滴普科技港股IPO：3年累亏24亿 资产负债率高达965% 现金储备仅能覆盖一年运营成本

Core Viewpoint - DeepTech has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on enterprise-level large model AI applications. However, the company has faced significant challenges in its commercialization process, with cumulative losses exceeding 2.4 billion yuan over the past three years and a debt-to-asset ratio reaching 965.3% by the end of 2024 [1][2][9]. Financial Performance - DeepTech has reported a revenue increase from 101 million yuan in 2022 to 243 million yuan in 2024, with a compound annual growth rate of 55.5%. The revenue growth for 2024 is particularly notable at 88.3% year-on-year [6]. - Despite the revenue growth, the company recorded a loss of 1.25 billion yuan in 2024, a 148% increase compared to the previous year, with total losses over three years exceeding 2.4 billion yuan [7][8]. R&D and Operational Challenges - The company has reduced its R&D spending from 94.2 million yuan in 2022 to 81.4 million yuan in 2024, with the proportion of R&D expenses to revenue dropping from 93.7% to 33.5% [11]. - There is a significant disparity in compensation, with sales personnel earning nearly double the average salary of R&D staff, indicating a "sales-heavy, R&D-light" approach [11][12]. Market Position and Competitive Landscape - DeepTech has established a customer base of 245 enterprises across various industries, with 117 major clients contributing over 1.5 million yuan annually. The company has achieved a 33.1% repeat customer rate, indicating initial customer loyalty in the B2B market [4]. - The company faces intense competition from major players like Baidu, Alibaba, Tencent, and ByteDance in the general large model AI space, as well as from established firms in vertical markets [10]. Management and Internal Issues - Reports indicate that DeepTech has faced management challenges, including outsourcing, layoffs, and internal control issues, which could hinder its IPO prospects [18][21]. - The company has not reported any insured employees in 2023 and 2024, raising concerns about compliance with labor regulations [16].