四维智联闯上市：丰田汽车提前退出间接持股，控股股东依赖症难解

Core Viewpoint - Siwei Zhihui (Nanjing) Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with major shareholders including Siwei Tuxin, Didi, and Tencent [1][3]. Company Background - Siwei Zhihui's history dates back to 2015 when Siwei Tuxin acquired 51% of its shares. In 2018, a business restructuring led to the spin-off of its intelligent network business [3][4]. - The company was previously known as Beijing Tuwu Xian Technology Co., Ltd. and was renamed in April 2018 [4]. Financial Performance - Siwei Zhihui reported revenues of approximately RMB 470 million in 2023, with a net loss of about RMB 327 million. For the first half of 2024, revenues were around RMB 222 million, with a net loss of approximately RMB 38 million [10][11]. - The company's revenues for 2022, 2023, and 2024 were approximately RMB 539 million, RMB 477 million, and RMB 479 million, respectively, with net losses of RMB 204 million, RMB 265 million, and RMB 379 million [12][16]. Revenue Breakdown - The revenue from integrated hardware and software solutions decreased by 16.4% in 2023 to about RMB 312 million, with a further decline of 24.9% expected in 2024 [12][14]. - In contrast, revenue from intelligent cockpit software solutions showed growth, increasing from RMB 163 million in 2022 to RMB 164 million in 2023, and projected to reach RMB 243 million in 2024 [14]. Shareholding Structure - Following a strategic capital increase in August 2024, Siwei Tuxin's direct shareholding in Siwei Zhihui decreased from 30.29% to 27.01%, while Didi's shareholding increased to approximately 20.6% [8][9]. - As of October 2024, Siwei Tuxin Hong Kong acquired additional shares from Toyota, increasing its stake in Siwei Zhihui [10]. Customer Concentration - The company has a high customer concentration, with revenues from the top five customers accounting for approximately 85.9%, 96.2%, and 92.2% of total revenues in the respective years [16][17]. - The largest customer, which is also the controlling shareholder, contributed revenues of approximately RMB 337 million, RMB 222 million, and RMB 229 million, representing significant portions of total revenue [17].