深向科技闯关港交所：一款重卡撑起几乎全部收入 还存在大客户与供应商重叠 公司称符合行业惯例

Core Viewpoint - 深向科技 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales and service network expansion, infrastructure development, and working capital [1] Group 1: Company Overview - 深向科技, established in July 2020, focuses on new energy heavy trucks and intelligent road freight solutions, targeting the trunk road freight sector [2] - The company has recorded revenue growth from zero in 2022 to over 1.5 billion yuan in 2023, but has incurred cumulative losses exceeding 1.7 billion yuan during the same period [1][5] - The majority of revenue is derived from the sales of two mass-produced new energy heavy truck models, with a significant reliance on the 深向星辰 model [3][5] Group 2: Financial Performance - Revenue figures for the reporting period are as follows: 0, 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan, with corresponding losses of 267 million yuan, 389 million yuan, 675 million yuan, and 371 million yuan [5] - Despite a 362.5% year-on-year revenue increase in 2024, the net loss expanded from 389 million yuan to 675 million yuan, indicating a "revenue growth without profit" scenario [5] Group 3: Market Position and Product Offering - 深向科技's new energy heavy trucks have a lifecycle cost reduction of 18.7% compared to traditional fuel trucks and 4.9% compared to converted electric trucks [2] - The company delivered 509, 3,002, and 2,873 new energy heavy trucks in 2023, 2024, and the first half of 2025, respectively [2] - As of mid-2025, the company has delivered over 2,000 trucks equipped with its self-developed 天玑·随行 system [2] Group 4: Customer and Supplier Dynamics - The company has delivered products to 311 customers and has approximately 1,400 trucks in hand orders [4] - There is a notable overlap between major customers and suppliers, particularly with a key customer also being a supplier [7] - The top five suppliers accounted for 48.1% to 92.3% of total procurement during the reporting period, indicating a high concentration risk [6] Group 5: Financial Health - 深向科技's asset-liability ratio has consistently exceeded 100%, with total assets and liabilities reported as follows: 508 million yuan and 691 million yuan, 1.348 billion yuan and 1.92 billion yuan, 2.556 billion yuan and 3.804 billion yuan, and 3.92 billion yuan and 5.539 billion yuan [8][9] - Trade and other receivables increased from 39.4 million yuan at the end of 2022 to 1.415 billion yuan by mid-2023, attributed to rapid sales growth of new energy heavy trucks [9]