Fourier Semiconductor Passes IPO Hearing: Revenue of 280 Million in 10 Months, Loss of 51.78 Million

Leidi Network Le Jianping March 15

Shanghai Fourier Semiconductor Co., Ltd. (referred to as “Fourier Semiconductor”) today received approval for listing after a hearing, preparing for an IPO on the Hong Kong Stock Exchange.

Fourier Semiconductor just received IPO filing approval from the China Securities Regulatory Commission and has already passed the listing hearing, a remarkably fast process.

Revenue of 280 million yuan in 10 months, loss of 51.78 million yuan

According to reports, Fourier Semiconductor is a provider of perceptual intelligent chips, founded in 2016. The core team members have an average of over 20 years of experience at leading international semiconductor companies.

Fourier Semiconductor’s products include automotive smart audio chips, medium- and high-power smart audio chips, portable smart audio chips, tactile feedback chips, and power management chips, used in automotive electronics, TV audio systems, mobile phones and tablets, portable computers, smart speakers, and other fields.

Fourier Semiconductor integrates digital, analog circuits, and intelligent audio algorithms. In 2017, 2021, and 2023, it launched ASIC DSP smart audio chips, medium- and high-power smart audio chips, and automotive-grade smart audio chips certified by AEC-Q100, respectively.

Major customers of Fourier Semiconductor include Samsung, Xiaomi, vivo, Motorola, Honor, and other well-known brands. Relying on a mature supply chain system and long-term investment and accumulation in audio, Fourier Semiconductor is expanding its signal chain and exploring deeper and broader areas of perceptual smart chips.

The prospectus shows that Fourier Semiconductor’s revenue in 2022, 2023, and 2024 was 130 million yuan, 150 million yuan, and 355 million yuan, respectively; gross profit was 9.48 million yuan, -124,000 yuan, and 46.56 million yuan; gross profit margins were 7.3%, -0.1%, and 13.1%; annual losses were 65.9 million yuan, 94.13 million yuan, and 56.84 million yuan.

In the first 10 months of 2025, Fourier Semiconductor’s revenue was 281 million yuan, gross profit was 56.06 million yuan, and gross profit margin was 20%. The loss for the year was 51.78 million yuan, with an annual loss rate of 18.4%.

In the first 10 months of 2025, revenue from adaptive power control audio chips accounted for 1.45 billion yuan, or 51.6%; revenue from portable power amplifier audio chips was 1.1 billion yuan, or 39.3%.

As of October 31, 2025, Fourier Semiconductor’s net assets were 116 million yuan.

As of October 31, 2025, Fourier Semiconductor held cash and cash equivalents of 73.46 million yuan.

Xu Xiaolin controls 32.76% of voting rights

The executive directors of Fourier Semiconductor are Xu Xiaolin, Liu Baoliang, Qian Shun, and Ms. Yu Bingbing; non-executive directors are Chen Binglin and Lin Enfeng; independent non-executive directors are Liu Hongcan, Ms. Liu Liping, and Dai Xueguang.

Before the IPO, Xu Xiaolin controls 32.76% of voting rights, including 8.86% directly beneficially owned by Xu Xiaolin, 12.62% beneficially owned by Shanghai Fourier Management (with Xu Xiaolin as general partner), 7.07% beneficially owned by Xiamen Fourier Management (with Xu Xiaolin as general partner), and 4.21% beneficially owned by Xiamen Fourier Chuangke (with Xu Xiaolin as general partner); Liu Baoliang controls 2.52% of voting rights.

Gansheng Investment holds 6.41%, Moxin Intelligence holds 6.36%, Hechuang Intelligent and Health hold 5.78%, Dacheng Chuanghong holds 4.7%, Ark Investment holds 4.6%, Junyi KaiXiang holds 3.53%, Chaoyue Moore holds 3.02%, Junsheng Investment holds 2.92%;

Liu Changjiang holds 2.46%, Zhanxiang Information holds 1.98%, Xingtou Youxuan holds 1.85%, Wentianxia holds 1.69%, Weitaishenghong holds 1.68%, Junyi Borui holds 1.47%, Zhengchu Chuangye Investment holds 1.36%;

Kuanlian Investment holds 1.32%, Junqing Investment holds 1.3%, Chufeng Investment holds 1.22%, Huzhou Zhuosheng holds 1.11%, Shunke Investment holds 1.05%, Ms. Yan Zhan holds 0.95%, Yaho Xinghua holds 0.91%, Shunying Investment holds 0.75%, Junxin Ruizhi holds 0.67%;

Jicui Meibo and Longqi Intelligent each hold 0.6%, Haisheng Xianting holds 0.58%, Fumiao Investment, Xiamen Chuangxin, and Sanming Chuangxin each hold 0.56%, Shuimu Xinchi and Furuichuangxin each hold 0.38%, Deng Tianshun holds 0.34%, Caizhi Chuangying holds 0.22%, Zhiyou Management holds 0.18%, Cinda Puchuang holds 0.12%.

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