IPO Analysis | YIWEI Technology: Backed by Xiaomi and Gree Industrial Investment, Platform Versatility May Become the Pivot for a Valuation Logic Shift

Title context: IPO Analysis | YIWEI Technology: Backed by Xiaomi and Gree Industrial Investment, Platform Versatility May Become the Pivot for a Valuation Logic Shift Text: Zhuhai YIWEI Technology Co., Ltd. (abbreviated as: YIWEI Technology), after an unsuccessful attempt to list on the A-share market, has made breakthrough progress in pivoting to the Hong Kong stock market. In June 2022, YIWEI Technology initiated A-share listing coaching. After two years and three months, the coaching agreement was terminated, and the A-share filing path was not continued. Then on September 30, YIWEI Technology formally passed the Hong Kong Stock Exchange listing hearing, with China Securities Co.,Ltd. International and Guotai Haitong|GUOTAI JUNAN I as joint sponsors. This means that YIWEI Technology, which had previously secretly filed with the Hong Kong Stock Exchange and advanced its Hong Kong listing journey under the 18C specialist technology company status, is now only one step away from realizing its capital market dream. According to the prospectus, YIWEI Technology is a dedicated chip and software-hardware integrated solution provider for intelligent mobile Siasun Robot&Automation. With self-developed SLAM SoC, sensor fusion algorithms, and motion control toolchains as its core, it provides mobile Siasun Robot&Automation manufacturers in cleaning, commercial services, companionship, and other sectors with a full-chain turnkey solution covering "perceptionmappingplanningmotion control," encompassing inertial navigation Siasun Robot&Automation, single-modal and multi-modal Siasun Robot&Automation, and other types. Frost & Sullivan stated that, based on 2025 revenue, YIWEI Technology is China's third-largest intelligent mobile Siasun Robot&Automation solution provider, and ranks first and third among single-modal and multi-modal Siasun Robot&Automation solution providers, respectively. Its leading market position has been translated into sustained growth momentum for the company. Data shows that from 2023 to 2025, YIWEI Technology's revenue was approximately RMB 206 million, RMB 286 million, and RMB 407 million, respectively, with a compound annual growth rate of 40.56%, and revenue in the first four months of 2026 grew again by 50.74% to RMB 130 million. The path to profitability repair is equally clear. From 2023 to 2025, YIWEI Technology's adjusted net loss was approximately RMB 113 million, RMB 98.858 million, and RMB 51.116 million, respectively, showing a clear trend of narrowing losses. However, this improvement pace showed a phased reversal in the first four months of 2026, with the adjusted net loss for the period expanding by 160.42% year-on-year to RMB 65.758 million, and the loss gap widening again. The Amicro platform drives customer expansion and product volume growth; Xiaomi and Gree are both shareholders In 2014, when most entrepreneurs were still searching for direction in the red ocean of consumer electronics, YIWEI Technology had already quietly established itself in Hengqin, Zhuhai, anchoring itself in the neglected niche track of dedicated Siasun Robot&Automation chips, becoming the first national-level specialized and sophisticated "little giant" enterprise cultivated in Hengqin. Around 2017, as the service Siasun Robot&Automation market gained momentum, YIWEI Technology created the world's first dedicated SLAM SoC for intelligent mobile Siasun Robot&Automation, solidifying high-computational-load tasks such as simultaneous localization and mapping onto silicon wafers, filling a key gap in the market for dedicated chips for Siasun Robot&Automation mapping, localization, and navigation, and completing the "0 to 1" technological pioneering. With the technical foundation consolidated, YIWEI Technology quickly began a key transformation from "single-point chips" to "platform solutions." Its Amicro intelligent mobile Siasun Robot&Automation technology platform adopts a five-layer architecture, integrating downward its self-developed Siasun Robot&Automation main control SoC, three-electric (motor, battery, electronic control) control algorithms and chips, and customized sensors, while accumulating upward Siasun Robot&Automation algorithms, open SDKs, and toolchains. What it sells is not a single chip, but a complete "turnkey" solutioncustomers can build Siasun Robot&Automation as soon as they receive it, saving the long cycle from component selection to algorithm debugging. Relying on the Amicro intelligent mobile Siasun Robot&Automation technology platform, YIWEI Technology has formed a modular technology reuse system with cross-scenario adaptability and low migration costs through standardized modules, enabling the company to quickly replicate and adapt the deep technical heritage accumulated in mature application scenarios to other emerging, high-growth intelligent mobile Siasun Robot&Automation categories and application scenarios, which has driven large-scale product volume growth. In 2025, YIWEI Technology's intelligent mobile Siasun Robot&Automation solutions sold more than 3.5 million units, with cumulative sales exceeding 10 million units over the past three years; its chip solutions have achieved large-scale deployment in more than 10 million commercial Siasun Robot&Automation units/sets globally. Behind the product volume growth is the continuous expansion of the company's customer ecosystem. From 2023 to 2025, YIWEI Technology's number of customers was 53, 92, and 96, respectively, including well-known end customers such as Xiaomi, iRobot, Ecovacs Robotics, UBTECH ROBOTICS, Haier, Midea, Philips, Honor, SEB, and Anker Innovations Technology. The broadening of the customer ecosystem has propelled YIWEI Technology into the first tier of China's intelligent mobile Siasun Robot&Automation solution providers, and it ranks first in the single-modal Siasun Robot&Automation solutions segment, which would not have been possible without the continuous funding and endorsement of many capital providers in the primary market. According to the prospectus, as of before the IPO, YIWEI Technology had completed a total of 6 rounds of financing, among which the sixth round (D-1 round) involved additional issuance to D-round investors due to valuation adjustment without additional consideration, which is equivalent to only 5 rounds of financing, with total financing of RMB 870 million. After multiple rounds of financing, YIWEI Technology has formed a shareholder matrix combining industrial capital, leading CVCs, and state-owned platforms. Among them, Guangdong Wuyuefeng Integrated Circuit holds 17.68%, making it the largest external institutional shareholder; Xiaomi Yangtze River Industry Fund holds 3.57%, and Gree Group holds 2.32%; Wens Foodstuff Group (300498.SZ) holds 1.31% through Wens Investment, Wuxi Chanfa, in which China Merchants Group participates, holds 3.36%, and Beijing Integrated Circuit Industry Fund holds 1.92%. It is worth noting that when the D round of financing was completed in 2021, YIWEI Technology's valuation was approximately RMB 3.5 billion, while when the D-1 round of financing was completed in March 2025, its valuation dropped to RMB 2.779 billion, a shrinkage of more than 20%. Multi-modal business becomes growth engine; high R&D investment consolidates technological moat Relying on the Amicro intelligent mobile Siasun Robot&Automation technology platform, YIWEI Technology's revenue mainly comes from the intelligent mobile Siasun Robot&Automation solutions business. In 2025, this business accounted for as much as 95% of revenue, pan-Siasun Robot&Automation products accounted for 3.7%, and other products accounted for 1.3%. Specifically, multi-modal Siasun Robot&Automation solutions are the core DRIVE behind YIWEI Technology's continued revenue growth. After launching multi-modal Siasun Robot&Automation solutions in 2024, YIWEI Technology invested more R&D and marketing resources in this business, thereby driving its rapid growth. In 2024 and 2025, as a new increment, this business accounted for more than 40% of total revenue in both years. At the same time, with the growth in shipments of Siasun Robot&Automation solutions, supporting modules also achieved continuous revenue improvement, which also supported the growth of the company's total revenue. Thanks to the combined effects of multiple factors, including the reduction in the impact of inventory write-offs, the improvement in product mix driven by the high-gross-margin multi-modal business, and economies of scale, YIWEI Technology achieved continuous gross margin improvement, rising from 6.1% in 2023 to 27.7% in 2025, a significant increase. The decline in overall gross margin from 30.7% to 23.9% in the first four months of 2026 was mainly due to rising raw material costs, especially higher wafer prices, plus higher packaging and testing costs, which increased overall unit costs. Driven by both continued revenue growth and continuously rising gross margin, YIWEI Technology's adjusted net loss continued to narrow, rapidly declining from a loss of RMB 113 million in 2023 to RMB 51.116 million in 2025, with profitability improving significantly. The widening loss in the first four months of 2026 was due to the decline in gross margin and increases in selling expenses and R&D expenses. It is worth noting that YIWEI Technology continues to strengthen the company's technological moat with high R&D investment. From 2023 to 2025, YIWEI Technology's R&D expenses were RMB 106 million, RMB 115 million, and RMB 133 million, respectively, accounting for as much as 51.6%, 40.3%, and 32.6% of revenue, and R&D expenses in the first four months of 2026 increased by 68.29% year-on-year to RMB 56.999 million. The high R&D expenses are both the source of YIWEI Technology's technological barriers and the main cause of the company's phased losses. Clear growth path; general-purpose technology platform opens long-term imagination space Standing at this key juncture of an upcoming listing and looking to the future, the certainty of YIWEI Technology continuing its high-prosperity growth is actually quite clear, and the source of this certainty is precisely the rapid expansion of the track itself. According to Frost & Sullivan estimates, the market size of China's intelligent mobile Siasun Robot&Automation solutions will expand from RMB 9.7 billion in 2025 to RMB 38.1 billion in 2030, with a five-year compound growth rate of 31.4%. Among them, the growth rate of the multi-modal sub-track is as high as 54.7%, far exceeding 11.0% for single-modal and 6.9% for inertial navigation solutions. More critically, the intelligent mobile Siasun Robot&Automation solutions market is currently far from the stage where the competitive landscape has solidified. In 2025, the combined share of the top five manufacturers was only 22.7%, and YIWEI Technology ranked third in China with a 4.2% market share. With this market position, YIWEI Technology can enjoy the beta of rapid industry growth while also having room to continue raising its market position during the process of share concentration. The evolution of the product mix more intuitively confirms the realization of this growth momentum. The revenue share of the multi-modal solution launched in 2024 has exceeded 40%, and this business has also driven a very obvious improvement in the company's gross margin. Clearly, as a "brand-new increment," this business has become the core engine of performance growth. Under the dual resonance of the industry's own 54.7% compound growth rate and the company's internal product iteration, the multi-modal solution is likely to remain the most certain source of revenue volume growth over the next two to three years, and supporting module revenue will also rise in tandem with complete machine shipments. Looking one layer deeper, what truly opens up long-term imagination space is the versatility of the technology platform itself. Amicro Core integrates self-developed SoC, sensors, SLAM and multi-modal algorithms, and SDK/toolchains with a modular software-hardware integrated architecture, and has already covered scenarios including household/commercial cleaning, drones, industrial AGVs, and home services. As multi-modal solutions accumulate capabilities in perception, localization, and decision-making layers, the company is extending its technology stack to indoor and outdoor scenarios such as commercial cleaning, warehousing/industrial mobility, and service Siasun Robot&Automation; at the same time, it is laying out embodied intelligence, with official disclosure that in 2026 it will launch a high-computing-power embodied Siasun Robot&Automation brain chip solution, with about 70% of fundraising invested in Siasun Robot&Automation-specific AI SoC, embodied intelligence, and advanced perception and execution. Related layouts are expected to drive the company from mobile chassis and navigation decision-making gradually toward a more complete embodied/humanoid intelligent system, opening a long-term ceiling higher than that of cleaning Siasun Robot&Automation. The volume growth of multi-modal solutions secures the basic foundation of mobile intelligence, while the breakthrough in embodied brain chips truly opens the second growth curve. If these two hurdles are crossed one by one, YIWEI's pricing anchor will no longer be that of a solution integrator, but will switch to that of a underlying system supplier in the era of embodied intelligencethis identity leap from "chassis" to "brain" is the most anticipated revaluation space for its intrinsic value.