On April 28, Wuhan Juxin Microelectronics submitted its listing application to the Hong Kong Stock Exchange for the second time. Its previous prospectus expired at the end of March, and the resubmission after a month demonstrates more than just an update on the IPO progress of an analog chip company.

Juxin Microelectronics achieved revenue of 855 million yuan in 2025, marking two consecutive years of profitability. It ranks among the top five in multiple niche markets globally, including optical sensors, smart audio amplifiers, LRA drivers, and 3D ToF. This position is unique: it doesn't produce the hottest GPUs, nor is it at the forefront of advanced manufacturing processes, but it's positioned in the most easily underestimated layer of AI terminals—perception.

Smartphones, AR glasses, smart cockpits, robots, and wearable devices will all require more accurate perception of their environment in the future. The valuation that Juxin Micro is seeking shouldn't be understood solely as that of a "cyclical analog chip stock"; it needs to prove that it's not just selling a few sensors, but rather the gateway capability for AI terminals to interact with the real world.

　　AI terminals must first "see the world".

　　Perception chips are no longer just a supporting role.

Juxin Micro's second filing for listing has given the market a new perspective on domestic semiconductors.

According to a disclosure by the Hong Kong Stock Exchange on April 28, 2026, Wuhan Juxin Microelectronics has submitted its listing application again, with Haitong International and CITIC Securities acting as joint sponsors. The company positions itself as a provider of intelligent sensing, machine vision, and imaging technology solutions, with products covering light sensors, proximity sensors, multi-in-one optical sensors, intelligent audio amplifier chips, LRA driver chips, 3D iToF image sensors, multispectral sensors, flicker sensors, OIS driver chips, and dToF ranging sensors, among others.

In the past, this product portfolio could easily be broken down: optical sensors were a business, audio amplifiers were a business, and LRA motor drives were another business. Taken separately, they all resembled "components" in the consumer electronics supply chain. However, within the context of the evolution of AI terminals, they begin to point in the same direction: for devices to understand their external environment, they must first obtain higher-quality perceptual input.

This is the difference between Juxin Micro and ordinary analog chip companies.

The value of traditional analog chips primarily stems from stability, reliability, cost, and supply security. Customers are concerned with usability, stable supply, and price reduction. In the era of AI terminals, the value of the perception layer has been elevated. Smartphones need to achieve more natural human-computer interaction, AR/VR needs to recognize space and gestures, robots need to understand distance and movement, and smart cockpits need to judge people, light, sound, and tactile feedback. The "intelligence" of a terminal doesn't solely rely on large models; the quality of front-end perception directly impacts the performance of back-end algorithms.

Therefore, the key to Juxin Micro's success lies not in the sales volume of a single chip, but in its multimodal sensing capabilities.

According to data from Frost & Sullivan, based on revenue in 2025, Juxin Micro ranked fourth in the global optical sensor market with a share of 3.7%; third in the global smart audio amplifier chip market with a share of 6.1%; third in the global LRA driver chip market with a share of 3.8%; third in the global 3D ToF image sensor market with a share of 1.1%; and eighth in the global smart imaging chip market with a share of 1.9%.

These rankings, while not forming a single dominant player, demonstrate that it has established a position across multiple sensing nodes. AI terminal interaction cannot rely solely on cameras or microphones. The future will likely see multiple signals—optical, audio, tactile, 3D vision, and image stabilization—entering the system simultaneously, then being fused and judged by algorithms. This is the story that Juxin Micro wants to tell in its investment narrative: it's not about adding a chip to a terminal, but about adding a set of "sensors."

The industry space is also paving the way. According to Frost & Sullivan, the global analog chip market will reach $86.5 billion in 2025 and is projected to grow to $111.3 billion by 2030; among them, intelligent sensing chips, machine vision sensors, and intelligent imaging chips are more application-driven sub-sectors. The global intelligent sensing chip market will reach $11.6 billion in 2025 and is projected to grow to $14.3 billion by 2030; China will account for approximately 40% of the global intelligent sensing chip market in terms of revenue in 2025.

This data illustrates a reality: while the overall growth rate of analog chips isn't particularly fast, there are structural opportunities in the perception sub-segments related to AI terminals. The capital market categorizes these companies into two types: those that rise and fall with the consumer electronics cycle, and those that leverage AI terminal upgrades to create new product ASPs and expand product categories.

Juxin Micro is clearly aiming for the second pricing option.

Herein lies the problem. While the perception layer is indeed becoming more important, the market won't change its valuation based on a single concept. It needs to see if Juxin Micro's products can expand from smartphones to AR/VR, automotive electronics, robotics, and digital twins, and whether its multimodal capabilities can form a unified platform, rather than simply being a collection of a few segmented chips.

The entry point for AI terminals is very attractive, but there is still a financial verification gap between entry point companies and component companies.

　　Domestic substitution enters a systemic battle.

　　Juxin Microelectronics aims to shed its "single-point chip" label.

Juxin Micro's success over the past few years is inseparable from the broader context of domestic substitution.

Early domestic substitution was more like "filling the gaps": when there was a shortage abroad, domestic manufacturers filled the gap; when cost pressures increased, domestic solutions replaced some high-priced solutions; and to ensure supply security, end-user brands introduced more local chip companies. At this stage, the substitution logic was relatively simple: the key was whether a usable, inexpensive, and reliably delivered chip could be produced.

The situation is now more complex. Terminal manufacturers no longer look at individual part numbers, but rather at the collaborative efficiency of the entire sensing solution.

Taking 3D Time-of-Flight (ToF) as an example, it can be found in smartphones, AR/VR, robots, and automotive cockpits. ToF sensors don't work in isolation; they need to work in conjunction with the transmitter, driver, calibration, algorithms, and system software. The same applies to optical sensors; from ambient light detection to screen brightness adjustment, to low-power wake-up and scene recognition, all require integration with system-level capabilities.

Juxin Micro's advantage lies in its diversified approach. It spans several areas, including optics, audio, haptics, machine vision, and imaging technologies, creating a collaborative narrative of "perception," "decision-making," and "execution." The company's prospectus also mentions that Juxin Micro is expanding into emerging growth areas such as robotics, digital twins, and automotive electronics, enhancing its perception capabilities in complex environments through the combination of multimodal sensing and actuation.

The potential value of this approach is to help domestic substitution upgrade from "single chip substitution" to "system solution substitution".

International competitors have clear advantages. Companies like ams-OSRAM, OmniVision, and Synaptics have deep expertise in optics, imaging, audio, and human-computer interaction, long customer certification cycles, strong product reliability, and established relationships with high-end clients. However, international companies also have weaknesses: high cost structures, slow response to customization requests, and insufficient flexibility in adapting to local customer needs. Chinese terminal manufacturers iterate rapidly, with frequent updates in scenarios such as mobile phones, wearables, AR, and automotive applications, making the responsiveness of local suppliers even more valuable.

Juxin Micro's growth curve has already reflected this substitution opportunity. From 2023 to 2025, the company's revenue was RMB 242 million, RMB 667 million and RMB 855 million, respectively; during the same period, the profits were a loss of RMB 110 million, a profit of RMB 9.734 million and a profit of RMB 26.49 million, respectively; and the gross profit margins were 23.6%, 23.4% and 24.3%, respectively.

This set of data has two meanings.

First, it has moved from the "R&D investment period" to the "commercialization and mass production period". The return to profitability in 2024 and the continued expansion of profits in 2025 indicate that the revenue scale has begun to cover the previous R&D and sales investments.

Secondly, the gross profit margin has remained at over 20%, unlike some low-end alternative companies that have been driven down by price wars. While this gross profit margin isn't particularly high for a consumer electronics supply chain company, it's already higher than many low-end distribution-style chip businesses. This at least proves that Juxin Micro has a certain product premium and doesn't rely solely on low prices to enter customer systems.

However, this line cannot be written too smoothly.

Juxin Microelectronics remains highly dependent on consumer electronics. Its main products are used in smartphones, smart wearables, and tablets, sectors with clear cyclical patterns. The mobile phone industry has entered a phase of competition for existing market share, with longer replacement cycles and stricter cost control by terminal manufacturers. It's not easy for supply chain companies to raise prices; they often rely on introducing new products, expanding product categories, and increasing market share to absorb the pressure.

Another variable is the customer structure. Juxin Micro's customers include leading smart terminal brands, which facilitates rapid volume expansion but also brings bargaining pressure and order fluctuations. Once the models and pace of major customers change, the revenue of the supply chain company will fluctuate accordingly. Previously, the China Securities Regulatory Commission (CSRC) also required Juxin Micro to supplement its application materials for overseas listing, specifying its business model, the compliance of its technology export business, relevant procedures for its overseas subsidiaries, and equity incentives.

These issues are crucial for IPO pricing. The market appreciates endorsements from leading clients, but also worries about profit margin constraints caused by the concentration of major clients. Especially in sectors like sensor chips, once client certification is complete, supply relationships are usually relatively stable; however, stability does not equate to strong bargaining power, and end-user brands will always push suppliers to reduce costs.

Therefore, the second challenge for Juxin Microelectronics is whether it can leverage its leading clients to expand its single-terminal platform into a cross-category platform. Mobile phones provide the first stage of scale, while AR/VR, robotics, automotive electronics, and IoT determine the second stage of flexibility. Only by overcoming this hurdle can it hope to escape the valuation discount of being merely a "mobile phone supply chain company."

　　The question about Hong Kong stocks isn't rankings.

　　Is it possible to penetrate the consumer electronics cycle?

The core issue regarding the IPO pricing of Juxin Microelectronics is actually quite simple: What type of company should it be valued against?

From the perspective of traditional analog chip companies, investors would focus on downstream cycles, inventory, gross margin, customer concentration, R&D expense ratio, and cash flow. This framework is relatively conservative, especially since the Hong Kong stock market is typically more selective towards smaller semiconductor design companies. High revenue growth can justify a premium; smaller profit margins will limit valuation elasticity.

The valuation logic becomes clearer when viewed from the perspective of AI terminal sensing entry points. Sensing chips are no longer just a small component in the terminal's BOM (Bill of Materials), but rather the foundational layer for the interaction between AI devices and the real world. The more intelligent the terminal, the more sensors it captures, and the higher the system's requirements for low power consumption, high precision, and multi-scenario collaboration. If a company can develop standardized solutions across multiple terminal categories, its growth potential will be significantly higher than that of ordinary analog chips.

But what the capital market cares about most is not whether a company can talk about AI, but whether its revenue structure has changed.

Juxin Microelectronics achieved revenue of 855 million yuan and profit of 26.49 million yuan in 2025, still in its early stages. It has proven its ability to scale up its business with consumer electronics clients and has turned a profit; the next step is to demonstrate that profit growth comes not only from increased scale but also from a shift in product mix. Areas like 3D ToF, intelligent imaging, automotive sensing, and robot vision typically have higher profit margins and barriers to entry than more standardized, mature products, but also face greater challenges in certification cycles, R&D investment, and customer onboarding.

Vehicle-mounted and robotic systems will be the two variables most closely watched by the market.

The appeal of automotive electronics lies in its longer lifecycle, higher certification barriers, and the continuously increasing number of sensors per vehicle. Smart cockpits require ambient light, audio, haptic feedback, and occupant monitoring, while driver assistance and parking scenarios will also drive demand for 3D vision and ranging. If Juxin Micro can achieve large-scale shipments of automotive-grade products, its valuation framework will significantly shift from the consumer electronics supply chain towards automotive semiconductors.

Robotics is a long-term endeavor. For embodied intelligence to be implemented, perception is crucial: distance, gestures, objects, space, and tactile feedback must all be captured. 3D Time-of-Flight (ToF), optical sensing, and haptic actuation all have the potential to be incorporated into robot hardware architecture. However, robots are currently in the early stages of commercialization, and the timeline for them to truly contribute revenue is still uncertain. The market can generate buzz around concepts, but it won't pay for unrealized revenue in the long run.

Therefore, the trading logic of Juxin Micro after its listing may be quite fragmented.

In the short term, the secondary filing, coupled with themes of AI terminals, domestic substitution, and intelligent sensing, is likely to attract attention. In the medium term, investors will track revenue growth, gross margin, R&D expenses, profit margin, core customer orders, and new product introductions. In the long term, what truly determines the upper limit of its valuation is whether it can become a standard supplier for the sensing layer of AI terminals, rather than a chip supplier for a few mobile phones.

There is another hidden challenge: whether multiple product lines can achieve synergy.

Multimodal sensing sounds appealing, but the chip industry ultimately comes down to products, customers, pricing, and delivery. Can a unified customer entry point be established across optical sensors, audio amplifiers, LRA drivers, 3D ToF, and intelligent imaging chips? Can they share algorithms, packaging, channels, and system solution capabilities? Can customers increase their purchasing loyalty through a single solution? These questions are more important than individual market rankings.

If the answer is positive, Juxin Micro's valuation could rise from "multiple small product lines" to "sensing system platform". If the answer is conservative, it will still be broken down into several consumer electronics chip businesses by the market and priced according to cycle and profit realization.

An IPO merely brings the issues to the forefront; the real answers will emerge in the coming financial reporting periods.

　　Conclusion: The next layer of competition in AI terminals

　　It will come down to "perceived quality".

Juxin Micro's second filing for listing provides a new perspective on the semiconductor market: competition in AI terminals will not only revolve around computing power.

Over the past two years, the capital market has focused its attention on GPUs, servers, HBMs, optical modules, and data center power. These are all the tough nuts to crack in AI infrastructure. But as AI eventually moves to smartphones, glasses, cars, robots, and wearable devices, another question will become increasingly important: how will these devices obtain information from the real world?

The camera captures images, optical sensors perceive the environment, ToF (Time-of-Flight) sensors determine distance, audio chips process sound, and LRA (Low-Range Assist) drivers provide haptic feedback. These seemingly insignificant components collectively determine whether an AI terminal is "easy to use." In the future, terminal manufacturers will compete not only on model integration but also on perception accuracy, response speed, power consumption control, and interactive experience.

Juxin Micro's opportunity lies here. It has already secured a top-five position globally in multiple niche markets, with revenue growing from 242 million yuan in 2023 to 855 million yuan in 2025, achieving continuous profitability. It's not starting from scratch with a story, but rather standing within the consumer electronics supply chain, attempting to move up to the AI ​​terminal perception layer.

However, its constraints are also clear. Revenue is still relatively small, profit margins remain thin, the consumer electronics cycle continues to impact orders, and new applications such as automotive, robotics, and AR/VR require further validation. The Hong Kong stock market won't just pay for the term "multimodal perception"; it will look at whether the product structure, customer structure, and profit structure have truly changed.

Juxin Micro's IPO will ultimately come to a pricing crossroads: selling chips means valuations will follow the economic cycle; selling sensing capabilities offers the opportunity to ride the wave of AI terminal upgrades. Whether the sensing layer can become the infrastructure of the AI ​​era remains to be seen, and Juxin Micro still needs to prove itself with orders, gross margins, and cross-scenario replication capabilities.

Source: Hong Kong Stock Research Society