IPO“转战”港交所，飞速创新负债大幅攀升

Core Viewpoint - Shenzhen Fast Innovation Technology Co., Ltd. is targeting the Hong Kong Stock Exchange for its IPO after a failed attempt to list on the Shenzhen Main Board, with significant financial challenges ahead, including rising debt and declining net profit in 2024 [1][4]. Financial Performance - The company's revenue has shown steady growth from approximately 1.99 billion RMB in 2022 to about 2.61 billion RMB in 2024, while net profit peaked at 457 million RMB in 2023 before declining to 397 million RMB in 2024 [4][6]. - The gross profit increased from approximately 902.86 million RMB in 2022 to about 1.09 billion RMB in 2023, indicating a positive trend in profitability despite the net profit decline in 2024 [3][4]. Debt Situation - Fast Innovation's total liabilities have increased significantly, from approximately 621 million RMB in 2022 to 1.15 billion RMB in 2024, raising concerns about the company's financial stability and operational flexibility [6][4]. - The company faces high interest expenses that could erode profit margins and limit reinvestment capabilities, posing potential risks to its market position [6]. Advertising and Marketing Expenses - Advertising and promotional expenses have exceeded 100 million RMB in 2024, with a consistent allocation of over 20% of total sales and distribution expenses towards marketing efforts [7][6]. Product and Service Offering - Fast Innovation is recognized as the second-largest online DTC network solutions provider globally, offering high-performance network devices and scalable network management solutions [4]. - Revenue from high-performance network solutions has grown from approximately 473 million RMB in 2022 to about 831 million RMB in 2024, reflecting an increasing market share [5]. Shareholding Structure - The controlling shareholder of Fast Innovation is Xiang Wei, who directly holds 56.65% of the company's shares, with additional voting rights held by related entities, giving them a combined control of 61.16% [9].