انخفضت أسعار أشباه الموصلات في شركة فورييه بشكل نشط، قبل الطرح العام الأولي، حيث حقق شو شياولين 75 مليون يوان من البيع.

Article by: Cheng Mengyao丨 Produced by: Ruijing Finance

Fourier (03625.HK), which submitted its listing prospectus on a confidential basis, opened its Hong Kong stock offering on March 23. The offering period runs until noon on March 26, with trading expected to begin on the Main Board of the Hong Kong Stock Exchange at 9:00 a.m. on March 31.

For this IPO, Fourier plans to offer 12 million H shares globally. Among them, the Hong Kong public offering will be 600,000 shares, representing about 5%; the international offering will be 11.4 million shares, accounting for 95%; there is also an over-allotment option of 15%.

The offering price per share ranges from HK$40 to HK$50. Using the mid-point price of HK$45, the company expects to raise a total of HK$540 million, corresponding to a net amount of approximately HK$480 million. Each board lot is 100 shares, with an application fee of approximately HK$5,050.43.

Regarding the use of proceeds, 46.8% will be used to establish a new R&D center over the next five years; about 17.8% will be used to purchase automated testing equipment and build internal automated testing verification lines, as well as to recruit supply chain management engineers; 17.3% will be used to pursue strategic acquisitions and cooperation; and 8.1% will be used for product marketing and sales.

01

Nine-tenths of revenue comes from low-power audio chips

Outflanks through price competition, with annual revenue of RMB 355 million

Fourier is a Chinese supplier of amplifier audio chips and haptic feedback chips. It adopts a fabless business model. Its core business focuses on the R&D, design, and sales of low-power audio chips, mid-to-high-power audio chips, and haptic feedback chips. Its products are widely used in emerging fields such as smartphones, tablets, smart wearables, smart displays, and smart cars.

From 2022 to 2024 and from January to October 2015 (hereinafter referred to as the “Reporting Period”), Fourier recorded operating revenue of RMB 130 million, RMB 150 million, RMB 355 million, and RMB 281 million, showing continuous growth; adjusted net losses of RMB 58.078 million, RMB 86.287 million, RMB 49.001 million, and RMB 33.168 million, narrowing continuously; and gross margin of 7.3%, -0.1%, 13.1%, and 20%, respectively.

In 2024, Fourier’s revenue increased year-on-year by 136.34%, and its net loss narrowed year-on-year by 39.6%; gross margin increased year-on-year by 13.2 percentage points.

By product line, low-power audio chips are Fourier’s core source of revenue, contributing more than 90% of operating income during the period. From the perspective of downstream application markets, smartphones and tablets accounted for more than 85% of sales revenue.

According to a report by Frost & Sullivan, in 2024 Fourier delivered more than 400 million units of amplifier audio chips in China and more than 450 million units globally. Amplifier audio chips have been adopted by nine of the top ten smartphone manufacturers worldwide; in terms of total shipments, Fourier ranks third globally and second in China among amplifier audio chip suppliers.

The rapid growth in revenue is the result of trading price for volume. In 2023, Fourier’s low-power audio chip unit sales increased year-on-year by 83.99% to 214 million units, while its price fell year-on-year by 38.89%, and the product gross margin dropped from 17% to 2.7%. In 2024, its high-power audio chip unit sales surged year-on-year by 259.43% to 11.739 million units; the price was reduced by 13.96%, and the product gross margin fell from 38.5% to 18.1%.

Fourier acknowledged that the decline in gross margin for low-power audio chips in 2023 was mainly attributable to the strategic adoption of more competitive pricing approaches to prioritize expanding market share.

It is worth noting that in 2024, the average selling price of its low-power audio chips rebounded slightly, and gross margin also improved. However, looking further, the two products included in Fourier’s low-power audio chips both continued to experience price reductions during the Reporting Period. Moreover, compared with the portable amplifier audio chip with a higher average unit price, its sales volume is far less than that of the other product, the adaptive power control audio chip. This has become the main reason why low-power audio chip sales surged but average selling price fluctuated downward. In 2024, Fourier’s low-power audio chip unit sales increased by 287.63% compared with 2022, while average selling price decreased by 33.33%.

From January to October 2025, the average selling price of this product fell year-on-year by 5.71%, while unit sales grew by 3.79%, almost stagnating. However, due to effective cost control and a shift in product mix toward amplifier audio chip products with higher gross margin, Fourier’s consolidated gross margin increased year-on-year by 6.6 percentage points.

02

Continuously increasing R&D investment

Dual concentration in the customer supply chain

An amplifier audio chip is an integrated circuit module based on mixed-signal design. Through technologies such as power control algorithms and audio-effect algorithms, it achieves efficient processing of audio signals and optimized output. As mentioned above, Fourier adopts a fabless business model. Under this model, Fourier mainly handles design and R&D, while wafer manufacturing, chip packaging, and all mass-production testing activities are outsourced to third-party business partners.

In terms of R&D, Fourier’s research and development costs increased continuously during the period: RMB 48.708 million, RMB 59.271 million, RMB 68.060 million, and RMB 55.690 million, accounting for 57.7%, 60.2%, 62.7%, and 53.0% of total operating expenses in the same period, respectively. As of March 13, 2026, its R&D team consists of 91 members, representing 61.1% of the total number of employees as of the same date. Its core members all come from globally leading semiconductor companies such as Texas Instruments and NXP Semiconductors.

Currently, Fourier holds 32 registered patents in China, 2 in the United States, and 1 in Europe. These include 32 invention patents and three utility model patents. In China, it has submitted 21 patent applications pending approval, and in the United States it has submitted one pending patent application. But for now, Fourier is involved in a patent dispute. Publicly available information shows that the case will open for hearing on April 27 at the Shanghai Intellectual Property Court.

During the Reporting Period, Fourier’s procurement amounts from its top five suppliers accounted for 89.1%, 91.9%, 93.9%, and 93.5% of its total procurement amounts in the same period, respectively. Among them, the procurement share from the largest supplier was 31.5%, 62.0%, 52.7%, and 33.7%. Fourier has established a supply chain in China, South Korea, and Japan. However, the highly concentrated procurement model still requires vigilance against supply-chain risks.

At the same time, Fourier faces the risk of customer concentration. In each period, revenues from its top five customers accounted for 93.0%, 78.6%, 83.0%, and 88.2% of total revenues, respectively. If leading customers are lost or if terminal demand declines, it will affect Fourier’s performance.

According to publicly reported information, Fourier’s customers cover leading companies in consumer electronics, smart home, and automotive electronics industries, including Samsung, Xiaomi, Honor, Skyworth, Hisense, BYD, Changan, Chery, and others. In recent years, the rapid development of these emerging industries has driven continued growth in the market size of the global amplifier audio chip industry. To respond to market demand in real time, Fourier’s inventory size has increased.

As of the end of October 2025, its inventory amounted to RMB 130 million, facing impairment risk. In the same period, cash and cash equivalents totaled RMB 73.463 million, and short-term debt was RMB 81.791 million, leaving a small gap.

In addition, during the Reporting Period, Fourier’s net cash flow from operating activities has been negative continuously, with cumulative net outflows of RMB 334 million.

03

Shunwei Capital and Huaqin Technology are both shareholders

Before the IPO, Xu Xiaolin realized RMB 75.045 million

Fourier was founded in May 2016 by Xu Xiaolin and Liu Baoliang. Both founders have work histories at NXP Semiconductors Shanghai. Xu Xiaolin worked there for 8 years; before Liu Baoliang left, he served as a Chief Product Engineer. The resumes show that the two joined NXP Shanghai 5 years and 5 months apart, and their departures differed by 1 month.

Since its establishment, Fourier has maintained a rapid pace of commercialization. In 2017, it achieved commercialization of China’s first batch of ASIC DSP integrated portable amplifier audio chips; in 2021, it achieved commercialization sales of China’s first mid-to-high-power audio chip; and in 2023, it launched China’s first automotive-grade amplifier audio chip that passed AEC-Q100 certification, while its haptic feedback chip also achieved commercialization sales.

In the capital markets, from May 2017 to August 2022, Fourier had completed nine rounds of financing, with total financing amounts of RMB 518.5 million. Its valuation increased from RMB 100 million after the pre-A round investment to RMB 2.275 billion after the 2022 Series D financing.

Luxurious investors include well-known venture capital institutions and industrial capitals such as Moore Fund, Shenzhen Venture Capital, Dachen Caizhi, Hechuang Capital, Shunwei Capital, Junlian Capital, Hillhouse Capital, Sequoia China, Huaqin Technology, Transsion Holdings, Wingtech Technology, Longqi Technology, and others. During the period, Xu Xiaolin repeatedly transferred equity interests, with total realized proceeds of RMB 75.04625 million.

As of the submission of the filing, Xu Xiaolin and Liu Baoliang collectively control 35.28% of the voting rights of the Company’s shareholders’ meeting, making them controlling shareholders.

Xu Xiaolin is Chairman of the Board, Executive Director, and President, controlling 32.76% of the voting rights. Liu Baoliang is a co-founder, Executive Director, Vice President, Head of Algorithm Applications, and a member of the core R&D team. He directly holds 2.52% of the shares. The two are acting in concert.

From 2022 to 2024, Xu Xiaolin received remuneration (excluding share-based payments) of RMB 0.933 million, RMB 0.837 million, and RMB 1.044 million, respectively; Liu Baoliang received RMB 0.915 million, RMB 0.811 million, and RMB 0.963 million, respectively.

However, in the first ten months of 2025, both of them had salary reductions. Xu Xiaolin’s salary was RMB 0.685 million, a year-on-year decrease of RMB 0.19 million; Liu Baoliang’s salary was RMB 0.646 million, a year-on-year decrease of RMB 0.159 million.

Appendix: List of intermediary institutions related to Fourier’s listing and issuance

Joint sponsors: Guotai Junan Securities (Hong Kong) Limited ｜ Orient Finance (Hong Kong) Limited

Legal advisers: Baker McKenzie Law Firm ｜ Tongshang Law Firm ｜ Commerce & Finance Law Offices LLP ｜ Fangda Partners

Auditor and reporting accountants: Ernst & Young China CPA firm