Recently, Semidux (Cayman) Holding Limited (hereinafter referred to as "Jiewei"), a leader in China's metaverse computing infrastructure sector, officially submitted a prospectus to the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq under the stock ticker "JIE". Vertical Integrated Industrial Chain: Closed-loop Ecosystem from Chips to Terminals Jiewei was founded in Shenzhen. With the vertical integration model of "upstream chips + midstream servers + downstream cloud terminals", it has built a business system covering the entire value chain of the computing power industry. Its core products include "Maijie" branded customized servers, cloud gaming terminals, self-developed chips and supporting software, and forms diversified revenue sources through technical services and server leasing. In the chip field, Jiewei has completed the tape-out of the "Fanxing 1.0" chip, which optimizes performance for cloud gaming and cloud computing scenarios; the midstream customized servers can flexibly adjust configurations according to customer needs, and are applied in high-computing-power scenarios such as cloud gaming, AI computing and graphics rendering; the downstream cloud gaming terminals target individual users, providing immersive experience with low latency and high definition. This closed-loop model not only enhances product synergy, but also continuously optimizes upstream technologies through end-user feedback, forming a virtuous cycle. Financial Performance: Resilient Growth Amid Profit Fluctuations The financial data disclosed in the prospectus shows that Jiewei's revenue in the past three years has seen a "V-shaped" recovery: revenue was US$21.6 million in 2022, dropped to US$9.5387 million in 2023 due to industry cycle adjustments, and rebounded rapidly to US$21.7808 million in 2024, close to the historical peak. In terms of net profit, it achieved a profit of US$6.6527 million in 2022, suffered a loss of US$809,100 in 2023 due to increased R&D investment and market expansion, and returned to profit with US$1.3575 million in 2024. This fluctuation reflects the typical growth path of technology enterprises — exchanging short-term investment for long-term returns. The loss in 2023 was mainly due to strategic expenditures such as the construction of the North American service center and the R&D of MetaBox 2.0. The profit rebound in 2024 benefited from the scaling of the server leasing business (the monthly rental rate reaches 5%-10% of the equipment cost) and the growth of cloud gaming terminal orders. The company has healthy cash flow; as of March 2024, R&D investment accounts for 58.93% of the total number of employees, and the technical moat continues to deepen. Equity Structure: Founding Team Controlled, Empowered by Strategic Cooperation Before the IPO, Jiewei's equity is highly concentrated in the founding team and core management. Chairman Zhiwen Shen and nine other natural persons hold 83.69% of the shares through Aixpower Holding Limited, among which technical director Wencan Wang holds 30.14% of the shares through Renekton Holding Limited, highlighting the "technology-led" corporate gene. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is an onshore subsidiary of Hong Kong Meishun Management Consulting Company under the same actual controller. Both companies share the same actual controller, are under the same Chinese management, and comply with the laws of Hong Kong and mainland China.