The automotive wireless sensing System-on-a-Chip (SoC) market has experienced significant growth in recent years, driven by the convergence of three major trends. Firstly, the rapid adoption of smart electric vehicles has directly increased the necessity for functions like wireless battery management and tire pressure monitoring. Secondly, the continuous tightening of global automotive safety and energy efficiency regulations, such as the mandatory installation of TPMS and new battery safety standards, has provided a clear pathway for technology application. Thirdly, the evolution of automotive electronic architecture towards centralization and lightweight design has accelerated, making the advantages of wireless sensing in system simplification and reliability enhancement increasingly prominent. Driven by these combined forces, automotive wireless sensing SoCs have steadily emerged as a key growth area within the automotive electronics sector, representing a golden track with both high certainty and high growth potential.
Against this backdrop, the largest domestic automotive wireless sensing SoC company has begun accelerating its push towards the capital markets. Following its initial application on September 5, 2025, SENASIC Electronics Technology Co., Ltd. submitted a second application to the Main Board of the Hong Kong Stock Exchange on March 6, with China International Capital Corporation Limited and Guotai Junan International acting as joint sponsors. According to a Frost & Sullivan report, SENASIC ranked as the world's third-largest and China's largest automotive wireless sensing SoC company in 2024. While leading in market share, its financial performance also demonstrates a steady and positive trend. The prospectus shows that from 2023 to 2025, the company's revenue grew from RMB 223 million to RMB 478 million, representing a compound annual growth rate of 46.39%. Although its adjusted net profit had not yet turned positive during the same period, the loss narrowed significantly from -RMB 187 million to -RMB 31.876 million, showing a clear trend of improvement. Furthermore, a strong shareholder base is another advantage for SENASIC, featuring a distinct profile characterized by "founder control, leadership from national-level funds, deep integration with industrial capital, and diverse financial investments," forming a high-caliber lineup with strong strategic synergy. Consequently, for SENASIC, which operates in a high-growth sector and possesses market leadership, growth momentum, and robust shareholder support, the question of its appropriate valuation level has become a topic of significant interest in the IPO market and the semiconductor industry.
The rise of SENASIC represents a typical case study of the independent breakthrough of China's chip industry. A key turning point occurred in 2018. Building on nearly five years of industry experience, SENASIC took the lead during an industry transformation by launching the first domestically produced TPMS sensor chip for automotive front-load applications, breaking foreign monopolies and establishing itself as a leader in the domestic automotive sensor chip field. Starting from this breakthrough, SENASIC entered a phase of rapid growth. In 2021, the company embarked on a new stage of bidirectional expansion in products and platforms: while achieving large-scale application of its TPMS chips, its USI chips began mass production, and it launched the world's first BPS chip, successfully extending its business from traditional automobiles to the booming new energy vehicle sector, initially building a diversified product portfolio.
The expansion of the product line directly drove the acceleration of large-scale applications and the rise in market position. By 2022, the cumulative shipments of its automotive-grade TPMS chips had exceeded 5 million units, and USI chip shipments reached the million-unit level. With the commencement of mass production of more advanced BLE TPMS chips and ultrasonic sensing chips in 2024, the company's annual automotive chip shipments surged to 70 million units that year, significantly enhancing economies of scale. Continuous technological iteration and mass production capabilities finally bore fruit in 2025: the company successfully launched wBMS chips for next-generation battery management and fully entered large-scale production of ultrasonic sensing chips, further solidifying its capabilities in providing system-level solutions for the perception layer of intelligent driving. By this point, SENASIC had established a strong product portfolio centered on smart tire chips, BMS chips, USI chips, and ultrasonic sensing chips. In 2025, these product lines contributed 60.9%, 14.0%, 24.0%, and 1.1% of revenue respectively, clearly demonstrating the synergistic effects and growth drivers of the diversified portfolio.
Evolving in parallel with product innovation is its efficient commercial network. The company has built a balanced channel system covering direct sales and distribution: the direct sales system deeply engages Tier-1 automotive suppliers, helping multiple mainstream brands integrate domestic chips; the distribution network effectively broadens market coverage. In 2025, direct sales and distribution channels accounted for 52.3% and 47.7% of revenue respectively, forming a healthy and stable dual-drive structure. The combined effect of solid product strength and an efficient channel network is ultimately reflected in its market share. In 2025, with revenue of RMB 291 million, SENASIC ranked third in the global wireless automotive sensor chip market, capturing an 8.5% share. Its leading position is even more pronounced in the Chinese market, where it is the largest local supplier with a 21.6% share.
Naturally, achieving a leading industry position relies on support from various investors in the primary market. According to the prospectus, from its establishment in 2015 until just before submitting the prospectus, SENASIC completed a total of 8 rounds of financing. After completing its Series D+ round in 2024, the company's post-money valuation reached RMB 3.635 billion. Currently, SENASIC's shareholder structure exhibits distinct characteristics of "founder control + leadership from national-level funds + deep binding with industrial capital + diverse financial investments." The founders collectively control approximately 32.25% of the shares through direct and indirect means, ensuring stable control. Meanwhile, national-level funds including China State-owned Enterprise Mixed-ownership Reform Fund, China Venture Capital Fund, and Shenzhen Nanshan Hongtai hold 6.05%, 4.33%, and 3.91% stakes respectively. Xiamen C&D Emerging Industry Equity Fund, an industrial investment fund with state capital background, holds a 2.43% stake. Industrial capital shareholders include Shangqi Capital under SAIC Motor, Geely共创伍号 Investment under Geely Automobile, Shanghai Baolong Automotive Technology Co., Ltd., and GAC Capital, holding approximately 2.09%, 2.08%, 1.48%, and 1.42% stakes in SENASIC respectively. The participation of these core players in the industrial chain builds deep business synergies. Additionally, SENASIC's shareholder structure includes several well-known VC/PE institutions. According to the prospectus, Haifeng Investment Limited holds a 6.44% stake, making it the second-largest shareholder. Matrix Partners, Morning Capital, GGV Capital, Qingdao Huaxin Chuangyuan Venture Capital Center, and GF Xinde, a securities-affiliated private equity firm, hold approximately 6%, 4.88%, 3.03%, 3.7%, and 2.23% stakes in SENASIC respectively. It can be said that SENASIC's shareholder structure collectively forms a "high-caliber lineup" combining control, strategic resources, industrial synergy, and capital expertise. This "four-in-one" shareholder structure creates strong strategic synergy, providing comprehensive support for the company's long-term development and market competitiveness.
From a performance perspective, SENASIC's development in recent years shows a clear and continuous positive trend. The prospectus indicates that from 2023 to 2025, SENASIC's revenue was approximately RMB 223 million, RMB 348 million, and RMB 478 million respectively, demonstrating sustained and robust growth. Specifically, the impressive performance on the revenue side is primarily attributed to increased downstream market demand, which drove overall revenue growth across all product lines. The performance of the Smart Tire SoC was particularly outstanding, with its contribution to total revenue jumping from 38.6% in 2023 to 60.9% in 2025, making it the core driver of the company's growth. In terms of sales channels, SENASIC has established a healthy pattern where distribution and direct sales are equally important and develop synergistically. From 2023 to 2025, both channels advanced together, jointly driving continuous revenue growth, demonstrating a significant "dual-drive" effect.
As revenue scale continued to grow, SENASIC's gross margin increased rapidly. From 2023 to 2025, the company's gross margins were 16.6%, 20.3%, and 28% respectively, showing a consistent upward trajectory. This is mainly due to two reasons. Firstly, as the Smart Tire SoC accelerated its volume, scale effects became apparent. The gross margin for this product continuously improved from -9.6% in 2023 to 20.3% in 2025, becoming the core factor driving the overall gross margin increase. Secondly, the gross margin for USI SoC chips continued to improve due to declining wafer costs, also contributing to the growth of the total gross margin.
Against the backdrop of simultaneous growth in revenue and gross margin, SENASIC further promoted continuous improvement on the profit front by implementing effective cost-reduction and efficiency-enhancement strategies and strictly controlling operating expenses. The prospectus shows that since 2023, the ratio of various expenses to revenue has shown a declining trend, driving the operating expense ratio down significantly from 66.3% in 2023 to 48.4% in 2024, and further compressing it to 39% in 2025. This fully demonstrates that, alongside business scale expansion, continuously optimizing the expense structure and improving operational efficiency has become a key driver for the company to achieve narrowing losses.
From an industrial development perspective, SENASIC still has considerable room for growth. Frost & Sullivan estimates that the global wireless sensing SoC industry will reach a market size of RMB 50.7 billion by 2030, with a compound annual growth rate of 48.7% from 2025 to 2030. China is expected to be the largest market globally, with an even higher compound annual growth rate of 60.2% during the same period, reaching a domestic market size of RMB 26.6 billion by 2030. The industry's sustained high growth provides fertile ground for SENASIC's development. The company is well-positioned to further capture market opportunities leveraging its technological leadership and scale advantages, indicating strong growth certainty.
However, this does not mean SENASIC can rest easy. The company's business operations still face several potential risks and challenges. The first is relatively high market and customer concentration. Currently, SENASIC's top five customers contribute over 50% of its revenue, with the largest single customer accounting for approximately 30%. Simultaneously, its business is highly focused on the automotive industry, which is characterized by significant cyclical fluctuations. Therefore, the ability to accelerate expansion into other fields such as industrial and consumer electronics, thereby promoting diversification of application industries and reducing reliance on single large customers and a single industry, is crucial not only for the company's risk resilience and operational stability but also for unlocking broader growth space and enhancing long-term valuation.
Secondly, market competition and technological iteration pose another layer of pressure. The global automotive wireless sensing SoC market has long been dominated by international giants, leading to a concentrated and intensely competitive landscape. At the same time, automotive-grade chip technology is evolving rapidly, requiring companies to maintain high levels of R&D investment. However, possibly to optimize profit performance before listing, the growth of SENASIC's R&D expenses has noticeably slowed since 2023. If this leads to missing key windows for technological layout, resulting in a relative weakening of product competitiveness, it could erode the company's long-term core competitiveness, presenting a difficult trade-off between market share and technological leadership.
Furthermore, SENASIC operates on a Fabless model, meaning its chip production relies entirely on third-party wafer foundries and packaging and testing partners. This model makes the company's product delivery, cost control, and supply chain stability directly dependent on the capacity, pricing, and cooperation relationships of upstream suppliers. Particularly in the current industry context where some wafer production capacity is tight and foundry costs are rising passively, the company's ability to effectively pass on increased costs to downstream customers will directly test its bargaining power within the industry chain and pose a key challenge to the stability of its future profit margins.
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