The "first chip design stock" on the Beijing Stock Exchange has made its debut, with Xiaomi participating in the investment, and its share price surged by 181% at the opening.
Reported by Core News on August 12, today, Zhuhai Jieli Technology, the leading Bluetooth audio chip enterprise based in Zhuhai, Guangdong, was listed on the Beijing Stock Exchange, becoming the "first chip design stock" on the Beijing Stock Exchange.
Its issue price is 18.86 yuan per share. The opening price rose 181.02% to 53.00 yuan per share, with a market value of 22.9 billion yuan; as of 10:10, the stock price rose by a maximum of 215.69% to 59.54 yuan per share, with a market value exceeding 25.7 billion yuan.
Founded in August 2010 and listed on the National Equities Exchange and Quotations in August 2024, Jieli Technology is an integrated circuit design enterprise focusing on system-on-chip (SoC), which mainly targets the fields of Bluetooth audio and video, smart wearables and smart IoT terminals, and provides high-specification, high-flexibility and high-integration chip products for the global market.
From 2023 to 2025, the company's sales scale and customer coverage are at the forefront of the industry: in the Bluetooth audio sector, the total Bluetooth audio chip sales of its listed peer companies including Bestechnic, Bluetrum, Actions Technology, Beken Corporation and Telink Semiconductor reached 6.253 billion units, while Jieli Technology's Bluetooth audio chip sales in the same period hit 5.686 billion units, with a prominent industry position.
▲ Output, sales volume and production-sales ratio of Jieli Technology from 2023 to 2025
Jieli Technology's products have been incorporated into the supply chains of many well-known brand manufacturers including Xiaomi, Realme, Honor, vivo, Meizu, Transsion, JBL, boAt.
In addition, Xiaomi Technology, Shenzhen Zhanxiang (a subsidiary of Transsion Holdings) and Shanghai Hua Hong are all shareholders of Jieli Technology.
For this listing on the Beijing Stock Exchange, Jieli Technology plans to invest the raised funds in the intelligent wireless audio technology upgrading and industrialization project, the smart wearable chip upgrading and industrialization project, and the AIoT edge computing chip R&D and industrialization project.
01.
Total revenue exceeds 8.8 billion yuan in three years,
net profit exceeds 2 billion yuan
The SoC chips independently developed by Jieli Technology are mainly used as the main control chips for various smart terminals, which are divided into five categories: Bluetooth headset chips, Bluetooth speaker chips, smart wearable chips, smart IoT terminal chips and general-purpose multimedia chips.
In 2023, 2024 and 2025, the sales volume of the main models of its Bluetooth headset chips reached 13.07 billion units, 12.19 billion units and 10.77 billion units respectively, and the sales volume of the main models of Bluetooth speaker chips reached 5.53 billion units, 7.41 billion units and 7.53 billion units respectively.
In the same period, the company's revenue was 29.31 billion yuan, 31.20 billion yuan and 28.04 billion yuan respectively, the net profit was 6.23 billion yuan, 7.91 billion yuan and 5.96 billion yuan respectively, and the R&D expenditure stood at 2.76 billion yuan, 2.86 billion yuan and 2.58 billion yuan respectively.
▲ Revenue, net profit and R&D expenditure of Jieli Technology from 2023 to 2025 (charted by Core News)
In 2023, 2024 and 2025, the gross profit margin of Jieli Technology's main business revenue was 33.10%, 35.77% and 30.74% respectively, which is basically consistent with the fluctuation trend of the average gross profit margin of comparable companies in the same industry.
In terms of business structure, Bluetooth headset chips and Bluetooth speaker chips are the two core revenue pillars, contributing 41.48% and 28.53% of the total revenue respectively in 2025.
In 2023, 2024 and 2025, the main business revenue generated in Shenzhen reached 28.02 billion yuan, 28.91 billion yuan and 25.85 billion yuan respectively, accounting for more than 90% of the total main business revenue in the corresponding period, reflecting a high regional concentration of business layout.
As of December 31, 2025, the total current assets of Jieli Technology amounted to 36.59 billion yuan; the number of R&D personnel reached 385, accounting for 71.83% of the total employees; the company owns 398 authorized invention patents (including 9 overseas invention patents), 66 integrated circuit layout designs and 205 software copyrights.
02.
High procurement concentration,
Hua Hong Group is the largest supplier
In 2023, 2024 and 2025, the sales amount to the top five customers accounted for 38.68%, 37.57% and 33.85% of the total sales revenue of Jieli Technology respectively.
In the same period, the total procurement amount from the top five suppliers accounted for 92.61%, 91.29% and 86.06% of the total annual procurement amount respectively, and the procurement amount from Hua Hong Group, the leading domestic wafer foundry enterprise, accounted for 62.94%, 68.70% and 66.16% respectively, showing a high procurement concentration.
Jieli Technology's main suppliers include well-known enterprises in the fields of wafer manufacturing, wafer testing, chip packaging and testing and supporting packaging chips, such as Hua Hong Group, Hua Tian Technology, Mifitec, Ziguang Qingteng and Puyuan Co., Ltd.
03.
The actual controllers hold more than 80% of the voting rights,
Xiaomi, Transsion and Hua Hong hold shares
The actual controllers of Jieli Technology are Wang Yihui, Zhang Qiming, Zhang Jinhua and Hu Xiangjun, and the four of them directly and indirectly control 80.55% of the total voting rights in aggregate.
Wang Yihui serves as the chairman and general manager of Jieli Technology, Zhang Qiming serves as the director, deputy general manager and general manager of the Technology Research and Development Center, Zhang Jinhua serves as the director of the Technology Research and Development Center, and Hu Xiangjun serves as the director, secretary of the board of directors, deputy general manager, general manager of the System R&D Center and general manager of the Technology Research and Development Center.
All four of them used to work for Zhuhai Gainstrong, and Zhang Qiming and Zhang Jinhua are brothers.
As of December 31, 2025, Zhuhai Gaoqi directly holds 63.01% of the shares of Jieli Technology, making it the controlling shareholder of the company.
Xiaomi Technology, Shenzhen Zhanxiang (a subsidiary of Transsion Holdings) and Shanghai Hua Hong are all shareholders of Jieli Technology.
The remuneration received by Jieli Technology's directors, supervisors and senior management from the issuer and its affiliated enterprises in the last year is as follows:
