN Computing

奕斯偉計算

📊 Valuation Analysis

💰 Financial Summary (FY2025)

Financial figures are in RMB (some companies report in another currency per the prospectus; see the notes below).

📝 Key Notes

Chip designer: smart-terminal chips (human-interaction and multimedia processing chips) and embodied-intelligence chips (interconnect and computing chips), built on the open RISC-V architecture and its in-house RISAA hardware-software platform. By 2025 revenue it is China's largest domestic supplier of human-interaction chips for smart terminals and its third-largest domestic supplier of RISC-V main-control chips. FY2025 revenue RMB2.431bn (+20.0%), gross margin 18.6%, net loss RMB1.516bn (adjusted net loss RMB1.161bn). Customer concentration is high: the top five customers accounted for 89.5% of 2025 revenue and the largest customer (Customer A) for 64.6%. Offer period 28 September to 6 October 2026; global offering of 1.57bn H shares (10% Hong Kong offer); board lot 2,000 shares; entry cost HK$3,212.07; raising up to about HK$2.497bn. Eleven cornerstone investors subscribed a total of HK$1.161bn, equal to 49.98% of the offer shares at HK$1.48.

🏢 Company Profile

Beijing ESWIN Computing Technology Co., Ltd. (stock code 01256) is a fabless chip designer focused on smart-terminal and embodied-intelligence chips: human-interaction chips, multimedia processing chips, and interconnect and computing chips for embodied intelligence, built around the open RISC-V architecture and its in-house RISAA hardware-software platform. By 2025 revenue it is China's largest domestic supplier of human-interaction chips for smart terminals and its third-largest domestic supplier of RISC-V main-control chips. As at 31 March 2026 it had more than 150 products in mass production and over 80 in development, with 37 distribution partners. Revenue grew from RMB1.752bn in 2023 to RMB2.025bn in 2024 and RMB2.431bn in 2025, with gross margin rising from 15.4% to 18.6%; the 2025 net loss was RMB1.516bn (adjusted net loss RMB1.161bn). As at 31 March 2026 net assets were RMB2.395bn and the unaudited pro forma adjusted net tangible asset value per share was HK$0.22. Customer concentration is high: the top five customers accounted for 89.5% of 2025 revenue, with the largest customer (Customer A), a leading IoT supplier incorporated in the PRC and listed on the Shenzhen Stock Exchange, contributing 64.6%. After listing, a single largest shareholder group (ESWIN Group, Mr Wang Dongsheng, Mr Mi Peng and others) will control 29.30% of total issued share capital; Mr Mi Peng is an executive director, chairman and chief executive officer. Net proceeds of about HK$2.267bn (at the HK$1.54 mid-point) will be used for chip product development (35%), the RISAA platform (30%), potential strategic acquisitions (15%), marketing network and RISC-V ecosystem building (10%) and working capital (10%). The joint sponsors are CITIC Securities (Hong Kong) Limited and China Securities (International) Financing Limited.