菲仕技术，拟赴港IPO

Core Viewpoint - The company, Ningbo Feishi Technology Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange, despite reporting continuous losses from 2022 to the first half of 2025 [1][2]. Financial Performance - The company reported net profits of -130 million, -112 million, -177 million, and -21.26 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The operating revenues for the same periods were 1.376 billion, 1.243 billion, 1.5 billion, and 909 million yuan [2]. Market Position and Industry Overview - Feishi Technology is a supplier of electric drive solutions, providing integrated and customized systems for various applications, particularly in industrial control and new energy vehicles [2]. - The company is one of the few domestic suppliers capable of offering comprehensive solutions across three levels in the electric drive sector [2]. - The overall market size for electric drive solutions in China's industrial control and sustainable mobility sectors is projected to grow from 112.1 billion yuan in 2020 to 221.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.6% [2]. - By 2029, the market is expected to reach 412.9 billion yuan, with a CAGR of 13.2% from 2024 to 2029 [2]. Research and Development - As of June 30, 2025, the company has 366 R&D personnel, accounting for 26.1% of its total workforce, with over 71.6% holding a bachelor's degree or higher [3]. Customer and Supplier Dynamics - The company's top five customers contributed to 53.0%, 46.2%, 55.3%, and 64.7% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The largest customer accounted for 33.6%, 23.6%, 21.7%, and 26.8% of total revenue during the same periods [4]. - The company’s procurement from its top five suppliers represented 37.8%, 20.3%, 21.8%, and 27.6% of total procurement in the respective years [4]. Competitive Landscape - The company faces intense competition in the electric drive solutions industry, which may impact its ability to respond to technological changes and customer needs [5].