星瞰IPO | 百度领投的深向科技三年半累亏17亿，如今递表港交所

Core Viewpoint - The company, DeepX Technology Co., Ltd., is pursuing an IPO on the Hong Kong Stock Exchange, aiming to become the first new force in heavy trucks listed in Hong Kong [1][5]. Company Overview - Founded in 2020 and headquartered in Hefei, Anhui, DeepX Technology focuses on intelligent logistics and commercial vehicles, providing new energy heavy trucks and smart road freight solutions [3]. - The company has attracted significant investment from notable institutions, including Baidu, which holds a 17.28% stake, making it a key strategic shareholder [3]. Financial Performance - The company has reported continuous losses, with losses of RMB 266.47 million in 2022, RMB 388.99 million in 2023, and projected losses of RMB 675.19 million in 2024, totaling approximately RMB 1.7 billion over three and a half years [10][11]. - Revenue figures show a significant increase, with projected revenues of RMB 425.64 million in 2022, RMB 1.97 billion in 2023, and RMB 762.61 million in 2024 [11]. - The gross profit margin remains low, with rates of 0.4% in 2023, 0.5% in 2024, and 2.9% in the first half of 2025, indicating high sales costs [12]. Market Position - DeepX Technology ranks tenth in the global new energy heavy truck market with a market share of 2.7%, driven by its long-range models capable of 660 kilometers [9]. - The company primarily generates revenue from new energy heavy trucks, which account for over 90% of its income, with two main models priced between RMB 470,000 and RMB 700,000 [9]. Challenges - The company faces high customer concentration risk, with revenues from the top five customers accounting for 82.5% in 2023, decreasing to 50.7% in 2024, and 51.4% in the first half of 2025 [10]. - The founder, Wan Jun, has a history of high consumption restrictions, which may raise concerns among investors [5][6]. - The company has a high debt-to-asset ratio, exceeding 100%, with liabilities growing significantly alongside assets [14]. Use of IPO Proceeds - The funds raised from the IPO are intended for research and development, enhancing sales and after-sales service networks, expanding infrastructure, and general corporate purposes [14].