Jiangsu Analog Chip "Little Giant" Rushes for IPO! Alumni of Nanjing University of Aeronautics and Astronautics at the Helm, Plans to Raise Nearly 900 Million Yuan

01. Revenue of nearly 1.6 billion yuan in three and a half years, from more than 33,000 orders.

During the reporting period, Jiangsu Zhanxin achieved cumulative revenue of nearly RMB 1.6 billion, derived from over 33,000 orders, with an average order value of only RMB 47,000. Orders for individual product models with quantities of less than 500 units contributed cumulative revenue of RMB 850 million, accounting for 54% of the total.

In 2022, 2023, 2024, and the first half of 2025, Jiangsu Zhanxin's revenue was RMB 367 million, RMB 466 million, RMB 413 million, and RMB 340 million, respectively. Net profit for these periods amounted to RMB 148 million, RMB 179 million, RMB 95 million, and RMB 124 million, while R&D expenses were RMB 39 million, RMB 66 million, RMB 91 million, and RMB 54 million, respectively.

   ▲Changes in Jiangsu Zhanxin's revenue, net profit, and R&D expenditure from 2022 to June 2025 (Chart by Zhidongxi)

Its revenue primarily stems from self-developed integrated circuits and micro-module products, with integrated circuits accounting for more than half of the total income.

During the same period, the company's comprehensive gross profit margin was 84.22%, 82.39%, 75.12%, and 80.21% respectively, showing an overall downward trend.

The revenue and gross profit margin comparisons of companies within the same industry for 2023 and 2024 are as follows:

02. Products include power management chips, micro-modules, signal chain chips, and discrete components.

Jiangsu Zhanxin's analog chip product line is primarily centered on power management chips, with specific offerings including DC/DC converter chips, linear regulators (LDO), load

 and current-limiting switches (Load Switch), among others. Its micro-module products are capable of performing various functions such as isolated/non-isolated DC/DC

 conversion, logic control, signal modulation, and diode control. Additionally, the company provides customers with supporting discrete device products.

In addition, the company is continuously expanding its product line by extending its portfolio into signal chain chips. It has initially established a research and development layout for multiple product categories, including current sensing chips, voltage reference chips, comparators, operational amplifiers, and timing chips.

Currently, the company has developed a comprehensive supporting product system tailored for applications such as secondary power conversion, point-of-load power supply, and bus port protection.

As indispensable foundational components in power conversion, Jiangsu Zhanxin's high-reliability integrated circuit products are widely utilized across various weapon equipment platforms, including missile-borne, airborne, shipborne, and ground-based systems. An illustrative diagram of the application scenarios for the company's primary products is as follows:

Through independent research and development as well as technological innovation, the company has mastered three integrated core capabilities: high-reliability chip design, panel-level fan-out packaging design, and self-developed testing and screening equipment. Building on this foundation, it has established a core technology matrix.

As of the end of the reporting period, Jiangsu Zhanxin employs 165 R&D personnel, accounting for 37.93% of its total workforce. Over 97% of the R&D staff hold a bachelor's degree or higher, with more than 45% possessing a master's degree or above. The company holds 41 authorized invention patents and 46 integrated circuit layout design exclusive rights, ensuring independent and controllable product technologies.

03. We have supplied products to over 1600 customers, and our products are widely used in defense electronic equipment.

Jiangsu Zhanxin adheres to a diversified product development strategy for analog integrated circuits, targeting customers across various supporting tiers within the weaponry and equipment manufacturing sector.

The company's products are widely applied in a range of national defense electronic systems and have gained high recognition from key state-owned military-industrial groups, including China Electronics Technology Group, China Electronics Corporation, Aviation Industry Corporation of China, China Aerospace Science and Industry Corporation, China Aerospace Science and Technology Corporation, and China North Industries Group Corporation. These products are extensively utilized across various equipment platforms such as airborne, missile-borne, shipborne, land-based, and individual soldier systems.

During the reporting period, the company supplied products to over 1,600 customers.

In 2022, 2023, 2024, and the first half of 2025, the total revenue from the top five customers accounted for 68.58%, 63.82%, 55.61%, and 63.94% of Jiangsu Zhanxin’s total revenue, respectively.

Jiangsu Zhanxin focuses on the integrated process of "chip design + advanced packaging design + chip testing and screening." The company independently handles core stages such as chip design and packaging design, while also completing most back-end testing and screening in-house. Wafer manufacturing, packaging, and a small portion of testing are outsourced to external partners.

During each period of the reporting phase, the procurement amount from its top five suppliers accounted for 77.71%, 67.30%, 73.89%, and 73.86% of the total procurement for the respective periods, indicating a relatively high concentration of procurement among key suppliers.

04   Post-80s Alumni of Nanjing University of Aeronautics and Astronautics Team Up to Start a Business

As of the date of this prospectus, Jiangsu Zhanxin's equity structure is as follows:

The legal representative of Jiangsu Zhanxin is one of its founders, Wen Zhenlin, and the controlling shareholder is Nanjing Yixin Yiyi. The actual controllers of the company are the two founders, Wen Zhenlin and Xu Ligang, who collectively hold 54.77% of the voting rights.

Prior to this issuance, there were 5 individual shareholders among its shareholders, whose shareholdings and positions are as follows:

Wen Zhenlin, born in 1981, holds a master's degree in Power Electronics and Electric Drives from Nanjing University of Aeronautics and Astronautics. He previously worked as an engineer at the 14th Research Institute of China Electronics Technology Group Corporation. Since April 2018, he has been employed at Jiangsu Zhanxin, where he currently serves as the Chairman of the Board.

Xu Ligang, born in 1982, completed his bachelor's, master's, and doctoral degrees in Power Electronics and Electric Drives at Nanjing University of Aeronautics and Astronautics. He has worked as an engineer at Shenzhen Qingxuan Electronics Co., Ltd., an engineer at Silergy Semiconductor Technology (Hangzhou) Co., Ltd., and served as the department manager at Zhuzhou Zhanxin Business Division. Since June 2018, he has been employed at Jiangsu Zhanxin, where he currently holds the positions of Director and General Manager.

The core technical personnel of Jiangsu Zhanxin are Xu Ligang, Xia Bing, Song Jian, and Qin Shunjin.

Among them, Xia Bing, born in 1983, holds a master's degree in Power Electronics and Electric Drives from Nanjing University of Aeronautics and Astronautics. He previously served as a project manager at Lite-On Communications (Guangzhou) Co., Ltd. and as a research and development manager at Zhuzhou Zhanxin. Since November 2018, he has been employed at Jiangsu Zhanxin, where he currently holds the positions of Director, Deputy General Manager, and Head of the R&D Center.

Additionally, Jiangsu Zhanxin's independent directors Ruan Xinbo and Yao Kai, the Head of Production Operations and Chairman of the Board of Supervisors Zhou Jun, the Deputy Head of the R&D Center and Supervisor Ge Junji, and the Head of the Technology Department and Supervisor Zhang Haoran are all alumni of Nanjing University of Aeronautics and Astronautics.

In 2024, the compensation received by the company's directors, supervisors, senior management personnel, and other core personnel from the issuer and its affiliated enterprises is as follows:

05

Conclusion: The Trend Toward High-Quality, Independently Controllable Development in Electronic Components

From a long-term perspective, following the recent years of a critical window for import substitution in electronic components, the future development trend will increasingly shift toward high-quality, independent, and controllable supply chains. This places higher demands on the R&D capabilities of enterprises in the industry. The previous approach of simply replacing imported components with "pin-to-pin" alternatives no longer fully meets the needs of end customers. Companies with comprehensive technological R&D capabilities and robust product industrialization strength are poised to stand out.

Looking ahead, Jiangsu Zhanxin plans to further implement its established development strategy for product lines. This includes expanding the development of diversified analog integrated circuit products and micro-modules, leveraging innovative solutions to address customer needs at the system level, and ensuring supply chain security and controllability in the context of high-quality development in defense equipment. By leveraging semiconductor products as a foundation, the company aims to rapidly establish a scientific and technical service system tailored to the industry. Through this approach, Jiangsu Zhanxin seeks to forge a distinctive path as a private military-industrial enterprise, continuing to contribute to key areas of national defense modernization.