魔视智能闯关港交所上市：毛利率波动明显，虞正华套现约2670万元

Core Viewpoint - Magic Vision Technology (Shanghai) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its AI-driven intelligent driving solutions to attract investment [1][2]. Company Overview - Magic Vision is an AI innovation-driven provider of intelligent driving solutions, offering integrated hardware and software solutions with L0-L4 level capabilities [2]. - The company has developed a comprehensive self-research technology system from underlying algorithms to application layers, focusing on safety and user experience [2]. - Magic Vision's solutions have been selected by OEMs for 92 vehicle models, with over 3.3 million units delivered [2]. Financial Performance - Revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 118 million, RMB 147 million, RMB 357 million, and RMB 189 million, respectively [2]. - Net losses for the same periods were approximately RMB 200 million, RMB 228 million, RMB 234 million, and RMB 111 million [2]. - Adjusted net losses were approximately RMB 136 million, RMB 166 million, and RMB 170 million for 2022, 2023, and 2024, with the first half of 2025 showing a loss of about RMB 85 million [5]. Revenue Growth and Margins - Revenue growth rates were 19.9% in 2022, 24.4% in 2023, and projected at 143.5% for 2024 [6]. - Gross margins were 25.6% in 2022, 13.7% in 2023, and 14.2% in 2024, with a notable drop in 2023 followed by a slight recovery in 2024 [5][6]. Business Structure - The majority of revenue comes from the Magic Drive solution, contributing approximately RMB 71 million, RMB 69 million, RMB 227 million, and RMB 117 million in respective years [7]. - The Magic Parking solution has also seen growth, contributing RMB 1.2 million, RMB 1.4 million, RMB 8.6 million, and RMB 5.1 million, becoming the second-largest revenue source [7]. Investment and Shareholding - Magic Vision was established in August 2015, with a registered capital of approximately RMB 16.9 million [9]. - The company has undergone multiple financing rounds, with the latest D round in June 2025 raising about RMB 293 million, leading to a post-money valuation of approximately RMB 2.54 billion [11]. - The largest shareholder is Yu Zhenghua, who controls approximately 29.65% of the voting rights through various entities [13].