驭势科技IPO：招股书前后矛盾，去年毛利最大业务客户数是增加还是减少了？

Core Viewpoint - Yushi Technology (Beijing) Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, with significant growth expected in its autonomous driving software solutions, despite contradictory information regarding customer numbers and revenue contributions from new clients [1][2]. Financial Performance - Yushi Technology's revenue from 2022 to 2024 is projected to be approximately 65.5 million, 161 million, and 266 million yuan, respectively, with net losses of about 250 million, 213 million, and 212 million yuan during the same period, indicating that the company has not yet achieved profitability [2]. - The gross profit from autonomous driving software solutions is expected to increase from approximately 29 million yuan in 2023 to about 52 million yuan in 2024, making it the largest contributor to gross profit in 2024 [2][4]. Customer Dynamics - The average retention rate of key customers from 2022 to 2024 is approximately 70.1%, but a significant portion of revenue is derived from new customers, with contributions of 45.4%, 53.2%, and 16.3% from new clients in 2022, 2023, and 2024, respectively [4][5]. - The number of customers for autonomous driving software solutions decreased from 15 in 2023 to 12 in 2024, despite claims of increased revenue due to a growing customer base [1][2]. Employee and Cost Management - Employee welfare expenses from 2022 to 2024 are approximately 9.1 million, 22.9 million, and 20.7 million yuan, with a reduction in 2024 compared to 2023 attributed to improved operational efficiency [7]. - The total number of employees, including part-time staff, decreased from 492 in 2023 to 437 in 2024, reflecting a decline of 11.18% [7]. Supplier Relationships - There is a notable overlap between customers and suppliers, with the number of overlapping entities being 6, 7, and 4 from 2022 to 2024, respectively, and their revenue contributions increasing over the years [6]. - The presence of a human resources provider among the top suppliers indicates a strategic approach to resource management, with procurement amounts constituting 6.6% and 4.1% of total procurement in 2022 and 2023, respectively [6].