镁伽科技：8年“烧光”26.63亿元，经营性现金流长期“失血”｜IPO观察

Core Viewpoint - Magnesium Technology Co., Ltd. (referred to as "the Company") has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, showcasing impressive revenue growth but struggling with significant losses due to high operating expenses [2][3][4]. Financial Performance - The Company reported a compound annual growth rate (CAGR) of 42.96% in revenue from 2022 to 2024, significantly exceeding the industry average CAGR of 37.7% [2][3]. - Revenue figures for the reporting period are as follows: 454.87 million RMB in 2022, 662.98 million RMB in 2023, and 929.61 million RMB in 2024 [3]. - Despite the revenue growth, the Company incurred cumulative losses of 2.281 billion RMB over three years, with annual losses exceeding 700 million RMB [3][4]. Expense Structure - The Company's operating expenses were alarmingly high, accounting for 134.3%, 93.1%, and 79.2% of revenue in the respective years of 2022, 2023, and 2024 [2][6]. - Research and development (R&D) costs were the primary contributor to these expenses, representing 74.8%, 46.4%, and 42.4% of revenue during the same period [6]. Cash Flow and Financial Health - The Company faced negative cash flow from operating activities, with net cash outflows of 330.31 million RMB, 432.24 million RMB, and 521.21 million RMB over the three years [11]. - Cumulatively, the Company experienced a total cash outflow of 1.284 billion RMB from operating activities [11]. - Cash and cash equivalents decreased from 1.125 billion RMB at the end of 2022 to 457.64 million RMB by the end of 2024, raising concerns about liquidity as these funds could not cover current liabilities, including loans of 466 million RMB [8][11]. Industry Outlook - The global autonomous intelligent robot technology market is projected to grow from approximately 31.8 billion RMB in 2020 to about 114.3 billion RMB by 2024, with a CAGR of 37.7%, and is expected to reach around 383.7 billion RMB by 2030 [3].