Zhejiang Taotao Vehicles (SZ:301345) Xin Lang Cai Jing·2025-11-13 21:11Core Viewpoint - Taotao Vehicle is accelerating its "A+H" layout by filing for a Hong Kong IPO, claiming to rank second in the global electric low-speed vehicle industry in terms of revenue for 2024, with projected revenue of approximately 3 billion yuan [1][2]. Financial Performance - Revenue for Taotao Vehicle from 2022 to 2025 (January to July) is reported as follows: 1.766 billion yuan in 2022, 2.144 billion yuan in 2023, 2.977 billion yuan in 2024, and 2.068 billion yuan in the first seven months of 2025. Net profits for the same periods are 206 million yuan, 280 million yuan, 431 million yuan, and 433 million yuan respectively [2]. - The company claims an 8.4% global market share for 2024, but discrepancies exist with other reports indicating that its revenue may only place it fifth in the domestic market [2][3]. Market Position and Competitors - Taotao Vehicle's claim of being the "global second" in market share is questioned, as other sources indicate that companies with revenues exceeding 10 billion yuan exist in the domestic market [2][3]. - The company cites a report from Frost & Sullivan, which may have inconsistencies regarding the ranking of competitors, particularly with Jinpeng Automotive being a likely contender for the top position [3]. Cost Structure - Taotao Vehicle has the highest gross margin among comparable companies, with margins of 35.19%, 37.29%, 34.67%, and 39.79% from 2022 to the first half of 2025, compared to an average of 19.34%, 20.55%, and 20.67% for peers [4]. - The company's R&D expense ratio is significantly lower than its peers, at 3.64%, 4.09%, 4.22%, and 2.81% over the same period, while its sales expense ratio is the highest, at 14.39%, 14.69%, 10.53%, and 9.44% [4]. Fundraising and Financial Health - Despite a successful A-share IPO in March 2023 that raised 2.007 billion yuan, Taotao Vehicle is seeking additional funds through a Hong Kong IPO just two and a half years later, raising questions about the necessity of further fundraising [5]. - As of the third quarter of 2025, the company reported cash reserves of 1.718 billion yuan and total interest-bearing liabilities of only 785 million yuan, indicating a healthy balance sheet with an asset-liability ratio below 35% [5]. Shareholder Actions - The company conducted its first interim dividend since its IPO, distributing 163 million yuan in cash dividends in the first half of 2025, which is nearly equivalent to the total dividends for 2022 and 2023 [5].