【IPO前哨】三闯港交所！挚达科技：业绩连亏，亟需“补血”

Core Viewpoint - The rise of electric vehicles has led to the emergence of several listed companies in the charging station sector, with Shanghai Zhida Technology Development Co., Ltd. recently applying for a listing on the Hong Kong Stock Exchange after two previous failed attempts [2][3]. Company Overview - Founded in November 2010 by Huang Zhiming, Zhida Technology began focusing on home electric vehicle charging stations and accessories in 2015, expanding its market share and product offerings in response to the growing demand for electric vehicles [3][4]. - The company has received multiple rounds of financing from notable investors, including BYD and Zhongding Holdings, which has helped it grow into a leading player in its niche [4][5]. Market Position - According to Frost & Sullivan, Zhida Technology is one of the largest suppliers of home electric vehicle charging solutions globally, ranking first in sales volume and fourth in sales revenue from 2022 to the first quarter of 2025 [6]. - In China, the company holds the top position in both sales volume and revenue for home electric vehicle charging stations during the same period [6]. Financial Performance - Despite being a leader in its segment, Zhida Technology has reported continuous losses, with revenues of RMB 697 million, RMB 671 million, and RMB 593 million from 2022 to 2024, and losses of RMB 25.1 million, RMB 58.1 million, and RMB 236 million in the same years [7]. - The company's gross margin has declined from 20.4% in 2022 to 14.9% in 2024, attributed to intense competition and price wars in the electric vehicle market [7][8]. - In the first quarter of 2025, the company reported a revenue of RMB 217 million, a 39.4% year-on-year increase, and a reduced loss of RMB 17.1 million, indicating some recovery [8]. Revenue Structure - Zhida Technology's revenue primarily comes from the sale of electric vehicle charging stations and related services, with product sales accounting for 58.5% to 67.0% of total revenue from 2022 to the first quarter of 2025 [9][10]. - The sales of smart home electric vehicle charging stations represent a significant portion of product sales, ranging from 89.3% to 98.3% during the same period [9]. International Expansion - The company's overseas revenue has shown promising growth, increasing from 1.9% in 2022 to 16.3% in the first quarter of 2025, reflecting successful international market penetration [11]. Funding Needs - Due to ongoing losses and increasing accounts receivable, Zhida Technology has limited cash flow generation capabilities, with net cash outflows from operating activities reported at RMB -1.33 billion, RMB -27.1 million, and RMB -1.16 billion from 2022 to the first quarter of 2025 [12][13]. - The company has a high reliance on financing, with a debt-to-equity ratio reaching 900.3% as of March 31, 2025, necessitating the upcoming IPO to secure funds for expansion and operational needs [14][15]. Future Plans - If the IPO is successful, Zhida Technology plans to use the raised funds for international expansion, product development, acquisitions, upgrading production facilities, and general corporate purposes [16]. - The company's ability to leverage international market expansion and capacity enhancement remains uncertain, but the IPO is seen as a crucial step for solidifying its market position and global strategy [17].