On August 3, Jieli Technology (920138.BJ) opened for subscription at an issue price of 18.86 yuan per share, with a maximum subscription limit of 1.485 million shares. The stock is listed on the Beijing Stock Exchange, with Guotai Haitong Securities acting as the sponsor.
The prospectus reveals that Jieli Technology is an integrated circuit design company specializing in System-on-Chip (SoC) technology. It primarily targets areas such as Bluetooth audio and video, smart wearables, and intelligent IoT terminals, supplying high-specification, flexible, and highly integrated chip products to the global market. The company started with a main control chip that included only a single audio module, gradually incorporating technological modules like radio frequency, video, information collection, and processing. Through deep research and cross-utilization of these modules, it has developed a diverse product line of SoC chips. Leveraging a strong technical R&D team, robust innovation capabilities, and extensive experience in integrated circuit design, the company has built core technologies in areas such as architecture design, low power consumption, radio frequency, audio, video, and intelligent applications. During the reporting period, the company's sales scale and customer breadth have been at the forefront of the industry. In the Bluetooth audio field, from 2023 to 2025, the combined sales volume of Bluetooth audio chips from listed peers Hengxuan Technology, Zhongke Lanxun, Juxin Technology, Botong Integration, and Teling Micro totaled 6.253 billion units. Over the same period, Jieli Technology sold 5.686 billion Bluetooth audio chips, reflecting a significant industry position. In the pan-IoT domain, the company's sales of products in emerging areas like smart wearables have been steadily increasing, with expanding application scenarios in intelligent IoT terminals. As the Internet of Things and AI technologies become more widespread, wireless transmission technologies such as Bluetooth, Wi-Fi, and StarFlash are rapidly evolving, integrated circuit manufacturing processes continue to improve, and new application scenarios like cloud computing and AI+ are expanding. The rapid growth of the downstream market has created unprecedented development opportunities and growth potential for the SoC chip industry. As of December 31, 2025, the company's actual controllers are Wang Yihui, Zhang Qiming, Zhang Jinhua, and Hu Xiangjun. These four individuals directly hold and control 17.54% of the company's shares and voting rights. Through Zhuhai Gaoqi, they indirectly hold 43.73% of the shares and control 63.01% of the voting rights. Combined, they directly and indirectly control 80.55% of the voting rights. Furthermore, the company has a high concentration of procurement from suppliers. During the reporting period, total purchases from the top five suppliers accounted for 92.61%, 91.29%, and 86.06% of total procurement amounts in each respective period. Major suppliers include well-known wafer manufacturing, wafer testing, chip packaging and testing, and supporting packaging chip companies such as Hua Hong Group, Tianhua Technology, Mifei Taike, Ziguang Qingteng, and Puran Shares. Financially, for the fiscal years 2023, 2024, and 2025, the company's operating revenues were approximately 2.931 billion yuan, 3.12 billion yuan, and 2.804 billion yuan, respectively. Over the same period, net profits stood at approximately 623 million yuan, 791 million yuan, and 596 million yuan.
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