YaoXin Micro’s IPO to Sprint into Hong Kong Stocks: Revenue of 540 million in 2025, a loss of 200 million, valuation of 4.5 billion

Questioning AI · Why does Yaoxinwei’s continuous losses still lead to a valuation of 4.5 billion?

Lei Di Network Lei Jianping April 4

Yaoxinwei (Shanghai) Electronic Technology Co., Ltd. (referred to as: “Yaoxinwei”) recently submitted its prospectus, preparing for a listing on the Hong Kong Stock Exchange.

Yaoxinwei has received multiple rounds of financing, including a Series C round in September 2022 raising 243 million yuan, with a post-investment valuation of 2.3 billion, and a cost per share of 15.62 yuan;

In July 2023, Yaoxinwei completed an 80 million yuan financing, with a post-investment valuation of 3 billion; in November 2023, it completed a Series C++ round raising 187 million yuan, with a post-investment valuation of 3.5 billion.

In April 2024, Yaoxinwei completed a Series D round raising 150 million yuan, and in September 2025, it completed a Series D+ round raising 50 million yuan, with post-investment valuations both at 4.5 billion, and a per-share cost of 26.41 yuan.

Annual revenue of 540 million, loss of 200 million

Yaoxinwei is a supplier of power devices and audio chips, establishing an integrated business structure covering design, development, and sales, spanning multiple terminal markets.

Yaoxinwei focuses on providing high-quality and high-endurance power devices and audio chips for automotive, consumer electronics, energy, and industrial markets (including AI data center power supplies).

The prospectus shows that Yaoxinwei’s revenue for 2023, 2024, and 2025 are 433 million, 383 million, and 541 million yuan respectively; gross profit of 36.78 million, 12.85 million, and 14.27 million; gross profit margins of 8.5%, 3.4%, and 2.6%.

In 2025, revenue from silicon power devices is 335 million yuan, accounting for 61.9%; silicon carbide power devices revenue is 118 million yuan, accounting for 21.7%; revenue from audio chips is 88.66 million yuan, accounting for 16.4%.

Yaoxinwei’s operating losses for 2023, 2024, and 2025 are 105 million, 114 million, and 153 million yuan respectively; operating profit margins are -24.3%, -29.7%, and -28.2%.

The annual losses for 2023, 2024, and 2025 are 151 million, 184 million, and 207 million yuan; loss rates are 35%, 48%, and 38.2%.

Adjusted net losses for 2023, 2024, and 2025 are 84.02 million, 98.23 million, and 128 million yuan.

As of December 31, 2025, Yaoxinwei holds cash and cash equivalents of 329 million yuan.

Shareholder is Tongchuang Weiye

The executive directors of Yaoxinwei are Dr. Guo Liangliang, Li Weigang, Chen Kaiyu, Li Xin, Wang Yiming; non-executive director is Lu Xiaobao; independent non-executive directors are Dr. Han Jun, Ms. Wu Minyan, and Li Hui.

Before the IPO, Ruishi Xin held 49.78% of shares, being the controlling shareholder; Ruishi Xin is an employee shareholding platform of the company, with Dr. Guo Liangliang owning 51.64%, Li Weigang 17.47%, Shanghai Xiu Jun 9.91%, Li Xin 9.64%, Wang Qingsong 5.07%, Shanghai Yanding 2.65%, Chen Kaiyu 1.83%, Shanghai Yuhengxin 1.14%, and Zheng Zhaoxing 0.66%.

Dr. Guo Liangliang has served as Chairman of the Board, Executive Director, CEO, and General Manager since July 2022. From October 2019 to July 2022, he was appointed as Vice President of the company.

Dr. Guo has over 18 years of experience in the semiconductor industry. From April 2007 to September 2008, he worked at Shanghai Huahong NEC Electronics Co., Ltd. (“Huahong NEC”), a subsidiary of Hua Hong Semiconductor (stock codes: 1347 and 688347.SH). From October 2008 to June 2018, he worked at SMIC, responsible for establishing advanced process platforms and leading process R&D.

From July to September 2018, he worked at Shanghai SMIC Integrated Circuit Manufacturing Co., Ltd., a subsidiary of ChipLink Integrated Circuits, responsible for advanced structural design and/or manufacturing process R&D of chips (including MEMS products). From September 2018 to October 2019, he worked at Seven Colors Electronics Technology (Shanghai) Co., Ltd., serving as Vice President of Technology and Marketing.

Dr. Guo obtained a Bachelor’s degree in Engineering (majoring in Electronic Science and Technology) from Xi’an University of Technology in July 2004, a Master’s degree in Engineering (majoring in Microelectronics and Solid-State Electronics) from Xi’an Electronic Science and Technology University in July 2007, and a Doctorate in Engineering (majoring in Microelectronics and Solid-State Electronics) from Xi’an Electronic Science and Technology University in June 2024.

Langma Feng Fund holds 8.98%, including Langma No. 39 with 3.79%, Langma No. 84 with 1.26%, Langma No. 82 with 0.89%, Langma No. 81 with 0.75%, Langma No. 83 with 0.74%, Langma No. 80 with 0.7%, Langma No. 58 with 0.38%, Langma No. 79 with 0.26%, and Langma No. 74 with 0.21%.

Tongchuang Weiye holds 3.15%, including Qingdao Tongchuang with 2.25%, Wuxi Tongchuang with 0.9%; Zhongke Chuangxing Investment holds 9.08%, including Chuangxing Yaoying with 3.38%, Chuangxing No. 1 with 1.69%, Chuangxing No. 10 with 3.28%, Chuanfa Chuangxing with 0.73%.

Nantong Damei and Nanjing Damei hold 2.88%, Gongqingcheng Haiyao holds 1.2%; Nanjing Wang Yueke Wang and Shangyunsi hold 0.51%, Zhangjiang Venture Capital holds 2%, Yibin Green Energy holds 1.9%, Shengshi Capital 1.88%, BAIC Huada Venture Capital 1.82%, Shanghai Xinlian Qichen 1.81%, Anhui Hongxinli 1.64%.

Cornerstone Capital holds 1.62%, Henan Shangqi 1.37%, Yunze Venture Capital 1.24%, Shanghai Zui Guang 1.11%, Jichuang Venture Capital 1.05%, Wang Qingsong 1.04%, Xinchang Touyan and Wanxiang 123 hold 0.82% each;

Midea Capital and Zhangjiang Suifeng hold 0.75% each, Yingfeng Fund 0.68%, Gongqingcheng Yuanqi 0.63%, Ms. Wang Yemei 0.49%, Jiaxing Junyang 0.3%, Xinchang Yujun 0.27%, Chaoxing Venture Capital 0.21%, Dekai Technology 0.19%, Yangling Zhongke Chuangxing 0.02%.

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