On June 26, 2026, according to the official website of the Shenzhen Stock Exchange, Herun Electronic Technology (Jiaxing) Co., Ltd. (referred to as "Herun Electronics") applied for an IPO on the Growth Enterprise Market and was accepted by the exchange, with CITIC Securities as the sponsor.
Herun Electronics is a leading integrated circuit design company, specializing in the research and development, design, and sales of chips for satellite navigation positioning, analog signal chains, and power chains. We provide GNSS (Global Navigation Satellite System) chips and modules, analog signal chains, power chain chips, and other products. In 2025, the company achieved a revenue of 640 million yuan and a net profit attributable to the parent company after deducting non recurring expenses of 142 million yuan.
The company's main products include GNSS chips and modules (including standard precision and high-precision navigation chips, modules, and navigation LNA chips), power chain chips (motor drive chips, power management chips), and signal chain chips (audio amplifier chips, character overlay chips, RF front-end chips, etc.). The products are widely used in the fields of automotive electronics, industrial control, low altitude economy, embodied intelligence, and consumer electronics. The end customers cover many industry-leading enterprises such as Yaxun Zhilian, Desai Xiwei, Mobile Communication, Foton Motor, Changan Automobile, Chery Automobile, Tuozhu Technology, Anke Innovation, Harman International, etc. In terms of business model, the company adopts the Fabless business model, focusing on the research and development, design, and sales of semiconductor chips, and outsourcing third-party production processes such as wafer manufacturing and chip packaging testing.
The company has independently or taken the lead in undertaking multiple major national level scientific research and development projects, including the National High Tech Research and Development Program (863 Program) and the National Science and Technology Major Special Project for Nuclear High Tech Foundations (01 Special Project). The company has mastered core technologies such as multi-mode and multi frequency satellite navigation SoC chip design, high sensitivity and fast capture and positioning, GNSS high-precision positioning algorithm, GNSS/INS integrated navigation, anti-interference and anti deception, and has formed multiple independent technologies in the fields of audio power amplifier, power management, motor drive, etc. The company has successively been awarded honorary titles such as "National Key 'Little Giant' Enterprise in Specialized, Refined, Unique and New Industries" and "National Manufacturing Single Champion Enterprise". As of the end of the reporting period, the company has 110 authorized domestic invention patents, 13 utility model patents, and 1 overseas invention patent, and has participated in the formulation of 1 national standard and 3 industry standards.
The company adopts a sales model combining "non direct sales+direct sales", with non direct sales (distributors/traders) as the main focus. During the reporting period, non direct sales revenue accounted for approximately 78% to 84%, with customers covering automobile manufacturers, consumer electronics brands, and leading enterprises in the field of industrial control communication. According to Frost&Sullivan data, the company's cumulative shipment of GNSS chips and modules from 2023 to 2025 ranks first among domestic GNSS chip and module manufacturers, and its market position is leading; In the field of analog chips, the company focuses on segmented markets, and its products have entered the supply chain of top enterprises, establishing strong brand influence in some segmented fields.
In terms of performance, from 2023 to 2025, the company will achieve operating revenue of RMB 309 million, RMB 440 million, and RMB 640 million respectively, with net profit attributable to the parent company after deducting non recurring expenses of RMB 20 million, RMB 57 million, and RMB 142 million, respectively. The company's performance growth is relatively fast, mainly due to the continuous iteration of GNSS chips and other products, as well as the market leading position driving sales growth. At the same time, the expansion of downstream application scenarios and market size further promotes sales growth. During the reporting period, the gross profit margins of the company's main business were 29.10%, 35.37%, and 37.14%, respectively, showing an increasing trend year by year.
