融资11轮后，上海这家智驾公司要IPO了！

Core Viewpoint - Magic View Intelligent Technology (Shanghai) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with Guotai Junan International and Guosen Securities (Hong Kong) as joint sponsors. The company has shown a compound annual growth rate (CAGR) of 73.9% over the past three years, with a valuation exceeding 2.5 billion yuan after 11 rounds of financing, but it has not yet achieved profitability, accumulating losses of 773 million yuan over three and a half years [1][4][12]. Company Overview - Founded in 2015 in Shanghai, Magic View Intelligent is an AI-driven provider of intelligent driving solutions. It ranks eighth among third-party solution providers in China's intelligent driving solutions industry based on projected revenue for 2024 [3][7]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as 118 million yuan, 147 million yuan, 357 million yuan, and 189 million yuan, respectively, with a CAGR of 73.9%. The revenue for the first half of 2025 shows a year-on-year increase of 76.3%. However, net losses for the same periods are -200 million yuan, -228 million yuan, -233 million yuan, and -112 million yuan, with cumulative losses of 773 million yuan over three and a half years [4][5][6]. Cash Flow and Funding Needs - The company has experienced significant cash outflows, with net cash outflows of 114 million yuan, 154 million yuan, 139 million yuan, and 73 million yuan during the reporting period. As of the end of August 2025, the company had approximately 144 million yuan in cash and equivalents, indicating a need for further financing to sustain operations [5][6]. Use of IPO Proceeds - The funds raised from the IPO are intended to enhance the company's R&D capabilities, focus on continuous upgrades of intelligent driving solutions, expand production capacity, improve delivery capabilities, deepen sales and marketing networks, and support business expansion [6]. Market Position and Growth Potential - The global market for intelligent driving solutions (L0 to L2+) is projected to grow from 120.7 billion yuan in 2020 to 320 billion yuan by 2024, with a CAGR of 27.6%. In China, the market is expected to grow from 21.6 billion yuan in 2020 to 91.2 billion yuan by 2024, with a CAGR of 43.3% [7]. Product Offerings - Magic View Intelligent's product portfolio includes Magic Drive (driving solutions), Magic Parking (automated parking solutions), and Magic Safety (active safety solutions). The Magic Drive solution has generated over 60% of the company's revenue in recent years, with a gross margin currently at 62.1% [10]. Customer Base - The company serves a diverse customer base, including OEMs and tier-one suppliers. In 2024, the number of customers reached 143, with the top five customers contributing 65.9% of revenue, indicating a degree of concentration [11]. Shareholder Structure - The company was founded by Yu Zhenghua, who holds approximately 29.65% of the shares, making him the largest single shareholder. The company has undergone multiple financing rounds, with the latest valuation reaching 2.543 billion yuan [12][13].