Venture(US:VEMLY) 3 6 Ke·2025-05-30 03:52Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, expanding business, and strategic investments, despite facing a situation of increasing revenue without profitability [1][13][21]. Group 1: Company Overview - Founded in 2016, Yushi Technology specializes in L4-level autonomous driving technology, providing solutions for various commercial and passenger vehicle manufacturers [1][3]. - The company has a strong leadership team, with at least three of the five co-founders having backgrounds at Intel, including CEO Wu Gansha, who previously led Intel's China Research Institute [4][7][8]. Group 2: Financial Performance - Yushi Technology has raised approximately 1.751 billion RMB in funding over six rounds, with a post-money valuation reaching 7.3 billion RMB after the latest round [11]. - Revenue has shown significant growth, with projected revenues of approximately 65.48 million RMB, 161.36 million RMB, and 265.50 million RMB for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of about 110% [21][23]. - Despite revenue growth, the company has reported substantial losses, with pre-tax losses of 249.72 million RMB, 213.13 million RMB, and 211.58 million RMB for the same years, indicating a narrowing trend [25]. Group 3: Business Model and Revenue Streams - The company's revenue model includes four main categories: autonomous vehicle solutions, autonomous driving kits, software solutions, and vehicle leasing services, with the largest revenue coming from autonomous vehicle solutions [23][24]. - In 2024, the revenue from autonomous vehicle solutions is expected to be 147 million RMB, accounting for 55.2% of total revenue [24]. Group 4: Market Position and Strategy - Yushi Technology is uniquely positioned as the only global provider of sustainable L4-level autonomous driving solutions for airports, having established operations at major airports including Hong Kong International Airport [15][16]. - The company has expanded its services to 17 Chinese airports and three overseas airports, with a total of over 1,000 autonomous vehicles in operation [18]. Group 5: Technological Infrastructure - The autonomous driving platform of Yushi Technology is based on a dual-layer architecture consisting of "vehicle brain + cloud brain," which supports various operational and management functions [20]. - The company has developed three product lines targeting different autonomous driving scenarios, showcasing its commitment to technological advancement [20].