Core Viewpoint - DeepXiang Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, highlighting its competitive advantage in the "forward-defined + full-stack self-research" niche of the new energy heavy truck sector, but faces intense competition from over 20 manufacturers and ongoing financial losses [1][4]. Company Overview - DeepXiang Technology focuses on new energy heavy trucks and intelligent road freight solutions, with its main product category being pure electric trucks, which account for over 90% of the market [2]. - The company was founded in July 2020 in Hefei, Anhui Province, by Wan Jun's Lion Bridge Logistics and Baidu, with initial shareholding ratios of approximately 51% and 49% respectively [2]. - The company delivered its first products in June 2023, with projected deliveries of 509 units in 2023, 3,002 units in 2024, and 2,873 units in the first half of 2025, at retail prices ranging from 470,000 to 700,000 yuan [2]. Financial Performance - Since its commercialization, DeepXiang Technology has faced significant losses, with revenues of 426 million yuan, 1.969 billion yuan, and 1.506 billion yuan for 2023, 2024, and the first half of 2025 respectively, while net losses were 389 million yuan, 675 million yuan, and 371 million yuan, totaling 1.435 billion yuan in losses over two and a half years [4]. - Cumulative losses reached 1.701 billion yuan over three and a half years, exacerbated by high R&D, administrative, and sales expenses [4][5]. Market Position and Competition - DeepXiang Technology is considered a "niche" player in the new energy heavy truck market, with a market share of only 3.1% projected for 2024, despite being ranked among the top ten manufacturers [2]. - The company claims to be a leader in the forward-defined heavy truck segment, with approximately 3,000 units sold, significantly outpacing the second-ranked competitor [6]. Strategic Partnerships and Investments - The company has undergone 11 rounds of financing, raising over 2.4 billion yuan, with major shareholders including Wan Jun and Baidu [3]. - DeepXiang Technology has established a deepening partnership with Baidu, which includes licensing agreements for patents and software, as well as cloud services [3]. Future Outlook - The new energy heavy truck market is expected to grow significantly, with projections of 703,000 units sold by 2030, leading to a market size of 80.6 billion USD [6]. - DeepXiang Technology aims to maintain its competitive edge by focusing on self-research of core components, international expansion, and continuous investment in smart technology [6][7].
联手百度造新能源重卡三年半亏损17亿 深向科技冲刺港股IPO
Xin Lang Cai Jing·2025-11-24 20:19