--- title: "3.24 IPO Application Diary" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39475870.md" description: "Horizontal comparison of six companies. 1. Deshi-B (02526) — Medical imaging AI revenue: 53 million → 70 million → 112 million (growing, but small scale). Continuous losses, core product AI AutoVision not yet approved. Cash once dropped to only 5.56 million, extremely cash-strapped. Listed under the 18A biotech chapter, PS around 50x. Judgment: More concept than substance, extremely high risk. 2. Tong Shifu (00664) — Copper cultural and creative products revenue: 503 million → 506 million → 571 million (growth extremely slow..." datetime: "2026-03-24T10:20:57.000Z" locales: - [en](https://longbridge.com/en/topics/39475870.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39475870.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39475870.md) author: "[泰森](https://longbridge.com/en/profiles/14694331.md)" --- # 3.24 IPO Application Diary ## Horizontal Comparison of Six Companies **1\. Deshi-B (02526)** — Medical Imaging AI - Revenue: 53 million → 70 million → 112 million (growing, but small scale) - Continuous losses, core product AI AutoVision not yet approved - Cash once dropped to only 5.56 million, severely cash-strapped - Listed under Chapter 18A Biotech, PS around 50x - **Assessment: More concept than substance, extremely high risk** **2\. Tong Shifu (00664)** — Copper Cultural & Creative Products - Revenue: 503 million → 506 million → 571 million (extremely slow growth, ~7%) - Stable profitability: Net profit 56.94 million → 44.13 million → 78.98 million - Profit down 22% YoY for the first 9 months of 2025 - 35% market share in copper cultural products, but the overall market only accounts for 0.2% of the cultural & creative market - Median valuation about 4.7 billion HKD, corresponding PE about 60x - **Assessment: Small and stable but lacks growth potential, valuation not cheap** **3\. Fourier (03625)** — Audio/Haptic Chips - Revenue: 130 million → 150 million → 355 million (136% explosive growth in 2024) - Continuous losses: -66 million → -94 million → -57 million - Gross margin recovering rapidly: -0.1% → 13.1% → 20% - Targeted by Awinic's patent lawsuit just before listing, court hearing on April 27 - Cash only 73.46 million - **Assessment: Good growth but patent lawsuit is a major uncertainty, highly speculative** **4\. Huayan Robot (01021)** — Collaborative Robots - Revenue: 109 million → 175 million → 310 million (CAGR 68.4%) - Just turned profitable in 2024 (net profit 17.9 million), but lost 15.6 million again in the first 9 months of 2025 - Ranked second in China, top five globally, cornerstone investors include Hillhouse, GF Securities, Morgan Stanley - Global collaborative robot market only 7.5 billion yuan, clear ceiling - Market cap about 9 billion, corresponding PS about 29x - **Assessment: Hot sector but market too small, profitability unstable** **5\. Extreme Vision (06636)** — AI Computer Vision - Revenue: 102 million → 128 million → 257 million (CAGR 59.2%) - Only marginally profitable in 2024 (8.7 million), lost 36.3 million again in the first 9 months of 2025 - Ranked eighth, market share only 1.6%, employee turnover rate as high as 63% - Operating cash flow persistently negative, accounts receivable turnover days worsened to 379 days - **Assessment: Insufficient competitiveness, poor collections, not recommended** **6\. Hantian Tiancheng (02726)** — Silicon Carbide (SiC) Epitaxial Wafers - Revenue: 441 million → 1.143 billion → 974 million (down 14.8% in 2024) - Already profitable: Net profit 143 million → 122 million → 166 million - Global leader, market share over 30%, 4 out of the top 5 global SiC device giants are customers - Huawei Hubble holds 4% stake, Pre-IPO valuation 26.2 billion - **But**: Revenue only 535 million in the first 9 months of 2025 (down 33.8% YoY), gross margin plummeted to 25.6%, net profit only 21 million - 67% of 2024 net profit came from government subsidies - About 80% of revenue from overseas, significant geopolitical risk - Market cap 32.4 billion, corresponding PS about 33x ## My Assessment If I could only choose one, **I lean towards Hantian Tiancheng (02726), but must be very clear about its risks**. Core logic: Among these six, only Hantian Tiancheng simultaneously meets three conditions — **absolute global leadership** (first, not second or third), **real scaled revenue and profit** (not just storytelling), and **operates in an industry with a clear long-term growth driver** (SiC market CAGR about 40% from 2024-2029, EV penetration increase is a solid logic). SiC epitaxy is a key bottleneck in the semiconductor supply chain. Hantian Tiancheng has set the world's only SEMI standard for SiC epitaxy, has taken the lead in mass-producing 8-inch technology, and has locked in four out of the top five global power device manufacturers like Infineon as customers. This supply chain binding is hard to replace in the short term. **But risks that must be faced:** First, severe deterioration in 2025 financials — revenue down 34% YoY, gross margin dropped from 34% to 26%, net margin from 17% to 4%. The SiC industry is experiencing a price war, with the average price of 6-inch epitaxial wafers expected to drop from 7300 yuan to 4400 yuan. This is not short-term volatility. Second, profitability heavily relies on government subsidies (67% in 2024). Actual operating profit after deducting subsidies is very thin. Third, 80% of revenue comes from overseas. Under current Sino-US relations and tariff environment, this is a sword hanging overhead. Fourth, a 32.4 billion market cap is not cheap relative to the current fundamentals. The market is already paying for the expectation of "global leader + SiC long-term growth". If you prefer elasticity and speculation, **Huayan Robot's** robot/embodied AI narrative is currently the most popular among capital in the Hong Kong stock market. Its cornerstone investor lineup (Hillhouse + Morgan Stanley) is also the most impressive among this batch of new listings, potentially performing better on the first day of IPO. However, from a medium-to-long-term holding perspective, the global collaborative robot market is only 7.5 billion yuan, the ceiling is too low, and the company just turned profitable and is losing money again. **In summary: If you're applying for the IPO to bet on the first-day pop, Huayan Robot might have more upside. If you're investing in a company you're willing to hold, Hantian Tiancheng has the most solid industry position, but be prepared for continued short-term financial pressure.** This does not constitute investment advice. Applying for Hong Kong stock IPOs carries the risk of breaking the issue price. Please decide based on your own risk tolerance. ### Related Stocks - [02526.HK](https://longbridge.com/en/quote/02526.HK.md) - [01021.HK](https://longbridge.com/en/quote/01021.HK.md) - [06636.HK](https://longbridge.com/en/quote/06636.HK.md) - [03625.HK](https://longbridge.com/en/quote/03625.HK.md) - [00664.HK](https://longbridge.com/en/quote/00664.HK.md) ## Comments (1) - **泰森 · 2026-03-24T10:21:34.000Z**: Conclusion: Take a gamble and buy Huayan Robot.