A-share subscription | Jerry Technology (920138.BJ) opens subscription to focus on system-level chip integrated circuit design

The Zhitong Finance App learned that on August 3, Jerry Technology (920138.BJ) began the subscription. The issue price was 18.86 yuan/share, and the subscription limit was 1.485 million shares. It belongs to the Beijing Stock Exchange, and Cathay Pacific Haitong Securities is its sponsor.

According to the prospectus, Jerry Technology is an integrated circuit design company focusing on system-level chips (SoC). It mainly targets Bluetooth audio and video, smart wearables, smart IoT terminals, etc., and provides chip products with high specifications, high flexibility and high integration to the global market.

From designing a main control chip containing only a single audio module, the company gradually introduced technical modules such as RF, video, and information acquisition and processing, and carried out in-depth research and cross-reuse of technology modules, and gradually formed a rich SoC chip product line.

With an excellent technology R&D team, strong technological innovation capabilities and long-term development experience in the field of integrated circuit design, the company has formed a number of core technologies in the fields of architecture 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 at the forefront of the industry. In the Bluetooth audio field, in 2023-2025, the company's listed companies in the same industry sold a total of 6.253 billion Bluetooth audio chips; the company sold 5.686 billion Bluetooth audio chips during the same period; the company sold 5.686 billion Bluetooth audio chips during the same period, making it a prominent position in the industry; in the pan-IoT field, the company's product sales in emerging fields such as smart wearables continued to increase, and application scenarios in smart IoT terminals continued to enrich.

With the gradual spread of the Internet of Things and artificial intelligence technology, wireless transmission technologies such as Bluetooth, WiFi, and Starflash are rapidly iterated, integrated circuit manufacturing processes continue to improve, and new application scenarios such as cloud computing and AI+ continue to expand. The rapid 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 were Wang Yihui, Zhang Qiming, Zhang Jinhua, and Hu Xiangjun. Together, the four directly hold and control 17.54% of the company's shares and voting rights. The four directly and indirectly hold 43.73% of the company's shares and control 63.01% of the company's voting rights through Zhuhai Gaoqi; the four directly and indirectly control a total of 80.55% of the company's voting rights.

Furthermore, the company's procurement concentration on suppliers is high. During the reporting period, the total procurement amount of the top five suppliers accounted for 92.61%, 91.29%, and 86.06% of the total procurement amount for the current period, respectively. The company's main suppliers include well-known wafer manufacturing, wafer testing, chip packaging testing and supporting packaging chip manufacturers such as Huahong Group, Huatian Technology, Mifitec, Ziguang Qingteng, and Pran Co., Ltd.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 2,931 billion yuan, 3.12 billion yuan, and 2,804 billion yuan respectively; for the same period, net profit was approximately 623 million yuan, 791 million yuan, and 596 million yuan, respectively.