天瞳威视冲刺港股：新获大额融资，有股东却同步“撤退”

Core Viewpoint - Suzhou Tiantong Weishi Electronic Technology Co., Ltd. has submitted its main board listing application, despite expanding losses in the first half of the year and significant shareholder equity transfers occurring alongside new financing [1][5][11]. Group 1: Company Overview - Tiantong Weishi is a leading provider of software-centric intelligent driving solutions in mainland China, offering comprehensive solutions for L2-L2+ and L4 automation levels [4]. - The company expects to generate revenue of 243 million RMB from L4 solutions in 2024, accounting for over 50% of total revenue, with a total contract value of approximately 1 billion RMB for L4 solutions covering over 2,500 vehicles [4]. Group 2: Financial Performance - The company has experienced rapid revenue growth but remains in a continuous loss situation, with revenues of 172 million RMB, 200 million RMB, and 483 million RMB from 2022 to 2024, while losses were 325 million RMB, 241 million RMB, and 463 million RMB during the same period [5][7]. - In the first half of 2025, the company reported revenue of 157 million RMB, up from 55.77 million RMB in the same period last year, but losses increased to 193 million RMB from 125 million RMB [7]. Group 3: Profitability and Margin Fluctuations - The company's gross margin has shown significant volatility, with margins of 31.1%, 35.3%, 30.0%, and 32.4% from 2022 to the first half of 2025 [7]. - The fluctuations in gross margin are attributed to changes in the solution mix, with increased contributions from L4 solutions leading to lower margins due to higher software development costs [7][8]. Group 4: Financing and Shareholder Activity - Tiantong Weishi has completed multiple rounds of financing since its establishment, including a recent 1.37 billion RMB C+ round and a 4.48 billion RMB D round in 2025 [9][10]. - Several shareholders have transferred their equity in the company, with notable transactions occurring in 2025, including ZF Holdings transferring shares for 20 million RMB and other shareholders transferring shares for amounts ranging from 200,000 RMB to 8.15 million USD [11][12][13].