新股前瞻|德风新征程：年营收5亿亏2亿，AIoT光环也逃不脱战略性亏损

Core Insights - The article highlights the rapid growth and potential of the industrial internet sector in China, driven by government policies and the push for "smart manufacturing" and digital transformation [1][9] - The company, Defeng New Journey Technology Co., Ltd., is preparing for an IPO in Hong Kong, positioning itself as a key player in the AIoT (Artificial Intelligence of Things) market, particularly in the energy sector [1][2] Industry Overview - The industrial internet industry in China has surpassed 1 trillion RMB and is expected to maintain a double-digit annual growth rate in the coming years [1] - The AIoT market in China is projected to grow from approximately 54.1 billion RMB in 2020 to about 111.9 billion RMB by 2024, with a forecasted market size of around 220.9 billion RMB by 2029 [7] Company Positioning - Defeng New Journey ranks as the fifth largest independent AIoT service provider in China, with a market share of approximately 1.8%, and is the third largest in the energy sector with a market share of about 9.9% [1] - The company has a strong client base, serving over 600 state-owned enterprises, including major players in the energy and manufacturing sectors [3] Financial Performance - Despite significant revenue growth, the company has faced persistent losses, with cumulative losses of 729 million RMB over three and a half years [5] - Revenue figures show a rapid increase from 313 million RMB in 2022 to an expected 525 million RMB in 2024, with a 38.8% year-on-year growth in the first half of 2025 [3][4] Product and Service Insights - AIoT solutions are the primary revenue source for the company, accounting for 93.9% of total revenue in the first half of 2025 [4] - The company has invested heavily in R&D, with expenses reaching 68.43 million RMB in 2024, representing 19.92% of revenue, which is significantly higher than the industry average [6] Competitive Landscape - The AIoT market is characterized by intense competition, with over 1,000 providers in China, none of which dominate the market [8] - Defeng New Journey's focus on customized AIoT solutions for leading state-owned enterprises positions it well to capitalize on emerging market opportunities [8] Investment Highlights - The company is viewed as an "invisible champion" in its niche, with the potential for significant value appreciation if it can resolve its profitability issues [8][9] - The industrial internet sector is supported by national strategies and offers vast market opportunities, making it a promising area for investment [9]