驭势科技 ，拟港股上市

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested supplementary materials from Yushi Technology (Beijing) Co., Ltd. regarding its compliance with various regulations as part of its IPO process, highlighting the company's focus on L4 autonomous driving technology and its financial performance projections for the coming years [1][5][6]. Financial Performance - Yushi Technology's projected revenues for 2022, 2023, and 2024 are approximately RMB 0.65 billion, RMB 1.61 billion, and RMB 2.65 billion, respectively [1][2]. - The company's gross profit margins for the same years are 45.7%, 48.8%, and 43.7%, indicating fluctuations in profitability [2]. - The company has reported significant losses, with pre-tax losses of RMB 249.72 million in 2022, RMB 213.13 million in 2023, and RMB 211.58 million in 2024, reflecting a trend of increasing financial strain [2]. Regulatory Compliance - The CSRC has mandated Yushi Technology to clarify its compliance with the "Negative List" for foreign investment, the operational scope of its subsidiaries, and the progress of state-owned shareholder management procedures [4]. - The company is required to provide legal opinions on the compliance of its implemented equity incentive plans, including details on participant relationships and decision-making processes [4]. Business Operations - Yushi Technology specializes in L4-level autonomous driving solutions, primarily serving the airport sector, with partnerships established with 17 Chinese airports and 3 overseas airports [6]. - The company aims to use the net proceeds from its IPO to enhance R&D capabilities, expand domestic and international operations, and for general corporate purposes [6]. Funding and Valuation - Yushi Technology has completed six rounds of financing, raising over RMB 1.75 billion, with a valuation of RMB 7.3 billion following its latest funding round in 2023 [7][11]. - The company transitioned from a limited liability company to a joint-stock company in November 2024, indicating a significant structural change in its corporate governance [12]. Customer and Supplier Dynamics - The revenue from the top five customers accounted for 57.6%, 66.0%, and 46.2% of total revenue in 2022, 2023, and 2024, respectively, indicating a high customer concentration risk [12]. - The company’s procurement from the top five suppliers represented 32.2%, 35.5%, and 33.7% of total purchases during the same period, suggesting reliance on a limited number of suppliers [12].