飞创港股IPO：供应链依赖与国际贸易摩擦风险显著

Core Viewpoint - Shenzhen Feichuang Innovation Technology Co., Ltd. (Feichuang) has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading global provider of enterprise-level network solutions to support digital transformation for businesses worldwide [1][2]. Company Overview - Feichuang is recognized as the second-largest online DTC network solutions provider globally, based on projected revenue for 2024 [1]. - The company offers a comprehensive range of products and services, including high-performance network devices, scalable operating systems, and cloud network management platforms [1]. - Feichuang has established a highly integrated DTC model that efficiently delivers contextual solutions globally, combining network architecture design, multi-vendor procurement, and after-sales support into a unified platform [1]. Financial Performance - For the year 2024, Feichuang reported revenues of RMB 2.612 billion, reflecting an 18.0% year-on-year growth [2]. - The net profit for the same period was RMB 397 million, with a gross margin of 50.0% [2]. - The compound annual growth rate (CAGR) of the company's revenue from 2022 to 2024 is 14.6%, indicating strong growth momentum [2]. - The net revenue retention rate improved from 94.4% in 2023 to 102.1% in 2024, showcasing strong customer loyalty [2]. Market Presence - Feichuang has served over 450,000 customers across more than 200 countries and regions, including approximately 60% of the Fortune 500 companies [1].