A-share Subscription | Jieli Technology (920138.BJ) Begins Subscription, Focusing on System-Level Chip Integrated Circuit Design

On August 3, Jieli Technology (920138.BJ) opened its subscription, with an issue price of 18.86 yuan per share and a subscription cap of 1.485 million shares. It is listed on the Beijing Stock Exchange, with Guotai Junan Securities as its sponsor. According to the prospectus, Jieli Technology is an integrated circuit design company focused on system-on-chip (SoC) technology. It primarily serves the fields of Bluetooth audio and video, smart wearables, and intelligent IoT terminals, providing high-specification, high-flexibility, and high-integration chip products to global markets. The company has gradually introduced radio frequency, video, data acquisition, and processing technology modules, evolving from a design that only included a single audio module in its main control chip. It has conducted in-depth research and cross-utilization of these technology modules, gradually forming a diverse product line of SoC chips. With an excellent R&D team, strong technological innovation capabilities, and long-term accumulated development experience in the integrated circuit design field, the company has established multiple core technologies in areas such as architectural design technology, low power consumption technology, radio frequency technology, audio technology, video technology, and intelligent application technology. During the reporting period, the company's sales scale and customer breadth were among the leaders in the industry. In the Bluetooth audio field, from 2023 to 2025, the sales volume of Bluetooth audio chips for the company's industry peers listed such as Bestechnic (Shanghai) Co., Ltd., Shenzhen Bluetrum Technology, Actions Technology, Beken Corporation, and Telink Semiconductor (Shanghai) Co., Ltd. totaled 6.253 billion units; during the same period, the company sold 5.686 billion Bluetooth audio chips, demonstrating a significant industry position. In the broader IoT sector, the company has seen continuous growth in product sales in emerging areas such as smart wearables, with ever-expanding application scenarios in intelligent IoT terminals. With the gradual popularization of IoT and artificial intelligence technologies, rapid iterations of wireless transmission technologies such as Bluetooth, WiFi, and star flashes, continuous improvements in integrated circuit manufacturing processes, and the expanding scope of new application scenarios like cloud computing and AI+, the fast expansion of the downstream market has brought unprecedented development opportunities and growth potential to the SoC chip industry. As of December 31, 2025, the actual controllers of the company are Wang Yihui, Zhang Qiming, Zhang Jinhua, and Hu Xiangjun. The four collectively hold and control 17.54% of the company's shares and voting rights directly, while holding an additional 43.73% of the company's shares through Zhuhai Gaoqi, controlling 63.01% of the voting rights. Together, they directly and indirectly control 80.55% of the voting rights of the company. In addition, the company's procurement concentration from suppliers is quite high. During the reporting period, the amount of purchases from the top five suppliers accounted for 92.61%, 91.29%, and 86.06% of the total purchases, respectively, for the respective periods. The company's major suppliers include well-known wafer manufacturers, wafer testers, chip packaging test, and related packaging chip manufacturers such as Hua Hong Group, Tianshui Huatian Technology, Mi Fei Tai Ke, Unisoc, and Puya Semiconductor (Shanghai) Co., Ltd. In terms of finance, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 2.931 billion yuan, 3.12 billion yuan, and 2.804 billion yuan, respectively. During the same periods, the net profits were approximately 623 million yuan, 791 million yuan, and 596 million yuan.