Xin Lang Cai Jing·2025-10-12 21:09Core Viewpoint - Zhida Technology, a leading company in home charging stations, has officially listed on the Hong Kong Stock Exchange, marking the emergence of the "first smart charging stock" in the Hong Kong market [1] Group 1: IPO Details - In the IPO, Zhida Technology issued 5.9789 million shares at a final price of HKD 66.92 per share, raising a net amount of approximately HKD 327 million [2] - On its first trading day, the stock opened significantly higher, rising 183.92% from the issue price, and closed at HKD 195.5 per share, representing a 192.14% increase, giving the company a market capitalization of HKD 11.68 billion [2] - The public offering was oversubscribed by over 5,000 times, making it the most oversubscribed stock in the Hong Kong new energy sector this year [2] Group 2: Business Model and Product Offering - Zhida Technology is one of the largest suppliers of home electric vehicle charging solutions, focusing on providing smart home electric vehicle charging stations to automakers and users [3] - The product portfolio includes smart home electric vehicle charging stations, charging robots, EMS solutions, and pipeline products, serving as a key entry point for home digital energy management [3] - The company’s revenue sources primarily consist of product sales, service provision, and property, plant, and equipment [5] Group 3: Financial Performance - For the fiscal years 2022 to 2024 and the first quarter of 2025, Zhida Technology reported revenues of approximately CNY 697 million, CNY 671 million, CNY 593 million, and CNY 217 million, with corresponding gross profit margins of 20.4%, 20.5%, 14.9%, and 16.5% [6] - The revenue from product sales accounted for 58.5%, 47.8%, 51.3%, and 67.0% of total revenue during the same periods [9] - The company has shown a steady increase in revenue, with a year-on-year increase of CNY 339 million in 2022, largely driven by sales to its major client, BYD [13] Group 4: Client Dependency and Market Position - Zhida Technology has a high dependency on a few major clients, with revenue from the top five clients accounting for 65.8%, 69.6%, 56.1%, and 53.5% of total revenue during the respective periods [10] - The largest client, identified as BYD, contributed significantly to the company's revenue, with sales from this client increasing by CNY 212 million in 2022 [12][13] - Zhida Technology holds the largest market share in China for home electric vehicle charging stations, with a market share of 13.6% based on sales volume during the historical period [9] Group 5: Losses and Future Outlook - Despite revenue growth, the company has experienced increasing losses, reporting losses of CNY 25.15 million, CNY 58.12 million, CNY 236 million, and CNY 17.08 million for the respective periods [14] - The losses are attributed to fluctuations in average selling prices and gross profit margins influenced by market dynamics [14] - Zhida Technology is gradually expanding into overseas markets, with overseas sales revenue increasing from 1.9% in 2022 to 12.1% in 2024, and approximately 15% of revenue coming from overseas as of the first four months of 2025 [14][15]