清华女博士掌舵的镁佳股份递表港交所：近3年亏损超10亿元，去年五大客户撑起近85%营收

Core Viewpoint - Megatronix Inc. has submitted its initial listing application, aiming to raise funds for R&D, product expansion, and market promotion, despite not yet being profitable and having a high dependency on major clients [1][10]. Group 1: Company Overview - Megatronix Inc. focuses on developing AI-driven integrated domain control solutions for next-generation software-defined vehicles [3]. - The company was founded by Zhuang Li, who has over 20 years of experience in technology and engineering, previously holding key positions at NIO, Cheetah Mobile, Yahoo, and Microsoft [2]. Group 2: Financial Performance - Megatronix reported revenues of RMB 388 million, RMB 1.513 billion, and RMB 1.420 billion for the years 2022, 2023, and 2024, respectively, with losses of RMB 423 million, RMB 357 million, and RMB 291 million during the same period [8][9]. - The company has not achieved profitability, accumulating losses exceeding RMB 1 billion over the past three years [8]. Group 3: Client and Supplier Dependency - The company relies heavily on its top five clients, which contributed approximately 85% of total revenue in 2024, with the largest client accounting for 22.8% of revenue [10]. - Supplier concentration is also high, with the top five suppliers representing 77.2% of total procurement in 2024 [10]. Group 4: Product and Market Strategy - Megatronix's product offerings include the "Smart Cockpit + X" integrated domain control solutions, which combine various intelligent automotive functions [3][4]. - The company has established partnerships with 12 major automotive manufacturers, with its solutions being used in numerous vehicle models [4].