Jieli Technology's revenue and net profit are both expected to decline in 2025, with many core employees coming from the same competitor.

Should AI · Could Jieli Technology’s Performance Fluctuations Be Related to the Team’s Background?

【Global Times Finance and Business Coverage】Zhuhai Jieli Technology Co., Ltd. is an integrated circuit design company specializing in system-level chips (SoCs). It mainly serves areas such as Bluetooth audio and video, smart wearables, and intelligent IoT terminal devices. At present, the company is applying to go public. Financial data shows that in 2025, Jieli Technology saw both revenue and net profit decline. Specifically, operating revenue fell by 10.12% year over year, while the net profit attributable to shareholders fell by 24.74% year over year.

According to public information, Jieli Technology had previously applied to list on the Shenzhen Stock Exchange in June 2022. Based on the information disclosed at that time, before the previous listing application, from 2019 to 2021 the company’s revenue and net profit both showed positive growth. However, after the 2022 IPO application failed, both revenue and net profit declined in 2022, with the decline rates of 7.89% and 38.14%, respectively. For this round, the company is applying to list on the National Equities Exchange and Quotations (NEEQ). In 2023 and 2024, it also achieved positive growth in both revenue and net profit, but in 2025 both revenue and net profit declined again, with the decline rates reaching 10.12% and 24.74%, respectively, and the revenue decline exceeded that of 2022.

Meanwhile, when Jieli Technology applied to list on the Shenzhen Stock Exchange in June 2022, the募集资金 amount proposed was as high as 2.5 billion yuan, including a need of 1.1 billion yuan for replenishing working capital. In the prospectus disclosed at that time, the necessity for replenishing working capital was explained as including maintaining the company’s technological advancement, needing a relatively large capital reserve to introduce advanced processes, and requiring funding support to strengthen penetration with branded customers.

However, in the prospectus released for this NEEQ IPO application, Jieli Technology no longer mentioned the need to replenish working capital, and over the past three years the company also had no long-term or short-term borrowings. That is, during the reporting period, the company relied on its own funds to achieve normal operations.

Not only that, when applying to list on the Shenzhen Stock Exchange in June 2022, Jieli Technology put forward an investment plan for a “healthcare measurement chip upgrade project.” The plan involved upgrading the company’s existing health and medical terminal chip product series, with a total investment amount of 125 million yuan, including research and development spending of as much as 80.5 million yuan. Regarding the feasibility of this project, Jieli Technology stated in its description that: “Over the next decade, the development of China’s medical device industry will enter a golden period, and demand in the medical device market will grow rapidly.”

But according to the prospectus released for Jieli Technology’s NEEQ IPO this time, among the R&D projects investment during the reporting period, the “next-generation medical measurement system-level chip” was invested 14.0741 million yuan in 2022 and 5.4174 million yuan in 2023, after which there was no further investment. The total investment amount is still less than 20 million yuan. At the same time, the prospectus did not disclose medical measurement chips as a primary product type. As to whether this points to the “healthcare measurement chip upgrade project” proposed when the company applied for an IPO on the Shenzhen Stock Exchange initially, which was not implemented or had poor results, Jieli Technology did not accept an interview with a reporter.

In addition, according to information disclosed in the prospectus, from 2012 to 2017, Zhuhai Jianrong and its subsidiaries initiated a series of three lawsuits over a span of five years, alleging infringement of trade secrets and infringement of circuit layout design exclusive rights, among other claims, with the aim of pursuing criminal and civil liability of people such as Wang Yihui, the company’s actual controller, along with others. The litigation amounts ranged from 50,000 yuan to 8 million yuan. However, the above lawsuits were not successful.

Publicly available information shows that Zhuhai Jianrong was founded in 2003. It is an integrated circuit design enterprise that designs and sells proprietary intellectual property, created by entrepreneurs and engineers who returned from the United States Silicon Valley. Its products are used in fields such as media players, mobile storage, information security, wireless multimedia, network communications, and home appliances. Meanwhile, the company’s four actual controllers, as well as multiple core executives of Jieli Technology, had all previously worked at Zhuhai Jianrong, including Chief Technology Officer Luo Guangjun, Deputy General Manager of the Technology Research and Development Center Huang Haitao, General Manager of the System R&D Center Deng Yulin, Department Manager of the Operations Center Fu Qiong, and others. The reply to the inquiry letter disclosed during the prior listing also shows that as of the end of 2021, Jieli Technology had 404 employees, of whom 33 had previously come from Zhuhai Jianrong and its related parties, including 5 core technical personnel.

A typical example is Huang Haitao, who is Deputy General Manager of Jieli Technology’s Technology Research and Development Center. The prospectus discloses that he served as an engineer at Zhuhai Jianrong before July 2010, and started working at Jieli Technology in August 2010. According to information obtained from Tianyancha, several patents in which Huang Haitao is listed as the inventor were filed in October 2012, but all were rejected.