驭势科技港股IPO收证监会反馈：说明股权激励合规性

Group 1 - The core viewpoint of the article highlights that Yushi Technology is facing significant financial challenges despite rapid revenue growth, with a cumulative net loss exceeding its total revenue over the past three years [4] - Yushi Technology has submitted its IPO application to the Hong Kong Stock Exchange, with plans to raise funds primarily for enhancing R&D capabilities, expanding domestic and international business, strategic investments, and general corporate purposes [4] - The company has experienced a compound annual growth rate (CAGR) of 101.3% in revenue over the last three years, but has accumulated a net loss of 674 million yuan, indicating a lack of profitability [4] Group 2 - The liquidity of Yushi Technology is tightening, as evidenced by declining current and cash ratios, alongside increasing interest-bearing bank loans [4] - Accounts receivable have risen significantly, reaching 243 million yuan by the end of 2024, which accounts for over 90% of the annual revenue, further exacerbating the company's financial pressure [4] - Yushi Technology has close ties with the Sci-Tech Innovation Board listed company, Geling Shentong, with shared leadership and historical technology transfers that have raised regulatory scrutiny during the IPO review process [4]