SIASUN(SZ:300024) Xin Lang Cai Jing·2025-09-28 03:09Core Insights - FJ Dynamics, an agricultural robotics company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its advanced technology in traditional industries like agriculture and construction [1][9]. - The company is backed by prominent investors including Tencent, Dongfeng Motor, and Xinhua Life Insurance, indicating strong financial support [8][30]. Company Overview - Founded in December 2017 by Dr. Wu Di, FJ Dynamics focuses on automating agricultural processes to alleviate labor shortages and enhance efficiency [2][12]. - The company has developed a core product, an agricultural automatic navigation system, enabling traditional farming machinery to operate autonomously with centimeter-level precision [2][17]. Product Line Expansion - FJ Dynamics has rapidly expanded its product offerings since its inception, launching various systems for agriculture and construction, including a 3D excavator guidance system and smart cleaning robots [3][4][17]. - The company has established three main business segments: agriculture and livestock, construction, and property management, with agriculture contributing over 70% of its revenue [5][25]. Market Position - FJ Dynamics ranks as the third-largest supplier of agricultural automatic steering systems globally, holding an 8.5% market share, and is the second-largest supplier of aftermarket systems with a 16.9% market share [5][21]. Financial Performance - Despite generating increasing revenues (5.04 billion RMB in 2022, projected 5.70 billion RMB in 2024), FJ Dynamics has not yet achieved profitability, reporting net losses of 3.33 billion RMB in 2022 and 4.71 billion RMB in 2023 [7][25][26]. - The company's significant R&D investments, exceeding 2 billion RMB annually, and accounting adjustments related to preferred shares contribute to its ongoing losses [7][26]. Shareholder Composition - The major shareholders include Dr. Wu Di (23.6%), Tencent (16.5%), Dongfeng Motor (11.3%), Xinhua Life Insurance (9.0%), and the Greater Bay Area Community Investment Fund (14.5%) [8][30][27]. Industry Context - The IPO of FJ Dynamics reflects a broader trend of hard technology companies seeking capital to address real-world challenges in traditional sectors, highlighting the potential for digital and intelligent transformation in agriculture and construction [9][37].