--- title: "[IPO Frontline] What is the background of Goertek Microelectronics?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/32113688.md" description: "On July 21, the "Apple supply chain" concept stock $Goertek(002241.SZ) spun off Goertek Microelectronics Co., Ltd. (hereinafter referred to as "Goertek Micro") once again submitted a listing application to the Hong Kong Stock Exchange. The company's last submission was on January 20, 2025, and the relevant application status has been marked as "invalid." This is its second attempt to list on the Hong Kong Stock Exchange. The relationship between Goertek Micro and Goertek can be traced back to 2004, when Goertek Micro began MEMS R&D as a business unit of Goertek. In 2009..." datetime: "2025-07-23T02:16:41.000Z" locales: - [en](https://longbridge.com/en/topics/32113688.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32113688.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32113688.md) author: "[财华社](https://longbridge.com/en/profiles/11651030.md)" --- # [IPO Frontline] What is the background of Goertek Microelectronics? On July 21, Goermicro, a spin-off from the "Apple supply chain" concept stock $Goertek(002241.SZ), once again submitted a listing application to the Hong Kong Stock Exchange. The company's previous application was submitted on January 20, 2025, and the status was marked as "lapsed." This marks its second attempt to list on the Hong Kong Stock Exchange. **Relationship Between Goermicro and GoerTek** Goermicro's history dates back to 2004 when it began MEMS R&D as a business unit of GoerTek. In 2009, its first acoustic sensor achieved mass production, and it began developing sensor interaction modules. In 2014, it started R&D on MEMS pressure sensors, achieving mass production in 2016. Since 2017, Goermicro became an independent entity, focusing on SiP R&D, achieving mass production in 2021. In 2019, it completed the integration of its microelectronics business. In 2023, it established the UniSense intelligent sensing interaction platform, covering key technical aspects such as material R&D, chip design, packaging and testing, algorithm software development, and system design. In 2024, it expanded its business scope to smart home, industrial applications, and healthcare. In 2024 and Q1 2025, Goermicro's revenue was RMB 4.536 billion and RMB 1.120 billion (under IFRS), accounting for approximately 4.49% and 6.87% of GoerTek's revenue (under Chinese GAAP) of RMB 100.954 billion and RMB 16.305 billion, respectively. Meanwhile, GoerTek is also one of Goermicro's major customers. In 2024 and Q1 2025, GoerTek contributed RMB 346 million and RMB 57.4 million to Goermicro's revenue, accounting for 7.6% and 5.1% of its total revenue, making it Goermicro's second and third-largest customer during the period. Currently, GoerTek holds an 83.40% controlling stake in Goermicro. Even if Goermicro successfully lists in Hong Kong, GoerTek will remain its major shareholder. **Goermicro's Core Business** Goermicro provides comprehensive intelligent sensing interaction solutions, including: 1) Sensors: Devices that detect and respond to environmental changes by converting physical parameters such as sound, temperature, pressure, or light into measurable signals. Typically composed of a MEMS chip and an ASIC chip, encapsulated in a metal shell, they are widely used in smartphones, smart earphones, VR/AR devices, smart cars, and smart homes for acoustic sensors, pressure sensors, and inertial sensors. In consumer electronics: Applied in smartphones, earphones, and wearables; In automotive: Used to measure tire pressure, acceleration, etc.; In healthcare: Used in medical devices for measuring blood pressure, blood sugar, and other vital signs. 2) SiP (System in Package): A device that integrates multiple functional chips (e.g., processors and memory) and electronic components into a single package through side-by-side or stacked packaging, achieving a nearly complete function. Composed of processor chips, memory chips, Bluetooth chips, RF chips, power management chips, capacitors, resistors, and sensors, it is mainly used in smartphones, smart earphones, and wearables for TWS SiP, touch SiP, power management SiP, RF SiP, heart rate SiP, and thermal management SiP. 3) Sensing interaction modules: Components enabling smart interaction between users and devices, consisting of sensors, signal processing chips, and other electronic components combined in a customized molded shell, mainly used in automotive and consumer sensing modules. Goermicro has in-house design capabilities for MEMS and ASIC chips, allowing customization and mass production. MEMS chips integrate micro-sensors, micro-actuators, micro-energy sources, mechanical structures, and signal processing circuits into a micro-intelligent system. ASICs are customized chips designed for specific applications. However, wafer manufacturing for sensors and SiPs is outsourced to third-party foundries, with Goermicro handling packaging, testing, and assembly. Regarding the use of funds from the Hong Kong IPO, Goermicro stated: 1) To enrich and improve its solution portfolio, consolidate its position in the intelligent sensing interaction solutions sector, seize opportunities in the smart terminal market, expand its business scope, and increase market share. 2) To iterate its UniSense platform, focusing on enhancing capabilities across various smart terminals and applications to solidify its technological leadership. 3) To advance collaboration with global industry chain partners, strengthen network effects, and promote ecosystem development, including improving global service networks, enhancing brand influence through advertising, and exploring new business opportunities with key clients. 4) For strategic investments or acquisitions, primarily targeting companies in the intelligent sensing interaction solutions sector, with a focus on automotive electronics, smart home, industrial applications, and healthcare. 5) For working capital and general corporate purposes. **Goermicro's Competitive Advantages** According to data from CIC, Goermicro ranked fifth among global intelligent sensing interaction solution providers in 2024, with a 2.2% market share, while Germany's Bosch led with 11.2%. By sensor sales in 2024, Goermicro ranked fourth globally (4.3% share), trailing Bosch by 12.3 percentage points. In acoustic sensors, it ranked first with a 43.0% share. Growth in smart electronics, smart home, smart cars, and AI is expected to drive demand for its sensors and solutions, positioning Goermicro for strong growth. As of March 31, 2025, the company operates four major production bases in Weifang, Rongcheng, Qingdao, and Vietnam, with an annual design capacity of 2.4 billion units and a utilization rate of 88.8%. Additionally, it has full-stack capabilities in material R&D, chip design, packaging and testing, algorithm software development, and system design. It focuses on advanced materials, MEMS/ASIC chip design, packaging and testing technologies, algorithm and software development, and system solutions. The proportion with self-developed chips rose from 9.9% in 2022 to 31.1% in Q3 2025. This demonstrates its independent core competencies and unique advantages. In 2024 and Q1 2025, Goermicro's gross margins (IFRS) were 18.98% and 20.58%, with adjusted net margins of 8.04% and 11.90%. GoerTek's (Chinese GAAP) gross margins were 11.09% and 12.41%, with net margins of 1.79% and 2.37%, indicating Goermicro's superior profitability. **Goermicro's Risk Factors** As shown in its revenue breakdown, acoustic sensors contribute the most but have lower margins. If their growth outpaces other products, overall margins may remain under pressure. Over-reliance on major clients: In 2024 and Q1 2025, its top five clients accounted for 79.7% and 80.5% of revenue, with **Apple (AAPL.US)** contributing 62.3% and 62.0%. A supply chain shift by Apple could severely impact revenue. Dependence on key supplier Infineon: Since 2009, Goermicro has partnered with Infineon for MEMS/ASIC chips, which accounted for 53.3% and 59.1% of direct material costs in 2024 and Q1 2025. Disruptions to Infineon's supply chain or trade restrictions could affect Goermicro. On tariffs and trade restrictions: Goermicro's U.S. sales were only 1.1% and 1.9% of revenue in 2024 and Q1 2025, with most contracts priced FOB, FCA, or EXW, shifting tariff liability to clients. As of the latest date, no orders were canceled or adjusted due to U.S. tariffs, and it sees no material impact currently. However, future policy uncertainties may affect global trade and supply chains, potentially impacting valuations. By: Wu Yan ### Related Stocks - [002241.CN](https://longbridge.com/en/quote/002241.CN.md)