New Stock News | FHM submits application to Hong Kong Stock Exchange, focusing on intelligent visual processing IC design

According to the Hong Kong Stock Exchange's disclosure on October 28, Shanghai FHM Microelectronics Co., Ltd. (abbreviated as FHM) has submitted an application for the main board of the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The prospectus shows that FHM (300613.SZ) is a fabless chip design company and provider, focusing on intelligent visual technology. The company mainly engages in the design of visual processing ICs for security cameras, recorders, and other visual devices in the fields of video, IoT (Internet of Things), and mobility. According to Frost & Sullivan, the company ranks first in global revenue in the smart visual processing chip market with a market share of 21.3% in 2024. It ranks first in global shipments in the edge smart visual processing chip market in 2024. It also ranks first in global shipments in the automotive ISP chip market in 2024. The company's three main IC product lines include smart video, smart IoT, and smart mobility. They are applied in network cameras, video conferencing cameras, industrial cameras; home cameras, video doorbells, home appliances, wearable video products (action cameras, smartwatches, AI glasses), AI toys; and automotive cameras (such as DMS, OMS, AVM, CMS), dashboard displays, etc. With the rapid development of AI, security cameras, NVRs, and IoT devices are evolving into intelligent terminals capable of real-time decision-making. This transformation is driving the upgrade of smart video, IoT, and mobile applications, creating a continuous demand for high-performance visual ICs. According to Frost & Sullivan, in terms of revenue, the global smart device AI SoC market has grown from USD 10.7 billion in 2020 to USD 31.8 billion in 2024, with a compound annual growth rate of 31.3% from 2020 to 2024. It is expected that by 2029, this market will further expand from USD 43.8 billion in 2025 to USD 109 billion. The company's clients include several major IoT companies and distributors. In 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, the sales revenue from the top five customers was approximately RMB 1.935 billion, RMB 1.66 billion, RMB 1.583 billion, and RMB 581 million, accounting for 91.7%, 91.1%, 88.4%, and 84.4% of total sales during the same period, respectively. The prospectus indicates that a significant portion of the company's revenue comes from a small number of customers. Losing one or more of these customers or a significant reduction in their purchase volume could have a material adverse effect on the company's business, financial condition, and operating results. In terms of finances, for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, FHM achieved revenues of approximately RMB 2.111 billion, RMB 1.822 billion, RMB 1.79 billion, and RMB 687 million, respectively; during the same periods, the annual/profit figures were approximately RMB 378 million, RMB 252 million, RMB 232 million, and RMB 1.826 million, respectively