According to reports, Shanghai Xihe Technology Co., Ltd. (referred to as Xihe Technology) passed the listing committee meeting of the Shanghai Stock Exchange STAR Market on October 14. The IPO sponsor is Guotai Haitong Securities, and the company plans to raise 1.83 billion yuan.
According to the prospectus, Xihe Technology focuses on the research, development, and commercialization of silicon photonics integration technology. Its main products are high-performance silicon photonics integrated chips, with product speeds covering 400G, 800G, and 1.6T. These products have been deployed at scale in AI clusters and hyperscale data centers. In 2026, the company launched NPO/CPO transceiver-integrated chips that have already generated revenue.
As a chip design company, Xihe Technology operates under a Fabless model, engaging in the research, development, design, and sales of chips under this model. The company's silicon photonics integrated chips have entered the supply chains of major international optical module manufacturers, with products ultimately applied in the AI clusters and hyperscale data centers of major domestic and international cloud service providers.
According to Frost & Sullivan data, in 2025, the company's global market share of silicon photonics integrated chips was approximately 13%. It is a leading global silicon photonics integrated chip manufacturer and one of the world's most prominent independent third-party silicon photonics integrated chip design companies.
It is worth noting that Xihe Technology has a relatively high customer concentration. During each reporting period, the sales from the top five customers accounted for 100.00%, 98.41%, 96.40%, and 92.26% of operating revenue for the respective periods. Among them, the largest customer accounted for 90.90%, 87.22%, 60.40%, and 55.55%, respectively, with sales to a single customer exceeding 50%. Moreover, except for 2025 and the first half of 2026 when the largest customer was the same, the largest customer changed in each period. If major customers reduce demand for the company's products in the future due to adjustments in procurement strategies, significant changes in operating conditions, or their own strategic transformation, and the company fails to promptly develop new customers or adjust its business structure, resulting in decreased stability of customer cooperation, this could negatively impact the company's operating performance.
In terms of financials, for the fiscal years 2023, 2024, 2025, and the first half of 2026, the company achieved operating revenue of approximately 6.227 million yuan, 70.9501 million yuan, 461 million yuan, and 569 million yuan, respectively. During the same periods, net profit was approximately -28.3405 million yuan, -22.4625 million yuan, 176 million yuan, and 161 million yuan, respectively.
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