菲仕技术由董事长任文杰32岁时创立，与妻子胡瑾合计控股49.5%

Core Viewpoint - Ningbo Feishi Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for its electric drive solutions business, particularly in the industrial control and new energy vehicle sectors [3]. Company Overview - Founded in 2001, Feishi Technology is a global supplier of electric drive solutions, focusing on customized electric drive systems [3]. - The company was previously denied a listing on the STAR Market in 2021, where it aimed to raise 1.6 billion yuan [3]. - As of 2024, Feishi Technology is the second-largest supplier of specialized electric drive solutions in China's industrial control sector, based on projected sales revenue [3]. Financial Performance - Feishi Technology has not yet achieved profitability, with revenues and losses reported as follows: - 2022: Revenue of 1.376 billion yuan, loss of 130 million yuan - 2023: Revenue of 1.243 billion yuan, loss of 112 million yuan - 2024: Revenue of 1.5 billion yuan, loss of 177 million yuan - 2025 (H1): Revenue of 576 million yuan, loss of 43.86 million yuan [3][4]. - In the first half of 2025, the company experienced a 58% increase in revenue, primarily driven by growth in its new energy vehicle solutions business, which accounted for 60.4% of total revenue [3][4]. Customer Concentration Risk - The company faces customer concentration risk, with revenue from its largest new energy vehicle client representing 33.6%, 23.6%, 21.7%, and 26.8% of total revenue during the reporting periods [4]. - The largest client is suspected to be XPeng Motors [4]. Research and Development - As of June 30, 2025, Feishi Technology employed 366 R&D personnel, making up 26.1% of its total workforce [4]. - In 2024, the company acquired Italy's NGTEC to enhance its robotics technology and strengthen its position in industrial automation [4]. Corporate Structure and Leadership - Feishi Technology transitioned from a Sino-foreign joint venture to a domestic enterprise in 2015, with Ren Wenjie becoming the controlling shareholder [6]. - The board consists of 10 members, including 4 executive directors, with Ren Wenjie serving as chairman and general manager [6]. - Ren Wenjie's total compensation from 2022 to 2024 was reported as 11.669 million yuan, 5.404 million yuan, and 2.989 million yuan, respectively [6].