HOSIN Global Submits Listing Application to HKEX: H1-H3 2025 Revenue Hits $10.69 Billion, Inventory Exceeds $7.10 Billion

According to a January 1 disclosure from the Hong Kong Stock Exchange, HOSIN Global has submitted an application for listing on the main board of the Hong Kong Stock Exchange. China Securities International is its exclusive sponsor.

The prospectus shows that HOSIN Global's revenue for 2023 and 2024 was RMB 8.78 billion and RMB 8.718 billion, respectively (approximately USD 1.229 billion and USD 1.220 billion). Gross profit was RMB 417 million and RMB 1.4 billion (approximately USD 58.38 million and USD 196 million), with gross profit margins of 4.8% and 16.1%. Profit for the periods was -RMB 117 million and RMB 483 million (approximately -USD 16.38 million and USD 67.62 million), with profit margins of -1.3% and 5.5%.

For the nine months ending September 30, 2025, HOSIN Global's revenue was RMB 7.744 billion (approximately USD 1.084 billion), compared to RMB 6.758 billion in the same period of the previous year. Gross profit was RMB 1.014 billion (approximately USD 141.96 million), down from RMB 1.6 billion in the same period last year. The gross profit margin was 13.1%, a decrease of 10.6 percentage points from 23.7% in the same period last year. Profit for the period was RMB 351 million (approximately USD 49.14 million), a decline of 54.5% compared to RMB 772 million in the same period of the previous year.

For the nine months ended September 30, 2025, HOSIN Global's revenue composition by product category is as follows:

Embedded Storage: 46.2% of revenue

Solid-State Drives (SSD): 9.2% of revenue

DRAM: 25.6% of revenue

Mobile Storage: 3.1% of revenue

Storage Components: 15.3% of revenue

As of September 30, 2025, HOSIN Global's inventory balance was USD 721 million, including raw material inventory of USD 425 million​ and finished goods inventory of USD 191 million.

(In 2023, 2024, and for the nine months ended September 30, 2025, revenue from HOSIN Global's top five customers was USD 730 million, USD 804 million, and USD 543 million, respectively, accounting for 59.4%, 65.7%, and 50.0% of its total revenue during the corresponding periods.)

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