驭势科技港股IPO：细分业务毛利率波动频繁 3年净亏损6.7亿元超过营收总和

Core Viewpoint - Yushi Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for enhancing R&D capabilities, expanding domestic and international business, strategic investments, and general corporate purposes [1][2] Financial Performance - Yushi Technology's revenue has grown rapidly over the past three years, with a compound annual growth rate (CAGR) of 101.3%, but it has incurred a cumulative net loss of 674 million yuan, exceeding total revenue [4][5] - The company reported revenues of 64 million yuan, 161 million yuan, and 265 million yuan for the years 2022, 2023, and 2024 respectively, while net losses were 250 million yuan, 213 million yuan, and 212 million yuan for the same years [4] - Cash flow from operating activities showed a net outflow of 600 million yuan over the three years [4] Liquidity and Financial Health - Yushi Technology's liquidity has been under pressure, with a declining current ratio from 5.1 to 2.9 and a cash ratio dropping from 3.1 to 1.3 over the reporting period [4][5] - Accounts receivable have increased significantly, reaching 243 million yuan by the end of 2024, accounting for over 90% of annual revenue [5] R&D and Innovation - The company has invested heavily in R&D, with expenditures of 189 million yuan, 184 million yuan, and 196 million yuan over the reporting period, although the R&D expense ratio has been decreasing [6] - Yushi Technology holds 572 patents and has submitted 272 patent applications, indicating a strong focus on innovation [6] Strategic Relationships - Yushi Technology has a close relationship with Geling Deep Vision, with shared ownership and technology transfers that have significantly impacted its development [7][8] - Geling Deep Vision remains the largest external shareholder of Yushi Technology, holding 7.89% of the shares, valued at approximately 576 million yuan based on the latest valuation [7]