Jihao Tech Files for HK IPO: #2 in Phone Fingerprint, Expands to Smart Glasses and Embodied AI via Sensing-Interaction LLM

Jihao Tech reported 2025 revenue of CNY 469M, a three-year CAGR of 50.1%. Gross margin rose from 26.3% to 37.6%, driven by high-margin optical fingerprint sensors (45.8% margin, 60% of revenue). Adjusted net profit turned positive to CNY 20.46M, but IFRS net loss was still CNY 14.38M. The real game-changer is NRE service revenue, which surged from CNY 2.48M in 2023 to CNY 39.96M in 2025, with a 62.3% margin, corresponding to upfront custom development for smart glasses and embodied AI clients. Smart glass solutions have been validated by four brands including Xiaomi and Honor, and vivo Vision uses Jihao's gesture solution. Its 5mm ultra-thin sensor for embodied AI is expected to complete module development by Q2 2026. Customer concentration remains high, with top five customers accounting for 89.6% of 2025 revenue and the largest single customer 41.4%. Top five suppliers account for 84% of procurement. However, trade receivable turnover is only 19 days, and cash flow turned positive to CNY 12.25M in 2025. The team is predominantly from Megvii and Tsinghua, with founder Chen Keqing (age 35), OmniVision holding 18.40%, and OPPO ecosystem fund holding 4.66%.