“爱泊车”赴港上市：曾三次尝试A股上市未果 报告期累亏近12亿元 客户数量骤减

Core Viewpoint - Smart Interconnect Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after three unsuccessful attempts to list on the A-share market, with plans to use the raised funds for technology research, product development, and business expansion [1][14]. Group 1: Business Overview - Smart Interconnect is a provider of artificial intelligence smart transportation products, with applications in various intelligent scenarios such as smart roads, autonomous driving, and smart logistics [2]. - The company ranks first in the Chinese smart transportation sector for roadside intelligent solutions, holding a market share of 19.3% based on projected 2024 revenue [2]. - The revenue from roadside intelligent solutions has increased significantly, accounting for 87.1% of total revenue in the first half of 2025, up from 42.2% in 2022 [3]. Group 2: Financial Performance - The company reported cumulative losses of approximately 1.178 billion yuan over the reporting period, despite revenue growth from 538 million yuan in 2022 to 1.03 billion yuan in the first half of 2025 [8]. - The gross profit margin for roadside intelligent solutions has decreased by 13.6 percentage points over the reporting period, while the gross margin for AIoT solutions increased from 22.7% to 27.3% [5][6]. - The number of customers has halved from 257 at the end of 2022 to 59 by mid-2025, indicating a significant decline in client base [13]. Group 3: Market Position and Challenges - The company has faced challenges, including a substantial drop in contract liabilities, which fell by 82% in 2024 compared to 2023 [11]. - The concentration of revenue from the top five customers has increased, contributing 73.7% of total revenue in the first half of 2025, raising concerns about dependency on a limited customer base [12]. - Smart Interconnect has attempted to list on the A-share market three times without success, leading to the decision to pursue a listing in Hong Kong instead [14][15].