飞骧科技再闯上市：实控人龙华年薪超千万元，又套现约6000万元

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. (Feixiang Technology) has submitted an application for listing on the Hong Kong Stock Exchange after previously withdrawing its application for the Sci-Tech Innovation Board in Shanghai due to uncertainties in the A-share listing process and market conditions [3]. Financial Performance - Feixiang Technology has achieved profitability in 2024, with revenues for 2022, 2023, and 2024 reported at approximately RMB 1.02 billion, RMB 1.72 billion, and RMB 2.46 billion respectively. The gross profits for the same years were approximately RMB 136 million, RMB 241 million, and RMB 467 million, while net profits were reported as losses of RMB 361 million, RMB 193 million, and a profit of RMB 76 million [3][4]. - In the first five months of 2025, Feixiang Technology reported revenues of approximately RMB 756 million, a decrease of 7.6% compared to the same period in 2024, with a gross profit of approximately RMB 151 million and a net profit of approximately RMB 13.3 million, down 9.8% year-on-year [4][5]. Management and Compensation - Despite previous losses, Feixiang Technology has been generous with executive compensation. In 2022, the total compensation for the chairman and general manager, Long Hua, was approximately RMB 3.47 million, while the total for the deputy general manager, Guo Jiashuai, was approximately RMB 1.1 million [6][7]. - In 2023 and 2024, the compensation for Long Hua and Guo Jiashuai was approximately RMB 1.70 million and RMB 1.08 million respectively, indicating a trend of high executive pay relative to the company's financial performance [7]. Corporate Governance Changes - The latest prospectus indicates changes in the board of directors, with the departure of Xuan Kai, who was previously a key member and held multiple roles, including secretary of the board. He has been replaced by Liu Yan, who has been with the company since 2017 [8][9]. Financing Activities - Feixiang Technology has undergone multiple rounds of financing, including a notable RMB 378 million round in March 2025, with significant investments from various funds. Long Hua also liquidated approximately RMB 60 million worth of shares during this period [11][12].